Rich on Money

Rich Carey
  • 4.6 (12)
  • Investing
  • Weekly

I'm going to talk about my unique approach to money, real estate, property management, and life. I'm retired Air Force. Now a real estate investor, property manager, and realtor who is too lazy to go back to a real job. I'm anti get-rich-quick. Anti no-money-down. I'm anti fad, bitcoin, daytrade, market timing, etc. I lived frugally early on in my working life. I saved and invested well. Maxed out IRAs and 401k my whole working life. Invested in index funds for the long term. My finances are surprising simple, and it turned out to be surprisingly effective.

  1. 19h ago

    Why I Chose Financial Freedom Over Looking Rich

    How can someone make $300,000 a year—or even receive an $800,000 bonus—and still be broke? In Episode 31 of Rich on Money, I explain why earning a high income and actually building wealth are two very different things. I start with a powerful story from my friend JL Collins's bestselling book, The Simple Path to Wealth, about a monk and a wealthy minister serving a king. One has money, status, and luxury. The other has very little but enjoys something arguably more valuable: freedom. We'll explore why doctors, executives, and other high-income professionals can find themselves trapped by expensive lifestyles, debt, and the constant pressure to earn more. I also share how I built wealth while serving as an Air Force officer, paid off my first mortgage in seven years, and eventually owned 20 rental properties without mortgages. In this episode, we cover: Why lifestyle inflation keeps high earners broke The surprising story of an $800,000 bonus that wasn't enough How investing $25,000 a year can build more wealth than earning $250,000 and saving almost nothing Why I favor simple S&P 500 and total stock market index funds over day trading and get-rich-quick schemes How debt-free real estate gave me peace of mind during COVID The 4% rule and how to calculate what you need for financial independence Why being frugal in your 20s and 30s can let you enjoy more freedom later in life What ancient biblical wisdom can teach us about money This isn't about living cheaply forever. It's about making smart decisions early so that later in life, you can spend money on the things you actually enjoy. The goal isn't to die with the most money. It's to have enough money that money no longer controls your life. Rich Carey | Rich on Money | Episode 31

    Why I Chose Financial Freedom Over Looking Rich

  2. 6d ago

    How I Became Mortgage-Free in 7 Years

    I paid off my 30-year mortgage in just seven years. No complicated financial tricks, no expensive software, and definitely no mortgage acceleration gimmicks. Just five practical strategies that actually work. In Episode 30 of Rich on Money, I break down five ways to pay off your mortgage faster, including biweekly payments, small lifestyle changes, extra quarterly payments, pretending your 30-year mortgage is a 15-year loan, and putting unexpected windfalls toward principal. I'll explain how these strategies can save hundreds of thousands of dollars in interest, and which ones I personally used to eliminate my mortgage 23 years early while serving as a young Air Force officer. But here's the bigger question: Should you even pay off your mortgage early? Would you be better off investing that money in the stock market or buying more real estate? I'll explain why I eventually owned more than 20 rental properties without mortgages, how that protected me financially during COVID, and why I don't necessarily recommend rushing to pay off a mortgage with a 3% or 4% interest rate. We'll also talk about the misleading promises behind velocity banking and mortgage acceleration programs, and why there's no magic system that creates money out of thin air. Paying off a mortgage early isn't just about saving interest. It's about financial freedom, flexibility, and something I value enormously: peace of mind. Rich Carey | Rich on Money

    How I Became Mortgage-Free in 7 Years

  3. Oct 24

    The Truth About “Passive” Real Estate Investing

    Everyone wants passive income from real estate. Buy a rental property, hire a property manager, sit on the beach, and collect rent checks. Sounds great, right? Unfortunately, that's not how it works. In Episode 29 of Rich on Money, I explain why real estate investing is never truly passive, whether you hire a property manager or manage your rentals yourself. After decades of investing in real estate, I've learned that nobody cares about your properties, your tenants, or your expenses as much as you do. When I switched from professional property management to managing my own rentals, I saved far more than the typical 10% management fee. In fact, I estimate my overall savings were closer to 50%. I'll share a story about a property manager who brought me repair estimates as high as $4,000 for a job my handyman completed for $60. We'll also talk about tenant screening, contractor selection, controlling expenses, evictions, turnovers, and why one bad tenant can wipe out years of cash flow. And self-management isn't exactly a vacation either. I've dealt with flooded houses on Christmas Eve, trees falling on houses on New Year's Eve, and even a house fire on the Fourth of July. The good news? Real estate investing gets much easier with experience, great tenants, reliable contractors, and good systems. I explain how I use automation, online applications, electronic leases, and self-showings to make managing my rentals far less time-consuming. Real estate has been an incredible wealth-building tool for me, but there's a big difference between building wealth and earning truly passive income. No get-rich-quick promises. No passive-income fantasy. Just the reality of owning rental properties. Rich Carey | Rich on Money #RealEstateInvesting #PassiveIncome #RentalProperties #PropertyManagement #FinancialFreedom

