182: What if My Career Gets Phased Out? Finance Friday with Mike

Mindy and Scott don’t often get stumped on the Money Show, but it happens once in a great while. What do you do when you have a multi-million dollar net worth, appreciating properties, a maxed out 401(k), and a solid safety reserve? That’s exactly the question that today’s guest, Mike, has.  Mike has worked in the music industry for years, moving all around the US to do his job. As technology has evolved, Mike is predicting an end to his specific role over the next decade, and is wondering what he should do next. He doesn’t have a lot of interest in starting a business or buying more real estate, but wants to squeeze out more money or savings if he can. He has rental properties that have highly appreciated, but are having cash flow problems due to COVID-19. One, located in San Francisco, has netted close to $700k in equity since its purchase 12 years ago. That’s massive! Mindy and Scott go through Mike’s options, such as selling and putting the leftover profit into cash-flowing assets, or 1031 exchanging into a more diverse real estate investment. Mike is one of the best examples of smart investing we’ve seen on the show, but there’s always more room for improvement with finances! In This Episode We Cover What to do after a real estate investment has grown significantly in equity  HOA fees and being prepared for a large cost when owning a condo Looking forward in your career to see when your industry may go through changes 1031 exchanges and using them to get more cash flow Keeping your expenses low even if you make a substantial amount of money And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices