How to Build a Vacation Fund That Pays You For Life + (Money Q&A)

23:02So I really think I wouldn't worry about that. Now you said that you need to get rid of your mortgage before you can invest in real estate. You don't need to get rid of your mortgage before you invest in real estate. You can also invest in real estate and have a mortgage on hand. And in fact, you can utilize the cashflow from those mortgages or those homes that you are purchasing. And you can either buy more houses and, or you can utilize it to pay off your mortgage if it bothers you. To me though, it sounds like the mortgage bothers you. And if it does bother you, you can have a pay down plan that you put into place, but you want to make sure that you're hitting those retirement goals first.

23:30You want to make sure that you were on track with your retirement number before you just throw extra dollars at a mortgage because you can't live off a mortgage. A mortgage doesn't produce cash flow for you. And so in reality, you got to make sure you get your portfolio up as well. So you're all your assets are not in one specific thing, which is your home. And that's a big key. I think for a lot of people out there is understanding that if you put too much of your net worth in your home, it's going to be very difficult to retire when it's time. Sure. Your net worth may even be high. You may have a million dollar net worth and you can consider yourself as a millionaire.

24:03But if you don't have that money invested into a cash producing asset, things like stocks, ETFs, index funds, real estate, those are the types of things that actually help you retire because they produce enough income to allow you to retire. So there's two separate things that we're talking about here. And this is why I talk about a home is truly a lifestyle choice. It is a lifestyle choice that allows you to do some cool things and it is going to help you build your net worth up, but it's not something you can draw on in retirement. I just want to make sure everybody hears me on this because it's really, really important to note that we live in a country that believes that real estate is king.

24:39You've made it in the USA. If you own a home, you got a home, you got a yard, you got a family, you got a dog in the backyard, and that's when you've made it in the USA. No, you need to run the buy versus rent calculation. And you need to understand that more important on this list is going to be investing for retirement and making sure you're taking care of your freedom number. That's the key for many folks out there. So really good question here. So Daniel, if I was in your shoes, I would not pull from the 401k whatsoever. I would do what I did when I first started real estate. There's a couple options you have.

25:08One is you can partner with someone who has cash and you could be the sweat equity partner and you are 50, 50 partners, or maybe they're 60, 40 to get them to use their cash or even 70, 30 to wet your whistle in real estate. This is going to be your education. This first deal is going to be your education. And so you want to learn, okay, how do I buy a home? How do I go out there and renovate this house? How do I get tenants in this home? How do I make sure I'm doing the right things when it comes to this? This is how I started. I didn't put any money into the deal, but I got a cash partner to come in so that I could then be able to learn how to invest in real estate.

25:42And I did my first couple of deals this way. And I recommend anybody out there, if you can find a sweat equity or cash partner to do it, if you go to real estate meetups, you can find people who have cash, who are just looking for hungry folks that are willing to work hard so that they can get their cash to work. That's the key that I would look for first. If you don't have that option, then saving for a down payment in a separate high yield savings account is really, really helpful. That's what I did. I would put cash away every single month and I would put it in a high yield savings account.

26:08And I would just earmark this for real estate until I had enough for a down payment. And then you put that money towards your down payment. You go get a loan in the real estate and make sure it cash flows. You got to run the numbers. It's got a cashflow, but if you run the numbers and it cash flows, then you're in a good spot. You're in a good situation. And I think that is something where once you get that rolling, you have enough for the down payment, then you can buy your first property. And then you do it again. And then you do it again. In the first 10 years, it feels like you're grinding and maybe you have a couple of properties.

26:35But if you're doing it right and you run the numbers right and they start to cash flow, well, then you can cash out refinance. And if you look into the BRRRR method, it's called buy, rent, rehab, refinance, repeat. That method allows you to buy real estate with one set of capital and you are able to buy a large number of houses as long as you don't make a mistake when you run the numbers. So master during this time frame running the numbers on rental properties and running the numbers on local real estate. Don't pull the money from your 401k and continue to save towards your first real estate deal if that's your goal.

