234: Finance Friday: From “We Can’t Retire” To Retiring Early in 5 Years

234: Finance Friday: From “We Can’t Retire” To Retiring Early in 5 Years

A rock-solid financial position consists of a few things: budgeting, expense tracking, living below your means, and making extra income. Once those are accomplished, you’re on track to start investing heavily and financial independence is in sight. This is exactly the position Lynsey (mother to Mindy’s pool boy) is in. Lynsey and her husband bring in a moderate salary from his job and her businesses of jewelry making, relationship counseling, and their garage and basement house hack. For a long time, Lynsey assumed she would never be able to retire, but as her income has grown she’s realized that she not only can retire but retire early. Lynsey has a few key ways she could increase her business revenue: outsourcing, marketing, and scaling. Her husband also has a strong suspicion he’s underpaid, meaning a boost in income could be one ask away for him. The couple also wants to invest in more short-term rentals or buy another house hack property. But, of all the options they’re presented with, which one will push the needle? In This Episode We Cover Creating a “hype folder” so you can painlessly ask for a raise Shopping the sales and feeding a family of five for $700 per month Creative house hacking by renting out basements, garages, and other dwelling areas Using a self-directed 401(k) to invest in real estate and grow retirement savings What to do with a large amount of cash while you’re waiting to invest? Outsourcing repetitive tasks in your business so you can scale And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Episoder(742)

How She Quit Full-Time Work at 27 Without Millions (Coast FI)

How She Quit Full-Time Work at 27 Without Millions (Coast FI)

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Can He Retire in 10 Years? (We Ran the Numbers)

Can He Retire in 10 Years? (We Ran the Numbers)

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How Tiffany Aliche Went from Rock Bottom to Millionaire

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How Middle-Class Families Can Retire On Time Without Burning Out

How Middle-Class Families Can Retire On Time Without Burning Out

Building lasting wealth doesn’t have to be complicated. In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench break down the Financial Stability Framework, a practica...

24 Mar 42min

Why the Last 3 Years Before Early Retirement Matter Most

Why the Last 3 Years Before Early Retirement Matter Most

If you’re within three years of early retirement, your success depends on more than just your net worth. In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit dow...

20 Mar 1h 1min

The 13 Biggest Financial Independence Mistakes (That Delay FIRE by Years)

The 13 Biggest Financial Independence Mistakes (That Delay FIRE by Years)

What are the biggest mistakes people make on the road to financial independence? In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench break down the 13 biggest FIRE ...

17 Mar 37min

How He’ll Hit $500K by 30 (Coast FI Plan)

How He’ll Hit $500K by 30 (Coast FI Plan)

In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit down with Evan Lawler, a full-time engineer and content creator, to break down his plan to reach Coast FIRE ...

13 Mar 42min

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