Rich Habits Podcast - Q&A: $385K of Equity, $70K in Settlement Money, and Robinhood's 3% Match

Episode Date: June 6, 2024

In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz answer your questions!Should I roll over my IRA for Robinhood's match? How do I roll over my old retirement accounts? Should I pay off my car or my student loans? Can I use a promotion as an excuse to switch 401(k) providers? What do I do with $70K in settlement money? Should I sell my rental with $385K of equity? ---Subscribe to the Rich Habits Newsletter, ⁠⁠⁠click here!⁠⁠⁠---Public has finally launched options trading on their platform! To create an account and begin trading options, ⁠⁠⁠click here!⁠---⭐ Download our FREE Budgeting Template – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⭐ Earn 5.1% on your savings with a High-Yield Cash Account – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⭐ Trade stocks, options, music royalties and crypto on Public – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⭐ Automatically buy stock where you shop with Grifin – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⭐ Protect your family with term life insurance from Suriance – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⭐ Use code “Spotify” for 15% off our 4-module video course – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⭐ Optimize your portfolio with Seeking Alpha – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠---👤 Explore everything Austin does – ⁠⁠⁠⁠⁠click here ⁠⁠⁠⁠⁠👤 Explore everything Robert does – ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠❓ Ask us questions for our Q&A episodes – @richhabitspodcast on Instagram📬 Inquire about working together – [e-mail]---Disclosures: Options are not suitable for all investors and carry significant risk.  Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠⁠⁠⁠⁠Characteristics and Risks of Standardized Options⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more.For each options transaction, Public Investing shares 50% of their order flow revenue as a rebate to help reduce your trading costs. This rebate will be displayed as a negative number in the “Additional Fees” column of your Trade Confirmation Statement and will be immediately reflected in the total dollars paid or received for the transaction. Order flow rebates are only issued for options trades and not for transactions involving other assets, including equities. For more information, refer to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fee Schedule⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠public.com/#disclosures-main⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for more information.Hankwitz Group LLC has an existing business relationship with NEOS Investment Management LLC. The opinions expressed are those of the author, and the author owns several NEOS ETFs.

Hey everyone and welcome back to the Rich Habits podcast question and answer edition. Happy Thursday. Thanks everyone for hanging out with us at our public sponsored options webinar that took place on Tuesday. We had a blast and we are so looking forward to our next webinar. Stay tuned for more details about that. But Robert, this morning everyone's inboxes were greeted by the Rich Habits newsletter. We are just on a roll with this newsletter, man.

Yes, I love it. And it's so great that everyone's just rallying around it. killing it, the team's killing it. And I've had just a ton of outreach of people saying that they just can't believe how informative and how great the newsletter is. So it's exciting. It's very exciting. So if you guys not yet checked out the Rich Habits newsletter, there's going to be a link in the show notes below. You can click it. Read some of the articles even beforehand. If you want to make sure that you're kind of dipping your toe in the water there before you actually give us your email address and subscribe. It's a completely free newsletter. We just want to share our weekly insights on the markets.

any updates we see from an economic perspective, any big, crazy things that are happening, and keep you guys informed as well as giving you up-to-date strategies on wealth building. With that being said, I want my options traders to listen up before we jump into the episode because I want to talk to you a little bit about public.com. Have you guys ever actually thought about the fees you're paying to trade those options? Aside from regulatory fees, there's going to be commissions. Most platforms charge per contract fees as well. And that's what makes today's sponsorpublic.com so interesting because public doesn't charge

per contract commissions or any types of fees on your options trading. Yes, and as an industry first, they also offer a rebate of up to 18 cents per option contract traded. So check it out. If you were to trade 1,000 options on public, you would get up to $180 in rebates. And if you were to trade up to $10,000 contracts, you could earn almost $2,000. More importantly, the rebate means you can maximize your profits and minimize your losses. So to recap, Robert, there are no commissions. There are no per contract fees. And you get up to 18 cents on every contract traded.

