This post contains affiliate links. At Returns Rinse Repeat, we want out readers to be financially successful, so any reviews are honest and unbiased. Learn more here.
1. Listen to financial podcasts
Listening to financial podcasts can be a great (and free!) way to learn about personal finance. Learning through podcasts can be a great way to expand your knowledge. There are hundreds of options out there, so try a few out and pick one or two that work best for you to follow. Most podcasts put out episodes weekly, but if you have time to binge then most older episodes are well worth the listen. Below are a few personal finance podcasts we recommend.
How to Money
Great for beginners who are ready to dive into the world of personal finance. How to Money is hosted by two guys who focus on sound money practices and educated investments. Learn more here.
The ChooseFI podcast is a great podcast if you are learning about FIRE (Financial Independence Retire Early). The two hosts do a great job of detailing actionable ways for listeners to work towards financial independence. Learn more here.
Money Talks from Economist Radio
Money talks is a great podcast to keep up with global financial events. This podcast is useful if you are trying to get a better understanding of major changes that are happening in our world. Learn more here.
2. Research real estate investing
Use the Bigger Pockets Real Estate Podcast and website to grow your knowledge
The Bigger Pockets Real Estate Podcast is a great way to learn about real estate investing strategies. Almost every podcast features a real estate investor that speaks to their own unique investing path as well as providing tips and advice or all types of real estate investing. Bigger Pockets also recently launched a Real Estate Rookie podcast that targets beginner investors. Check out the Bigger Pockets website for forums and articles.
Research different real estate strategies
Before you dive into real estate investing, you need to do your research. Begin by researching the different types of investing strategies to figure out which works best for you.
Check out different real estate strategies here.
Determine how RE investing can help you achieve financial independence
Use this time to develop a real estate strategy that can help you achieve financial independence. If long term investing is your strategy, figure out how much money you need to be passively making to quit your job and work backwards to figure out how many homes you need to have to achieve that. If you’re more into house flipping, research how many houses you need to flip per year to bring in your desired income. Use this time to start researching your housing market to figure out what opportunities are out there.
3. Work on your budget
There is no better time than the present to start analyzing your financial situation. Begin by tracking your past 3 month’s spending and using that information to create a budget.
Start with budgeting 101 here.
4. Examine possible side hustle opportunities
Is there a skill you are good at that you can turn into actual cash? If you are having a hard time determining what your skills you may be able to market, check out freelancing websites in which people and companies post small jobs they need completed. If you are working towards a monetary savings or debt pay-off goal, freelancing can be a great way to work towards those goals. Try a website like Fiverr, Upwork, or Freelance Writing Gigs to get started today.
5. Start researching investing
Investing your money is a great way to passively build your wealth and have your money work for you. While investing in stocks has its own risks and rewards it is important to educate yourself on the different types and risks associated. Start by reading up on the types of investing here.