Why?

Same, Nicole I feel really lucky to have stumbled across this forum and thank you to everyone who contributes!

@Nicole F. Same (about the response and actually having people to interact with). I am not always the best at remembering to respond to others, but I do like this thread for that reason.

@Sara B. @Candice P. It seems a lot of us are at least interested in looking into rental properties. I do not recall much since I was not involved, but one thing to consider when learning about rental is the people who actually rent. Some are good; this logic tells me. But one must have a strong backbone and principles as there will always be trouble-makers. (My family tried it for a while and the first we learned was "dipping" and stained the flooring, the second though nice acted as if they owned the property [planting a different grass without first seeking permission and installing a television tower. The tower was removed, but we're still having to deal with the "better" (too fast growing–must mow every 2-3 days) grass).

@Kristen O. This is what makes me apprehensive about being a landlord. I wonder though how much would be mitigated by going through a property management company and also how much that would cost over all.

I enjoy reading another experiences or taking their advices, even when I'm not a good communicator.

I signed up for a free 7-day email series from Afford Anything about how to find, analyze, and purchase your first rental property, which has been really helpful. I didn't realize there was so much running the numbers needed even prior to purchasing a property intended for renting! I have enough available to me in a HELOC on my primary home to use for a down payment on a rental property but I need to do my homework because there would be a lot riding on that decision and I have 4 children to think about. I love the idea of diversifying my investments by adding real estate to my portfolio, but if it's not 8% or higher than it's just not worth it to me. I'm starting to think this will be a 5-year goal rather than immediate

@Katie That is about the timeframe we were looking at. It's something that will have to wait until we are ahead of the short term debt and after a year or two of extra saving. We are also weighing buying a rental property versus doing some improvements on our existing property.
There was a link to Money Market Accounts in todays article of the day. Has anyone ever used one? I've only ever used a traditional checking/savings account. Seems like it would be a good way to earn some extra interest, but I am apprehensive about having to have a minimum balance.

Aww, thanks Nicole!! I feel that.way about all the comments. I learn more each day from people who stopped me from talking to myself by coming back to build the comment section of this thread. I'm grateful that so many people came to find the answer their "Why/Why not?" in the process.

@Sarah, I've only had a money market savings account, not a money market checking. I've been thinking of opening one for the same reasons as you listed, but the rates aren't even that much higher right now. Those accounts usually have a monthly limit on transactions so my thought was to actually open one specifically for my real estate goal. The idea being that it would keep those funds separate and the transactions organized. If anyone has had experience with money market accounts, I'd love to hear any tips or things to be aware of!

@Sara B: I wish I could help with the property management wondering, but really all I can say is my family member did have a property manager–who seemed to refer each decision to my family member, anyways; whether the manager was not the one for us, typical of what Property managers do, or a-typical I do not know. I'm sure there are differences based on location, too, so this is all I will say on rental properties topic unless I become more involved myself.

@Katie P: Have not used an account myself, but your logic seems to be good for considering an Money Market Checking. (I am also aprehensive with any account asking for a minimum balance. In my mind that money will always be "spent" since I cannot touch it without fees [or closing the account].)

@Katie it seems like it would be extremely similar to my current online savings account. Maybe because it is a checking account, you might be able to transfer money/get to emergency funds faster? The rates between the two seem vastly similar overall, but the money market accounts listed on Nerdwallet have a slightly higher overall rate. The drawback for me would probably be the transaction limit and the minimum balance requirement. I'm always leery of minimum balance rates since I practice the whole zero budget thing. I've been getting better over time, but I'm still only about two weeks ahead on my income.

Thanks for all the helpful conversation! My next step is to figure out a SMART goal for my real estate investing ideas, rather than having random thoughts. I need to figure out a specific dollar amount and a reasonable timeline and then it won't feel so elusive. I agree with everyone being wary of minimum balances, I wouldn't want to be stuck in a situation where I'm needing my funds but can't access them without penalty. Preparing for that would require my other, liquid accounts to have higher amounts than they currently do, for sure. My financial coach keeps telling me, "Remember, it's a marathon not a sprint."

@Katie P: I think I like your financial coach. "Remember, it's a marathon, not a sprint." I think I might should make a poster of that quite to hang in different places. (And works for more than just financials!)

Something fun to share: I just got an email from Bankrate to sign up for their dashboard feature. It seems to have tools similar to the nerdwallet dashboard, but looks a bit more targeted. They offer short courses that you can take on financial topics. I connected my accounts and let it do its thing. Not sure if I will uses the budgeting tools they have, but I really like the curated content.

