321: From Spending Six-Figures a Year to Saving 80% of His Income
Living 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 madeflipping 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.
In This Episode We Cover
How lowering your expenses is a faster way to save than increasing your income
Flipping products online and choosing side hustles that can quickly bring in some cash
House flipping and how (when done right) it can be a killer side hustle for new investors
The “BRRRRbnb” short-term rental bringing in over $500 per night
Real estate partnerships and what to look out for before you start sending money
Credit card debt and how to use it the right way when investing in real estate
And So Much More!
Links from the Show
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
David’s Site From Military to Millionaire
Bonds: The Perfect Inflation Hedge (with One BIG Caveat)
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