As Nicole and I save up for our first rental property, I’m trying to look at all angles before we proceed. We’ve talked about taking out a mortgage again. We’ve talked about saving up to buy all in cash. One method that’s super intriguing for us is the BRRRR Method of real estate investing. We’re going to discuss what that is and how it works today.
We all know it’s important to invest for the future. But with endless investing options like the 401k, the IRA, the 529, the 457, the 403b, it’s no wonder we’re confused on where to start. I mean, what kind of names are these anyway!?
Our guest today is going to help us make sense of all this investing madness. Andy Wang is here with us today. He is a Managing Partner at Runnymede Capital Management and the host of the Inspired Money Podcast. He has been named among the INVESTOPEDIA 100: Most Influential Advisors, Top 100 Most Social Financial Advisors by Brightscope, and has appeared on Reuters TV, The Huffington Post, Barron’s, and Forbes.
Outside of his financial advising world, Andy is a father of three and loves playing the Hawaiin guitar.
For our Family FI segment this month, we’re talking about achieving financial independence with kids. A lot of people out there think that you have to choose one or the other. “You can’t have financial independence if you want to have kids” or “you can’t have kids if you want to have financial independence”.
My guest today completely disagrees with that sentiment because he’s walking, talking proof that you CAN have both.
Jim White from Route to Retire is my guest today. He’s a father, husband and recently he left his 9-5 job after becoming a millionaire and reaching financial independence at the age of 43.
My new manager called me into his office to inform me that there would be some changes with my position. A position that I had grown to enjoy. I was proud to have built a team of 3 based on some solid sales wins that I had lead during the previous three years.
It was an honor to see the growth there really. I would win a piece of business and someone would get a full-time job. And then another and then another … It was really cool. I liked the fact that when I worked hard and earned the company money, someone got a job. That made me feel good.
So when my manager told me that I would no longer be managing those three people anymore, I was pretty devastated. Furthermore, my role of leadership on those accounts was no longer required either. I wasn’t being fired or demoted. I was being shifted.
Looking back, I understand why management made these decisions. Overall, the move has been good for the company and I’ve been able to help with growth in other areas.
But that day when I got home from work, I was pretty bummed.
Have you ever taken the time to calculate your net worth?
It’s something that most people have never done despite it being one of the most important financial numbers. It doesn’t matter how young or old you are or whether you consider yourself rich, poor or somewhere in between.
It’s fairly simple to figure out your net worth. If you haven’t done it yet, let’s walk through why it’s important and the best way to calculate it.
The term side hustle has gained a lot of attention lately. This is something outside of your full-time job that gives you more income and potentially more happiness.
To inspire us to think outside of the walls of our 9-5, I’ve invited the host of the Side Hustle Show, Nick Loper, on the show today. Nick and discuss the many benefits associated with a side hustle. Surprisingly, some of the best benefits have nothing to do with money.
For our FinTech Spotlight segment this month, we are featuring Lively, a modern health savings accounts platform designed to help you save for healthcare expenses. I’ve invited the Co-Founder and COO of Lively, Shobin Uralil, to tell us more about this intuitive HSA solution.
We’re also going to discuss the benefits of an HSA and how it protects our families.
After paying off our mortgage in 2017, we have a lot more cash available to us as a family. We’ve used that extra dough to save up for our first rental property and we’re pumped to make it a reality this fall!
A big question that we’ve been struggling with is whether we should buy in cash or take out another mortgage. After much debate, we’ve decided it makes the most sense for us to go all cash.
Our question of the month comes in from Anonymous from Cleveland:
I just finished reading an article of yours about paying off your mortgage early. Congratulations on that. I have a 30-year mortgage and I’m not sure if I want to pay it off, but it got me thinking about where I should be with my financial goals.
I’m 35, married, two kids. I want to make sure I’m on track.
What financial goals should I have checked off my list by the time I turn 40?