27:07If that's your big goal, continue to save towards that. I am more of an index fund ETF guy over real estate now. I just don't think there's a lot of deals like there used to be in the current market, at least at the time I'm recording this. but some people love real estate. And if you love it, go for it because I think it's something that can build a tremendous amount of wealth. And we have had plenty of guests on this show who have built tons of wealth. Brandon Turner, for example, was just on the podcast about last year and was an episode that I absolutely loved. And so yeah, definitely check that out if you haven't already.

27:37And it's gonna be one that I think can be really helpful for a lot of people. Next question is actually from Spotify comments. So it's the last Death Star. You talked about the system to pay cash for cars and how strong not having payments can be for investing. But where do you recommend buying cars for cash? I'm young and plan on buying a car for cash soon. Listen, I love this question and I love that you're young and thinking about this. So when I first started thinking about cash for cars and for most people listening right now, if you haven't heard our episode on paying cash for cars, it is one that we just recently did.

28:08You can go back and check it out. We'll have the team link it up down below in the show notes so that you can check it out. But in that episode, we kind of dive deep into some of the pros and the cons of paying cash for cars. Then we go into if you got to finance a car, here's how you finance a car. So make sure you check it out if you haven't. But I'm going to dive into here like some of the places where you can go and find the best deals for cash for cars. One is you can buy from private parties. There was a website back in the day and I don't think they do it anymore. It might have been off the Internet now, but it was called the cash car convert.

28:37And this guy would pay cash for cars and he was all about talking about cash for cars. I think he just ran out of topics to talk about, to be honest. but he would talk about paying cash for cars and his favorite way to find a deal was from individual buyers where he would go and find you know one owner owned vehicles and try to find really well maintained vehicles and he would go around there and he had all these tips and tricks for finding a cash car so the best way is to find find it from the actual owner so you can search facebook marketplaces or places like that or even see if you can find you know websites that list to some of these individual owners.

29:13And what you want to look for is a couple of different things. One, if you pull up to a car that someone has listed and it is all messy and dirty and you can tell that they were just not taken care of whatsoever, that is red flag number one. Now, sometimes you can find deals like that. I'm not saying you can't. But in reality, if it's well-maintained, you know they've most likely well-maintained the vehicle or at least there's a chance they have. It's not 100 % every time. You could get a lemon. You've got to make sure you're careful. Two, is when you're looking at these vehicles, There's a, you know, you can go through a checklist of different things to look at and you can find those online, but I would also take it to the mechanic.

29:50And if you feel as though you're going to buy the car, take it to your local mechanic that you trust and say, Hey, I'm going to bring in a couple of cars to you. I just want you to tell me if this is okay to buy and if everything looks okay, because then you're getting a second opinion from a professional and you can feel confident and you can have them produce a report for you. And then you can go to the owner and say, Hey, here's some of the things that are wrong with this, either negotiate the price down and or say, can you fix these things before we make this deal? So those are two things that you can do when you are working with some of those owners.

30:18Now, for convenience, you can also go to like these no haggle lots. So like if you look at Carfax or some of those places like that, those no haggle lots will show you the price. And it's not like you're going to be going back and forth. You know what that price is and you can start to save up in that way. Another thing that you can do is credit unions have member only channels where they will have folks sell their vehicles or all sorts of different things. And so those credit union member-only channels, you can ask if you do have bank at a local credit union, but just making sure you do the homework.

30:47So a couple of things that you should do is you should run the VIN through a history to see how many accidents it's been in, all those different types of things. If you can get a Carfax on it, that's good too. I mean, sometimes Carfax misses things, but you can definitely do that. And then making sure you pay that mechanic the 100 or 150 bucks, that's the third thing I would definitely do to make sure that you catch those problems. Because if they cannot catch those problems and you look through the car and realize there's a$4 ,000 problem with the car, well, that's gonna cost you a lot more. But then also just looking at the right types of cars is a big deal.