So go see why NerdWallet recently awarded Public 5 stars for options trading. And start earning up to 18 cents per contract traded only at public.com. This, of course, was paid for by public investing. Options are not suitable for all investors and they do carry significant risk. Check out the full disclosures in the podcast description below. And this is for U.S. members only. All right, Robert, let's take our first question by Ticos. Tico says, I'm in my early 50s and I'm trying to figure out what I should do from a retirement planning perspective. I have a quarter million

dollars in a traditional IRA and I'm considering moving it to Robin Hood to get that 3% match. That'll be a $7,500 bonus for me if I meet their holding requirements. However, I'm debating of instead converting that traditional IRA into a Roth IRA, paying the taxes now so I wouldn't have to in the future. I also have a pension that pays me $125,000 a year in retirement, so I'm looking forward to that, and it will increase over time with inflation. I make a quarter million dollars a year now, and I'm eager to retire wealthy. Robert, I don't know if it's worth converting a quarter million dollars of an IRA and paying the taxes on that right now, just considering, you know, this guy's in his early 50s. He's only what, probably six, seven, maybe eight years away from being

able to touch that money at 59 and a half. So I would stay put inside that traditional IRA and I would get that $7,500 bonus from Robin Hood. But what's your perspective? Yeah, I agree with you. And, you know, something we could also look at is, does he start converting any money that he can into a Roth IRA now, leave the traditional where it is? And let's talk about should he build up a brand new IRA because he would have seven or eight years of tax-free money going into it? And at his earning rate, if he's, He maxed it out for seven or eight years, that would be a substantial amount of tax savings. So we should also talk about that because when is his first removal out of the Roth IRA? Is it 59.5 or 57 and a half?

59 and a half, you are old enough to begin taking money out of any retirement account you have without paying penalties on it. Yep. So 59.5. So early 50s, let's assume he's 52, 7, 7.5 years into the Roth. I would just add the Roth, keep the traditional and keep on trucking. the way he is, I think it's awesome. And yeah, he's doing a great job. The only thing to keep in mind, Ticos, is obviously you are above that sort of income limit for Roth IRA contribution. So you will have to be doing a backdoor Roth IRA with that. I know you mentioned that in your email to us, which is, by the way, Rich Habits Podcast at gmail.com. If anyone wants to ask us a question for next week's episode. But yeah, just be mindful of that income limit as you do this backdoor Roth IRA. I agree with

Robert, I think it could be a cool idea to have this quarter million. Stay in your traditional IRA. Obviously, optimize it for investing here. You want to be in those five ETFs we love, VGT, V-G-T, V-O-O-O-Q-Q-Q-Q-Q-Q, VTI and Mote. And, you know, any extra money that you want to now invest toward retirement through a Roth IRA, go for it. And considering your age, you will be holding that inside of Robin Hood for at least five years. So, yeah, if I were you, I would take that $2,500, I'd transfer it into Robin Hood, right? Keep it as a traditional IRA, get your $7,500 bonus. And then perhaps even open up a Roth IRA if you can do two accounts in Robinhead. I'm not sure, Robert, or open up somewhere else and then just start investing directly into a Roth backdoor action there.

And Ticos, you're going to be rocking well on your way. Our next question comes from Megan M. Megan says, I got to give you guys a huge shout out. I love the podcast. It has really changed my family's life in such a positive way. Long story short, because of your advice and because of the action I was able to take, my husband and I got out of a custom whole life insurance policy. We paid off our student loan debt. We fired our poor performing financial advisor. We now have a six-month emergency fund in our

public high-yield cash account. We built our portfolio via public, and we're now building a crypto portfolio. We feel like we're crushing it thanks to you guys. And we have our rods fully funded for 23 and 24 and our kids five to nine plans rocking and rolling. Megan and Megan's husband, thank you so much for listening to the podcast. These are the people Robert, that get me so fired up because this is why we have this podcast. Megan was in a whole life insurance policy. She probably didn't know what the heck of Roth IRA was. Maybe she didn't even have that emergency fund. She obviously had student loan debt. Like, oh my goodness, we just absolutely changed Megan's family tree. Right. This is how generational wealth is built, Robert. Yeah, I love it. And Megan,

thank you for the kind words. This is why I get out of bed every day. And it's crazy to think for me, You know, Austin's in his late 20s. I'm in my late 50s. It's crazy to think that my 35 years of bumbling around, making millions, trying to learn everything and build wealth has come to this point where we can make a quick difference in other people's lives because of what we do for a living, all the research and work we put into helping others. And that is what makes this so special. And Megan, thank you for the kind words. It is incredible to see what you guys have done in such a short period of time. and I can't wait to hear where you're at in five years from now. So thank you. Yeah. Now, Megan, it's time to get really intentional with your money. You were very aggressive. You paid off the debt. You did all the things you were supposed to do. Now, you know, it's back to that equation, Robert and I talk about. Intentionality plus discipline equals inevitable wealth in retirement. So stay intentional. Stay disciplined. And you all are well in your way to becoming multi-millionaires in retirement. Our next question comes from Paul D. Paul says,

