By Paula Pant
It’s tempting to think of “financial independence” as a finish line. You’ve either crossed the finish line, or you’re still running the race.
But financial independence is more nuanced, says today’s guest, Joshua Sheats.
We experience seven stages of financial independence, Joshua says, and we should break down our Major Goal — financial independence — into a series of […]
Written By Paula Pant
Last month, one of our rental properties looked like this:
Today, the same property looks like this:
Renovating this rental property took three weeks, cost $13,648, and increased our rental income by $3,450 per year. We worked roughly 38 hours, spread across those three weeks.
Want to learn more about maximizing rental […]
By Paula Pant
There are 168 hours in a week.
If you work 40 hours per week and sleep 8 hours per night (56 hours per week), you’ve accounted for 96 hours. You have an additional 72 waking hours per week.
What are you doing with this time?
Let’s assume you spend 10 hours per week commuting, […]
By Paula Pant
As a child, Chris Guillebeau loved learning about planets and astronauts. He also loved burgers.
When grown-ups asked “What do you want to do when you grow up?,” then-six-year-old Chris gave two answers: he wanted to either become a NASA astronaut or flip patties at Burger King.
I can relate. When I was a child, […]
By Paula Pant
It’s the first Monday of the month, and you know what that means …
Time for another Ask Paula episode! On today’s show, I answer a handful of phone calls from listeners who posed questions about real estate investing.
One caller from Atlanta said that he’s thinking about buying a rental property from a turnkey […]
By Paula Pant
Carrie Smith enjoyed her full-time accounting job, but she wanted to make extra money on the side. Who doesn’t, right?
She landed a second job in a tax office, working 9-to-5 for one employer and 5-to-9 for the other.
She earned decent money, but her schedule had no flexibility … and she felt unhappy.
This needs to change, […]
By Paula Pant
Steve Chou’s wife used to work grueling hours at a job she dreaded and despised. When she became pregnant with their first child, she decided to quit.
The problem? She earned six figures, and their family needed that income.
She opened an online store, buying handkerchiefs wholesale from China and retailing these online at a significant markup. She […]
By Paula Pant
After serving in the Navy for 20 years, Doug Nordman, then age 41, retired from his military career.
Most of his peers started second careers in the civilian world. But Doug didn’t.
He had an ace up his sleeve: he had spent his military career saving 40 percent of his income. By the time he turned […]
By Paula Pant
In this week’s episode, Paula takes your calls:
Should you sell your stocks, given that we might be heading for a market downturn? What are the downsides of index funds? Should you invest in out-of-state rental properties, and if so, how can you figure out where to look? How should you manage money from […]
Written By Paula Pant
It’s time to wave the truce flag over one of personal finance’s greatest battles.
One of the most spirited debates in personal finance circles is the classic “earn more” vs. “save more” standoff.
The “earn more” crowd argues that raising your income is the best way to reach financial independence. There’s no upper limit […]
