I’m 25 and If I am not trying to retire by 40 but I do want more financial flexibility (aka keep a job but be able to pull from some investments to supplement income) then should I consider putting more into the third bucket than somebody my age traditionally would? Obviously wouldn’t get the tax advantage of a IRA but I would be able to pull the money at 40 to do what I want with it
If you want the ability to pull your money, I would think a brokerage account is probably the right resource for you. I'd recommend dividing your attention between a tax advantaged account and a brokerage account (IF you really wish to pull from your resources and not fully "Retire" later in life).
Both have their perks, you can save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor
@@freeairfreezer3939 I partner with Mary Freed Lorenz locally in Colorado, shes a certified FA. I own a 7.2 M portfolio and she oversees all activities on the account. Look her up though, I have referred a couple of colleagues here in Portland and Manhattan with this inflationary crisis as I made over 70% in the past 4months.
The key takeaway here : Achieve financial independence by convincing people to pay you to learn how to achieve financial independence. Seems like “I own rental properties” is a pretty convincing hook line.
Sounds like you're making excuses for yourself on why you can't achieve the same thing :) By 2019, when I quit my job, I was making $10k/mo in profits from my 38 real estate doors. I achieved FI from my real estate, not from my books/business. Thank you for your input!
@@MoneyHoneyRachel That clarifies a lot, for those of us who don't have a clue, intimidated, overwhelmed and are NOT exactly sure, if it's okay to focus on ONE aspect of Financial expertise, to pursue a goal of TRULY being able to afford retirement.
So she is making 240k income annually. This is very sketchy. Someone is either lying or perhaps someone is telling the truth but not the whole detail. Assuming that she is getting dividends or interest of 10%, it would mean that she has at least 2.5 Million in assets. She might be highly leveraged. 2017 = 75k Salary. 10k, her + , 10k Husband Savings. 100k Duplex investment. 500 Cash flow.
That is correct. My RE portfolio is around that number. In 2019, I was making about $260 per door in profit. I owned 38 doors. ($10k/mo). I now make closer to $20k/mo from my books/business as well. I hope that helps!
This is parenting goals. She knew about finances from a young age, has great work ethic, voluntarily lives well below her means, found a apouse who shares her values, and is secure enough to spend her entire savings repeatedly for investment properties. Great job to her, her husband, and her parents!
Congratulations Rachel! Thank you for sincerely talking about “Imposter Syndrome”. It is no joke and sadly if someone can relate, it is more pronounced in corporate working environment. Sucks, but true.
Create a business based on a niche needs, scale sales until reach net worth 4 million, invest it on 6% annual interest on real estate fund and then get 20 grands monthly by passive income. That's it. It may take 10 years long but it`s very possible. Unfortunately, due to inflation, your 10,000 won't have the same value as much ten years from now.
She isn't retired though. She is a landlord. That's a lot of work. And the other stuff still needs to be managed and admin. Even if its from a remote location. So a fantastic job... but I don't think retired. 💪👍
I'm not sure I follow your questioning. She mentioned she didn't give in to lifestyle creep, kept putting money into the stock market, and kept reinvesting the rest to buy more properties. What's missing? The part that she didn't go into details on how many properties totaled when she hit 10K a month? I'm sure she would have if the Hosts asked her to explain in detail, but they didn't. I'm sure most can figure it out that she kept building her portfolio until the compounding resulted in $10K a month.
@@amunra4015 thanks for the info. Unfortunately I would have to house hack for a bit and Kentucky is no where near me. But I'll keep my eyes open in the future when I've got more flexibility.
The issue about making offers on a property when you are also the real estate agent I would be concern the sellers might be suspicious. Also ethical issues. I wish you guys asked her about thay
My journey into FIRE has taught me a lot of lessons and on top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $600k to a decent 6 figures in the space of 14 months. Sad to say but a lot of us have poor money management skills. My 2 cents -get a help, if you have to. I find it better to pay a little bit more for peace of mind than worry about market trends and still get burned
@@George-hl7jf Sorry I'm not a money manager nor an advisor lol. I only use Josephine Guevara Laporte's popular program. She's a chartered financial analyst. Look her up and maybe schedule a call. Might be the best bet for you. Consistency and smart diversification skills were the clincher for me with Josephine.
