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

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

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

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

Check the full show notes here: https://www.biggerpockets.com/moneyshow196

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