31:17So Toyotas, like the older Toyotas, are really long lasting. The old Hondas are really long lasting. Every time I talk about cars, there's all the car experts come out and start yelling at me. But, you know, it is what it is. Some of the old reliable cars out there are just kind of look for some of those too. I think those are great to look further into. And then honestly, make sure you know what your budget is before you dive in. But with cash, that's the beautiful thing about cash is that your budget's already set. So you don't have to worry as much about it. So I would definitely go through those steps first and making sure that you just have a checklist of all the things you want to look at or ask the dealer or the individual a bunch of questions so you know the background of the vehicle.

31:54Then make sure you trust but verify. So verify with the VIN number. Go get the car fax. Go have the mechanic look at it. That's the steps you want to take with each one of these. If you start to see red flags, it's not worth it just to buy it. even if you just like it emotionally. If you see a red flag, just walk away. And there will always be more cars. There's so many cars for sale out there and move on. So that's one that I think is really, really important. And I appreciate the question. If you have any other questions on that though, please let me know. All right. My relationship with money has changed a lot over the years.

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35:02That's Indeed.com slash podcast. Terms and conditions apply. Need a hiring hero? This is a job for Indeed sponsored jobs. Propel Fitness Water. With Gatorade electrolytes, zero sugar, and vitamins. Propel hydrates better than water to help you get the most out of your workout and get back to your best self. what propels you propel with gatorade electrolytes next we're going to be diving into a scam of the week this week and again we do this segment because we want you guys to be aware of a lot of the scams that are going on the financial scams that are going on around you especially in the age of ai these scams are getting better and better and better and the one this week i think is actually pretty interesting and this is something that a friend who was in retail was actually telling me about that this is happening in retail a couple of different times and so i I want you guys to be aware of this.

35:48So this scam is called card draining. Now, if you've never heard of this before, this is where you can go and buy those prepaid Visa gift cards or those MasterCards. Like a lot of people buy those for people's birthdays or your graduations, where you can kind of fill up some of those prepaid gift cards that are sold at those open rack scores. Now, there's a class action lawsuit actually going on right now against Visa and Incom over their vanilla branded cards, alleging the packaging is too easy to tamper with. so here's how the scam works so that you can understand what happens here because sometimes you can buy these cards and people can steal all the money off those cards before you can even gift it to someone here's how they do it so criminals will take unactivated gift cards right off the store shelf so they'll go and buy you know you can grab that stack a lot of times like when i go to the store for example with my son my five-year-old wants to grab the whole stack of gift cards and said can i have these i'm like no man put them back so each time he's like trying to take them with them with him because he thinks they're like a free free toy that he can bring with him what they do though is they take a stack of these and they carefully go and open the packaging and they often use something like a heat gun where they can kind of get the packaging to come off and then they make sure they reseal it so it doesn't look disturbed but what they do is they record the card number they record the cvv and sometimes lift and replace the scratch off security code on there so that you can't tell that they did this then they reseal it with package with fresh stickers and they put the card back on the rack but the interesting thing is they put monitoring software inside of each of these cards so they can tell when you load the card and then they get all of your card information so when that card is loaded they have the information that's loaded and then they drain the full balance online within minutes so they have these things that will alert them they drain the full balance and then boom all of your money is gone so then you give it to someone someone goes and swipes the card and they say man they gave me a card with no balance on there but i don't want to tell them i feel like that's awkward you know if you gift it to someone i've had this happen to me before where i've gotten a gift card for for example for my birthday or something, you know, when I was younger, it had no money on it.

37:45And I was like, I'm not going to tell them. I feel, you know, bad about that. They probably with good intent either loaded it, but this could have been what happened in reality. And I think that's a crazy thing. So how do you protect yourselves from this? Okay. Well, one is you inspect the packaging before buying obviously, but look closely at it. Like don't just buy the first one that you see, especially when it's like wrapped in that, that, uh, wrapping, if it's misaligned or stuck, or it looks like it's open whatsoever, don't buy that one. Buy gift cards from behind the counter instead is number two, because if they are behind the counter, then you don't have to, you know, do the ones where it's in the aisle, like at Walmart or Target or wherever else you shop or you see all those different cards in the aisle there.