Hi I found Josephine Laporte's official website after I looked up her name. She's got some impressive stats and qualifications. I want to drop her a message right away. Is she that good?
@@George-hl7jf Josephine takes ten percent of the profit she makes. And since it's an algorithmic based model, it's very much transparent. You can actually see what assets you have and how much growth your portfolio achieves over time.
Your guess is very cute with an equally beautiful demeanor and heart to match; how can anyone not love her. In fact, that goes for everyone on the program. Thank you all for your service; and, best wishes to you all. You give me hope!
She has managed to do all of this with just 20k investment in that first property really 10k. Also using the methods of saving her money to build her business empire.
So there was a very noticeable jump cut from "So you finished college debt free" to the "Yes" response. Are we to believe Rachel made $80,000 in 2 years selling knives door to door? Hmmmm.
@@yankees3444 Selling cutlery, in your spare time, while doing a compressed 3 year degree course in 2 years. Yes, I believe any sane minded person would believe that.
That was pretty awesome and inspiring, especially the talk about imposter syndrome. I have started 2 different books but haven't finished because I'm like who is really going to read these.... think imma go back and finish them.
All of these younger people who leveraged up buying loads of properties with debt are going to their ass handed to them. The next real estate bust is going to wipe ‘em out.
Although I did the same thing with a job by leveraging an offer that paid better - its not always the wisest choice. An employer can fire you on the spot if they don't want you there. It should be disclosed that you're treading dangerous waters doing this. Knowing your management. If they feel you deserve a raise they'll give you one.
Making 40k a year selling knives to pay for college is crazy. Commission is 30% after 10k in sales. I’m sure there’s scholarships in there but that’s impressive.
We want to hear the details , exactly how these people you have on your podcast achieved what you’re interviewing them for , she makes 20k monthly tell us the numbers of each property and how you did it
People like her exploit others!!!! Nothing wrong with being ashamed to be exploiting others but people one these shows have little shame!!!! I don't think landlordism it good but totally evil!!!!
Please listen to my BiggerPockets real estate episode for more detail/info about my real estate portfolio! And around the 45:00 mark I break down my income streams - thank you!
Congratulations to this young lady! I have more questions than answers to this story. She said she worked the cutlery sales job for 9 months but did 3 years of undergrad. What other work/assistance did she receive to pay for college or to graduate debt free? She took time off from work after that experience, if I heard correctly. No mention of another job in college. Also,.it wasn't clear how many doors and properties she has. Sounds like she bought them all in 2017 and 2018 but house hacked 2 SFHs prior to starting.
I worked the Cutco job for all 3 years of undergrad. I also received scholarships totaling $30k/year of tuition, so I made $10k/year from selling knives. And by the time I finished scaling my RE portfolio I had 6 properties and 38 doors. I hope that helps!
What happens if you earn more than that in a corporate job? A bachelor degree is a basic understanding of a subject. She did well, good luck to her and her husband. Much love ❤️
Gained my financial independence last 2 years and I bought my first home last year after making right investments and managing my incomes I get from stocks monthly
How do you retire by 30..how do you make it big I vesting in property...cant believe this..she inherited a shitload...I have 4 properties...and it's a snails space. Her husband must be rich. Unsubscribed
I’m 25 and If I am not trying to retire by 40 but I do want more financial flexibility (aka keep a job but be able to pull from some investments to supplement income) then should I consider putting more into the third bucket than somebody my age traditionally would? Obviously wouldn’t get the tax advantage of a IRA but I would be able to pull the money at 40 to do what I want with it
Buy your first rental and then enjoy the ride. Might happen before 40.
If you want the ability to pull your money, I would think a brokerage account is probably the right resource for you. I'd recommend dividing your attention between a tax advantaged account and a brokerage account (IF you really wish to pull from your resources and not fully "Retire" later in life).
Both have their perks, you can save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor
@@roseannemelissant2453 I have thought about this, but haven't figured out the right way to go about consulting a reputable one.
