421: Finance Friday: How to Retire in Your 40s by Building Multiple Income Streams

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 16 June 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

One of the best ways to boost your earning potential is with multiple income streams. With only so much time to dedicate to each stream, however, how do you maximize your total income without burning out? Today’s guest, Joe, is no stranger to the time constraints that come with managing multiple streams of income. With THREE promising income streams, he’s got his hands full! At 22, Joe launched an online coaching business that earned almost $30K per month at its peak. Unfortunately, working 90–100 hours each week quickly took its toll on Joe, his relationships, and his overall well-being. Unsure of how to juggle his online business, nine-to-five, and latest endeavor—investing in real estate—Joe now finds himself at a crossroads. Which avenues should he pursue going forward? Which income streams offer the highest earning potential? Which options afford him the most schedule flexibility? In this episode of the BiggerPockets Money podcast, you’ll get a full breakdown of Joe’s monthly income and expenses, as well as a glimpse of some of his long-term financial goals—including how he plans to revamp his online business, make real estate his next side hustle, and retire early. With help from Mindy and guest co-host Kyle Mast, Joe weighs the pros and cons of each income stream and gets a clearer vision of how to optimize his total income going forward! In This Episode We Cover Maximizing your earning potential without sacrificing work-life balance How to avoid burnout when scaling a profitable side hustle The importance of time management when you have multiple income streams What you need to know before you start investing in real estate How to use other income streams to fund your real estate investments What it really takes to retire early in your 40s And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Kyle’s Website Clarity Financial Kyle’s Twitter Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Financial Freedom Through Multiple Streams of Income Building 61 Passive Streams of Income with Pat Hiban Click here to check the full show notes: https://www.biggerpockets.com/blog/money-421 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] 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, Finance Friday edition, where we interview Joe Grunnery and talk about
0:06.7	profitable side hustles and creating a path to retire early.
0:10.4	Hello, hello, hello. My name is Mindy Jensen and with me today is my CFP co-host Kyle Mast.
0:16.9	Good to be here Mindy, and looking forward to the conversation.
0:19.6	Kyle and I are here to make financial independence less scary, less just for somebody else.
0:24.8	To introduce you to every money story because we truly believe financial freedom is attainable for everyone,
0:30.4	no matter when or where you're starting.
0:32.6	Where they want to retire early, travel the world, go on to make big time investments in assets like real estate,
0:38.3	start your own personal training business, be a police officer,
0:42.1	we'll help you reach your financial goals, get the money out of the way so you can launch yourself towards your dreams.
0:47.6	All right, Kyle, I am so excited to talk to Joe today.
0:52.0	He has what we call really good problems because he is trying to decide between not just one great choice,
1:02.4	not two great choices, but three pretty amazing choices that he has to figure out which one he wants to focus his time on.
1:11.4	I had a great time talking to him. What did you think?
1:14.9	Yeah, I think he's got a lot of potential.
1:17.9	You know, this guy is young and he has really set himself up well in a lot of different ways.
1:24.0	And like you said, his biggest problem is trying to focus on where he needs to send his energy.
1:31.0	And that's that's about it.
1:33.4	We jumped in.
1:34.2	There's a little bit where we talk about the numbers, but other than that, it's mostly him trying to decide where to direct where he needs to go.
1:43.0	Yes, I really think that he has a lot of potential and I am excited to see which option he chooses.
1:51.2	Now I have to tell you what my attorney makes me say the contents of this podcast are informational and nature and are not legal or tax advice.
	...

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