We all go through challenging life experiences, be it the loss of a loved one, a serious illness, or painful divorce.
And the last thing we need in those circumstances is to worry about money.
But what is the best way to build the kind of passive income you need to make it through tough times without stressing about finances?
Rachel Richards is the creator of Money Honey, a financial education platform that helps young women manage their money effectively and achieve financial freedom.
On this episode of Financial Freedom with Real Estate Investing, Rachel explains how she and her then-husband leveraged real estate to reach a passive income goal of $10,000 a month in just three years.
Rachel shares her definition of financial independence and describes how it gave her the opportunity to escape to Italy and heal from a painful divorce.
Listen in for Rachel’s insight on rebuilding after a challenging life experience and learn how real estate can give you the financial independence to pursue what you love!
What inspired Rachel to create the Money Honey platform
- Career as financial advisor, liked helping people with investing
- Desire to make personal finance sassy, fun and simple
How Rachel got into real estate investing
- Read Rich Dad… in HS, knew she didn’t want to work for others
- Purchased first duplex at 24 and had 38 doors by age 27
Why Rachel and her then-husband set a goal of $10K in passive income
- Provided good buffer beyond $6K in monthly expenses
- Financial independence = opportunity to do things they loved
What financial independence means to Rachel
- Work when, where and IF you want
- Don’t have to worry about money
Rachel’s lifestyle since she achieved financial independence
- Spends more on travel but increased passive income to $20K
- House hacking to avoid housing expense, doesn’t own car
How Rachel benefitted from financial independence in divorce
- Booked one-way ticket to Italy for Eat, Pray, Love moment
- Had financial security to escape and heal from grief
How Rachel thinks about selling all but 2 properties in her divorce
- Nervous about losing credibility going from 38 units to 2
- Realized she could come back bigger and stronger
Why Rachel recommends learning all aspects of real estate
- Knowing how to perform each role makes better manager
- Prevents people from taking advantage of you
What’s next for Rachel and the Money Honey platform
- Make business as passive as possible
- Intentional time off to do things that bring her joy
Rachel’s desire to make an impact on others
- Feels most full and passionate when in service
- Inspired by messages from Money Honey readers
Connect with Rachel Richards
Connect with Michael Blank
Email [email protected]