Link to the Show: 019 – The Ultimate Real Estate Retirement Plan with Chad Carson.
I started listening to the Bigger Pockets Money Podcast towards the beginning of 2020. I listened to this episode again on Monday July 6, 2020 and wrote up my notes.
The focus of creating this article is to track my thoughts and reviews of each episode. My memory sucks so having a place on this blog to keep my notes was perfect.
Highlights
I like to listen to the full episode and then write what sticks out for me. There is always a lot of useful information and discussion that occurs during the show, but the following bullet points are what sticks out for me.
- FI started after college.
- His father invested in rental properties.
- You want your portfolio to generate $5,000 in income example.
- Work backwards to achieve this number.
- Has been living in Equador for the past 16 months.
- Talks a lot about lifestyle. Traveled to Spain etc. Similar principles of the 4 hour work week.
Famous 4
Question: What is your favorite finance book:
Answer: Your Money Or Your Life. Vicky Robin, 4 hour workweek.
Question: What is the biggest mistake money/finance?
Answer: Getting carless on the numbers with negotiations. Getting to attached to the deal.
Question: What is your best piece of advise just starting out?
Answer: Don’t borrow other peoples goals or ideas. Pick your own. House hack out of college if you can. This would make the biggest difference in your financial future.
Question: What is your favorite joke to tell at parties?
Answer: 2 men are standing on the side of a river. One man yells to the other man. How do I get to the other side of the river? The second man yells, you are on the other side of the river.
Review
This was a good interview, but I wished he would have talked about how having kids changes or altered his financial plans. I kept having this question in the back of my mind, since I have a kid and wished to see how his experience would apply in my own lifestyle. What’s your goal in life? Invest from a large reserve. Great but how do you get that big reserve.
Lifestyle and expense is low which allowed him to weather the storm from 2007, 2008 financial downturn.
Conclusion, this was more theory but did not feel I connected with any concrete examples on the actual How.