232: Finance Friday: What Would You Do With an Extra $100k Per Year?

232: Finance Friday: What Would You Do With an Extra $100k Per Year?

Kari and her wife made some big moves over the past few years. They packed up their stuff and left the San Francisco Bay Area for a relocation in the midwest. Unlike the Bay Area, the Midwest has many affordable housing options with plenty of chances to house hack. So, that’s exactly what the couple did! They bought a duplex in rough condition, put in close to $80,000 of renovations, and now get $900 a month from the side they’re renting out. Although this renovation allowed them to live for free, it put a $66,000 hole in their pockets, which they recently just paid off. Without much retirement savings or investments in general (save the house hack), Kari is wondering what she can do to maximize the extra $100,000 in after-tax income she and her wife bring in every year. Should she go the index funds route, buy another rental, or help her wife pursue her dreams by investing in a restaurant? Scott and Mindy give Kari a lot of ideas in this episode, many of which could help you as well! In This Episode We Cover Using “strategic debt” to grow your investments and income Planning your future finances when trying to start a family Investing in your 401(k), Roth IRA, Self-Directed 401(k), and other investment accounts Using the “Live in Flip” model to avoid paying capital gain taxes Why you shouldn’t diversify when you are in a low to moderate net worth category And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Episoder(743)

FinCon Bonus Episode: Improving Financial Education with Billy Hensley from NEFE

FinCon Bonus Episode: Improving Financial Education with Billy Hensley from NEFE

Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this...

21 Sep 201921min

90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling Wallet

90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling Wallet

When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually ...

16 Sep 20191h 5min

89: Retire Before Mom & Dad, with Rob Berger

89: Retire Before Mom & Dad, with Rob Berger

Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits....

9 Sep 20191h 4min

88: Consciously Choosing to be Debt Free with Ashley Likely

88: Consciously Choosing to be Debt Free with Ashley Likely

Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler a...

2 Sep 201952min

87: How to Save Money For Your Downpayment with Scott & Mindy

87: How to Save Money For Your Downpayment with Scott & Mindy

In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you...

26 Aug 20191h 7min

86: Choosing the Right Investment Type for Your Goals with David Stein

86: Choosing the Right Investment Type for Your Goals with David Stein

David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES o...

19 Aug 20191h 10min

85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets

85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets

Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses. His father passed away when he was 4, leaving him an inh...

12 Aug 20191h 20min

84: Traditional Retirement: Social Security, Market Conditions & Managing Expectations with Kyle Mast

84: Traditional Retirement: Social Security, Market Conditions & Managing Expectations with Kyle Mast

Kyle Mast first visited us on Episode 41 of the BiggerPockets Money Podcast, and he BLEW US AWAY with his suggestions, ideas, tips and tricks for early retirement. Kyle is back again today to talk mor...

5 Aug 20191h 20min

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