Ask Paula: How Can I Retire in 10 Years with Rental Properties?

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 27 February 2020

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

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Summary

#243: Adam is 23 years old and wants to achieve financial independence as quickly as possible. However, he’s nervous about investing in the stock market and real estate. How can he overcome his fears? Paris, age 35, has a similar question. She earns $150,000 per year, is debt-free, and doesn’t own a home. How can she reach financial independence in less than 10 years? Paul wants to househack his first home, but none of the properties he's seen meet the one percent rule. He doesn’t want to rent forever. Does he need to compromise on his commute time, or wait until he finds an undervalued gem? Anonymous Househacker rents an apartment with three bedrooms, two of which he rents out on an inconsistent, short-term basis. They want to know: does the money they earn count as rental income if they aren’t making a profit on it? Ben is a real estate investor who’s curious about growing his portfolio from four units to 20 units. What’s the best approach to take? I answer these five listener questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode243 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything, you just can't afford everything.
0:12.2	Every decision that you make is a trade-off against something else and that doesn't just
0:15.3	apply to your money that applies to any limited resource that you need to manage, such
0:19.2	as your time, your energy and your attention.
0:22.0	And that leads to two questions.
0:23.7	Number one, what matters most in your life?
0:26.9	What is the prescribed path that society has set out for you, but what is truly a value
0:31.2	in your own life, even if it is unconventional?
0:34.8	That's the first question and the second question is, how do you align your day-to-day decision-making
0:40.1	and your daily actions in a way that reflects these values?
0:45.1	Answering these two questions requires a lifetime of practice and that's what this podcast
0:48.8	is here to explore.
0:50.6	My name is Paula Pant, I'm the host of the Affordable Care Foundation.
0:54.4	Every other episode I answer questions that come from you, the community, and today
0:58.6	we're going to tackle the following five questions.
1:02.2	Adam is 23 years old.
1:04.7	He wants to achieve financial independence as quickly as possible.
1:08.3	He makes $41,000 a year, he's on track to pay off his student loans this year, what
1:13.3	should he do?
1:14.6	How can he get from the starting point to financial independence?
1:19.1	Next up, Paris has a similar question, but her situation is different, she's 35 years
1:23.5	old and she makes $150,000 a year, she's debt-free and she wants to reach financial independence
	...

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