@@freeairfreezer3939 I partner with Mary Freed Lorenz locally in Colorado, shes a certified FA. I own a 7.2 M portfolio and she oversees all activities on the account. Look her up though, I have referred a couple of colleagues here in Portland and Manhattan with this inflationary crisis as I made over 70% in the past 4months.
The key takeaway here : Achieve financial independence by convincing people to pay you to learn how to achieve financial independence.
Seems like “I own rental properties” is a pretty convincing hook line.
hook line and sinker
Sounds like you're making excuses for yourself on why you can't achieve the same thing :) By 2019, when I quit my job, I was making $10k/mo in profits from my 38 real estate doors. I achieved FI from my real estate, not from my books/business. Thank you for your input!
@@MoneyHoneyRachel That clarifies a lot, for those of us who don't have a clue, intimidated, overwhelmed and are NOT exactly sure, if it's okay to focus on ONE aspect of Financial expertise, to pursue a goal of TRULY being able to afford retirement.
I still have my CUTCO knives from 1990 lol, they are still sharp
You can not smell a picture! Good advise! A lot of people fell into the trap of buying online due to market demand.
How do you get loans for out of state purchases -
What doesn’t make sense is how she got to $10K/mo profit so quickly. She should have share that part.
Aggressively buying rental properties is what it seems like to me. Everyone has a risk/reward threshold where the risk becomes too great.
Please watch my BiggerPockets real estate episode, I explain it in more detail there. Thank you for listening!
So she is making 240k income annually. This is very sketchy. Someone is either lying or perhaps someone is telling the truth but not the whole detail.
Assuming that she is getting dividends or interest of 10%, it would mean that she has at least 2.5 Million in assets.
She might be highly leveraged.
2017 = 75k Salary.
10k, her + , 10k Husband Savings.
100k Duplex investment.
500 Cash flow.
You obviously didn't watch the whole episode. She breaks it down at around 45:00
That is correct. My RE portfolio is around that number. In 2019, I was making about $260 per door in profit. I owned 38 doors. ($10k/mo). I now make closer to $20k/mo from my books/business as well. I hope that helps!
Yes, its happened to me each time i wanted to see a property. The agent takes too long to get me to view a property. It's frustrating.
Fear is a crippling feeling for so many getting started, sadly.
This is parenting goals. She knew about finances from a young age, has great work ethic, voluntarily lives well below her means, found a apouse who shares her values, and is secure enough to spend her entire savings repeatedly for investment properties. Great job to her, her husband, and her parents!
Thank you so much!
I love the book you can't hurt me by David Goggin. Changed my life.
Absolutely changed mine too!
yOU DO NOT HAVE TO MONETIZE YOUR HOBBIES TO JUSTIFY THEM!
Love that quote!
Thank you for watching!
Congratulations Rachel! Thank you for sincerely talking about “Imposter Syndrome”. It is no joke and sadly if someone can relate, it is more pronounced in corporate working environment. Sucks, but true.
Thank you for watching!
I’d like to be coached by this lady!
Create a business based on a niche needs, scale sales until reach net worth 4 million, invest it on 6% annual interest on real estate fund and then get 20 grands monthly by passive income. That's it.
It may take 10 years long but it`s very possible.
Unfortunately, due to inflation, your 10,000 won't have the same value as much ten years from now.
i "sold" cutco as well. for all of 2 weeks.. i got one sale... ugh..
Damn.. I remember doing that too 🥴🥴🥴
Thank you so much guys as I have 3 written books that is not published 😫😫😫all passion projects
You can do it!
Great episode!
She isn't retired though. She is a landlord. That's a lot of work. And the other stuff still needs to be managed and admin. Even if its from a remote location. So a fantastic job... but I don't think retired. 💪👍
The details of how she got to $10k in monthly income is missing. She started with $500 from a duplex that went to $800 but the rest is missing.
😮💨always crucial indo is missing. Every story usually has the start, fuzzy middle, and clear 10k 20k passive income
I was thinking the same, there is not enough info on her income streams. She has a wonderful story but the math is missing.
Based on this comment, I'll skip watching this video. I need real stories, not fuzzy stories. Thanks for this comment.
