Book/podcast for wife

[Jason Drager]

My wife has agreed to get on-board with me getting us into rental property investing.  This is very exciting for me, as my wife is extremely risk averse, but has warmed up to the idea over time.  She asked for a recommendation or two of books for me to "assign" to her, or perhaps a podcast episode to two, to help her learn some basics.

For me part, I've listened to probably 30-50 BiggerPockets and BP Rookie podcasts so far, and I'm in the process of reading Multi-Family Millionaire.  I have an MBA with an emphasis in finance, and personal finance is a hobby of mine, so while I'm comfortable with many of the concepts I'm learning about, my wife has fairly low financial literacy and next-to-no investment/real estate literacy.

I've "assigned" her Rich Dad, Poor Dad, not necessarily because I think it's the best book ever (there were a number of concept presentations that didn't really resonate with me), but because it seemed like a very adequate beginner's primer for financial mindset shifting.

What I would really appreciate is if someone could recommend a book or two, or a couple of specific podcast episodes, that I can give to my wife so that she can start learning enough to be involved in some of the decision-making process.

Thank you to everyone for the helpful advice given on these forums; it's been a great resource for me, and I hope we'll get to the point where it's a great resource for my wife.

[Henry Clark]

Each of your deal analysis do a failure analysis.  Walk her thru it.  

Your excited.  Everyone is excited.  Look at all the money you’re going to make.  At first his will push her away if she is risk averse.  Help her understand the risk. 

Most people will never do a REI. Afraid to jump off the cliff. Help her see failure. Most people think failure is losing everything. Going to zero.

We do self storage.  My most happy moment is hitting 65% occupancy.  That is when we hit cash flow break even for our deals.  Gorilla is off our back then.  I hate hitting 100% because we lost revenue.  We should have raised rates.  Or we should have built.  

Show her in your SFH or MFH deal what failure looks like. Say your Cashflow you don't make any money? Is that failure? Could be an appreciation deal on top of that. Say you missed your inspection and you need a new roof for $25,000. She will now understand her risk.

Then show her the profit potential. Cash flow, appreciation, tax write offs.  Say $200 per door per month.  Appreciation of $50,000 in 2 years.  Tax savings if $5,000 per year.  

Now she can compare her upside versus her downside.  Not as big a jump off the cliff.  

Now go over “Why” with her.  Early retirement, reduced work week, financial freedom, etc.