Ep 99 | Creating Passive Income for Retirement with Private Lending
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
23 min
2 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What will I learn about passive income, private lending, and financial freedom in this episode?
What does financial freedom, passive income, and private lending have in common? Today's guest shares with us stories and strategies circling all three of these things as he reflects on work, income, and his values, and how you can find values that apply to you. Essentially, he explores financial freedom, and I'm asking you, what does financial freedom mean to you? Stay tuned to learn more and dive deeper. welcome to wealthy after 40 where i help you turn retirement uncertainty into a clear actionable plan if you're thinking about retirement but feel unsure whether it's even possible i understand the gap between where you are now and where you want to be can feel overwhelming but it doesn't have to
Hi, I'm Daylene Higgins, founder of Elevate Finances and your personal financial coach. Having retired at the age of 50 and have enjoyed over two years of retirement bliss, I'm here to help you create your retirement dream and make it a reality. No more wondering, no more guessing, just taking action and building a future for yourself. Join me each week as I guide you through essential topics such as budgeting, cash flow, lifestyle planning, debt and savings, insurance, Medicare, and social security. Together, we'll build a strategy to help you achieve the retirement you've always desired. It's time to shift from uncertain to unstoppable and make your retirement dreams a reality. Hey listeners, before we dive into today's interview, I want to share something with you that can help take the guesswork out of retirement planning.
I've created a free checklist to guide you step by step based on how close you are to retirement. It highlights exactly where to focus your attention, so you can confidently prepare for your future one step at a time.
How did Jim Manning transition from insurance paperwork to real estate investing?
Download this checklist now down in the show notes below or on my website, elevatefinances.us backslash retire now and take the first step toward retiring with clarity and confidence. Welcome to the episode. I'm excited to speak with Jim Manning. And so Jim, tell us a little bit about yourself and what sparks your passion.
Hey, thanks for having me on the podcast. I really appreciate it. I grew up with a Jesuit education that the Jesuits pounded in your head, hey, be a man for others. And my first job out of college was the exact opposite of that. I was pushing paperwork for an insurance company, and there wasn't any sort of value behind what I was doing. I wasn't really helping anyone. I could do a great job pushing paperwork one month, And my boss wouldn't notice. I could do a terrible job the next month, and my boss wouldn't notice. I was trying to figure out what the next chapter, and I fell in love with the idea of real estate investing. Because if you take a property that needs work and you fix it up, well, you're improving that little piece of the world, right?
And there's a tangible value to creating a home for a family. And so I kind of fell in love with that concept. I like the financial upside too. Being able to invest into something, maybe buy it at a discount. And then when I sell it and make a nice profit on it, so it was kind of like, hey, I'd love to solve some problems, provide some value for the world and get paid while I do it. So I started out doing that and built it up to about three projects. And then the co-founder, Ryan Wessels and myself figured out that if we use other people's money, to invest in real estate, we can scale and grow a whole lot quicker than if we're just using our own. And so we had a core group of about six individuals that began lending us 100% of the purchase price and 100% of the repairs on properties.
And this for them was an amazing opportunity because if you lend money on real estate, what that does for you is it makes you a real estate investor and helps you generate passive income. without doing any of the work. So all the things you see online about how amazing passive income can be through real estate, well, it's a strategy called private lending. That actually is, in my opinion, the most passive and the best way to get passive income out of any of the other strategies I've ever seen.
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Chapters
4 chapters
1
What will I learn about passive income, private lending, and financial freedom in this episode?
0:00–2:10
2
How did Jim Manning transition from insurance paperwork to real estate investing?
2:10–7:31
3
How did private lending help Jim scale his house-flipping business quickly?
7:31–22:54
4
Why did Jim shift his business toward a mission-driven homeownership program?
22:54–23:22
Speakers
2 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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Why Do You Fear Retirement? The Answer Might Surprise You