4. 80-Hour Workweeks to Ultimate Passive Income and Time Freedom
Sep 12, 2024
auto_awesome
Spencer Hilligoss, a former tech professional turned real estate syndicator, shares his journey from burnout to building a thriving passive income stream. He discusses the critical questions to ask before investing in syndications, emphasizing the importance of financial literacy. Spencer explains why true success isn't about retirement but aligning your financial goals with personal fulfillment. Through his story, he highlights the value of mentorship and informed decision-making in achieving time freedom while balancing career and family life.
Transitioning from a demanding job to passive income requires a strategic plan and a long-term vision for financial freedom.
Finding purpose goes beyond financial stability, emphasizing the importance of meaningful engagement and stronger family connections in life.
Financial literacy is essential for successful investing, enabling individuals to understand risks and make informed decisions about their investments.
Deep dives
Transition to Passive Income
Making the leap from traditional careers to passive income generation is a profound journey for many. Individuals often seek to replace their income while pursuing greater purpose and fulfillment in life. In a structured goal-setting exercise, the hosts mapped out a realistic timeline to achieve financial freedom, considering factors like family and work-life balance. Their process involved gradual phases of investing, from managing local rentals to larger syndications, demonstrating the importance of patience and long-term vision.
The Importance of Purpose
A central theme in the discussion revolves around the quest for purpose beyond financial stability. People desire meaningful engagement in their lives, motivated by the fulfillment of contributing to something greater rather than mere monetary gains. This realization often drives individuals to transition from stressful jobs to lifestyles that allow for personal growth and stronger family connections. By focusing on these intrinsic motivations, individuals can find greater contentment and motivation in their endeavors.
Understanding Financial Literacy
Financial literacy emerges as a crucial skill for both seasoned investors and those new to the investing world. Understanding various investment terms, strategies, and their implications can significantly impact one’s financial decisions and help mitigate risks. Moreover, investors must grasp how returns are generated and the realities behind projected figures, including factors like taxes and market realities. This foundational knowledge empowers individuals to make informed decisions rather than relying on surface-level figures that might be misleading.
The Process is Key
The dialogue emphasizes that enjoying the process of building and investing is essential for long-term success. By focusing on the journey rather than just the results, individuals can establish sustainable habits and remain engaged over time. This perspective allows people to learn from both successes and failures, fostering resilience in the face of challenges. A commitment to process-oriented goals can lead to personal growth and more meaningful achievements in the investing landscape.
Constructing a Supportive Investment Network
Finding trustworthy partners and operators in the investment field is paramount, especially in fluctuating markets. The hosts highlight the importance of building relationships and thoroughly vetting potential sponsors based on their track records and repeatable processes. Investors are encouraged to communicate with various operators to understand their strategies and ensure alignment with their own goals. Establishing a strong investment network creates a sense of community and shared purpose, ultimately leading to more informed and confident investment choices.
After another 80-hour workweek and realizing his kids’ lives were passing him by, Spencer Hilligoss knew he needed to start making passive income. The problem? His time was chained to his tech job’s high pay and long hours. Spencer loved what he did, but the job took away more than he was comfortable with. He hadn’t seen his young son in weeks, and it was eating away at him. He made a plan that wouldn’t be easy to accomplish: build an $8,000/month passive income stream. He gave himself over a decade to achieve it. Thankfully, it took less than half the time.
Now, Spencer is a full-time passive investor and real estate syndicator, helping others who want to regain their time freedom invest so their money can go further. In today’s episode, Spencer shares his story of leaving a thirteen-year career to venture out into the unknown, regaining his time and investing in truly passive income, and why you DON’T actually want to retire (you really want something else).
And if you’re interested in passive investing, stick around. Spencer and AJ talk through the CRUCIAL questions you MUST ask before investing in a real estate syndication and how to tell who you’re investing with will pull through on the returns they’re promising you.
Insights from today’s episode:
How to make enough passive income that you can replace your salary and live the way you want
Crucial questions to ask any syndicator BEFORE you invest a cent into their deals
Why financial literacy is essential to building wealth, and why even most adults don’t have this
The retirement lie you’re telling yourself and why you don’t really want to vacation forever
How to start building your financial moat even if you’re a busy professional
Defining your why and how to know whether greed or purpose is driving you