BiggerPockets Money24 Sep 2021

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Det här avsnittet är hämtat från ett öppet RSS-flöde och publiceras inte av Podme. Det kan innehålla reklam.

Avsnitt(789)

How She Built a $1 Million Net Worth and Quit Her Job Before 35

Two years ago, Alex Preziosi came to the BiggerPockets Money Podcast with one big question: should she quit her W-2 job and go all-in on real estate? Fast forward to today, and she's left behind her b...

11 Sep 51min

How to Buy a Franchise: What You Need to Know Before Investing

In this episode of the BiggerPockets Money podcast, Scott Trench is joined by Alex Smereczniak of Franzy to break down how to buy a franchise, what franchises actually cost, who is best suited for fr...

8 Sep 47min

Both Own Liquor Stores. One Makes $300K. The Other Makes $2.5M. What Went Wrong?

In this episode, Ashley Kehr and Tim Delaney share their very different experiences owning and operating liquor stores, from starting a business during COVID to buying an existing store and dealing wi...

4 Sep 53min

The Brutal Cost of $50M in Real Estate by Age 31

In this episode of the BiggerPockets Money Podcast, Nic Morales shares how his experience working for the NFL led him into real estate investing and ultimately to managing a $50 million portfolio. He ...

1 Sep 53min

5 Kids, Modest Income, and $1M Net Worth in 7 Years

In this episode of the BiggerPockets Money Podcast, Dave shares how he and his family went from no real savings to building more than $1 million in net worth in just seven years while raising five kid...

28 Aug 51min

Starting From Zero at 50: How to Build $1M by 65

In this episode of The BiggerPockets Money Podcast, we explore how someone starting from zero at age 50 can build wealth and potentially reach a $1 million net worth by 65. We break down a realistic 1...

25 Aug 40min

The Bear Case vs The Bull Case for Megacap Tech

In this episode of The BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench are joined by special guest Carl Jensen to explore the bull and bear cases for megacap stocks, the future of AI,...

21 Aug 38min

What to Know Before Hiring a Financial Advisor

How do you choose the right financial advisor? Mindy Jensen and Scott Trench explain what to look for when hiring a financial planner, including AUM vs. flat-fee vs. hourly compensation, CFP credentia...

18 Aug 45min