210: Finance Friday: Should I Leave Teaching to Pursue Greater Income?

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BiggerPockets Money Podcast

Business


Teachers do a lot more than we give them credit for (as shown throughout the past year and a half), but sadly, they don’t get paid terribly high salaries. Today’s guest, Stephanie, is a music teacher for young children and is debating whether or not she should make a career change to up her income to higher levels. Stephanie has a good amount in savings and investments but wants to take on a duplex to house hack and save money on monthly housing costs.Scott and Mindy walk through the pros and cons of house hacking and answer questions about live in flips. The best part about Stephanie’s story is that she has the option to move anywhere in the United States. She has nothing holding her to New Jersey and may be keen to move out due to the high taxes she has to pay.With the combination of a career change and the potential to do a live in flip/house hack on the horizon, Stephanie has a lot of great (and broad) options to help her reach financial independence!In This Episode We CoverChanging careers to maximize financial independence goalsStarting a side hustle so you can earn extra incomeRoth IRAs, 401(k)s, and Solo IRAsHouse hacking as a means to not only cut housing expenses but build wealthWho should (and shouldn’t) do a live in flipShould you pay off low-interest debt or invest?And So Much More!Privacy Policy and California Privacy Notice.