Hi, Robert Nasson. I love your podcast and I enjoy listening to every episode as I drive to work. I would like to learn from you guys and I've got a ton of questions. Since I started listening to your podcast, however, I've opened two Roth IRAs, one for myself and my wife, and we maxed out 2023 and 2024. I've increased my contribution to my 403B plan. It doesn't have a match. Through my work, I put an emergency fund in a high-yield savings account and I invested in additional $10,000 into individual stocks. I took full control of my 403B when I was. realize that their aggressive plan was yielding less than a 5% annual return. Again, thanks guys for the advice. I also have a couple of other retirement plans through previous employers, specifically

three different retirement accounts with about $20,000 invested across them. And here's my question. Can I bring all of these other retirement accounts and roll them into my Roth IRA? Can I do this as well for my current 403B or do I just keep that separate? Robert, what's the answer here? The answer is yes, yes, yes. You can either roll it over. You can take a distribution and then put that into it. You can definitely, definitely utilize this option of what you're talking about. And it's just a really good way because, you know, whether it's considered a Roth conversion

or just transferring the funds into a new Roth IRA, either way works and is a great strategy moving forward. Because I don't know if we have the age of Paul D, but assuming your. You know, in your 30s or 40s, you still have a long time to go. So getting those benefits of the Roth IRA are going to be so great for you in the long term. So I love it. And I would do exactly that. A hundred percent. And you mentioned that you increased your contribution to your 403B plan despite it having no match.

You know, we just want to always encourage you to focus on the Roth IRA, of course, first and foremost. Roll over these three accounts with about $20,000 in them, you know, definitely roll those over into a Roth. make sure it's invested into the ETFs we talk about because those are going to give you the best performance throughout your investing lifetime. And as you are thinking about retirement investing, just be cautious. I know a lot of people, Robert, you know, they make the mistake of thinking a 401k or a 403B is a retirement strategy. It's a retirement plan, things like that. Don't get us wrong. It is certainly a retirement account. But again, historically speaking, like we can see here from our friend Paul, it was only a 5% return for him while the markets were up

well over 20%, right? So just be worried about putting too much into that and do your best to have control over your money. Great job, Paul. You're doing awesome work, man. Our next question comes from Willie W. Willie says, I owe on a car that's roughly $183 per month in a payment. But I do have enough in my savings to pay it off completely if I wanted to. It's about $10,000. However, if I did this, I would have to take out student loans next semester in college because I was going to use this money to pay for school. I make $1,800 per month, which doesn't give me. me too much wiggle room, but enough to pay my rent and buy some groceries. I'm also investing $360 a month toward my Roth IRA, and I'm always looking for new side hustles. Robert, what do you

think here? Do you think Willie should pay off his car? Do you think he should use that money to pay for college? And also, what do you think about him investing so much in his Roth IRA? I'm curious to get your perspective. Yeah, this is a tough one because we don't have complete information to know how much the interest rate is on the $183 a month car payment. So that leaves us a little bit in the dark here, but I'll a stab at it. So Willie, in my opinion, if you have 10K in savings and you're thinking about going to college and your next semester without us knowing again how much that costs, I would say keep paying on the car, keep the $10,000 so you have that nest egg. And if anything at this point, maybe cut back on the $360 a month that you're putting towards the Roth IRA to give

yourself a little more wiggle room because you are in a very, very tight. situation here. I'm really glad that you have the $10,000, but without knowing what the interest rate is on the car, it puts us in a tough spot. So let's assume the interest rate is 6% on the car. It's just a tricky situation because you could pay the car off, but then you have to take out student loan debt. And then those interest rates are going to be probably 5 or 6%. Although you could kick it down the road a little bit because that wouldn't start for a little while yet before you to start paying interest on it. So you're kind of in one of those positions where it's tough for us to give you a really succinct answer because you're doing nothing wrong. It's just what is the best

mathematical way to get you to the most complete financial situation? And without further information, I can't tell you those answers. I can just tell you that you're in a good situation and you just need to keep yourself that wiggle room like you discussed, I think is the best strategy. You know, Robert, I think if I was in Willie's shoes, I think I would use the savings to pay for college with my student loans because student loan interest rates right now would be about five, six, maybe seven percent. So Willie would be graduating with roughly $100 to $150 per month less of a payment. That's about the math on about $10,000 of borrowing there. So more money will be in Willie's pocket when it's time to start his career.

