253: How to Build Your Financial Foundation BEFORE Investing in Real Estate w/Malia Gudenkauf

Real Estate Rookie

BiggerPockets

How To, Education, Entrepreneurship, Investing, Business

4.7 • 1.8K Ratings

🗓️ 18 January 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

Personal finance is what most twenty-something-year-olds overlook. Why invest, save, or cut back spending when you finally have the money that a college degree or diploma promised you? For those who have just started working, spending all your hard-earned money on a bigger apartment, a nicer car, or a luxurious trip can be enticing. But, you could also be using your paychecks to multiply your wealth, set yourself up for financial freedom, and lock in early retirement while most are focused on barely paying their bills. This personal finance-first attitude is what Malia Gudenkauf adopted early on. After attending basic personal finance classes, she realized the disservice many young people did to themselves. So, Malia started developing financial literacy skills, from focusing on becoming debt-free to later investing in passive income streams like real estate. Thankfully, her sister, Grace (you can hear her episode here), was just starting as a landlord and needed a partner she later found in Malia. In this episode, Malia details everything you want to know to get your finances in order, how to avoid getting caught in analysis paralysis, reverse engineering your income goals when buying a rental property, and advice on how and who to form partnerships with. Whether in high school, college, the working world, or close to traditional retirement age, the advice Malia gives is crucial if you want to start your real estate investing journey. In This Episode We Cover Building a solid financial foundation and the basic personal finance steps anyone can follow How to “reverse engineer” your goals and buy the properties that fit them best Small multifamily investing and how to purchase multiple doors at once Real estate partnerships and tips for finding a partner who will help you grow without causing your headaches Real estate vs. stocks and why the passivity of rental properties is often overstated Defeating analysis paralysis and how leveraging partnerships gets you past rental property roadblocks And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Calculator BiggerPockets Pro Real Estate Rookie Facebook Group Real Estate Rookie Podcast Real Estate Rookie Youtube Channel The BiggerPockets Money Podcast BiggerPockets Forums Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing Connect with Malia: Malia's BiggerPockets Profile Malia's Instagram Malia's Tiktok Malia's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-253 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie episode 253.
0:05.0	If you haven't started yet, make sure you have solid personal finance foundations.
0:10.0	If I, this might sound a little harsh, but if you can't quite manage your own money yet,
0:15.0	it's a big leap and jump to think that somehow you're going to start managing this business
0:19.0	or maybe even someone else's money, whatever it may be.
0:21.0	So, track your spending, figure out some goals, reverse engineer them personally
0:26.0	if you haven't already done that yet.
0:28.0	My name is Ashley Care, and I'm here with my co-host, Tony Robinson.
0:32.0	And welcome to the Real Estate Rookie podcast where every week, twice a week,
0:36.0	we give you the inspiration, motivation, and stories you need to hear to kick start your investing journey.
0:41.0	And I want to start today's episode by shouting out someone by the username of Nick Halden,
0:45.0	5621. Nick left us a five star review on Apple Podcasts and Nick said,
0:50.0	I recently started listening to podcasts and I really like the way you both conduct the show,
0:54.0	the way you ask the questions, the way you share your experiences.
0:57.0	It really gives a lot of insight and knowledge to someone like me
1:00.0	who is planned to buy his first investment property, keep up the good work.
1:03.0	Nick, we appreciate you.
1:04.0	If you're listening and haven't yet left us an honest reading and review, please do.
1:07.0	The reviews go such a long, long way of helping us reach more folks and our goals
1:11.0	to reach more people so we can help more people.
1:13.0	Yeah, so Ashley Care, what is up?
1:16.0	I wish I had the book in my hand, but I got it really last night.
	...

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