317: Early Retirement by 30 with $20K/Month in (Actually) Passive Income

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.5 • 3K Ratings

🗓️ 11 July 2022

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Early retirement is something people in their forties and fifties do, right? It would seem almost impossible for someone to retire in their mid/late twenties or early thirties without a large inheritance or winning the lottery. Today you’ll meet the woman who did the impossible—Rachel “Money Honey” Richards. Her voice may sound familiar as not so long ago Rachel was a guest on The BiggerPockets Real Estate Podcast where she talked about retiring in just two years thanks to “aggressive” real estate investing. This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income, much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college. She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be. Fast forward a few years and Rachel has a strong real estate portfolio, bestselling financial literacy books, an exclusive mastermind and coaching program, as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here. In This Episode We Cover Using your age as a benefit and how to get around clients/customers judging you by your youth Where to find the most cash-flowing real estate deals that no one else knows about Living frugally as you make more money and resisting lifestyle creep at all costs The multitude of passive income streams almost anyone can create Selling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to be Imposter syndrome and why self-doubt could be costing you tens of thousands And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards MoneyHoney Website Download Rachel's "Passive Income Starter Kit" 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	Welcome to the Baker Pockets Money Podcast, show number 317, where we interview Rachel Richards
0:06.1	and talk about real estate and passive income and self-publishing and just in general being
0:13.1	awesome and living your best life.
0:15.4	Wanted to achieve financial dependence so I could travel the world and I'm finally doing
0:19.1	it and I'm working while I do it and it's so fun.
0:21.7	I'm meeting people and I'm like, hey, you know, what are you doing?
0:24.5	How long are you here?
0:25.5	And I'm meeting other people who are retired and who are on a two-month trip because they're
0:29.2	retired and they're in their 60s and 70s and then when I tell them I'm doing the same
0:33.1	thing they're like, what, how on earth are you doing this?
0:36.4	And I'm like, oh, I own my own business and I can just work wherever I want and you
0:41.2	know, I have financial freedom and it's like no people look at me like I'm absolutely
0:46.3	crazy.
0:47.3	Hello, hello, hello, my name is Mindy Jensen and with me as always is my effervescent
0:52.2	co-host, Scott Trudge.
0:54.0	What a bubbly introduction Mindy, thank you.
0:56.3	Scott and I are here to make financial independence less scary, less just for somebody else to introduce
1:01.9	you to every money story because we truly believe financial freedom is attainable for everyone
1:06.6	no matter when or where you're starting.
1:08.5	That's right, whether you want to retire early and travel the world to Europe, Italy and
1:12.4	beyond, go on to make big-time investments in assets like real estate or start your own
1:16.1	business, we'll help you reach your financial goals and get money out of the way so you can
	...

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