The Firelabs Podcast

Hey there, Shalini here. Today on the podcast, let's debunk the myth that earning more equals wealth—it's about the trifecta effect! Start by growing your savings muscle, automate that 10%, and watch it bloom. Step two: Boost earnings, but beware the lifestyle creep—commit to saving 50% of those pay raises! Step three: Invest wisely, no PhD required! Time's your friend in this journey. It's like fitness—savings, investing, and earning power make the trifecta. Trust me, it works! Tune in for more insights and let's rock this wealth-building journey together!

Here is the 3-step framework that you can use with your realtor to understand your market really well. >> You can download the free pdf here.

Navigating Long-Distance Real Estate Investing

The Overwhelming Inbox: A Common Pitfall

The Importance of Defining Your "Buy Box"

Reducing Overwhelm Through Property Analysis

Listen to the full episode to gain valuable insights into fine-tuning your search criteria so that you can finally say goodbye to your inbox bursting at seams with property listings. >>You can download the free pdf here.

First-time investors often wonder if they must create an LLC when they buy their first rental property. In this episode, I share when it is vital to create an LLC and when it is not necessary. I also share my advice on one thing you must do to set yourself up to become a successful business owner. A real estate investor is also a business owner; you must run your rental property as a business. 

If you are a homeowner, you should listen to this episode because I am answering the top 3 questions that I get from homeowners in my network:

1) Should I pay off my home mortgage or invest that money?

2) Should I renovate my home or buy a new house?

3) Should I buy a bigger home or use that money to buy a rental property?

I regret having regrets. Is there a way to bullet-proof ourselves from not taking action now so that we don’t regret later?

When you set goals, and especially stretch goals, we go forward 4 steps, and some times fall back 3 steps. Will you focus on the gains to date or will you focus on the gap, the most recent setback?

Are you tired of money being a source of stress in your relationship? Well, you're not alone. In fact, studies show that money is the leading cause of stress in relationships for 62% of couples. But don't worry, I've got you covered. In this episode, I'll be sharing a simple tool that my husband and I have been using to check on our finances weekly, and it has been a game changer for us. As we approach our 25th wedding anniversary, we can't believe we didn't start using this tool sooner!

Our "money date" ritual started early this year when we had unexpected expenses, and our budgeting was off. But instead of letting it create more stress in our relationship, we turned it into an opportunity to be transparent with each other about our finances. 

We created a tool that helped us immensely to eliminate stress and be better prepared for the future. It's a simple template that we review together every week. It covers different sections like short-term and long-term debts, stock market assets, and real estate assets. After listening to the podcast, you can download this free template a nd customize it to fit your situation. 

Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today. I don’t want you to miss an episode. 

In this week’s Fire Labs Podcast episode, I discuss how to select cities to invest in, especially if you are a first-time rental property investor. This is pertinent to anyone who is looking to invest outside of the city they live in. 

I cover the selection process and why you should start with your unique background, experiences, and knowledge. I walk you through a bottoms-up approach, and a top-down approach. The bottoms-up approach involves listing the cities and markets an investor knows well due to their life situation, background, and personal connections. 

The external research must then be used to narrow down the list. The top-down approach involves extensive research on the internet to determine the top-performing cities and markets.

Once the investor has shortlisted three to five markets, I recommend creating a spreadsheet with three key metrics: population growth, unemployment rate change, and employment diversification. 

After you select the city, I share with you key characteristics that you must look at to identify pockets in the city that will match your investment criteria. Grab your worksheet here . I have examples of a few cities sthat will get you off to a great start!

If you look for areas that are working well in your life, I bet you can identify a few routines that you do consistently, most likely daily, that are giving you excellent results. Investing and building wealth is also tied to few core habits. In this episode, I share my morning routine that has helped me immensely to stay grounded and to enjoy life. Based on my experience, I have five suggestions for you to create your own morning routine.

We all know that saving comes before investing! And it’s always good to refresh first principles. That’s why I am covering my favorite and what I think are the five potent wealth-building principles in this episode. You might have heard about them in the past, and this episode will be a great reminder. And for some of you, these concepts might be new, and they catch your attention because this is what you need based on your current life situation!

Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today. I don’t want you to miss an episode. Click here to subscribe in iTunes!

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