tune in and hear why short-term rentals are your ticket to freedom! Do you have all of the money that you want or need to retire? Do you have a recurring passive income that will keep printing money? If not, listen up!
When it comes to creating a passive income for retirement, there's no time like the present.
In this mini-episode, your host, Chris McCarron, lights the firecracker to ignite your future.
WomenCreatingWealth.net
I'm almost 60 years old, 60 years old. I just thought it would be different, I guess I just thought 60 was gonna feel a lot different
Welcome to Women Creating Wealth. I wanna answer the big question why. Like, why do I keep harping on this business about short-term rentals? Why do I keep talking about Airbnb and house hacking and all this kind of stuff? Why do I think it's so great? First, I wanna tell you a funny story. The other day I got interviewed for a Bigger Pockets podcast called Invest Her.
I don't know if you know Liz and Andressa, they're awesome. They have a great show. Somehow it came up like how old I am. So I couldn't remember for too long. I couldn't remember how old I was. I said 50, 57. I said, Oh no, maybe I'm 58. But then when I got off, I realized, Oh my God, I'm 59. I'm gonna be 59 and a half in like three months.
So I don't know why that happened. I don't know. Has that ever happened to you or are you just like, Can't remember your age? . , Totally. I remembered everything else. I didn't really screw up too much else, but that the age thing, I don't know, just, just blew me. And I guess the reason is because I don't feel.
Like I'm almost 60 years old, 60 years old. I just thought it would be different, I guess I just thought 60 was gonna feel a lot different and I mean, maybe it will. It's still nine months to go. I don't think so. I mean, I think it feels actually pretty darn good. So that kind of circled back around to like why I keep harping on this short term rentals thing.
Because when. Was 50 and I was looking ahead at this whole road of retirement. I realized that first of all, oh my God, I'm 50, and second of all, I just didn't really have any money saved to have the kind of retirement that I had envisioned traveling around and having a great time and doing pretty much whatever the heck I wanted.
I actually met with a financial planner, and I think we figured out that I have to save like $10,000 a month or something ridiculous if I wanted to retire by the time I was 60. Then that same year I bought my. Property, which sold my first house, bought two houses, took one of those houses and turned it into a two family, Took the other house and sold it, and bought another one, and put some of the money into this, put into the other one.
And so it just ended up being a really great opportunity for me to enter into real estate investing and changed my complete and total outlook instead of saving up $2 million, which really, when you think about it, it's a little ridiculous for most people. Instead by creating a passive income stream that will give me the same dividends and the same payback that I would've got if I had been able to save $2 million in 10 years.
I want that for you. I want you to be in that situation where suddenly retirement looks a lot different and it looks a lot different without. Crimp and save for the next 10 years, and it looks a lot different without having to completely sacrifice your life today or your life in the future. You don't wanna be eating cat food and not traveling, not having fun, not golfing or playing tennis or whatever thing that you wanna do.
You should be able to do that. In your retirement. It doesn't mean you wanna completely stop working, but it does mean that whatever you're doing for work is you're doing it cuz you love it, you're doing it cuz it's fun. You're doing it cuz it feeds you. Maybe it's volunteer stuff, maybe a teaching or something that doesn't pay you.
Maybe the salary you would've. Like to have, but because you love it so much, it doesn't matter because you've got this passive income stream supplementing you so that you can do your art. I don't know what your passion is, but I do know that you don't have to have a huge amount of money. You don't have to have tons of, uh, skills and resources, and you don't have to do a lot, You know, you can.
Most likely take the resources that you already have and use them to create this passive income stream. Maybe your life doesn't look exactly the way you thought it was gonna look when you were looking at retirement. All through my life, I always thought I'd be married. I always thought I'd have kids and a family and you know that my life would look basically the way my mom's life looked, but that's not the way it worked out.
My husband and I didn't go the long haul and I got divorced and I never remarried and I never had kids. So I'm having to sort of rethink that whole thing. I'm rethinking my whole future. Yeah, and I'm not gonna have someone else's social security check. I'm not gonna have someone, I'm just me. I'm just me.
I'm just me taking care of myself, and I want to be able to take care of myself in a way that allows me to have a really robust, healthy, happy, fantastic life. I mean, think about it. I could be it. And in like two years and nine months, I could be retired or whatever. It's maybe you have to be 62 and a half.
Okay. So maybe it's like in three years, in three months I could be retired and I'm still very healthy and fit and active and I could have a really, just like a fantastic retirement, create a legacy for somebody. What? What do you actually want? That's why I'm still harping on this short term rentals and that's why I'm still really, really passionate and.
And hopeful that you could see this and like it could click with you and you could say, You know what? I do have a little extra space. I wonder if I could convert my garage into a living area. There's so many things you could do and all you have to do is just. Think out of the box. Think out of the, the social security box, the IRA box, the whatever I'm gonna get from my 401K or whatever, my pension or whatever, right?
What if you could add a substantial amount to that pension, to that ira, to that social security income, to that, whatever else you're gonna be getting. Every single month I was getting from my little tiny house, I had like, it was about 400 square feet. This little tiny place that I turned my other half of my house in that place was paying me over $2,500 extra every single month.
Every single month, $2,500 extra minimum. Some months were even higher. Well, I mean, what can I do with 2,500 extra dollars every single month? What could you do with 2,500 extra dollars every single month? I bet you could find something fun to deal with it. So short term rentals, especially if you don't have to buy another property in order to start doing that, it's, It's much less risky.
