Ashley:
What if one simple number could tell you exactly how many rentals you need to walk away from for your nine to five, and when that day could be circled on your calendar?
Tony:
We’re about to play the Rookie Freedom Number game and by the end of this episode you’ll know your personal freedom number and the property roadmap to hit it step by step.
Ashley:
This is the Real Estate Rookie podcast. I’m Ashley Kehr
Tony:
And I am Tony j Robinson. And with that, let’s get into the steps you need to follow to find and execute on your freedom number. Alright, so we spent most of this episode talking through this seven step journey, but let’s focus a little more attention on your actual finish line. So one of the things that you’ll start to notice as your portfolio grows is that your equity starts to grow as well. And different investors have different plans, ideas, beliefs when it comes to equity, some want to leverage it, some want to protect it, and it’s a very personal choice that every investor will have to make for themselves. But equity is capital that can be used to help you keep growing your portfolio if you choose to do it that way. And I think the goal for us is to just quickly talk through planning for your equity and how you can use it to scale your portfolio to get to your freedom number faster. So step number one is to define your baseline. What is the amount of money you need to keep the lights on for your life, for your lifestyle? Think housing, food, transportation, insurance, just the basics to necessitate and sustain your current lifestyle.
Ashley:
I think one of the really easy ways to do this, you can do back of napkin math and just be like, okay, my mortgage is this. My car payment is this food. I probably spend this amount every month, but is actually going through your bank statement and your credit card statement. Because if you have never done this, I think you’ll be very surprised where your money is actually going. Like those…