Couple Money Podcast

Real estate investing can be a way to build up a passive income, but is it the right move for you? Learn about some of the different options you have and what you need to discuss before jumping in!  

Is Real Estate Investing Right for Us? 

We've been talking a lot this season about building and diversifying your income streams. 

Part of it is in reaction to the past year or so we’ve had. With some industries being hit hard with job losses and hours cut, having another source of income – even if not full-time- can soften the blow. 

We spoke about working from home with Modern Frugality creator Jen Smith. We also talked about entrepreneurship and building a portfolio of income streams with author Michelle Jackson.

Today we’re talking about another opportunity to build an income stream – real estate investing.

If you’ve ever watched shows on HGTV or followed DIY influencers on social media, it looks fun and exciting, right? 

These transformations can be dramatic and then when they go ahead and sell those houses, sometimes those numbers look tempting. Or the idea of owning properties and having rental income looks like a passive way to earn more. 

But is that really the case? What does real estate investing really involve? How can we get started? How can we be smarter with how we invest? 

I’m happy that Rachel Richards is joining this episode. She’s an author and real estate investor with over 30 properties. With the income their properties are generating, she and her husband are able to be financially free. 

In this episode we get into:

  • different ways to invest in real estate
  • Understanding what’s really involved with investing and finding properties
  • A peek of how one couple got into investing and how they grew it 

Are you ready? 

Let’s get started! 

Resources on Real Estate Investing

Are you thinking about getting started with real estate investing? Here are some handy resources to get your finances in shape and learn more about it!

Key Takeaways

Before we wrap up, I want to share a few key takeaways I got from speaking with Rachel and preparing this episode.

  • Find a way to diversify your income streams. 
  • Research and discuss how active or passive you want to be with real estate investing. How does it fit in your big picture and financial plan?
  • Run the numbers. You have to be really objective with real estate. What down payment can you afford? What cashflow do you expect (and need)? 

We really just scratched the surface today so if you want to discuss this more – ask questions, swap ideas, and talk about your progress for the year– don’t forget to join us in the Thriving Families group on Facebook.

We’re all about helping one another out with our family and financial goals. 

Hope to see you there!

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

We’ve been Coastal members for a few years have been happy with their services.

They have wonderful services and accounts to make saving easier including their competitive money market accounts!

Slash Your Phone Bill with Republic Wireless!

I'm so happy to announce our new sponsor Republic Wireless.

If you’re looking to hit your family’s financial goals faster, optimizing your expenses is the way to go. Chances are you’re paying too much for your smartphone and not getting the value you deserve.  

Same thing happened to me years ago. Wanting to become debt free faster, I switched to Republic Wireless and saved big time. 

Nationwide coverage, fantastic phone options like the Samsung Galaxy and Moto g, plus seriously affordable prices (plans start at $15/month!) make it a smart choice for families looking to save without sacrificing value. 

See all they have to offer at Republic Wireless

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
  • Grab a copy of Jumpstart Your Marriage and Your MoneyMy book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Our theme song is from Staircases. Additional music by various artists from Audiio.

 
Direct download: SEP_S3E18_Real_Estate_Investing.mp3
Category:personal finance -- posted at: 9:57am EDT

It's June. The year is halfway over. Now is the perfect time to hit pause and do a midyear review to see how you're progressing with your goals and make sure that your accounts are moving in the right direction!

Why Financial Reviews Matter

While we automate much of our finances, especially the tedious parts. It really does pay to have these times where you sit down. In review the numbers. And having a financial checkup mid year is a fantastic opportunity. Not just to look at your day to day accounts, like your checking and savings but your investments.

Having these more in-depth conversations. Can be beneficial to both your marriage and finances.

For us, this is an opportunity to hit pause and to really sit down and talk.

I don't know how this year has gone for you but it really has flown by for us. In overall, it has been good, but that doesn't mean there hasn't been some struggles and challenges that we face.

Second, it gives us a chance to talk about what's been working and what's not working with our family finances.

