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)

61: The Repeatable Path to Financial Independence with Reshawn & Rob from Learn Hustle Grow

61: The Repeatable Path to Financial Independence with Reshawn & Rob from Learn Hustle Grow

Reshawn and Rob got married nine years ago, joining their lives, families and bank accounts. Premarital counseling revealed two different views on money—and they knew if they wanted to stay married, t...

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60: Rejecting a Scarcity Mindset and Going All-In on Apartment Investing with Gino Barbaro

60: Rejecting a Scarcity Mindset and Going All-In on Apartment Investing with Gino Barbaro

Gino Barbaro was a chef, working hard every day. He made good money and had no debt, but never seemed to be able to save more than 10%. He started dabbling in real estate investing, and after closing ...

18 Feb 201953min

59: Playing with FIRE (Financial Independence, Retire Early) with Scott Rieckens

59: Playing with FIRE (Financial Independence, Retire Early) with Scott Rieckens

Scott Rieckens was raised in a Navy family. He lived on base and often shopped in the commissary. It gave him a rather skewed sense of what things actually cost. Fast-forward to adulthood. He knew h...

11 Feb 20191h 16min

58: Optimizing Every Channel to Achieve Financial Freedom with Grant Sabatier

58: Optimizing Every Channel to Achieve Financial Freedom with Grant Sabatier

Grant grew up knowing his parents didn’t have much money. He recognized their constant stress about finances throughout his childhood, and one of his first memories was his dad telling him, “Money is ...

4 Feb 20191h 15min

57: Financial Freedom, House Sitting & Travel Hacking With GoWithLess

57: Financial Freedom, House Sitting & Travel Hacking With GoWithLess

Tim and Amy were frugal—or so they thought. They spent less than they earned, so they figured they were doing it right. Then one day, they happened upon the concept of financial independence. Turns ou...

28 Jan 201959min

56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances

56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances

Rich Jones and Marcus Garrett are the men behind Paychecks and Balances, a podcast aimed at helping Millennials figure out their finances. And they should know a little on the subject—both Rich and Ma...

21 Jan 20191h 8min

Testing Your Portfolio BEFORE Retirement with Millennial Revolution

Testing Your Portfolio BEFORE Retirement with Millennial Revolution

A little over halfway into BiggerPockets Money Podcast episode 55, Bryce dropped a bombshell: “We had three years of runway before we actually pulled the trigger.” What he meant is that they tested th...

15 Jan 201939min

55: How to Quit Your Job and Travel the World with Millennial Revolution

55: How to Quit Your Job and Travel the World with Millennial Revolution

Kristy Shen grew up poor. Knowing her parents couldn’t help her financially, she gave up her dreams of being a writer, and went to school to make big bucks as a software developer. She even graduated ...

14 Jan 20191h 6min

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