38:25That's another one. And make sure you're always keeping the receipts on these and the packaging. That's the two things I think that are really important because if you keep the receipt and you keep the packaging and then you file disputes with everyone, then you can try to get the money back. But this is the one thing. This is happening more and more and more now. it's becoming easier for the scammers to detect this so if a gift card is hanging in the open rack assume the numbers can only be stolen the other thing you can do is just make sure you do digital cards digital cards also are going to have some fingerprints on there but if you do a digital gift card that's going to help a lot more than than the physical one i know you want them to open it i get it uh but that is one other thing that you could be doing when we are looking at some of this stuff so in reality that is the scam of the week which is in reality making sure that you have a financial protection plan.

39:07Now, the number one thing I do to protect my finances is I make sure I have a service that removes my information from the internet. And that service is called DeleteMe. Now, what DeleteMe does is DeleteMe goes to these data brokers that are out there. If you Google your name, you Google your address in quotations, or you Google even your phone number in quotations, all of a sudden, you're going to see all these different websites with your information out there. And what happens is if people get a piece of your information, these bad guys, these scammers out there, if they get a piece of your information and they try to open a bank account in your name, or they try to open a credit card in your name or a student loan in your name, and they don't have the rest of your information, they can't do it.

39:45But if they Google your name or some of your information, all of a sudden they can buy it from these data brokers. And so to protect your finances, you need to get that information removed. I just got my report from Delete Me and they removed my information from a ton of different websites. And now I have it on none of the data broker sites that I do not want it on. And I love, they give me these reports pretty frequently. And I love to look through them and see them. And my wife has it as well. And we go through her report every single time as well. And you could see all the places where you're getting your information removed and they continuously keep checking to make sure your information is removed.

40:17So this has saved me dozens and dozens of hours. And even on their report, they tell you how many hours you've saved. And so it's one of the best ways I spend my money every single year, because I know it is really inexpensive for their plans, but they are removing that information and saving me tons and tons of hours. So if you go to join delete me.com slash PFP 20, you will get 20 % off delete me just by utilizing that code. So I highly recommend it. A financial protection plan is so important in the age of AI and in 2026. So make sure you remove your personal information. I've been using delete me forever.

40:50Long time listeners know delete me. They've been a sponsor of this show for a very long time. So thank you guys and make sure you protect your finances online. All right. The next question is great. So what is the best type of account that my wife and I can give our children when they're ready to buy their first home? Would it be a custodial account or just a standard high yield savings account? The goal would be to give it to them in their late twenties. So what an amazing gift this is. And this is from an anonymous person, but what an amazing gift this is to set your kids up in their adult life.

41:20Now, there is something that I believe that a lot of people should consider when it comes to their kids where if you are going to give your kids an inheritance and you're going to hand them money down, one consideration to have is should you give it to them at the end of your life or should you give it to them even earlier when they can actually use it? Look at the millennial generation right now and even look at the older Gen Z generation right now. They're struggling. The cost of living is rising. Wages are not rising at the same pace as the cost of living. And if they got something that would allow them to buy a home.

41:52Or if they got something that allowed them to buy a vehicle to get them from point A to point B if they don't have the money to do so or they're taking on big car payments, that could be really beneficial for them during this timeframe. Now, many people argue, okay, well, let's wait it out and let's go ahead and give it to them later because that money will compound to more. Sure, that's completely fine. But in reality, this is a great consideration because if you do this now or you think about this now, that's a really wonderful gift to give your children and their family and give them the ability to be able to do some really cool stuff.

42:21So I love this question. And I think that this is something that many people should think through when they are starting to build out these creative ways with your finances. And we talked about something creative at the top of the show. This is another creative thing that you can do. So first you want to start with your time horizon. So for you specifically, if your kids are younger right now, you have 15, 20, maybe even 25 years before you actually want to give them this money if it's their late twenties. And so you want to understand a couple of different rules. If you do a custodial account, which is like a UGMA or a UTMA, Depending on what state you live in, that money goes to your children when they turn age 18 or age 21.

