Long term loan for bad credit
We just had a similar situation on episode 170 the other day or week, I guess. But I would really grind out your financial position and deleverage on those HELOCs over the next year or two. Build out that cash reserve for both your personal life and your business and begin accumulating cash that you can invest in each new property from a position of financial strength, capitalizing each business independently and not taking on a new HELOC debt out.
But I do think that I would not continue down this path of using that leverage like that to purchase these properties. And I would instead think about how do I buy these positions from a position of strength and create a freedom position for myself? So, right now, long term loan for bad credit you need to get that freedom, I think, is your top priority for the next six months to a year. And then, I would begin slowly allowing these debts to get out of your life, get that car payment out of the life. Your income is so high that the tax advantaged accounts are probably a good move here as well.
We also, with the car payments, we drive a lot and with my side job I drive. It helps at the end of the year, even though we pay out every month, so. The way to shelter that from taxes is to max out the 401k. Can you max out the 401k after you hit a certain income … Jeff:Right. But your debt is killing your freedom and your options in life right now. So, stop taking out more debt is number one, even if it is at this low interest rates. And then I would say, a couple of these are going to small cash loans no credit check get knocked out like your car loan is probably going to get knocked out over the next year two or three, I imagine, right?
Scott:Knock out a HELOC or two because I would think about this like, I took out a HELOC to buy an investment property. Mindy:I agree with Scott that the HELOCs should go. So, the Roth I think is a good thing to continue to contribute to. The 401k, I would continue to contribute to get the match. And then, you said at the very beginning you said, you and your wife are both money conscious.
Have you had a money date where you sit down with all the numbers and all the spreadsheets and you look at everything?
And I think that you have been playing more defensively, and I would love to see you play offensively. I would like to look at ways to reduce some of this spending.
There are people who are of a million dollars in net worth, and a family of your size, that are done, right, and free. And what is the point of getting to five, one year earlier, when every minute of your life until you get to five, is horrible.
You guys make enough money that for her to have a nice car is not going to kill your budget. And having a non-confrontational conversation with your spouse is the best way to get them on board. What do you want your life to look like in 5 years, in 10 years?
I just got married very recently, and me and my wife went on a honeymoon. And we just put it up on paper, and then we took some time, another hour or so. We just set some goals, what are some things we do over the next year to move towards that vision personal loans nj right away, right?
Do I want to be commuting an hour, earning a high income and treading water really from my freedom perspective? Do you guys just want to not be working at all and want to be retired and living on a remote island somewhere, because with your wealth and a re-allocation strategy that is achievable at this moment in time. And to piggyback on that, and just looking at the amount that we spent a month. So, just looking at it like that, when you look at the numbers differently, it affects you different ways. So, play around your strength and try to get that down to 4000 or 5000 a month in spending. Have you spoken to any company like that to try and get rid of the timeshare? So, the exit ones are basically, they just show you how to walk away. But now, none of those timeshare exit strategies will work with us because we already … We paid it off.
I just like, can we just go on one good vacation, and then we walk away.
But pay the 1000 bucks and get out of it, is my advice. And this is the thing that a lot of people have with rental properties and any other types of things. How much does it cost to rent a space for a week in this area where the timeshare is? It cost me about 1500 bucks or something like that long term loan for bad credit for a week. And it was an all-inclusive, very fancy, that kind of thing. But I would agree with Scott, cut the losses and move on. When I bought it in 2007, I tried to manage it myself, and it went poorly. Scott:Well, let me just point out, again, zooming back out here, why this problem is occurring.
That would have a more much more meaningful impact on your portfolio. Scott:Even if you sell it at a loss, even if you sell the thing for 155 or 153 instead of 160.
That was one of the things when we got married is our … When I was single, I would get those depreciation write offs every year, but then we hit that threshold. And now, it just accumulates until we sell the property. So, I will get some stuff back to be able to reinvest.
And just taking steps to actively think about it is going to be huge. But having the money date and getting both of you on the same page and working together towards this goal. And the notebook, the old school right in your face is my favorite method, just because it is so visible at all times. And so, the tracking, the spending, the money dates, and start looking into selling those properties, and freeing up that mental space so you can focus. But the mental space in having all of this, the duplex, the timeshare, oh, I keep thinking about that. Scott:Truth all about is the money should be boring, right? My personal finances should be extremely boring, extremely simple, extremely as automated as possible, that I can spend my mental space on life, right?
So, I play video poker on my iPad with fake chips and all that kind of stuff, right? My system is making me wealthy, not my individual investments, whatever.
Okay, Jeff, thank you so much for spending time with us today. It weighs on you emotionally every month for the losses and the gains, and all the bills to pay. And I would love to check in with you in a few months and see how this worked out.
I really, really loved talking to Jeff today because while it seems like we were, oh, you need to do this, you need to do long term loan for bad credit this, you need to do this, he actually has a lot of pretty simple things that he can do to really launch his financial picture. Again, they have a high net worth, they earn a lot of income.
I just think that this is a really good example of a problem that a lot of middle class in America is running into right now. So, I think having these money conversations, having these finance reviews is super helpful for me. But there are four principles, like you said, increase your income or reduce your expenses or both, generate additional income through investments or start a business, or do all four.
Mindy:Do you know anybody who needs this information?
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Share these episodes with them because this … Once you start hearing people talking about money, once you normalize the conversation about talking about money, it becomes less scary and less just for somebody else and it invites more people into your circle.
And that, I think, is really unhealthy dynamic that is breakable. We just got to get out of this mentality that we have to keep buying the bigger and bigger home, the better and better car and figure out these retirement account contributions. Some people are very happy with, like if loans in minutes Jeff and his wife were delighted in their jobs and are aspiring for financial freedom in the near term, they would have great careers and retire early, or retire wealthy at the end.
Mindy:And I think that there are a lot of people who look at their individual expenses. And looking at your expenses, overall, is very helpful against your income.
Thank you so much, long term loan for bad credit if you have been listening to us ramble on and on. Ladies, I want to call the ladies because we have talked to a lot of men here, and I love the men, but best payday loan online we need some ladies calling in and talking to us about their finances. So, ladies, if you would like us to look into your finances, please fill out the form at biggerpockets.
Mindy:From episode 172 of the BiggerPockets Money podcast. He is Scott Trench and I am Mindy Jensen asking you to stay out of trouble. Help us reach new listeners on iTunes by leaving us a rating and review!
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OR maybe I need to keep looking around and find a different lender? Could it be rather than quantitiy you should be looking at quality of your investments? If it has been reported on your taxes, then they should be able to count all of the reported rent.
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