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BiggerPockets Money Podcast

234: Finance Friday: From “We Can’t Retire” To Retiring Early in 5 Years

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 24 September 2021

⏱️ 79 minutes

🧾️ Download transcript

Summary

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

Transcript

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0:00.0

Welcome to the Bigger Pockets Money Podcast, show number 234, Finance Friday edition,

0:06.4

where we talk to Lindsay about analysis paralysis and too much cash.

0:11.3

I saw our retirement horizon at like 20 years, but we'd love to free up time and space in our

0:18.4

lives to pursue our own passions within the next five years, which is very accelerated because

0:24.0

as of two years ago, I was just an artist and I was like, oh, we'll just never retire, I guess.

0:28.0

Hello, hello, hello, my name is Mindy Jensen and with me as always is my pun master co-host,

0:33.6

Scott Trench. I don't have one today. Wow, wow, I'm really not telling this very well at all.

0:39.6

Scott and I are here to make financial independence less scary, less just for somebody else,

0:44.3

to introduce you to every money story because we truly believe financial freedom is attainable

0:48.5

for everyone, no matter where or when you're starting. Two-shave, Mindy, two-shave. Whether you

0:53.4

want to retire early and travel the world going to make big-time investments in assets like

0:56.7

real estate or start your own business, we'll help you reach your financial goals and get money

1:00.0

out of the way so you can launch yourself towards those dreams.

1:09.6

Scott, I am excited to talk to Lindsay today because she has a really great problem.

1:16.1

She is sitting on too much cash. Yeah, I- And that's actually kind of a problem.

1:21.8

Yeah, well, I think I think she has a lot of good options. They're thinking through a lot of

1:25.9

interesting things. They've got their fundamentals in a really strong position. And now they need to

1:32.2

pick a investment approach and go and get aggressive about it. The good news is that I think the

1:37.3

pieces that they're laying right now are going to accelerate their ability to invest in a way that she

1:42.9

probably wasn't thinking about prior to the show. And I think it opens up the power, you know,

1:47.3

the discussion today, I think, should reveal some of the power of real estate investing in just how

1:52.3

fast that that journey can get it can accelerate once you've got some income in place on your tax

...

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