BiggerPockets Money Podcast 288: Finance Friday: Am I Investing Fast Enough to Retire Early in Portugal?
Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move.
Brandy has multiple streams of income—her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion!
Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible.
In This Episode We Cover
Building wealth after bankruptcy, failed businesses, and financial mistakes
Quitting corporate and coming back in a more flexible, entrepreneurial role
Short-term rental investing and the big profits (and costs) that come with it
What to do if you have too much home equity as part of your net worth?
Backdoor Roth IRAs and retirement investing for self-employed individuals
Calculating rental property profits and pitting them against other investments
And So Much More!
Links from the Show:
BiggerPockets Money Facebook Group
How I Used Real Estate to Pay for My Newborn Daughter’s College Education
Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders
Calculate Potential Airbnb Earnings on Your Short-Term Rental
How I Live Overseas & Still Manage My U.S. Rentals
Check the full show notes here: https://www.biggerpockets.com/blog/money-288
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