Imagine being able to retire in just ten years by cutting down your costs a little bit today. Scott Trench, Vice President of Operations at Bigger Pockets and author of "Set for Life," joins Your Cheddar to discuss setting up what he calls your "financial runway."
The concept is different from a nest egg, because you create the runway with the intent to use your savings to exploit opportunities or make significant investments, and so can reap the rewards -- your savings gather momentum in anticipation of a takeoff.
On the other hand, if you just save up for a rainy day (which you should!), you may never put that money to use to start a business or pursue an opportunity.
Plus, Trench talks about how to "house-hack" in order to pull in some extra revenue. He bought a duplex and rents out half of it in order to cover his mortgage. He encourages people to find little hacks like this to cut costs and save money to quit a 9-5 job you may hate!
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