201: Don’t Delay Your Wealth by Being Scared of “Good Debt” w/ Jake Simon

How do you think about debt? Most of us would shudder to think of having high-interest consumer debt in our lives, and for good reason. Consumer debt can lead to a detrimental financial future and tons of wasted money on interest. But what about good debt? Debt to buy rental properties or help an aspiring business. How do you feel about that debt? Today we’re joined by FI chaser, and friend of Mindy, Jake Simon. Jake was raised in a frugal household. He learned to spend less than he made, shop the bargains, work hard, and NOT go into debt. Jake had been investing money every month in his 401(k), and after that, began putting the extra money he had into a bank account. After listening to The Mad Fientist (he’s been on our show before too), Jake knew that there was a much better place his money could be stored. With the relocation of his job every few years, Jake became more and more interested in real estate, prompting him to start doing live-in-flips! After maxing out retirement accounts, selling his flips for heavy profits, and still having a large savings rate every month, he decided to conquer his fear of debt, and use debt to buy rental properties! In This Episode We Cover The difference between good debt and bad debt  Storing your money in a long-term investment, as opposed to keeping it in cash Why live-in-flips are not only practical but profitable too Understanding your profit margins and buying deals that are worth it for you Buying your children a “rental property college fund” Who should (and shouldn’t) be doing their own rehab work And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter BiggerPockets Money Podcast 35 with Craig Curelop Mad Fientist ChooseFI Check the full show notes here: https://www.biggerpockets.com/moneyshow201 Learn more about your ad choices. Visit megaphone.fm/adchoices