458: Finance Friday: Pay Off Debt, Invest in Real Estate, or…Buy Vending Machines?

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 13 October 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

What if one part-time side hustle could replace your entire income? Even better, what if you could keep your full-time job and spend a few hours a week making thousands extra a month, raking in cash, and reaching financial freedomfaster? If you’re today’s guest, Ryan, then this is the situation you find yourself in. Don’t know which super lucrative side hustle we’re talking about? Stick around because you may have never thought of it before. Ryan works full-time as a registered nurse in one of the most expensive areas of the country, Northern California. He’s made some ingenious money moves that allowed him to quadruple his income in just four years and live close to free every month in his own house. But, with a baby on the way, Ryan’s lucrative house hacking lifestyle may be coming to a close, and he’s debating what to do next. Should he pay off student loans, buy another home for his new family, stay in his current property, or expand his successful side hustle? The good thing is that any of these moves could make Ryan richer, but he’ll be strapped for time with a sixty-hour-per-week working schedule and a newborn requiring constant attention. So, what’s the best money move to make for his future family? And should he go all-in on this wild side hustle that could make him even more than his job? In This Episode We Cover Ryan’s unbelievably profitable side hustle that almost anyone can start NOW House hacking 101 and how to live-mortgage free every month When paying off debt DOESN’T make sense (and what you should do with the money instead) Investing in real estate vs. your side hustle and why mortgage rates have changed the game Buying businesses from retiring baby boomers and the HUGE opportunities out there How Ryan quadrupled his salary in just four years (without burning out!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets 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! Money Moment Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire Leila and Alex Hormozi’s Unbelievably Simple Investing Advice Codie Sanchez: These “Boring Businesses” Will Make You Rich How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles Passive Income, Aggressive Retirement Click here to check the full show notes: https://www.biggerpockets.com/blog/money-458 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, my dear listeners.
0:04.3	We are on Finance Friday today where we interview Ryan and talk about the nursing industry,
0:10.2	owning a vending machine business, and we're going to discuss where to live, a house hack versus living alone.
0:16.8	Hello, hello, hello, my name is Mindy Jensen, and with me as always is my smart cookie co-host, Scott Trench.
0:23.2	Great to be here with my baking co-host, Mindy Jensen.
0:26.2	Scott and I are here to make financial independence less scary.
0:29.7	Let's just for somebody else to introduce you to every money story because we truly believe
0:35.2	financial freedom is attainable for everyone, no matter when or where you're starting.
0:39.6	That's right, whether you want to retire early and travel the world,
0:42.3	go on to make big-time investments in assets like real estate, or start your own vending machine
0:46.4	business. We'll help you reach your financial goals and get money out of the way, so you can
0:49.6	launch yourself towards your dreams. Scott, I really, really, really am excited about the
0:54.1	conversations surrounding the vending machine business. There's a lot of other interesting
0:58.5	conversations to today, but that vending machine has really peaked my interest.
1:03.1	Yeah, I'm really looking forward to discussing Ryan's situation here. I think he's got a fantastic
1:10.6	set of options in front of him in a very complicated situation, which is always the most fun
1:15.0	type of problem set for us to unpack here on finance Friday. Before we do our finance Friday,
1:20.2	it's time for our money moment segment, which is the part of our show where we share a money hack,
1:25.2	tip or trick to help you on your financial journey. Today's money moment is,
1:29.9	do you find yourself mindlessly buying too many treats throughout the day?
1:34.4	You go to a coffee shop to get a coffee, but then you'll also find yourself buying a croissant,
1:39.0	a cookie, and ooh, that banana bread looks so good. Did you know that there are apps like
	...

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