160: 6 Income Streams with a W2 Job and 4 Kids: Finance Friday with Cort Johnson

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 8 January 2021

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job, which he uses to support his family, he also has 5 other streams of income on the side!

From contract welding projects, to dropshipping, renting out his trailer, and even raising rabbits (seriously!), Cort has done almost everything under the sun to build up his assets. The main problem: some income streams are taking up too much time, while providing too little in return.

This is a constant problem that entrepreneurs and FIRE members face, too many options! Mindy and Scott go through Cort Johnson's income, budget, expenses, and general finances to see where he should allocate his time for maximum return.

This episode goes deep on the importance of scalable income and following your passions to develop side income streams that you enjoy. Cort dreams big about starting his own business, investing in multifamily property, and living financially free. As you’ll hear in this episode, he’s not far off!

In This Episode We Cover

How to focus on side income streams that are worth the time
Budgeting and expense tracking so you spend less
Calculating the value of your time (so you don’t waste it)
Why you should “do what you know” if you’re going to start your own business
Turning a large single family property into a multi family for house hacking
Why dropshipping is such a great side hustle for busy people
And SO Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow160

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Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 160, Finance Friday edition,
0:06.0	where we interview Court Johnson and talk about buy with a big family.
0:10.0	It's really, it's playing to your strengths if you are going to do something like that.
0:14.0	You don't just do it and buy a bunch of cheap headphones or something, right?
0:18.0	That's the thing that people do a lot of when it comes to that.
0:21.0	You play to what you know, where have you worked, how can you help people?
0:25.0	Because while you worked, you knew that this was a problem.
0:28.0	So when I worked as a welder, there were certain things that I knew would make my job easier.
0:33.0	And now I've found those things and I try to get into those people.
0:36.0	And so I think that's when it comes to maybe growing a business or doing something.
0:41.0	It's what's a problem that you personally have had and how do you solve that?
0:44.0	Because someone else probably has the same one.
0:47.0	Hello, hello, hello. My name is Mindy Jensen and with me, as always, is my index fund investing co-host, Scott Trunch.
0:53.0	That's only an average introduction, Mindy.
0:56.0	We'll return with a better one next time.
0:59.0	Okay.
1:01.0	Scott and I are here to make financial independence less scary, less just for somebody else.
1:06.0	And show you that by following the proven steps, you can put yourself on the road to early financial freedom
1:11.0	and get money out of the way so you can lead your best life.
1:14.0	That's right.
1:15.0	Whether you want to retire early and travel the world, go on to make big-time investments in assets like real estate,
1:19.0	start your own business or simply get ahead with a family of six.
	...

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