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BiggerPockets Money Podcast

214: Finance Friday: Fighting Cancer, Starting a Family, & “Planting Seeds”

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 16 July 2021

⏱️ 78 minutes

🧾️ Download transcript

Summary

It’s hard to imagine what someone is going through once they’re given a cancer diagnosis. The last thing many people want to think about during such a troubling time is finances. This was true for Zachary, who’s combined net worth with his partner more than doubled while he was supporting her throughout her chemotherapy and cancer surgeries. Even though it was a medically troubling year, Zachary and his partner were able to almost double their income, while keeping expenses fairly low. This allowed them to set a 50% savings rate and keep enough to pay for treatments, retirement investing, and even save for IVF (in vitro fertilization). Since IVF is such an expensive treatment, Zachary wants to know how he can best position himself to pay for it while his partner reduces her time at work to take care of their future children. In This Episode We Cover Becoming cancer free after a stage three diagnosis (wooooo!) Doubling your income by making intelligent career changes Short-term rentals vs. long-term rentals and the risks of both Planning for medical expenses like IVF Contributing to HSAs, Roth IRAs, and 401(k)s Managing a 10-bedroom “sorority house”  And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Get Tickets to BPCon 2021 You Need a Budget Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pog its Money Podcast, show number 214 Finance Friday edition,

0:05.3

where we interview SAC and talk about the most advantageous asset allocation.

0:09.7

The three-quarter time. This is an idea Nikita thought of, which was essentially trying to

0:16.4

still have a full-time job, especially for her because she does need the health insurance,

0:21.1

and it's just hard to get it elsewhere. But trying to find a position that allows us either to

0:27.1

work a few hours during the day or just take more time off during the year.

0:57.6

That's right, whether you want to retire early and travel the world, go on to make big-time

1:00.8

investments in assets like real estate, start your own business, or simply move to a part-time

1:05.6

or three-quarters work world. We'll help you reach your financial goals and get money out of

1:09.6

the way so you can launch yourself towards those dreams.

1:19.2

Scott, I'm so excited to talk to Zack today. His situation is already advantageous. He and his

1:26.3

wife make a very good salary, and they have a rental property in another state. They have their own

1:32.4

home that they Airbnb in the basement, so a bit of a twist on the house hack. And they seem to

1:41.6

be doing really, really well. They do have a rather large expense coming up in the form of

1:48.3

in vitro fertilization treatments in the next couple of years. And that is something that

1:53.4

we haven't discussed on the show before. So that was really interesting to talk about. And then

1:58.9

there was a nice bit of discussion over should he buy locally versus should he buy more real estate

2:06.4

in the Midwest where it's a lower price to a lower cost of entry. So I think this was a super

2:12.6

fun episode. And I hope that a lot of people get a lot out of it. Yeah, I thought it was a great

2:16.8

episode. And I think he's got a really interesting approach and a really strong position from which to

2:21.9

attack the next phase of his financial journey from. He has a lot of different options. And what I

2:28.4

really like about his strategy is he's thinking about different things. He's thinking outside the box,

...

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