I wasn't familiar with Bankrate, outside of knowing it was a site to compare different accounts/services. I looked up the info on their dashboard and it sounds a lot like the work I've been doing with a personal financial coach. Maybe after the end of my competition, when I won't have the weekly check-ins anymore, I'll connect to that site to help keep me on track. Keep us updated on how it works for you!

Kristen, I'm thinking the property manager wanted you to be informed of every detail. Someone may have previously reprimanded this person for making decisions about the property without the input from the property owners…? Not sure, but I had my mother to manage my property. She was/is more familiar with rental properties and property management.

Sarah, I have also used Bankrate when I was comparing interest rates. I just started using Voya to see if I'm on track with retirement, and there are webinars that I've attended through AIG that were about finances.

It seems that knowing how much I need to save so I can retire and live comfortably is very stressful (no matter which calculator I use) and all the side hustle ideas seem like they pay off well for others but I can't seem to get a foothold. Maybe the class/webinar that I need would be one that explained stocks, bonds, and crypto.

The more podcasts, articles, and presentations I consume on stock market investing the more FOMO I experience. It's almost like there's two sides to every choice and no matter which decision I make is going to feel like the wrong one. For this reason, I stick to "boring" mutual funds and target retirement date investments for the main retirement and look into other things to increase cash flow. I'm super into real estate lately and can't wait to sit down with the numbers and set a dollar amount goal to keep me motivated.

Boring mutual funds and index funds are the way to go in the long term, or at least that's what I have absorbed from podcasts/articles. I did listen to a great podcast from NPR's Planet Money (I think) on the origin of index funds. I have a very small stock account separate from my retirement that I put a few dollars in every week; not anymore money than I am willing to lose. I figure its better than spending it on a lotto ticket. Most of those dollars are spread across index funds and I'm pretty happy with the rate of return.

Katie, I'm also curious about real estate investing. I'm not sure if I want to invest passively or take on the project with my own funds or loan.
Sarah, I'm going to check out Planet Money. That sounds like something I'd like!!

Planet Money is a great listen! They go into the history and backstory of a lot of financial aspects. Most of the podcasts I listen to are personal finance and about improving your own situation so Planet Money is a good break from that and really gets me thinking big picture. I shared one with my 12 year old daughter this weekend that was all about the difficulties women face in the workplace. She wants to go into the STEM field when she grows up and I think it's best that she's aware of the battles she'll have to fight.

I try not to think about how better off I would be today if I had spent less when I was first living and working on my own. No one explained saving or investing to me but I'm not sure I would have even listened if they did, lol. I'm trying to show my son the rule of 72 right now because he just got his first job over the summer. I'm dumbing it down a bit but showing him that any money he invests in stock funds, like in an IRA, will essentially double every 10 years and his 30-year-old self will be so happy that he planned ahead. I'm almost 40 now and my retirement account isn't even to 5 digits - I have a lot of ground to make up!

Even after reading articles on the Rule of 72, I still cannot wrap my head around it. My mind always questions "why 72? [71, 73?]" How did this number/calculation come into being. What mathematician must have done to determine that it was a rule?

But, I think that is the same thinking on pi….probably will not ever understand the specifics….But, I think reading Mike M's "dumbing it down a bit…any money [invested]….will essentially double every 10 years" has helped me at least conceptualize what the articles where trying to let me know.

Hi All!! Nothing new here to report. Happy saving!!

Mike's comment was a cut and paste of my comment a week or so ago, lol! The reason why I told my son it would double in 10 years is that the stock market generally (although past performance is not indicative of future gains) gives a 7-8% return so 72 divided by the rate of return would equal around 10 years. Then I compared that to the rate his savings account was giving him to show him that it would take 144 years to double that amount if he kept it in savings. My son originally asked me why I wanted him to start an IRA instead of just keeping it in the bank.

As far as why "72" I'm in complete agreement with you, Kristen, and I'm trusting the math wizards on that part of it!

@Katie P: I had thought it sounded familiar, but assumed it was simply just how financial information/advice starts having multiple similarities after a while…unless, of course, you start to get into the really really nitty-gritty specifics such as differences between types of accounts/stocks and "rule 72" type things.

I also have nothing majorly new; just sticking on budget and paying that debt down! I've started listening to the Inspired Budget podcast today and so far I am liking it.

Something fun: I used some of our unplanned/misc funds to sign up as members to our local wildlife rehabilitation center/zoo. We usually visit once or twice per year and I like supporting their mission of rehabilitating and releasing native/local animals. I found out today our membership is reciprocal at a bunch of local museums and larger regional museums. So for the price of two admissions, we actually get free admission to a ton of cool places. The only extra cost would be the price of gas to get there and probably lunch, but I am super excited to have options to get out and see some stuff after spending the last year and a half not traveling so much.