42:57So it becomes their money when they turn that age. And so because it doesn't have the flexibility for you to be able to say, no, no, no, don't spend it. I want you to keep it. And they can go out and spend it on a brand new car. They can go out and spend it on a lavish vacation. They can go and spend it on a trip to Ibiza if they want to. And so you want to make sure that you have it in an account that you can control until it's time to give it to them. and so a high yield savings account is an option and it's an option that you could use but you have a long time horizon and because the time horizon is long you can do something like invest those dollars and it will grow even more and if you invest those dollars you could do something like a taxable brokerage account this is what i do for my kids is mine are all in a taxable brokerage account currently and this allows your money to grow but it also gives flexibility so what you do is you put it in your name and then you put your children as a beneficiary if you have a trust you can have the account of the trust name and have your children as the beneficiary inside the trust.

43:52And so when you do this, that allows you to own the account and you can give it to them whenever you want. You don't have to worry about, you know, timeframes or when they turn 18 or 21 or all those different things. The taxable brokerage account allows you to give it to them. And so that's a really, really cool thing that I think for many folks, they can consider this. And then when it's time for them to get the money, you got things like gift tax exclusions and all sorts of different ways that you can do this in a very unique and structured way. And that could be something that that could be a really good rate way to do this as well.

44:22But I would just simplify it. Taxable brokerage account, invest it over time. When they are a couple of years out, you can always just put this into a high yield savings account if you're worried about the market dipping or whatever else. But if you have a long time horizon, 10 plus years, that's the way I would go with this. And that's the way I would consider it. So great question. Thank you so much for sending it in. so the next question comes from tyler tyler says i currently have about sixty four thousand five hundred dollars in my ira do you think i'll become a millionaire i'm averaging around a 16 percent rate of return and i'm maxing it out every single year i'm currently 29 and a half years old well first of all tyler awesome job being 29 and a half and having sixty four thousand five hundred dollars in your ira let me give you the good news first the good news is at sixty four thousand five hundred dollars so let's pull up a compound interest calculator and you can do that we'll do this for kicks and giggles.

45:10If you go to mastermoney.co slash resources, we have one there that you can check out. And so what we're looking at here is you are 29 and a half years old. Let's just put in 30 year. We'll put till 65. So let's just do till the age of 65. You have $64 ,500 in this account. And let's say you contributed$0 for the rest of the way. All right. if you contributed$0 the rest of the way and you got a 10 % rate of return, you'd have$1.8 million inside this Roth IRA. If you got a 9 % rate of return, you would have 1.3. This is contributing$0, by the way, a coast fire. And if you got an 8 % rate of return, that is where you'd get down to 953.

45:55So depending on how much you contribute every month, let's say you put$500 per month in there and you did this over the course of that timeframe at an 8 % rate of return, you'd have$2 million if you put an extra$500 per month. At a 10 % rate of return, you would have$3.5 million. So you're in a good spot, my friend. And I think this is something where the likelihood of you hitting a million dollars is great. Now, you said you're averaging a 16 % rate of return. We've been in a really, really hot bull market over the course of the last couple of decades, which is awesome. It's fantastic for us.

46:24And I hope it keeps going for the next 30 years. But in reality, we can't use that as a rate of return long-term in terms of how we want to think about this. And we want to make sure we're conservative with our numbers. And if you want to be really conservative, you can get down to six to seven percent. If you want to be a little more aggressive, you can get the 10 percent. If you're planning your retirement, they'll always use something like seven percent to be conservative and be safe with it. OK, but yes, I believe you will be. I think there is a good chance that you will be unless the market really has some bad, bad years over the course of the next couple of decades.

46:55And if you're continuously contributing to this account, I think that you would cross the million mark, in the 40s, 50s, somewhere in that range, depending on how much you're putting in. So really, really good stuff here. And I'm excited for you. I'm excited that you are doing this and you're in a really good spot. For anybody out there who's in their early 20s or in your 20s, this should motivate you because it shows that getting those dollars invested, even if you're not with your first 100K in the IRA yet, you know that you got a really, really good path going forward. So I love it. And thank you so much for sending in the question.

