166: Are You Burning Out from Over-Saving? Finance Friday with Firefighter and Teacher Couple Nathan and Kristen

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 29 January 2021

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

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Summary

Having too much money in investment accounts seems like a good problem to have, but it’s a problem nonetheless. Today we talk to firefighter Nathan and teacher Kristen about their income, expenditures, and investments.

Nathan and Kristen own their home and multiple rental properties as well. Collectively they bring in a respectable income, but are being stretched thin due to time restraints. From 24 hour shifts as a firefighter, making cornhole game pieces as a side hustle, and taking overtime, Nathan is working a lot, while Kristen has her hands busy as a remote teacher and taking care of their kids at home.

Between the two of them, they’re contributing a generous amount to their investment accounts, but still want a solid emergency fund (or as Scott likes to say a “financial runway”) to help them sleep better at night.

Aside from that, they are donating heavily to charity and fostering one child while in the process of adopting another. Although this philanthropic couple has all the right things going for them, they still need some downtime to enjoy the fruits of their labor.

In This Episode We Cover

How much money to keep in your emergency fund
How to assess whether or not you’re over-contributing to retirement accounts
Paying off rental properties for added peace of mind
Developing side hustles to bring in even more income
Why everyone needs a “financial runway” so their investments can take off
Paying down a 457 plan loan
Putting yourself in a favorable “liquidity position”
And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow166

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Transcript

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0:00.0	Hey, hey, hey, bigger pockets money listeners. Scott and I want to answer your questions.
0:04.7	We're hosting a live Q&A session exclusively in our Facebook group on February 4th at 5 p.m.
0:11.6	mountain time. You can send questions in advance or ask in the comments section during the recording.
0:17.2	If you can't make it to the recording, please feel free to send a question in advance to
0:21.7	Mindy at biggerpockets.com or Scott at biggerpockets.com. And we will see you there.
0:27.0	Welcome to the bigger pockets money podcast show number 166 finance Friday edition where we interview
0:34.0	Nathan and Kristen and talk about paying off debt and being intentional with your money.
0:38.8	One of my hang ups from reducing my 457 is, you know, over the years I've made some crazy
0:45.6	investment mistakes or, you know, buying cars or just not managing the personal budget as well.
0:54.5	So as I'm sure, obviously, you know, some of that a lot of that has been corrected and even this year
1:00.3	after we, you know, we didn't start checking our net worth until like January this year.
1:04.1	And so that's helped a lot.
1:06.6	Hello, hello, hello. My name is Mindy Jensen. And with me, as always, is my world's worst
1:11.0	Robert De Niro impressionist co-host, Scott Trech.
1:15.3	You talking to me?
1:18.0	No, we're talking to Nathan and Kristen.
1:21.2	Scott and I are here to make financial independence less scary.
1:24.4	Less just for some videos and show you that by following the proven steps,
1:28.2	you can put yourself on the road to early financial freedom and get money out of the way so you can
1:32.2	lead your best life. Whether you want to retire early and travel the world, go on to make big time
1:37.2	investments in assets like real estate, start your own business or maybe relax a little bit on the
1:42.5	long term wealth creation and enjoy the presence a little more. We'll help you go to position capable
	...

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