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Tag: entrepreneurship

October 7, 2019By Paula Pant

#219: Ask Paula – How Should I Invest $4,000 Per Month for Early Retirement?

Stella is working toward FIRE and wants to know: how can she create passive income in her retirement years? Is a portfolio with stocks and bonds enough, or should she invest in real estate?

Travis and his wife are also on the FIRE path, and are comparing their investment options. Travis is concerned about the inefficiency of reinvesting returns in real estate. How can you factor this into your decision when buying a property?

Stephanie and her husband are also interested in FIRE (hooray!) and they have $20,000 to invest. How can they best use this money to help them FIRE sooner?

Cade, a 24-year-old listener, wants to FIRE by age 30 (we’re on a roll!). He’s saving $4,000/month and wants to know how to invest these savings.

Anonymous and their partner are taking a mini-retirement and have questions surrounding the logistics of healthcare. What options should they consider?

On a different note, Amanda works in academia. After listening to Episode 12, she’s looking for tips on managing long-term, complex collaborative projects now that she’s in a leadership position.

Steve’s question brings us to the topic of building an online business and social media following. Should he have one brand for all of his interests, or divide these interests into separate channels?

I tackle these questions in today’s episode of the show. Enjoy!

Keep reading...

September 30, 2019Written By Paula Pant

The Importance of Using the Toilet Correctly (and Other Things I Learned Last Month)

When I was 18, I got a full scholarship for a one-month study abroad trip to Japan.

At the time, I didn’t have much interest in international travel. But free is free, so I spent a month in Japan during the summer between my freshman and sophomore year of college.

That trip changed everything.

That trip ignited the travel bug.

I came back so enthusiastic about exploring the globe that I’ve based every major decision in my adult life around the goal of traveling more.

Every major life choice, from my initial career in journalism, to my decision to quit my newspaper job to backpack around Southeast Asia, to my pivot to becoming a location independent, self-employed freelancer …

Every choice I’ve made has been based around whether or not this opportunity would allow me to travel. It’s the benchmark against which all my decisions are made. It set me on a meandering path that led to financial independence.

And it all started with that trip to Japan.

Keep reading...

May 27, 2019By Paula Pant

#195: Ask Paula – I Make $168,000 Per Year and Spend $5,000 Per Year. What’s Next?

Alex makes $168,000 per year, combined between her full-time job and her side hustle. Her company pays for breakfast, lunch and dinner during the work week, plus a cell phone subsidy, health, dental and vision insurance, a gym membership, and commuting costs. She also househacks, so her living expenses are only $400 per month. What should she do with her ample savings?

Christine is 38 and earns $70,000 per year running her own business. She holds $70,000 in investment accounts, has another $16,000 in savings, bought a condo with 20 percent down, and has no debt. What can she do to fast-track her path to financial independence?

Amy is unsure whether she should pay off her mortgage, downsize to a smaller home, or invest.

Katherine is 23 and househacking into a duplex. How much should she set aside for cash reserves?

Miriam started a podcast and wants to know how to morph a passion into a lucrative income stream.

Nick wonders if the FIRE movement should plan an annual gathering … you know, like a FIRE Festival. (But not like the Fyre Festival.)

I tackle these six questions in today’s episode.

Keep reading...

May 3, 2019By Paula Pant

#191: Ask Paula – Would You Live in an RV to Save Money?

Should Russell rent a cheap apartment, or should he take out a loan for an RV in order to save money on rent?

Carl is working two jobs that each pay $12 per hour. He has $5,000 in student loans. What can he do to improve his situation?

Caroline is about to finish paying off her student loans, and in the next few years she wants to buy a home. Where should she park her savings in the meantime?

Philip is saving for financial independence, but he’s not sure what to do with his time once he quits his job. How can he discover what ignites him?

Amanda is receiving an inheritance, a New York City 4-plex valued at $500,000. How should she handle this?

And an anonymous caller wants to know what the step-by-step path to wealth building would look like.

I answered all of his questions in today’s episode, plus I feature a short follow-up interview with Kim, the firefighter whom we met in Episode 139.

Keep reading...

December 3, 2018By Paula Pant

#164: How and Why I Took a Mini-Retirement, with Bob Lotich

As an entrepreneur, Bob Lotich loves growing and expanding. But after a particularly stressful year, he realized he had burned out.

He woke up one Monday morning and, for the first time since he’d started self-employment, he realized he didn’t want to go to work. This was a new and uncomfortable feeling.

He decided to take a mini-retirement.

Keep reading...

December 19, 2016By Paula Pant

#56: What Professional Poker Taught Me About Running a 7-Figure Business, with Billy Murphy

Billy Murphy says poker made him a millionaire …

But not in the way you might guess.

Billy, now a serial entrepreneur, says poker taught him probabilistic thinking. He learned how to analyze the likelihood of various outcomes. He learned when to double down and when to fold.

He achieved financial independence at age […]

Keep reading...

December 5, 2016By Paula Pant

#54: Ask Paula – Automating Savings, Starting a Blog, Emergency Funds, Investing in Real Estate Confidently, and More

It’s the first Monday of the month, which means I’m fielding questions from the audience.

We start with a question from Nicole.

She’s a new listener, and she’s stuck in a confusing situation.

You see, Nicole is self-employed. She’d like to save a percentage of her income — but she doesn’t get regular paychecks. How […]

Keep reading...

August 5, 2014Written By Paula Pant

Five People, One Income, and Self-Made Success

Myth: If you’re supporting 5 people on 1 income (and it’s not a high income), you’re screwed. You’ll never become a business owner or an investor. You’ll be lucky just to pay the bills.

Fact: Ladies and gentlemen, meet success story: Rental Randy.

In my last blog post, I re-emphasized that the best […]

Keep reading...

March 18, 2011Written By Paula Pant

The Biggest Accounting Mistake Small Biz Owners Make

Do you run a small business?

Are you self-employed?

If so, there’s a strong chance you’re among the thousands of small business owners who make this critical accounting mistake …

… and thanks to this one simple error, they never realize how strong or weak their business is.

Yikes!

No, it’s not a […]

Keep reading...

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Afford Anything

  • Start Here
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    • Binge
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    • Your First Rental Property
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