And then this $183, $180 a month payment that you've got on this car, you know, if you are in such a tight spot where it's beginning to feel really tight, you could always dial down the Roth IRA investing. Obviously, we want you to be investing, but you are very young, right? So we have a lot of time ahead of you and you're still in college, right? So maybe if 360 turned into 200 turned into 150, like you're going to be fine. I promise. You're going to be a multimillionaire, Willie, don't worry. But I really think I'd focus on, you know, making sure you don't graduate with a bunch of student loan debt. And we talk about this all the time, Robert.

People graduate with $30,000, $80,000 of student loan debt. And they got this degree in communications, left-handed puppetry, or something crazy. And there's no job that they're out looking for because their degree is so broad or obscure. And so sort of niche down. So, Willie, one, make sure you're studying something good. And two, don't take out so much student loan debt where when you do graduate, you're going to be strapped with a $1,000, maybe $4,000 a month payment. I love it. Yes, Willie. Good job. And just give us some more math. Maybe send us a follow-up email so we can better advise you with more of the details revolving around this situation.

So earlier in the show, you heard us talk about the investing platform, public.com. That's where you can trade options with no commissions or per contract fees, and you get a rebate of up to 18 cents per contract traded. Nerd Wallet recently gave public five out of five stars for options trading. And if you want to see why, go to Public. com and start getting a rebate of up to 18 cents per contract traded. This is obviously paid for by public investing, options not suitable for all investors, and carry significant risk. Full disclosures in podcast description and U.S. members only. All right. Our next question comes from Riley G. Riley says, I listen to your podcast religiously,

and I've recommended it to so many of my friends. I feel extremely lucky that my career as a restoration biologist for a nonprofit has aligned strongly with my passion. for fishing, conservation, and fish biology. I am completely satisfied in my role, the wage I am earning, and my journey towards financial freedom. I'm 35 with 10,000 in an emergency fund, 100,000 invested in my Roth and across other brokerage accounts, another 20,000 in my 403B with a 3% match for my employer, and everything else going on for me. However, my role is transitioning to another location within the company. I'll have the same job title and very similar responsibilities. Essentially, nothing's going to change other than who I report to. With that said, I'm

very unhappy with the excessive fees that I'm paying on my investments into a generic S&P 500 index inside of my 403B through the company Empower, our asset management company. I am wondering if this subtle transition of roles to a new location might meet the criteria to roll my assets out of Empower into a traditional or then Roth through Vanguard. I've successfully done this when I've changed employers, but I'm not sure if it's possible to do without a penalty while remaining at the same company with the same job title. I'm not sure it's possible either, Riley. I love where your heads at, always looking for ways to optimize your portfolio. I'm sorry to hear that you're paying such high fees on your very generic S&P 500 index fund investing here. There's nothing more

frustrating than seeing half a percent, one percent, maybe even two percent of your money just disappearing as fees to these people. But I'm not sure that you can roll over this money while still being employed at that company. In my experience, the only way I was able to roll over my 401k at my old employer into a IRA for myself was after I left that job, right? They like close the account. They said, okay, here it is. Go take it with you, do whatever you want. I don't know if you can actually do that without leaving. But I think Robert is typing something in the Google search bar and might be able to give us an answer here pretty soon. Yeah, that's a great takeaway, Austin. And the only thing I've ever heard of that could work, but we'd have to do a lot more digging is what's called an in-service

rollover. And I believe that's where you can roll it over within the company and not changing actual companies. But I don't know if there's any savings in the fees using this strategy, but something I'd definitely be willing to look into here and see if we can help Riley out. Yeah, Riley, look up a in-service 401k rollover. Looking at a website here that says an in-service 401k rollover works like a typical rollover. It can be a direct rollover where the custodian of the 401K transfers, and your example here, Empower, transfers the funds into an IRA without liquidating the underlying assets or where they do liquidate the assets, but they write a check in the name of the IRA rather than the account holder, which means no tax penalties there. So yeah, check out in-service 401k

rollovers. I've never done this myself. I've always just rock and rolled with my existing 401k provider when I was working in corporate America. Yeah, do some digging here, do some research. And of course, Riley, always reach out to your tax professional in your life or tax accountant, someone who's going to be able to walk you through this from a tax perspective. Because again, we're just two guys on the internet. I love it. And this is one of the reasons I enjoy what we do every day is continually digging for these nuggets where we get these crazy questions and deep questions. And I love it because it really shows that people are paying attention to their money and working towards building financial freedom. him so, so cool, and I love the question. Our next question comes from Danny V.