Life comes up and maybe we had to shift some things for a month or two. This is a pause where we can see. Is this a trend that we should start planning for, or is this. A one-time deal? Knowing that ahead of time can relieve the stress going forward.

Finally, it's a great reminder to reflect on the big picture. What are we really working towards and how are we aligned towards that? And yes, it does involve looking at the finances, but also schedule wise work choices that we make. Time with the girls, all these things are connected to each other.

Having a set period where we can reflect on that big picture is a huge help.

This past year and a half can be especially challenging for families as we are navigating through this unprecedented time.

Which is why I'm glad Kevin Matthews is a part of this episode. He's a former financial advisor and a number one bestselling author. He just had a new book from Burning the Blueprint that's out that you should definitely grab.

Today, we're going to be talking about that connection between your family and financial goals and making sure that your investments are moving in the right direction.

In this episode, we'll get into:

 Community & Get Your Free Money Toolkit!
Quickly & easily set your money up to hit your goals faster!
Featured Image
 
  • why investing matters and how you can come up with a plan that reflects your goals
  • how to do a financial review for your investments?
  • making sure that they're aligned with your priorities and goals.

Are you ready? Let's get started!

Resources to Stay on Top of Your Money 

If you’re looking to build up your finances, here are some handy resources we mentioned in the episode plus more! 

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

We’ve been Coastal members for a few years have been happy with their services.

They have wonderful services and accounts to make saving easier including their competitive money market accounts!

Slash Your Phone Bill with Republic Wireless!

I'm so happy to announce our new sponsor Republic Wireless.

If you’re looking to hit your family’s financial goals faster, optimizing your expenses is the way to go. Chances are you’re paying too much for your smartphone and not getting the value you deserve.  

Same thing happened to me years ago. Wanting to become debt free faster, I switched to Republic Wireless and saved big time. 

Nationwide coverage, fantastic phone options like the Samsung Galaxy and Moto g, plus seriously affordable prices (plans start at $15/month!) make it a smart choice for families looking to save without sacrificing value. 

See all they have to offer at Republic Wireless

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Our theme song is from Staircases. Additional music by various artists from Audiio.

 
Direct download: SEP_S3E17_MidYear_Financial_Review.mp3
Category:personal finance -- posted at: 11:38am EDT

Cryptocurrency is part of the mainstream conversation and in the news, but should it be a part of your investment plan?

We decode the terminology and go over the difference between speculation and investments. 

Should We Invest in Cryptocurrency?

We’re talking about a topic that’s been popping up all over – cryptocurrency. 

Just this year alone, Bitcoin, Ethereum, and others are on a roller coaster ride.

Coinbase went public just this April. 

I’ve gotten questions first about exactly how these currencies work and second, if it’s something to invest in.

In some cases, one of you is all excited to jump in this new opportunity while the other is skeptical or against it. 

Like any major decision, it’s important for your marriage and money to discuss your options and see if it fits in with your goals and financial plan. 

In this episode, we get into: 

  • the essentials about blockchain technology, NFTs, and some of the biggest currency
  • Why you should 
  • what to consider as you two discuss whether crypto currency is right for you

We got plenty to cover so let’s get started!

Resources to Learn More About Cryptocurrencies and Keep Tabs on Your Money

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

 

We’ve been Coastal members for a few years have been happy with their services.

They have wonderful services and accounts to make saving easier including their competitive money market accounts!

Slash Your Phone Bill with Republic Wireless!

I'm so happy to announce our new sponsor Republic Wireless.

If you’re looking to hit your family’s financial goals faster, optimizing your expenses is the way to go. Chances are you’re paying too much for your smartphone and not getting the value you deserve.  

Same thing happened to me years ago. Wanting to become debt free faster, I switched to Republic Wireless and saved big time. 

Nationwide coverage, fantastic phone options like the Samsung Galaxy and Moto g, plus seriously affordable prices (plans start at $15/month!) make it a smart choice for families looking to save without sacrificing value. 

