410 | Short-Term Rentals on the Path to FI | Kelly Cronin

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 21 November 2022

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: finding mentors, the superpower of making less, traveling while making less, rental properties, and the one percent rule.

For some who begin the FI journey, it's about doing all they can to reach that FI number, but for many people the journey to FI is about the people you meet and learn from along the way! On this week’s episode we are joined by longtime listener Kelly Cronin to discuss the importance of mentorship, her interesting take that gives a new meaning to traveling while working, and the importance of pursuing what drives you and leads to a life filled with with intentionality. In Kelly's case, a passion towards travel lead to a fascinating side-hustle that affords her the opportunity to make money while seeing the world, who knows where a passion could end up leading you?

Kelly Cronin:

Website: croninscastles.com
Rental Property Class: Cronin's Castles STR Class

Timestamps:

1:55 - Introduction
3:11 - Kelly's Early Financial Influence
6:45 - Finding Mentors
9:02 - The Superpower of Making Less
15:26 - Traveling While Making Less
21:09 - Rental Properties
29:54 - The Mechanics of Acquiring Rental Properties
34:23 - The 1% Rule
41:32 - Running The Numbers
46:50 - How Is Kelly Marketing This?
55:46 - The FI Aspect, How Does This Intersect With Your Job?
64:20 - Where Do You Go From Here?
65:37 - Conclusion

Resources Mentioned In Today’s Episode:

More Helpful Links and Resources:

Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
Keep learning or start a new side hustle with one of our educational courses
Commission-Free Investing with M1 Finance

Transcript

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0:00.0	Hey, it's Brad. Before we get into the episode, I wanted to pass along two quick things.
0:04.2	First, we're getting ready to record our sixth annual year-end wins episode, where we share all
0:09.4	the incredible action you have taken on your path to five this year. We'll record this in December,
0:14.7	so we need you to send in your wins for 2022 ASAP. So two different ways to do that. Go to choose
0:20.3	a vibe.com slash voicemail, and you can send in a voicemail that I'll play on the episode,
0:25.1	or you can go to choose a vibe.com slash subscribe, and you'll get on my five weekly newsletter
0:31.1	that comes out every Tuesday. Just hit reply to any of those emails. They come directly to me,
0:36.1	and just give me a list of everything you've done. So that's the first big thing. The second is,
0:41.2	as you know, travel rewards are one of the pillars of fire, and there are some incredible bonus
0:46.0	offers on two of our favorite business credit cards. These were just too good not to tell you about.
0:51.8	So I'm recording this on November 15th, 2022. So these are accurate as of today,
0:58.5	and the Chase Inc. business cash and the Chase Inc. business unlimited have the best bonus
1:05.6	offers that I've ever seen on these. They've literally the best bonus offers ever. So these are
1:10.0	two no-annual fee cards, and they actually offer Chase's ultimate rewards points, even though they're
1:16.7	billed as cash back credit cards. If you have one of the premium Chase credit cards that have
1:23.0	ultimate rewards points that are transferable, so that's the Sapphire Preferred, the Sapphire Reserve,
1:28.8	and the Inc. business preferred, then all of these ultimate rewards points that you get from these
1:34.0	two cards become the much more valuable transferable ultimate rewards points. So right now,
1:40.1	they're each offering 90,000 ultimate rewards points when you spend $6,000 in the first three
1:46.6	months. So Chase builds that as $900 cash back, but I think you could turn those 90,000
1:53.2	ultimate rewards points into at least $1800 worth of free or nearly free travel. So these cards
2:00.4	are really, really interesting if you have a small business or any type of side hustle. So go to
	...

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