Imagine living paycheck to paycheck and swimming in $100,000.00 of debt and working yourself into exhaustion – not seeing any way out of your situation.
No matter how hard you have worked – you just can’t seem to make any progress. What do you do?
The reality is that this scenario is not uncommon in the United States. It can be overwhelming and feel hopeless.
KYLE RENKE – RELENTLESSFI
In 2015, Kyle Renke and his wife were a young family and had become slaves to their jobs – not making any financial progress. They decided they had to do something different – they needed to make a big move and do something about their situation.
They decided to analyze a few different ways that they could begin designing a life that works better and more in line with the life they wanted to live.
One of the first moves Kyle and his wife made was to look at his wife’s job and seeing if there was a way for her to work less. What they found that if she worked per diem as opposed to regular hours – she could earn more per hour. This allowed her to work less for the same amount of money. This one move allowed her to work several days less a week to be home with their children, without losing income. This also saved a big amount in daycare expenses.
Kyle made a similar choice and reduced his hours slightly which gave him the mental bandwidth to become a part-time Realtor in addition to his job as a speech pathologist.
The final thing they did was they decided to sell their house and rent instead. By selling their home they were able to unlock their equity and pay off a big portion of their debt.
By renting they ended up saving $1000.00 a month. We were so inspired by this and have plans to do the same. Some might think this move is weird or unconventional – but to us – its a big move that will change our lives in big ways.
With the savings they have made by renting, reduced daycare costs, and the real estate income – Kyle and his wife have paid off $100,000.00!
In just three years they have gone from a negative $15,000.00 net worth to over $100,000.00.
Their plans for their future include saving money to pay cash for an out of state rental property and employ the BRRR method to Buy, Rehab, Rent and Refinance. If you would like to learn more about that you can listen to Episode 40 with David Greene.
Kyle on the Final Questions:
Kyle’s favorite lesson he learned as a child was learning to know what he is worth and to not be timid when it comes to asking for a raise.
Where Can You Find Kyle:
Or on Facebook
You can also take a look at his blog RelentlessFI HERE
FIND US ON FACEBOOK!
Have you joined our Private Facebook Group yet? You can do that HERE.
We want to connect with you and our community. The Facebook Group is the place to do that, to get to know us better and to get the support you need on your FIRE journey! We are glad you are here!
IS NOW OPEN FOR ENROLLMENT