Once you know how to save money, you can start stacking those savings to buy real estate and businesses or invest in long-term wealth-building investment accounts. But, without a steady stream of savings coming in, you’re treading water, and one emergency expense could completely blow you off course. In a high-cost-of-living area like Washington, DC., this can seem even harder as rent, gas, and going out prices are far above the national average. But, there are some surefire ways to save (and make) more every month.
On this Finance Friday episode, we talk to Richard, a government tech worker who makes a great salary but could potentially be bringing in much more. Richard’s dream of being the President naturally led him to real estate investing, and now he’s focused on building bigger, stronger, and smarter income streams so he has ultimate time freedom (and a high net worth) in the next few decades. But even with his tech salary, Richard struggles to save every month, with random expenses knocking him out as soon as they arise.
Mindy and Scott go through Richard’s income and expenses as well as his debts, much of which are forgivable student loans. Richard debates whether sticking with his perk-heavy government job is worth the pay difference he could gain in the private sector. And whether or not buying cash-flowing businesses is a smart move, especially for someone without much savings. If you’ve struggled to boost your bank account, this episode may hit close to home!
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.