How “We Can’t Retire” Turned Into "Let's Retire Early"
If you want to retire early, you’ll need a rock-solid financial position. Luckily, this is exactly the position Lynsey (mother to Mindy’s pool boy) is in.
Lynsey and her husband bring in a moderate salary from his job and her businesses of jewelry making, relationship counseling, and their garage and basement house hack. For a long time, Lynsey assumed she would never be able to retire, but as her income has grown she’s realized that she not only can retire but retire early.
Lynsey has a few key ways she could increase her business revenue: outsourcing, marketing, and scaling. Her husband also has a strong suspicion he’s underpaid, meaning a boost in income could be one ask away for him. The couple also wants to invest in more short-term rentals or buy another house hack property. But, of all the options they’re presented with, which one will push the needle?
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Past Episodes Mentioned in Today’s Show:
Money Conversations: www.biggerpockets.com/blog/bi...
Cutting Your Grocery Bill in Half: www.biggerpockets.com/blog/bi...
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HMBradley High-Yield Savings Accounts:
www.hmbradley.com/product/sav...
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Sounds of Silver Jewelry:
soundsofsilverjewelry.com/
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“The Lean Startup”:
www.amazon.com/Lean-Startup-E...
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Follow Scott and Mindy on Instagram:
@scott_trench or / scott_trench
@mindyatbp or / mindyatbp
Episode @235
Show notes at: www.biggerpockets.com/moneysh...
0:00 Intro
2:59 Income and Expenses
10:09 Financial Goals
11:58 Assets and Liabilities
15:22 Upgrading and Outsourcing Their Income
29:04 House Hacking the Basement
33:43 Enough Income for Another Airbnb?
50:46 Funding Self-Employed Retirement
54:01 What to Do With an Extra $80k?
57:24 A New House Hack?
1:08:40 Grocery Budgeting Tips
Пікірлер: 19
Instead of retiring in 25 years, I would like to do it in 1/3 of the time or roughly 8 years. It's only a matter of time [8 years] to see if the plans work out. The year will be 2030. 😬
I'm going to sit down with my wife and track, in full detail, where all of our money is going. I've done some work before, but it doesn't encompass any personal spending. We've managed to save an emergency fund. The next step is to figure out if the piece of mind of paying off our house faster is better than investing in rental properties.
I just love how excited Scott was to talk to her! This was literally a dream convo for him. 😊❤
considering the recent interest rate rise, I hope they jumped on the cash out refi at the end of 2021.
This girl has things well thought out. Love it 🎉
Great content ya'll! Great job Lynsey with all that you are doing to educate yourself and to keep the family on point with the finances. No doubt you will be successful.
Great episode love Mindy's energy. I am doing a similar house hack with STR of a studio room and it has been so worth it. Really inspiring and good breakdown of options.
Wow, amazing content. She's already doing well but she could be doing so much better.
If just parking cash, HISAs are paying 4.30% or better right now in Canada, rates are even higher in the US (June 2023). Major banks are offering these rates through online stock brokerages.
Scott, have you or mindy done a recent breakdown and analysis of your finances/investments? Would be curious to know what plays ya'll are making in the current market
It can be hard for a manager to do the big salary adjustment during the annual review cycle if they don't know going in that the person has expectations beyond the 2-5%. I would _strongly_ recommend your partner lets their manager know now that they are expecting a market adjustment so that the manager has time to socialize and get approvals into the budget. Also that way your partner can do things like ask what the manager might need to support the ask.
The jerkiness of the video when Mindy's on screen makes me nauseous so I'm just listening...
HM Bradley has closed to new investors for the 3% up to $100K only. It is a lovely place to park our "wait to invest in real estate fund."
What does the term "cap-ex" mean? Thank you
@jeffersonmurillo1851
10 ай бұрын
Capital expenditures, it's a saving you do every month for future big repairs in a house, like roof, windows, foundation, etc
1 minute in & im clicking out - I’m so NOT interested in listening to someone who literally has so much money they don’t know what to do with it 🙃 Don’t get it twisted - definitely happy for anyone in that position, it just doesn’t make a very relevant podcast for me & I value my listening time so I monitor it carefully
Ally Bank 4. Something for high yield savings
I’ve listened to a couple shows and it’s evident that Scott and Mindy’s knowledge is very limited and their suggestion are very misguiding. What they present comes across as very dangerous to true financial success. It goes to show that anyone can create a pod cast and b.s their way through a show. The best direction they could have given Lindsey was for her to pay off their house ASAP with full force to eliminated that payment debt, have home security, which immediately becomes a source of income to create the ability to leverage their money to achieve other goals. Further for her to Protect their business with business home by creating an LLC, further purchase and umbrella insurance to protect all assets and liability. Listeners never follow their suggestion for most of what they present is pure speculation.
Does BiggerPockets Money keep a page or some sort of menu and come back to these cases (couples, singles) checking how their journey progresses?