It's much more flexible. It's easy, it's actually pretty easy. It's potentially life changing. And we agree that $2,500 a month would be life changing. Even a thousand could be really, really fun. You know, maybe you're gonna use that a thousand dollars a month to lease, like, Tesla. If you wanna do something you've always really wanted to do, but you just didn't think it was practical, you can throw practical out the window.
Cause this is money you wouldn't have had otherwise. Maybe you could just use it to pay your expenses so that you don't have any, and you can just use all your money that you have coming in for fun. And the great thing is about short term rentals is that if someone's coming from out of town and you want them to stay in your little garage, Cross it off the calendar, and then you've got that flexibility.
You know the grandkids can come and stay there. You just cross those dates off the calendar. It's just fun. It's just fun. It's going to give you a new funness, a new fun factor. Okay, A new fun factor. And all you have to do is just think out of the box. So now you say to me, Well, okay Chris, fine, what do I have to do?
You know what I would do, because it's free and it's easy, is I would. Book a time on my calendar and I would say, Chris, here's what I have for assets. Here's my tolerance for other people. Here's my lifestyle. This is what I want. In like a half an hour, we can brainstorm and you can see whether. This could actually work in your life.
I'm gonna be frank with you. I'm gonna say you just don't have enough space or you just don't have enough assets. It could be this simple. You could have a, a child or a boyfriend or a girlfriend or a person in another town or another house. You could stay with your next door neighbor and rent your place out for a high season.
Take your car and go on a road trip during the, the big season in your town and you rent out your house, your apartment, whatever it is, and not have to even think about. Adding another room or having a roommate or whatever, it would be the very rare situation in which we would have a conversation and you would at the end, and we would both at the end decide it just couldn't work.
If you're even considering it, then you know that you're at least open to the idea of doing something a little bit different, a little bit. Cool. And the great thing, again, short term rentals, you're not doing it forever to open your house up for one weekend and see how it feels and it's like, Oh, that was pretty fun and I like having an extra 500 bucks.
Then you say, Okay, maybe I'm gonna use all the weekends and for those weekends I'm gonna, I. Go on a road trip, visit some friends, go on a little mini vacation. Even if you just use that money and pay it out to some other person on Airbnb while you stay at their place. Isn't that better? I mean, isn't that still a really big jump in your quality of life?
Now is the time now. Is the time for you to get started? Now is the time. It's the right time, because every month that goes by is one more month that you didn't have this income. Every month that goes by is like you're, you're not one month closer to a fantastic retirement and you're not one month closer to having extra money.
Instead, you're just exactly where you are right now. So, Do this thing. I mean, even if you don't wanna call me, go back to some previous episodes, go to the beginning and say, Okay, what do I need to think about? If I want to get have it by place on Airbnb, go watch the other episodes. But just to, just to summarize, you wanna think about your tolerance for other people.
You wanna think about the amount of space you have, You wanna think about your schedule. You have people you can visit in other places. Is there a high season? Like where do you live? Do you live in a place where anybody would wanna be? Is there a university nearby? Is there. Beach, Is there a mountains, valleys, whatever?
Is there anything scenic anywhere nearby? Either any big businesses that people might be coming from out of town and wanna stay while they're working there instead of a hotel? Are there any resorts? Is there anything of interest or are you like in the middle of nowhere? In which case somebody might wanna just come and get away from it all and make it like a retreat?
You know, you think about the marketing and then just do a little cyber stocking on Airbnb. Do a little bit of cyber stocking on Airbnb and just see if there's anybody else in your area what they're doing, how much they're getting, if you think it would be worth it. But I could, I maybe put up a, you know, tent in my backyard and have people come and stay there.
Could I just add a little fire pit and a little hose and you know, let people come and stay there and charge 'em, you know, 75 bucks a night or something, You know, like what are the possibilities in your. How about, you know, watch the episode with the people who had the camper. All they did was they bought a camper and they rented it to people who wanted to go camping and they made enough money to to pay for the camper.
Plus they were like doubling the money they paid on the camper payments. There's so many different ways to do this. You know, host an experience. There's a whole podcast is out out there on hosting experiences. Then you don't even have to open your home and you can do it online. You don't even have to, you know, see any people in person what.
Do you like? Right? What are your passions like? Open those back up. I know y y y, y y. Chris is just yammering away at me. She keeps picking on me. She just wants me to hurry up and do this thing. Yes, I do. I want you to hurry up and do this thing because I know, I know because I am living it. I know how amazing it is.
I just know how amazing it is. And then who knows? Maybe then you'll buy another place. Maybe you'll become an Airbnb like. Like mega owner and have hundreds of units all over the world. I mean, that could be fun, but you don't have to do that. You know, maybe you're just gonna host how to make pasta from your living or you know, from your kitchen.
I don't know what is right for you, but I know that for most people, a little bit of extra money is a. And maybe for you a little extra money is a good thing. So just try it out. Just think about it. Just watch some of these old episodes and just tell me, you know, shoot me a little message and say, Okay Chris, we can, we can have an email correspondence.
I'll, I'll let you talk to me for five minutes. , have a wonderful week and have a profitable week and have a week in which you expand your thinking a little bit cuz let's do this thing, man.