See all they have to offer at Republic Wireless

Get Your Free Love & Money Guide
Learn the ice breakers and conversation starters to make talking about money easier! 
Featured Image
 

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Our theme song is from Staircases. Additional music by various artists from Audiio.

Key Takeaways on Crypto

Before we wrap up, I want to share a few key takeaways I got from preparing this episode.

  • Invest in educating yourself about the tech behind cryptocurrency. Crypto, blockchain – these aren’t going away. 
  • Make sure that crypto is aligned with your goals and risk tolerance before jumpin in. 
  • Focus on investing, not speculation. There’s a lot of hype and volatility to sort through so 

If you want to discuss this more – ask questions, swap ideas, and maybe discover your strategy– don’t forget to join us in the Thriving Families group on Facebook.

We’re all about helping one another out with our family and financial goals. 

Hope to see you there!

Direct download: SEP_S3E16_Should_We_Invest_in_Cryptocurrency.mp3
Category:personal finance -- posted at: 2:52pm EDT

Learn how you can protect your family’s finances and open up more opportunities by diversifying your income! 

Why You Need to Diversify Your Income

Diversifying income is something every family should consider. It can not only give you a bigger safety net, but it does give you some more options no matter what stage you are in your financial journey. 

Here are a few scenarios where diversifying and increasing your income can be helpful.

We're still not out of the woods when it comes to the financial impact of COVID.

In April, 9.4 million people reported that they were unable to work because their employer either close or lost business due to this pandemic.

As you can probably guess the more income you get, the higher your chances of saving.

In 2019, the median bank account balance for American households was 5,300. What's interesting is when you break it down by income, how drastically that changes.

For a family that's in the 40 to 59 percentile of income, the median savings was 4,400. You moved to the next bracket, 60 to 79%. You're looking at 10,000. The next one 20,000 and then finally 69,000.

Having income to take care of essentials means you can then take that so-called extra income and put it towards financial goals, including savings.

Finally, if your family is on the financial independence path. Then increasing your savings rate can speed things up for you when you'll hit your FII number.

For example, if your savings rate is 15% then you have 43 working years until you retire. If you bump that up to 30%, then that drops down to 28. You move up to 45% and it becomes 19 years. You're literally buying back your time when you're increasing your savings rate.

So hopefully it’s clear why you need to diversify your income. The question is now about finding the right ones for your family. 

Side hustles are a popular recommendation, especially online, but they're not your only option.

Which is why I’m so happy to have Michelle Jackson on today. She’s an author, podcaster, and entrepreneur.

 

Not only has she developed these business and income streams, but she’s found a bit of balance with juggling them. 

In this episode, we get into:

  • different types of income you can earn
  • Pros and the cons of them
  • how to decide which income path is right for you

Let’s get started!

Resources to Build Up Your Income

If you’re looking to boost your income, here are some helpful resources to earn more money and manage it better! 

Thank You to Our Sponsor Coastal!

learn more about our podcast sponsor coastal credit union

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

We’ve been Coastal members for a few years have been happy with their services.

They have wonderful services and accounts to make saving easier including their competitive money market accounts!

Slash Your Phone Bill with Republic Wireless!

I'm so happy to announce our new sponsor Republic Wireless.

If you’re looking to hit your family’s financial goals faster, optimizing your expenses is the way to go. Chances are you’re paying too much for your smartphone and not getting the value you deserve.  

Same thing happened to me years ago. Wanting to become debt free faster, I switched to Republic Wireless and saved big time. 

Nationwide coverage, fantastic phone options like the Samsung Galaxy and Moto g, plus seriously affordable prices (plans start at $15/month!) make it a smart choice for families looking to save without sacrificing value. 

See all they have to offer at Republic Wireless

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Our theme song is from Staircases. Additional music by various artists from Audiio.

 
Direct download: SEP_S3_E15_How_to_Build_and_Diversify_Your_Income.mp3
Category:personal finance -- posted at: 11:17am EDT

1