Danny says, hey guys, I just recently got into your podcast, and I got to say, pretty awesome. I'm 20 years old, and I have $70,000 of settlement money. I don't have any debt, thanks to my parents. So the first thing I did was open a Roth IRA and deposit the $7,000 maximum into the account on Vanguard, and I invested that money 50-50 into V-O-O and QQQ. Now, I know I'm going to need money to pay for law school after I graduate and two years, so I'm keeping the rest of the money in a money market with ally. My mom, however, is pushing me to do some six-month CDs that are paying around 5% APY. I still have a good sum of money left,

and I guess that could work, but I just don't know what to do. If you are me, what would you do with this extra sum of money? All right, Danny. So you're pretty much saying that your mom wants to put you in these CDs that are going to pay 5% APY. $63,000 invested into these CDs. Paying 5% is going to be just over $3,100 a year in free money, which is great. We want that. However, there might be some complications and penalties and stuff that kind of can go wrong with CDs. So here's what I would do instead. I would go to public.com slash rich habits, open up an account with them and park the money in their T-bill product. Their T-bills are going to pay more than 5%. For example, Public's T-bills are paying 5.3% right now, which is more than those CDs. And it's all automatic. They do all the heavy

lifting for you. It is an awesome, awesome product. So go open up that account and check them out for sure. But yeah, dude, get your bag. Get your extra $3,000 for the next two years while you're in college. Hopefully, interest rates on these products stay high. And even if they don't, that's okay. As long as you are not putting this money in a depreciating asset or a volatile asset, like the stock market, as you're trying to save it for college, you're going to be in a perfect spot. Yeah, I like the public idea better with the treasury bills because it's going to be more liquid. There's no taxes, state or local on your gains, which is nice. I mean, I just like the ease of it.

So I would really go and check out T-bills, Treasury Bills on public.com. I just think it's a great strategy to get you earning some money along the way for this two years without putting any of it at risk. I would do that over CDs all day long. And this is also, of course, FDIC insured, SIPC insured. I mean, this is as legit as it gets, Danny. So do not ever think that we would steer you in a way for some. Something that is not, of course, backed by the full faith and credit of the U.S. government, Robert. All right, our last question comes from Nancy.

Nancy says, I need some guidance as to what I should do with my rental property. I currently live out of state and I own a house located in Southern California. I purchased it in 2020 for $625,000 with a 2.7% fixed interest rate. I put $209,000 down and I owe $382,000. on the mortgage. The rent covers my mortgage payment and an extra $400, which I put in a savings account for unexpected repairs on the property. My tenants recently notified me that they plan to move out in the next few months. I anticipate a few big repairs will be needed in the next couple of years, including a replacement of the roof. I'm a bit cash poor, but trying to build

my emergency fund and acknowledge that I may need to take out a loan for a repair of that size. The laws in California are slowly changing, including how tough it was for me to renew my property insurance this last year, and it's also a bit of a hassle being a landlord out of state. Now, I'm contemplating selling the house, claiming a 121 exclusion to eliminate capital gains tax, and invest the money from the sale into the stock market through the ETFs you recommended. I've consulted with the realtor, and they told me that I can sell the house for $800,000, and after closing costs and including commissions, I would net around $385,000 of cash. Do you think it'd be best to keep running out my house and continue to build equity in a hot real estate area?

Or should I save myself the hassle and just invest my proceeds elsewhere? My goal is to retire, hopefully, in 10 to 15 years. Robert, what do you think about this? This is the kind of question that could get me burned at the stake. Because on one side, I love the fact of selling the house now, getting rid of it, getting that 385,000 in my pocket, getting it invested for 10 to 15 years. turning that $3.85, let's say, into a million dollars in 15 years. That is awesome. But then the flip side of this is maybe go get a key lock loan to pull a little bit of equity out. You've already

got a great situation with 2.67 interest rate. Let's say the he lock is 7.5%. So if you were to average that out, you're still in a great position. Do the repairs. Keep running it. Keep letting the capital appreciation build for you and the equity build for you and then maybe be able to pull out in five or ten years, you know, six or seven hundred K, it's just really a mathematical race of what is better for you in the long term to build that passive wealth. And so you have to do the math based on what the capital appreciation is average per year in Southern California, whatever part of Southern California you're in. Let's assume it's six or seven percent. That's the gross amount.

