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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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