Paying off $250k in debt by starting a company making $1.5m ARR - Nick Fogle, Wavve
Paying down any amount of debt is difficult, let alone $250,000 of it. That's exactly what Nick Fogle did as he faced that number on Christmas day in 2016. Nick made it his sole focus to pay down his debt, while working full time and co-running Wavve, an audio to video platform which is now at around $1.5m ARR. I talk to Nick about how he paid down the debt and kept himself sane running a company at the same time.
Nick Fogle is the co-founder of Wavve and ChurnKey, but there is a lot more to Nick than just that. Wavve is an audio to video platform which has now hit $1.5m in ARR, but Nick has only left his full time job 3 years after starting the company and 9 months after it had eclipsed his salary. Why? Well, Nick had $250,000 student loans to pay off.
What we covered in this episode:
What we covered in this episode:
- How Nick got into $250,000 of debt
- How he felt in Christmas 2016 when he was looking at the massive number
- What steps he took to get out of debt (he wrote a book about this)
- What advice he'd give to others in the same position
- Why he started Wavve, a video to audio platform
- How the business grew to $1.5m ARR
- What it takes to work full time and run a business
- Why staying lean is so important for him
Recommendations
- Book: Anti Fragile by Nassim Nicholas Taleb
- Podcast: Reply All
- Indie Hacker: Scott Hurff
