Adulting Is Easy: Making Personal Finance & Real Estate Easy

Dan went to college for finance. He got into real estate when the company he worked for after college committed massive fraud. Dan saw what his colleagues were going through who relied on their sales income to live when that income was torn out from under them. Dan became interested in the financial independence movement. He learned that with real estate, a tenant can pay down your mortgage every month, among other great benefits. Dan did momentarily succumb to analysis paralysis while learning, but he was able to buy his first property after 3 years. Now, he has a house hack duplex in Chicago, a SFR in Milwaukee, and 3 townhouse/condos in Milwaukee. Naturally, the conversation transitions to what it’s like to buy in a Homeowner’s Association (HOA). Lauren then asks, why did Dan pick Milwaukee for investing when he lived in Chicago? What ensues is a funny story about a friend who knew nothing about the area suggesting it to Dan. Lauren also asks about goals – what does Dan want to get out of his properties? The answer is indestructible wealth. Then, the conversation transitions to Dan’s podcast, Landlord Horror Stories. He proceeds to tell Lauren a story from his podcast. Like all of these “horror stories,” the landlord always ends up feeling like real estate is worth it, even if you have to put up with some challenges.

If you liked this episode, you’ll also like episode 123: When You House Hack and It Has Mold But You Still Make Money.

About Dan:

Dan is a real estate investor based out of Chicago running a humble portfolio of 5 doors. He also hosts the Landlord Horror Stories podcast. A show that combines storytelling, history, and real estate.Currently Dan is working on Season 2.

Connect with Dan:

https://podcasts.apple.com/us/podcast/landlord-horror-stories/id1633686856

https://twitter.com/ResilientRei

Adam started coaching over 20 years ago. He bridges the gap between financial advisors and therapists. Money can bring up feelings of fear, guilt, and shame. It’s OK to get help from others to summon courage. Ask yourself what your feelings are. What is coming up for you, even listening to this episode? You could also do journaling. It’s especially important to recognize shame, anxiety, and avoidance. Adam tells a gut-wrenching story about how one of his clients realized money killed both her parents. If you don’t face your emotions around money, it will affect you physically. You also should recognize what beliefs you’re passing on to your kids, because you’re likely to pass down some of the same thoughts and feelings that your parents passed on to you. And be kind to yourself – we’re all figuring this out! None of us were taught this. There’s really no inherent reason you should know about money. Invite a friendly relationship with your finances.

If you liked this episode, you’ll also like episode 156, Financial Independence Doesn't Have To Be Extreme, or episode 74 Empathy and Shame in Personal Finance Community.

About Adam:

Adam Koren helps people who hate dealing with their money. He has been coaching for more than 20 years, and brings care, clarity, and sanity to personal finances - especially for those who experience avoidance, shame, and confusion about them.  Adam specializes in providing judgment-free emotional support to help people untangle their unique money challenges.

Connect with Adam:

https://adamkoren.com/

https://www.instagram.com/adamkorencoaching/

https://www.facebook.com/akoren

https://www.yelp.com/biz/adam-koren-financial-coaching-oakland-2

Josh’s partner, Antoinette, got him into real estate investing. As a professional referee, he was very focused on his career, but he got involved in the real estate business during Covid. Antoinette’s background is in a sales career, and Josh actually motivated her to follow her dreams like he had. When Lauren asks Josh about their “why,” he makes a great point that your why may change over time. You may not know where you want to go when you start. The opportunity recently presented itself to build new duplexes, so in addition to their health business, they’re building as well. The goal is to help Josh’s mother retire with these new builds by the end of 2024. Josh and Antoinette have a partner on these deals, which they found by introducing themselves to others as real estate investors. So, do some networking and make being an investor part of your identity (not just your 9-5, if you have one). The two then transition to talking about short-term rentals (STRs), which the couple have in the Orlando area. The experience with STRs led them to the health care business of group care homes. They’re leveraging others’ knowledge with this new venture as well, seeking counsel, not advice. It pays to know people! Lauren points out how careers are non-linear, and you can combine your skills and network to take your life to the next level. Josh rounds out the interview by going into more detail about their group home business.

If you liked this episode, you’ll also like episode 132, a fellow Floridian who is using real estate to retire, or episode 128 about managing your properties from abroad.

About Josh:

Her doesn't like bios, but he does like long walks on the beach.

