From Living Paycheck to Paycheck to Saving 80% of His Income
Рет қаралды 34,065
Күн бұрынLiving paycheck to paycheck isn’t sustainable. But, if you’re in this position, you already know that. The stress of always worrying about bills, scrounging for money, and never really feeling security can eat away at you. This is how Anthony Michael felt, but surprisingly, he wasn’t making a small amount of money. He and his wife were making six figures, but only saving around $200/month. This was far less than Anthony was comfortable with, so he sat down, crunched the numbers, and started taking drastic actions.
After he was able to increase his savings rate tenfold, he knew the extra money he was bringing in needed to be deployed. He started listening to The BiggerPockets Real Estate Podcast, read Rich Dad Poor Dad, and saw that house flipping could be his way to real estate riches. He found a partner, picked an area to invest in, and since then has made flipping homes his top money-marker.
Anthony’s story didn’t always go to plan. He had house flipping budget busters that forced him to use much of his emergency savings, a “partner” who ran off with thousands of dollars, and other fumbles along the way. But, all these mistakes lead to Anthony being in the position he is in today, and maybe you can avoid some of his pricey mistakes simply by hearing his story.
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Join the BiggerPockets Money Facebook Group:
/ bpmoney
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Listen to Anthony’s “Real Estate Rookie” Podcast Interview:
www.biggerpockets.com/blog/ro...
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Grab Your Copy of “Rich Dad Poor Dad”:
www.biggerpockets.com/richdad...
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Stop Living Paycheck to Paycheck-Here’s How:
www.biggerpockets.com/blog/st...
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How to Cut Expenses for a Faster Route to Financial Freedom:
www.biggerpockets.com/blog/bi...
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How to Structure Partnerships as a New Investor:
www.biggerpockets.com/blog/re...
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Connect with Anthony on BiggerPockets and Instagram:
BiggerPockets: www.biggerpockets.com/users/a...
Instagram: @tonymichaelrei or / tonymichaelrei
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: www.biggerpockets.com/guest?u...
Finance Friday: www.biggerpockets.com/finance...
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Connect with David and Mindy on BiggerPockets:
David: www.biggerpockets.com/users/u...
Mindy: www.biggerpockets.com/users/m...
Episode 321
Show notes at: www.biggerpockets.com/blog/mo...
00:00 Intro
02:47 Fixing His Financial Picture
12:36 Home Flipping While Active Duty
25:46 Partnering on 19 Projects
32:10 The Correct Way to Use Credit Cards
38:01 Cash-Flowing Airbnb Investments
45:29 Keeping Expenses Low as Income Rises
57:44 Taking on Debt the Right Way
01:01:26 Famous Four
01:11:35 Wrapping Up a Realistic Real Estate
#biggerpockets #biggerpocketsmoneypodcast #ep321
@christinab9133 2 жыл бұрын
Love how he mentioned having multiple exit strategies from a property before buying it which is exactly what Mindy and Scott’s book First Time Homebuyers Guide to Avoiding Rookie Mistakes says to do! ❤️
@tonymichaelrei2257 2 жыл бұрын
Thank you ! I'm glad you enjoyed the podcast
@danngoral1043 2 жыл бұрын
Correction Time 56:00 single income limit for Roth for 2022 is 129k and phases out at 144k and married filing jointly max income (combined) is 204k and phases out at 214k. There was another point that was off but I was driving during that segment it was probably somewhere in the 40 mins mark of anyone cares to go back and review it. 56:50 estate taxes and limits for lifetime gift limits or inheritance is wrong. 5million? I'm not sure exactly what topic there talking about. Overall I enjoyed the podcast as usual. Great job guys!! Can't wait for the next one!
@tonymichaelrei2257 2 жыл бұрын
Appreciate you listening sir !
@danngoral1043 2 жыл бұрын
@@tonymichaelrei2257 sounds like your in a great position. I enjoyed listening to your podcast. Keep it going. I'm heavy in equities and REITs. I'm hoping to get into real estate in the near future, some of the topics you went over brought up some interesting techniques for investing in real estate.
@AraceliTV 2 жыл бұрын
Mindy same thing with Rich dad poor dad. I’ve tried to re read it and it just hasn’t done it for me. But that’s great that it has inspired so many.
@tonymichaelrei2257 2 жыл бұрын
Give his other book a try cashflow quadrant !
@That401kguy 2 жыл бұрын
Very good point about the Solo 401(k). Generally, a 401(k) is an advantage for any business owner when it comes to taxes. There's also a Cash Balance plan available for extremely high earners that can be a tool to put hundreds of thousands away per year, depending on age and income levels.
@tonymichaelrei2257 2 жыл бұрын
Thank you for that insight!
@rnarzu 5 ай бұрын
" lock down " mode = planning. Setting a plan you can follow is key.
@jasonmcdonald1241 3 ай бұрын
When you try to force a smile and talk at the same time...
@tonyl6385 2 жыл бұрын
What part of thr country are you investing in? FL, NJ?
@tonymichaelrei2257 2 жыл бұрын
I invest primarily in Pinellas County
@lbslott Жыл бұрын
Who’s your 5-million dollar friend? I have some things I’ll sell them & I can help with their problem! 😂
@jtowensbyiii6018 2 жыл бұрын
Average is 460 ish currently
@tonymichaelrei2257 2 жыл бұрын
What's the context?
@sofondadavis5028 Жыл бұрын
You can rent out the boat and Corvette.
@chucalissa9231 Жыл бұрын
Took much stories - not enough strategies....on the topic
@user-lm1pp5sc6g 3 ай бұрын
Yeah if anyone falls for these tall tales they’ll be in trouble. I feel like bigger pockets is giving him a platform to practice his scammy pitches.
@user-lm1pp5sc6g 3 ай бұрын
Seriously! Bigger pockets is losing more and more credibility as time goes on. What’s with all the shady scammer type guests? Everything about this guy oozes lies and exaggeration. You’re doing a disservice by bringing these type of people on the show. I’m not sure what the intentions are. Are you trying to soften up your listeners so they can scammed by these type of people?
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