BiggerPockets Money Podcast

196: Finance Friday: Debt-Free, Great Pensions, But Will it Be Enough?


Listen Later

Getting out of debt can be very empowering, which is exactly how Azar and Jeffrey felt when they paid off $83,000 of debt in under 3 years! They thought it may be the best time to start investing in real estate, but with a surprise baby on the way, they need to be sure they’re prioritizing stability over growth. Since they’re in such a great position, they should be able to do both!

Azar works as a school nurse bringing in a respectable salary, while Jeffrey gets disability payments. Both have pensions and retirement accounts, but they want something more than just those retirement options. For them, real estate seems like the next step. They’ve taken out a HELOC (home equity line of credit) in order to buy their next property, but need advice on whether or not it’s a smart move to stockpile cash for the new baby or go ahead with the real estate purchase.

In This Episode We Cover

  • Getting yourself out of high consumer debt 
  • Refinancing so you can take advantage of far lower interest rates
  • How much should you have in an emergency fund for a family of five?
  • The potential benefits of paying off your primary residence before buying rentals
  • Why HELOCs should be used for short term debt only
  • And So Much More!
  • Links from the Show

    • BiggerPockets Money Facebook Group
    • BiggerPockets Forums
    • Finance Review Guest Onboarding
    • Scott's Instagram
    • Mindy's Twitter
    • Check the full show notes here: https://www.biggerpockets.com/moneyshow196


      Learn more about your ad choices. Visit megaphone.fm/adchoices

      ...more
      View all episodesView all episodes
      Download on the App Store

      BiggerPockets Money PodcastBy BiggerPockets

      • 4.5
      • 4.5
      • 4.5
      • 4.5
      • 4.5

      4.5

      2,959 ratings


      More shows like BiggerPockets Money Podcast

      View all
      Afford Anything | Make Smart Money Choices by Paula Pant, Personal Finance Expert | Cumulus Podcast Network

      Afford Anything | Make Smart Money Choices

      3,568 Listeners

      BiggerPockets Real Estate Podcast by BiggerPockets

      BiggerPockets Real Estate Podcast

      16,727 Listeners

      Money Guy Show by Brian Preston and Bo Hanson

      Money Guy Show

      3,263 Listeners

      The Stacking Benjamins Show by StackingBenjamins.com | Money Podcast | Cumulus Podcast Network

      The Stacking Benjamins Show

      1,999 Listeners

      Your Money, Your Wealth by Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

      Your Money, Your Wealth

      813 Listeners

      ChooseFI by ChooseFI

      ChooseFI

      5,154 Listeners

      Earn & Invest by Jordan Grumet (Doc G)

      Earn & Invest

      453 Listeners

      BiggerPockets Business Podcast by BiggerPockets

      BiggerPockets Business Podcast

      692 Listeners

      Real Estate Rookie by BiggerPockets

      Real Estate Rookie

      1,823 Listeners

      The Personal Finance Podcast by Andrew Giancola

      The Personal Finance Podcast

      1,432 Listeners

      BiggerPockets Daily by BiggerPockets

      BiggerPockets Daily

      319 Listeners

      PassivePockets: The Passive Real Estate Investing Show by PassivePockets, Jim Pfeifer, and Left Field Investors

      PassivePockets: The Passive Real Estate Investing Show

      133 Listeners

      All the Hacks: Money, Points & Life by Chris Hutchins

      All the Hacks: Money, Points & Life

      1,622 Listeners

      Mile High FI Podcast by Doug Cunnington & Carl Jensen

      Mile High FI Podcast

      206 Listeners

      On The Market by BiggerPockets

      On The Market

      903 Listeners

      Catching Up to FI by Bill Yount & Jackie Cummings Koski

      Catching Up to FI

      356 Listeners

      The BetterLife Podcast by Brandon Turner and Cam Cathcart

      The BetterLife Podcast

      856 Listeners

      The David Greene Show by David Greene

      The David Greene Show

      706 Listeners