232: Finance Friday: What Would You Do With an Extra $100k Per Year?

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 17 September 2021

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kari and her wife made some big moves over the past few years. They packed up their stuff and left the San Francisco Bay Area for a relocation in the midwest. Unlike the Bay Area, the Midwest has many affordable housing options with plenty of chances to house hack. So, that’s exactly what the couple did! They bought a duplex in rough condition, put in close to $80,000 of renovations, and now get $900 a month from the side they’re renting out. Although this renovation allowed them to live for free, it put a $66,000 hole in their pockets, which they recently just paid off. Without much retirement savings or investments in general (save the house hack), Kari is wondering what she can do to maximize the extra $100,000 in after-tax income she and her wife bring in every year. Should she go the index funds route, buy another rental, or help her wife pursue her dreams by investing in a restaurant? Scott and Mindy give Kari a lot of ideas in this episode, many of which could help you as well! In This Episode We Cover Using “strategic debt” to grow your investments and income Planning your future finances when trying to start a family Investing in your 401(k), Roth IRA, Self-Directed 401(k), and other investment accounts Using the “Live in Flip” model to avoid paying capital gain taxes Why you shouldn’t diversify when you are in a low to moderate net worth category And So Much More! 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 232, Finance Friday edition,
0:05.6	where we interview Carrie and talk about how to turn dreams into reality.
0:11.8	We will hit a million in 10 years, so that is really exciting, but it almost again doesn't
0:17.5	feel real yet, because we're in the beginning of this journey.
0:22.3	Hello, hello, hello, my name is Mindy Jensen, and with me as always is my big picture
0:26.3	co-host, Scott Chunch.
0:27.8	Thanks Mindy, it's always great to be here with you and you always zoom in on these clever
0:31.9	intros.
0:32.9	Scott and I are here to make financial independence less scary, less just for somebody
0:37.0	else, to introduce you to every money story, because we truly believe that financial freedom
0:41.7	is attainable for everyone, no matter when or where you're starting.
0:45.2	That's right, whether you want to retire early and travel the world, go on to make big
0:48.2	time investments and assets like real estate, start your own business, or make a decision
0:52.6	between three really good options, we'll help you reach your financial goals and get
0:56.3	money out of the way so you can launch yourself towards those dreams.
1:03.3	Scott, I am super excited to talk to Carrie today.
1:11.9	She and her wife are having a great problem.
1:15.9	They have just paid off a ton of debt, $66,000 to be exact, and are now looking at what
1:24.0	the future holds for them.
1:25.9	But I think they're at a crossroads that a lot of our listeners find themselves in, which
1:31.1	amazing life decision do I make next?
1:33.9	Yeah, I think there's a lot of folks out there who earn a good income or have recently
	...

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