I'm not sure I follow your questioning. She mentioned she didn't give in to lifestyle creep, kept putting money into the stock market, and kept reinvesting the rest to buy more properties. What's missing? The part that she didn't go into details on how many properties totaled when she hit 10K a month? I'm sure she would have if the Hosts asked her to explain in detail, but they didn't. I'm sure most can figure it out that she kept building her portfolio until the compounding resulted in $10K a month.
@@Constellasian SO EXPLOIDTING OTHERS NEED FOR THE F**KING BASICS. I WOULD BE ASHAMED TO ADMIT I EXPLOITED OTHERS IN THAT TYPE OF WAY!!!!
The first step to financial freedom is not paying tuition.
Totally doable. I am proud to have achieved FIRE. More time for passion projects and family!!
Wow, this young lady is soooooo smart!
how does one look off market?
They send mailers out, knock on doors, that kind of stuff, but there are literally duplexs on the MLS in Louisville, KY right now for $100k.
@@amunra4015 thanks for the info. Unfortunately I would have to house hack for a bit and Kentucky is no where near me. But I'll keep my eyes open in the future when I've got more flexibility.
BEST book recommendation. Changed my life after I read can't hurt me.
Love the book!
Shout out to Louisville!
I retired @37 on SSDI
The issue about making offers on a property when you are also the real estate agent I would be concern the sellers might be suspicious. Also ethical issues. I wish you guys asked her about thay
Bigger pockets konw real estate is a racket. They are selling people their basics and yet making a 10% profit off it if possible.
You have to legally disclose that you are a real estate agent!
She is a big shoe to fill. Very inspiring and smart working.
Thank you!
My journey into FIRE has taught me a lot of lessons and on top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $600k to a decent 6 figures in the space of 14 months. Sad to say but a lot of us have poor money management skills. My 2 cents -get a help, if you have to. I find it better to pay a little bit more for peace of mind than worry about market trends and still get burned
I needed to hear this! The truth hurts sometimes. Amazing performance on your portfolio bud!
@@George-hl7jf Sorry I'm not a money manager nor an advisor lol. I only use Josephine Guevara Laporte's popular program. She's a chartered financial analyst. Look her up and maybe schedule a call. Might be the best bet for you. Consistency and smart diversification skills were the clincher for me with Josephine.
How does this program work. Are the fees high?
Hi I found Josephine Laporte's official website after I looked up her name. She's got some impressive stats and qualifications. I want to drop her a message right away. Is she that good?
@@George-hl7jf Josephine takes ten percent of the profit she makes. And since it's an algorithmic based model, it's very much transparent. You can actually see what assets you have and how much growth your portfolio achieves over time.
Your guess is very cute with an equally beautiful demeanor and heart to match; how can anyone not love her.
In fact, that goes for everyone on the program.
Thank you all for your service; and, best wishes to you all.
You give me hope!
Thank you!
@@MoneyHoneyRachel
I'm jazzed by any response from you!
I hope all is well and best wishes. DON'T CHANGE.
Her book, Money Honey, is in my to-read list. Inspiring! 👏
Thanks so much!
Thumbnail pic is different
Great guest, very inspiring👍👍
Thank you!
She is a great follow on IG and hats off to her for her accomplishments
Thank you!
You could advice me any day!😊
This woman is absolutely inspiring! Congratulations
Thank you!
She has managed to do all of this with just 20k investment in that first property really 10k. Also using the methods of saving her money to build her business empire.
Thank you!
So there was a very noticeable jump cut from "So you finished college debt free" to the "Yes" response. Are we to believe Rachel made $80,000 in 2 years selling knives door to door? Hmmmm.
Anyone who believes this probably also believes in Santa.
Do people really believe it's hard to make 40k in a year?;🤣🤣
@@yankees3444 Selling cutlery, in your spare time, while doing a compressed 3 year degree course in 2 years. Yes, I believe any sane minded person would believe that.
Not at all! I had scholarships that covered $30k/year in tuition. I made $10k each summer selling Cutco. I hope that helps!
@@MoneyHoneyRachel Thank you for clearing that up. It's not that much of a deal to finish college debt free with only 10k a year tuition.
