395: Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45
Want to hit FIRE? You’ll need a smart side hustle. We’re talking about income-doubling, cash-printing, serious side businesses that will allow you to leave your job and grow a substantial income stream, so you can invest the rest andreach the early retirement you’ve dreamed of. And for today’s guest, Alex, this is exactly the goal. Alex left college and went straight into the corporate world, only to realize that her potential wasn’t being met and there were alternative income goldmines that she could be chasing.
So, she got her real estate license as a side hustle, helping buyers and sellers get into and out of homes. Her commissions boosted her income to unforeseen amounts, and now, Alex is sitting on a stack of cash that could help launch her to financial independence. But, even now, with a better job and a serious side hustle, Alex wants to venture deeper into the entrepreneurial realm. The next big dream? Becoming a financial coach for those that want to be in her position.
But, before she starts, Alex needs help figuring out what to do with the savings account she’s been diligently growing. Should she use it to put twenty percent down on a house hack that would limit her living expenses? Or, is there a savvier, more creative way to finance her next property that could put Alex in a FAR better position? If you’re trying to hit FI before, after, or at forty-five, this episode is one you can’t afford to miss!
In This Episode We Cover
Starting your side hustle and boosting your income by turning extra time into money
Creative financing and how to buy your first property at a rock-bottom mortgage rate
How to know if you have too much cash (and what to do with it)
HSAs, IRAs, 401ks, and other retirement accounts you should be throwing cash at
Becoming a real estate agent and whether or not it’s worth it for the commission checks
Designing the perfect portfolio for early retirement (even if you’re just getting started)
House hacking and how to use your primary residence to generate passive income
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS
How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles
From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-395
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