Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move. Brandy has multiple streams of income—her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion! Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible. In This Episode We Cover Building wealth after bankruptcy, failed businesses, and financial mistakes Quitting corporate and coming back in a more flexible, entrepreneurial role Short-term rental investing and the big profits (and costs) that come with it What to do if you have too much home equity as part of your net worth? Backdoor Roth IRAs and retirement investing for self-employed individuals Calculating rental property profits and pitting them against other investments And So Much More! Links from the Show: BiggerPockets Money Facebook Group BiggerPockets Forums How I Used Real Estate to Pay for My Newborn Daughter’s College Education Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders Equity Rich and Cash Poor? Calculate Potential Airbnb Earnings on Your Short-Term Rental How I Live Overseas & Still Manage My U.S. Rentals Check the full show notes here: https://www.biggerpockets.com/blog/money-288 Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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