Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing.
A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Some takeout food here, some shopping there, and other random expenses were really adding up, so they started to reduce their costs.
Kyle and Sarah both have made significant contributions in their retirement and investing accounts, but they could be investing a lot more and getting a lot of write offs!
Scott and Mindy walk through the main expense categories that Kyle and Sarah have, breaking down what can be improved, reduced, and left alone. Like many people, Kyle and Sarah have found that with some fine-tuning to their budget, they’ll be able to increase their investments, by a lot!
Check the full show notes here: https://www.biggerpockets.com/moneyshow164