47:26All right, the next question is from Ben. And Ben has a wonderful one. It says, hi, Andrew. I just started listening to your show recently, and I've loved every second of it. I'm 18, and I'm about to start college, paying less than$2 ,000 a semester thanks to extensive scholarships. I'm majoring in accounting or finance, and I already have a Roth IRA with about two grand in it. I would love to retire at 30. What steps and actions can I take over the next few years to reach that goal? Well, Ben, I've got good news for you, because first of all, I want to direct you to an episode we did with my friend Cody Berman, who wrote the book Retire by 30.

48:00And in that episode, we go through the steps and some of the things that he did in that episode. So I highly recommend that you check that out. We will link it up down below in the show notes if you have not checked it out yet so that you can check it out. But I would recognize two things. There's two battles here that you're going to be taking on. Number one is you're going to have to have a really aggressive savings rate. You're going to have to be saving anywhere from 50 to 70 percent over the when you start your career. And if you want to retire by 30, that is just the reality. Now, people have done it over and over again.

48:27You can look at people like Mr. Money Mustache. You can look at people like Jacob Lundfisker. You can look at all the early retirement blogs out there that talk about retiring at 30. There's a ton of them out there. So that's one is you got to consider, you know, how much you need to be saving and your savings rate definitely is going to be above 50 % and could be even higher. And the math really matters here. When you want to retire at 30, you're likely not going to be retiring with a lot of money on hand in terms of how much you can spend every single year. And if you're okay with that, that's fine.

48:56But if you're not okay with that, you just want to make sure that you're thinking through that, especially if you want a family and things like that. You just want to be cautious about thinking about that, but you can definitely do it. Another path to do this is with business, getting a really high income through business and or through your career and just socking a bunch of that away over the course of the next decade. And you can get there pretty quickly if you have the discipline to live on little or less. But understand it again, your biggest wealth lever in that kind of a timeframe is not investing.

49:23It's going to be your income. It's going to be your income and then shoveling that income into investments over time. It's going to do the heavy work early. And then if you pair that high income with a high savings rate and you decide to live on way less than you make, you can really get there pretty quickly. So those are, it's actually very simple. It's living on less than you make, investing the difference and making sure you understand kind of the amount that you should be saving every single month. So those are just some of the considerations that I would have when I was thinking about this.

49:50And I truly appreciate the question. But if you have any other questions on that, let me know. But check out our episode with Cody because he really maps this out. And he's got a great book on it too called Retire by 30. Well, thank you so much, everyone, for sending in your questions. If you have a question, make sure you join the MasterMoney newsletter and send it in. Or if you want to ask me questions just like this live every single week, join Master Money Academy. Master Money Academy is the community that we built that will take you step-by-step over the course of the next 12 months to completely transforming your finances.

50:23We do weekly coaching calls every single week. We have all of our courses in there. We have masterclasses in there. We have a community of people who are all working towards building wealth together. These are the people that you can talk to about this stuff with. And so I'm really, really excited to have, and I wanna invite you to join Master Money Academy. We get the seven-day free trial. down below. It's linked up down below in the show notes if you want to check it out. And it is something where come to a live event, come check out a bunch of our courses, come talk to me live if you want to, and we can get your questions answered.

50:50If it's not for you, no worries whatsoever. But if it is, we'd love to have you inside of Master Money Academy. So can't wait to see you inside of there if you have not already joined. I truly appreciate every single one of you being here, and I truly appreciate every single one of you listening to this podcast. If you're getting true value out of here, share this with a family member or friend. We'd love for them to learn more about how to build wealth because that's why we create this free content. It's for you guys to give you as much value as possible. This free content is for you so you can really, really master your finances.

51:19Thank you so much again. I truly appreciate each and every single one of you and we will see you on the next episode. Push your limits, train with precision, see the results. At Equinox, that's high performance loving. Iconic spaces that inspire personal training backed by real data, unlimited group fitness classes from yoga and Pilates, to strength and conditioning. Elevate your post-performance ritual with saunas, steam rooms, cold plunges, and more. Everything you need to lock in and unlock your potential at Equinox. Start today at equinox.com.