My $20K/Month Passive Income and Early Retirement Plan
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- Опубликовано: 5 июл 2024
- What’s your early retirement plan? Would $20K/month be enough for you to reach financial freedom? If so, what are you doing to get there? Crystal Novak realized two years ago that if she didn’t get started on her journey to financial independence, it would be too late. So, she began searching for investments to get her the passive income she needed. The obvious answer: rental properties! But without much cash, where would she buy one?
Within the last two years, Crystal was able to buy two cash-flowing rental properties that are helping her get to her $20K/month passive income goal, but she didn’t get there without sacrifice. Crystal and her husband sold a BIG asset and downsized significantly to buy their first two rental properties, but it may all be worth it as Crystal gets closer and closer to her FI number!
If you’re trying to get to FIRE as fast as possible so YOU can regain your time and control your schedule, let Crystal be your guide! If you copy her strategy, you can start building serious passive income without any investing experience, but you’ll need to start somewhere! So start with this episode!
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00:00 The Financial Freedom "Aha" Moment
05:37 Buying $100K Rentals!
08:51 Why Chase FIRE?
10:48 Real Estate Over Stocks!
12:18 Getting to $20K/Month
14:53 More Investments!
17:24 Start Budgeting!
19:49 Connect with Crystal!
Thank you 🙏
I feel like this is vintage/classic BP stuff and I love it!!
Glad you enjoyed it! I wanted people to relate to just a typical person who didn’t grow up learning how to invest and that you can break the mold of working/being held to the same job for 45 years on someone else’s terms!
I could retire on $2500 a month and I could retire in luxury on 5000 a month.
In the US??
@@Faben202 yes. House paid off. No car payments. Eat at home. NO DEBT!!!
What happens if your car breaks down and the repairs are very costly? Would you just get a clunker car?
@@denibakerofficial that's why you have an emergency fund, or cash reserves to fix it.
That’s amazing! I think my mom could too honestly! Haha with little kids we are far from having expenses that low but we’re still working towards continued financial independence. I figure if we can do it while we have kids at home, it’ll be real easy when they’re on their own!
Did I misss something , how much does she , net cashflow ? And how many rentals does she have ..? , markets that she invest in , ? I’m lost in this interview
Hi! You didn’t miss it, I just discussed I handful of ways I’m investing to get to financial independence and be able to retire early. Currently, I own rentals in Michigan and Arizona! We only got started 1-2 years ago on our FI journey but we use real estate, stocks, HSA, various retirement accounts, HYS and budgeting to get there! We’re new on the journey and so far this is our plan to retire early!
13:36 great question, so its 20k in REVENUE? In other words, this is the number before expenses are paid?
Our current plan is to have 20k monthly in revenue, correct! This includes dividends from stocks, rental income from real estate, I am starting to come up with ideas for digital marketing for passive income and I like to own businesses that will also continue to generate income. We also flipped our first home this year so all inclusive we’re looking for a consistent 20k monthly revenue to feel confident to take the leap to have my husband leave his W2 job and hopefully travel as a family and enjoy more time and life all together!!
Retirement planning is very important in our world, funny how in some parts of the world, you need over a million dollars to retire comfortably?"
Wow, thats an outrageous amount. I've been retired for three years now, and I'm only 40 years old, thankfully i met a friend Desiree Ruth Hoffman, who happens to be a financial consultant, she offers excellent investment plans.
How is that viable,because the approved retirement age is 65 here in the US
my biggest advice when getting into real estate: BUILD fences around all your properties with electric gates, best cameras you can buy, even in nice neighborhoods. There are too many thieves out there nowadays that will ruin your tenants experience.
How many units of rental properties she owned to reach $20k/month cash flow?
She never answered the question, have u net casflows , over properties yet .. she said her target is 20k , but never , confirm that she has hit this number
This is just discussing our plan and things we have done so far to work towards reaching 20k monthly revenue. I currently own 4 properties, but we just started our real estate investing journey about 1.5 years ago so we’re just getting going!
I’m curious to know what property management company she uses?
I use KJ Manage. They have been absolutely amazing!
Wow. Another RE story. Shocked.
Real estate is just a piece of our plan. :) We touched on how we also invest in our retirement accounts from corporate jobs, HSA, HYSA, we have UGMA accounts for each kid, we have a brokerage account that contains a lot of ETFs, we budget to live below our means, and we’re always looking for new ways to increase our income passively or on our own time where we don’t have to answer to someone else to offer the freedom we desire. Definitely don’t want to put all our eggs in one basket and be diversified to create the income we need to retire from W2 jobs early.
Is she from Hungary? 🤔
Click bait title, like all this channels videos
Stopped listening to this episode because her words conflict and does not seem like genuine
Could have made it on $10k a month... Who are you paying $10k a month in retirement? 😮 LOL. I'm starting to sound like my 101 yr old grandma.
Is that too much or too little?
$10k per month is great, but I wouldn’t retire on that. Not with kids that need lots of stuff and college in the horizon.
@@Faben202can I ask what you do for a living to make $10k a month?
10k was a few years ago before expenses for daily living doubled and before we knew how expensive having kids was! 😅 We certainly had to adjust and double our comfortable revenue monthly for a financial independence number! I truly will never stop finding ways to produce income- I just want to be able to do it when and where I want. So retiring my husband from the fire department is more of what I mean for our short term “retirement” plan. We will still bring in active income from businesses we own and such!