I really got emotional and teary eyed at the end of this interview. Thank you for this beautiful interview.
Thank you so much!
I'm 30 and I have a 7 figure income, and that doesn't include my passive income.
I'm not planning on retired, because I work primarily out of boredom.
That was pretty awesome and inspiring, especially the talk about imposter syndrome. I have started 2 different books but haven't finished because I'm like who is really going to read these.... think imma go back and finish them.
You can do it! 😍
Thank you for watching!
All of these younger people who leveraged up buying loads of properties with debt are going to their ass handed to them. The next real estate bust is going to wipe ‘em out.
Jealousy isn’t a good look for u guy
@@jrzhoe24 Stupdity isn’t a good look on anyone.
Well…not if you have at least 25% equity. It’s all about how much equity you have
I don't think you understand how buy and hold works...
I put 20-25% down on every property I bought. My equity is now around 40% overall in my portfolio. I hope that helps!
Damn! She is FIRE!!
Yup! Financially independent and retired early. 🔥🔥🔥
NO SHE IS AN EXPLOITER!!!! AND THE F**KING LAW HELPS HER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Thank you!
when she said cutco, my jaw dropped haha. I participated in cutco as well, didn't last too long haha
LOL sometimes it works, sometimes it doesn't! Thanks for watching!
Great podcast. This is soo helpful!
Thank you!
Although I did the same thing with a job by leveraging an offer that paid better - its not always the wisest choice. An employer can fire you on the spot if they don't want you there. It should be disclosed that you're treading dangerous waters doing this. Knowing your management. If they feel you deserve a raise they'll give you one.
The offer wasn't from a current employer. The 2 offer were from 2 new/potential employers. Thanks for watching!
Making 40k a year selling knives to pay for college is crazy. Commission is 30% after 10k in sales. I’m sure there’s scholarships in there but that’s impressive.
I didn't make $40k/year. I had scholarships that covered $30k/year, and I made $10k/year from selling Cutco. I hope that helps!
I sold Kirby vacuums @ 17 😂Life of am entrepreneur. I also read business books in high school. Lol Yep. Nerd alert. 😀
Love that!
We want to hear the details , exactly how these people you have on your podcast achieved what you’re interviewing them for , she makes 20k monthly tell us the numbers of each property and how you did it
People like her exploit others!!!! Nothing wrong with being ashamed to be exploiting others but people one these shows have little shame!!!! I don't think landlordism it good but totally evil!!!!
Less than half of her passive income comes from rental properties. At around the 45:00 mark she breaks it down.
Please listen to my BiggerPockets real estate episode for more detail/info about my real estate portfolio! And around the 45:00 mark I break down my income streams - thank you!
if they divorce she loose half of everything
Not if she has a prenup
Congratulations to this young lady! I have more questions than answers to this story. She said she worked the cutlery sales job for 9 months but did 3 years of undergrad. What other work/assistance did she receive to pay for college or to graduate debt free? She took time off from work after that experience, if I heard correctly. No mention of another job in college. Also,.it wasn't clear how many doors and properties she has. Sounds like she bought them all in 2017 and 2018 but house hacked 2 SFHs prior to starting.
I would assume that due the fact that she came from a well off neighborhood that her parents paid for much of her college but maybe not all of it.
I worked the Cutco job for all 3 years of undergrad. I also received scholarships totaling $30k/year of tuition, so I made $10k/year from selling knives. And by the time I finished scaling my RE portfolio I had 6 properties and 38 doors. I hope that helps!
What happens if you earn more than that in a corporate job? A bachelor degree is a basic understanding of a subject. She did well, good luck to her and her husband. Much love ❤️
Thank you!
Gained my financial independence last 2 years and I bought my first home last year after making right investments and managing my incomes I get from stocks monthly
Im wondering if this duplex flooded hope not
It did not flood
I think the views on this is your 20k pm
👏👏👏👍🎉
🦊
How do you retire by 30..how do you make it big I vesting in property...cant believe this..she inherited a shitload...I have 4 properties...and it's a snails space. Her husband must be rich. Unsubscribed
I really appreciate this I really needed to hear this
Thanks for watching!
Excellent interview!