Retiring early can be a daunting task. Not only do you have to do more, with less time, but you have to stay diligent on your budgeting, expense tracking, and investing if you want to hit your goal by a certain age. Today we talk to Lisa, who wants to retire next year, in her mid-50s. While most people think early retirement means retiring in your 20s and 30s, this isn’t necessarily true. Retiring 10 years early, like Lisa, is a massive accomplishment, but requires the same skills needed for retiring decades earlier.
Lisa has three pieces of property: a cash-flowing rental in pricey Boise, her primary residence in Washington, and a plot of land in North Idaho. She’s tinkered around with ideas of using her primary residence as a short-term rental, but unbeknownst to her is the fact that having a short-term rental could bankroll her retirement. She also has a sizable amount in retirement accounts, but none of those assets produce cash flow.
Will Lisa be able to retire using the 4% rule with her retirement accounts? Or, should she use this last year of employment to double down on cash-flowing assets like rental properties?
In This Episode We Cover
Using the 4% rule to calculate how much you need to be invested to retire
Leasing out your home as a short-term rental while you travel
Choosing cash-flowing assets over assets that merely appreciate
Calculating out your TRUE living expenses (with the Mindy Method!)
Profiting off of land purchases and when the right time to sell is
When the appropriate time to raise rents on a tenant is
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
