BiggerPockets Money9 Jun 2023

419: Finance Friday: Barely Breaking Even? Here’s How You Can STILL Invest

Side income streams are your way out of breaking even every month. If you’re like most Americans and find your savings stagnating, without much room for growth, it might be time to look at opportunities outside your nine-to-five. This is exactly what today’s guest, Liz, did by becoming a real estate agent and growing her seasonal business. But, Liz is in one of the northernmost states, where winters are harsh and home sales halt once the snow falls.

Liz wants to grow her real estate agent side income into a full-blown business, but how can she do so when half of the year is too cold to show houses? If you have seasonal income or an infrequent side hustle to help pay your bills, this is an episode for you! Mindy and Scott will walk through how Liz, or any other entrepreneur, can use the sunny season to grow their businesses to new heights, strengthen their savings, and invest the rest so early retirement isn’t just some far-off dream.

Liz also needs to know where her money is best put to use. With a serious cash cushion, she’s debating whether or not having a large amount of cash is worth the financial stability or if investing it for passive income is a better option. With her own primary residence coming close to closing, what should Liz do with her hard-earned cash?

In This Episode We Cover

How to turn a seasonal income stream into a full-time business that pays your yearly salary

What to do when you’re breaking even every month (EVEN with low expenses)

Becoming a real estate agent and how to find leads in untraditional ways

Cash reserves and where to invest your money when you have too much

REITs (real estate investment trusts) vs. index funds and which makes more passive income

When to pay off debt vs. keeping cash in a high-yield savings account

And So Much More!

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