You would have to then look at the lifetime. Let's say if you did it for 10 more years, the lifetime cost against that 6 or 7% for the roof you talked about, other repairs, real estate taxes, et cetera, et cetera. So it really comes down to the math and where you want to be in this cycle of do you want to be a landlord or not. Either way, I think is great for you. It's just a matter of your preference based on do you have the bandwidth to do the work on the property. keep managing the property. And you also have to take into consideration the carry cost if you lose this tenant and it took a while to find another cash flowing tenant. So all of those considerations come to the conclusion for me that either way is a good strategy. It just depends on what is

better for you. That is a really good answer. I'm going to tell you straight up, Nancy, sell it. You already complained that it's a hassle being a landlord out of state, which means you're not having fun, right? Owning real estate should be fun and exciting. You already complained about changing California laws and how tough it's become for you to renew your property insurance. Sell it. Take your 385,000, put it into the ETFs, Robert and I talk about. It will double to, let's call it, 750 to 800,000 over the next call it, six or seven years. And that will double to 1.4 to 1.5 million in the next seven years. So in this 14 to 15 year time horizon, we're talking about, your $385,000, can become $1.5 million.

So do you want to have $1.5 million? Or do you want to complain about being a landlord out of state and have to negotiate your property insurance with bad commission salesman? Like, I don't know. I certainly wouldn't want to do that. And so if that's the case, like get your money out and invest it and put in the ETFs we talk about and enjoy the investing process. Because Robert, I think that's the big thing that a lot of people make a mistake about

when it comes to retirement investing. We're just investing in general, right? oh, hum drum, this is so hard. I don't care about this. I don't want to do this. Always sacrificing. Why can't I live for today? Like, this is no fun. Whatever. Like, don't get us wrong. Investing is certainly a intentional thing to be doing with your money and like you have to be disciplined for it to work over a long period of time. But Nancy and everyone else listening, it should be also kind of fun, right? You should want to be investing into things you care about, things you're interested in. And, you know, for some people, that might be real estate. You did a really good job. You bought this house at 625. You're selling it for

800. Like, get your bag. That's so cool. I hope you had a good experience being a landlord, right? You did the depreciation, I'm sure, on some taxes. Like, you had some fun. But now maybe it's time as things have changed over the last four years. Now, I have new information. Things have changed. Obviously, inflation and things like that. Maybe it's time to get out, take your money and invest it in a way that feels more peaceful for you, in a way that might feel even more intentional for you. Maybe you want to invest in specific single stocks. You want to have a specific income focus strategy or, you know, a high-octane growth strategy. So if it were me, And I was complaining about being a landlord and all the things that came with it, I'd sell it.

And I would be hands off. I love that, Austin, a little more straight to the point than I was. I was just trying to let Nancy know that she did a good job and she's got options. And I get it. When things become hard and they become a hassle, then it might just be better to take that bag, run with it, get it invested, keep it simple, stupid and just let that money compound on itself and build wealth for you so you're not doing the work. So really appreciate the question, Nancy.

and what a great episode, Austin. These questions were incredible. I'm so excited that the Thursday episodes have really started to take off. And people love the interaction that we have with all of their questions because the tens of thousands of people that follow us every single week. And some people do step forward and ask these questions. But these questions can help everybody because it's a continuous learning curve of what each individual goes through.

And it really shows that everyone's financial journey is different. And that is why we dig so deep to find the best nuggets on every category in every sector to help each individual person navigate their financial journey to wealth. And so I love it that I get to wake up every single day in my life and do this. And we appreciate each and every one of you that follow along, give us the five star reviews and share the podcast each and every week. It is our only marketing strategy, Robert, everyone listening, right? That is what we are focused on. And that's how the podcast gets out there. People listening, they hit subscribe, they had follow, they hit like, they hit share.

They do those things because they enjoy the show and they got value from it. So why not share it with someone else? Everyone, thanks so much for joining us on this week's episode of the Rich Habits Podcast Question and Answer Edition. And we will see you on Monday.