Ask Paula - Travel vs. Passive Income, Proximity in Real Estate Investing and Selling Off Properties

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 6 February 2017

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

#63: It's the first Monday of the month, and you know what that means - another Ask Paula episode. Our first question comes from Richard, who wants to know if he should focus on creating a travel fund or building passive income through real estate. What did I do, and how did I manage to come back from my world travels and start building a real estate portfolio only a few years later? The next question comes from Andrew. He's contemplating purchasing two houses on the cul-de-sac he lives on and then renting them out. He only plans on living in his current house for another five years, at which time he also wants to rent it out. Is he crazy? Would proximity give him an advantage? Jennifer asks the next question. She and her husband owe $150,000 on a rental property in Portland, OR that's worth $350,000. Should they sell the house and buy more properties? What would I do with the equity in the property? Find more resources and Ask Paula episodes at http://podcast.affordanything.com/tag/ask-paula Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	So here's the deal, you can afford absolutely anything you want at any time without
0:12.7	limit.
0:13.7	Nassike, just kidding.
0:15.1	The truth is you can afford anything, but not everything.
0:18.9	Every decision that you make is a trade-off against something else.
0:21.7	There's always an opportunity cost.
0:23.7	And this is true, not just of your money, but also your time, your energy, your focus,
0:28.0	your attention.
0:29.7	And you're a life that is a scarce or limited resource.
0:32.4	And it's not that I'm trying to promote a scarcity mindset.
0:34.9	It's just that these are the facts we're dealing with.
0:37.2	So the question becomes, how do you make better choices?
0:40.4	How do you make better decisions about those limited resources?
0:44.8	And how do you create more abundance in the areas where you're capable of creating that?
0:49.2	My name is Paula Pant, and this is the Afford Anything Podcast, the show dedicated to answering
0:54.9	these types of questions.
0:57.7	Typically, on the first Monday of the month, I answer questions that come from you, the
1:02.1	listeners, the Afford Anything Community.
1:04.3	We had so many questions that last week we did a special episode of Ask Paula, featuring
1:09.5	my buddy, Josal C. Hi, and this week we are back with Round 2.
1:15.8	Our first question comes from Richard.
1:17.9	Hello, Paula.
	...

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