Connect with Josh:

https://www.youtube.com/@FearlessAndFreeFi

https://www.instagram.com/fearlessandfreefi/

Lauren starts by asking Ruthie how you inherit a property. It’s important to have a plan for your assets. You can leave property to others through a will or trust. Another way is from rule of law. It sounds like you should choose the will or trust route. There are some obvious benefits from inheriting a property. You don’t have to come up with the money and go through the process of buying one! Unfortunately, there are downsides too. Firstly, someone who is most likely close to you has died and that’s sad. You don’t get to choose the property. Also, there can be complicated family dynamics. Pro tip: have conversations before you pass away

If you liked this episode, you’ll also like episode 33 (5 Talks You Should Have with Your Parents) and 38 (Financial Abuse).

About Ruthie:

Connect with Ruthie:

https://twitter.com/ruthierentals

It's that time of year. Time to look back on Adulting Is Easy's FOURTH full year of podcasting.

(BLOOPERS at the end)

81% from the US (83% last year)

28-34: 36.8%

119: Cost Segregation

123: House Hacking STRs with Mold

Note: Tom had some internet issues early on in the interview, sorry about that!

Lauren kicks off by asking what the difference is between a financial advisor and a financial planner. Interestingly, they can be very different or very similar. Tom thinks anyone who panicked during the toilet paper shortage should have a financial planner (those that panic!). Also, he thinks people with complicated portfolios, like maybe doctors, as well as second generation wealth. Of course, given Tom’s licenses and certifications, Lauren had to ask about them, like the FINRA ones or the CFP. Tom believes the barriers to entry are important in this space. What about personal finance influencers? Lauren wants to know! Turns out, like almost everything, social media has positives and negatives. How do you tell the good advice from the bad? Tom suggests reading credible books, like perhaps some from Bogle. (Lauren would also recommend The Simple Path to Wealth and Psychology of Money.) As far as regulations go, regulating social

If you liked this episode, you’ll also like episode 37 about Advising Fees with Jude Boudreaux.

About Tom:

Tom the Savings Captain had a 30-year career in financial services as an Advisor and leader with several large investment and stock brokerage firms. Tom holds several FINRA licenses and his CFP designation.

Connect with Tom:

https://twitter.com/SavingsCaptain

https://thesavingscaptain.com/

Rachael starts by discussing what financial independence is: being work optional. You’ve built up enough assets that they provide you enough income that you no longer need to work. But what if you like working? You don’t have to have traditional financial goals of completely stopping work at any point. Lauren points out that your feelings about work may change, and you should be ready if that happens. Then, they transition to discussing the FIRE (financial independence retire early) movement. Again, Lauren cautions against assuming a steady state for too long, you may (and probably will) change over time. Lauren asks Rachael how to give ourselves permission to spend now, meaning your life can’t all be about delayed gratification. You need to know what you value and what brings you joy. You need balance on the hustle side as well as the spending side. Don’t forget to check in with yourself regularly: do you enjoy how you’re spending your days? Rachael and Lauren close by discussing goal setting, and Rachael points out that looking at the year as a whole can be intimidating, so she plans quarterly.

If you liked this episode, you’ll also like episode 77: FIRE in your 20’s.

About Rachael:

Rachael Camp is a Certified Financial Planner, a personal finance blogger, and the founder of Camp Wealth - a financial planning firm for high earners and business owners.

Connect with Rachael:

https://www.rachaelcampwealth.com/

https://twitter.com/camp_wealth

https://www.linkedin.com/in/camprachael/

Brad Freeman aptly named his company Stock Market Nerd because that’s certainly what he is – in a good way! Brad is fascinated with stocks because you can be wrong a lot and still be

If you liked this episode, you’ll also like episode 90 Stock Market History with Brian Feroldi.

About Brad:

https://twitter.com/StockMarketNerd

https://www.stockmarketnerd.com/

Trina graduated from college in 2009, and there were not very many jobs available. She continued working in the service industry when she graduated. Trina loved gardening in her own yard, so her customers started asking her to plant their own flowers. Her first year (Apr-Jun), she generated $10,000 in revenue. She decided that the following year, when she turned 30, she’d be full-time. She met her goal and generated $175k the first year she was full time. Trina knew from the beginning that this landscaping company would be a steppingstone. She wanted it to be a lifestyle company or sell it within 5 years. It took 8, but she did it! Interestingly, Trina studied constantly about how to be a leader. She learned a lot about herself and did a lot of work on herself while she was running the business. The business operations weren’t the hard part – it was the people. Trina is a big believer in setting goals, and one of those was becoming an accredited investor. Like her other goals, she hit that, too. The two go into detail about Trina’s goals and how she sets them. In the near term, she wants to spend the nice months in Arizona (she lives up north). She’s also, of course, working on her online business. Her big goals push her on her smaller goals.

If you liked this episode, you’ll also like episodes 144 and 95, which are about entrepreneurship.

About Trina:

https://trinajulian.com/

https://twitter.com/TrinaJulian