BiggerPockets Money21 Touko 2021

198: Finance Friday: Are You Spending Too Much Time on Low-Pay Jobs?

Many of you know that Mindy loves live-in-flips, and although she can definitely swing a hammer, she doesn’t have the skills of a finish carpenter, but today’s guests, Serafina & Darrin, do! Serafina and Darrin were both working at non-profits, but over the last year have transitioned to running their own business named Carlucci Woodworking. Serafina takes care of the bookkeeping while Darrin takes care of the carpentry. They’re a dynamic duo!

All this is happening while they are trying to build their dream home out in the country. If you’ve ever custom-built a house you’ll know how time-intensive and (often) expensive it can be. Serafina & Darrin want to know whether or not Darrin’s high hourly rate would be better served doing jobs, as opposed to working on their own home.

With dreams of sailing around the world with their children, hitting a not too far away FI number, and living in their countryside getaway, they’ll need to focus on optimizing their business, getting connections, and keeping up with their investing!

In This Episode We Cover

The pros and cons of leaving your job for self-employment
How to optimize your business so you’re working billable hours whenever possible
Roth IRAs, traditional IRAs, and pensions
Setting up your emergency reserve so you always feel financially secure
Using your business in creative ways (to make more money!)
Knowing the ARV of a new construction (even if it’s custom)
And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow198

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