Jeff, like many listeners, feels as if there is enough money coming in every month, but somehow it’s slipping out, not allowing him and his wife to hit financial independence. A big reason this could be happening is simple: not enough income and expense tracking. This is why Mindy and Scott are always so adamant about having a budget (and sticking to it).
Jeff owns his home, and it has appreciated a favorable amount since he bought it; he also owns a duplex in his home state of California, and a rental property in Memphis. But that’s not all, Jeff owns another type of property…one he isn’t too proud of. A timeshare! Jeff wants to get rid of his timeshare so he can put more money into growing wealth.
He also has HELOCs taken out against homes which are burning holes in his pockets on top of the bills he and his partner already have to pay. While Jeff is happy with his line of work, his wife wants to be able to leave her job. With so many factors at play, it can seem difficult to reach financial independence and grow wealth, while also being happy at work, but with some financial intuition, it’s possible!
Check the full show notes here: https://www.biggerpockets.com/moneyshow172