    The Truth About “Passive” Real Estate Investing

  4. Oct 19

    The Brutal Math behind Selling your Home

    What happens when you need to sell your house—but can’t afford to? In episode 28 of the Rich on Money Podcast, I share what I’m seeing firsthand as a real estate agent in Montgomery, Alabama: homeowners whose listings expire because the price they need is more than buyers are willing to pay. Even selling for what you originally paid can leave you bringing thousands of dollars to closing once commissions, seller concessions, and other expenses come into play. In this episode, I cover: • How homeowners end up with little or no equity—even after several years of ownership.• Why new construction, small down payments, and unexpected moves can make selling difficult.• How selling costs can eat up the appreciation you thought you’d earned.• Why an appraisal doesn’t guarantee what a buyer will pay.• The tradeoffs of staying put, renting out your house, or making improvements before selling.• Why renting instead of buying can be the smarter move for a short stay. Drawing on real conversations with homeowners, I break down the numbers, the tough choices, and the lessons buyers should understand before purchasing their next home. Your mortgage balance doesn’t determine your home’s value. Neither does the amount you need to walk away with.

    The Brutal Math behind Selling your Home

  5. Apr 18

    Why Most Investors Don’t Need an LLC

    LLCs in real estate are one of the most overhyped topics out there, and most people completely misunderstand what they actually do. In this episode, I break down how LLCs really work, what they’re supposed to do, and why so many of the claimed benefits are either exaggerated or flat-out wrong. I cover the biggest myths, including liability protection, tax write-offs, and the idea that an LLC can somehow help you build business credit with no money or experience. I also explain the real downsides that people don’t talk about—higher costs, more complexity, harder financing, and the risk of thinking you’re protected when you’re not. If you’ve been told you need an LLC to be a “real” real estate investor, or that it will somehow unlock more money, more credit, or more protection, this episode will set the record straight. No hype. No fluff. Just how it actually works in the real world.

    Why Most Investors Don’t Need an LLC

  6. Apr 13

    You’re Being Lied To About Real Estate Investing

    Most people get into real estate investing because they’ve been sold a lie. They’re told they can do it with no money, no experience, no credit, and somehow replace their income in a few months. It sounds exciting. It sounds like a shortcut. And it’s exactly how a lot of beginners end up losing money, going into debt, and quitting. In this episode, I break down the biggest lie in real estate investing and why it’s so convincing. I walk through the most common strategies being pushed right now—BRRRR, no money down, creative financing, wholesaling, using other people’s money—and explain what actually happens when beginners try them. I also explain what I did instead. No hype, no shortcuts. Just real estate done the boring way that actually works. If you want to build wealth with real estate without blowing yourself up financially, this episode will save you time, money, and a lot of frustration.

    You’re Being Lied To About Real Estate Investing

  7. Apr 7

    The Dirty Secret Behind 6% Commissions

    In this episode of Rich on Money, I break down one of the most misunderstood parts of real estate: commissions. We walk through where commissions actually come from, why sellers typically pay both sides, and why buyers are still indirectly paying even when they think they are not. I also explain what changed with the National Association of Realtors settlement and why those changes have had very little real impact in markets like mine. We also take a hard look at For Sale By Owner and why it often does not work the way people expect, along with a realistic discussion of whether real estate agents are actually worth the money. I share my own experience as both an investor and agent, including how much I truly save on commissions and why it is not nearly as much as most people assume. This episode is about cutting through the confusion so you understand how the system works and can make smarter decisions in your own real estate deals.

    The Dirty Secret Behind 6% Commissions

  8. 12/06/2025

    Avoid this $10,000 landlord mistake by trusting science over yourself

    Why do smart landlords still choose terrible tenants… and lose thousands doing it?Because most of them make one crucial mistake: they trust their gut. In this episode, Rich breaks down the psychology behind bad landlord decisions using lessons from Thinking Fast and Slow by Nobel Prize winner Daniel Kahneman. You’ll learn why your “good feeling” about a tenant (or contractor, or new hire) is usually a trap — and why simple checklists beat interviews and instincts every time. Rich exposes the five hidden brain biases that trick smart investors into bad picks, shares real stories of costly mistakes, and shows how a few objective criteria can protect your rentals, your money, and your sanity. If you want fewer evictions, fewer headaches, better tenants, and more profit, there’s one rule you must follow:👉 Stop trusting your gut. Start trusting the data. This episode changes the way you think about tenants, hiring, business, and investing forever.

    Avoid this $10,000 landlord mistake by trusting science over yourself
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4.6
out of 5
12 Ratings

About

I'm going to talk about my unique approach to money, real estate, property management, and life. I'm retired Air Force. Now a real estate investor, property manager, and realtor who is too lazy to go back to a real job. I'm anti get-rich-quick. Anti no-money-down. I'm anti fad, bitcoin, daytrade, market timing, etc. I lived frugally early on in my working life. I saved and invested well. Maxed out IRAs and 401k my whole working life. Invested in index funds for the long term. My finances are surprising simple, and it turned out to be surprisingly effective.

Information

  • Creator
    Rich Carey
  • Years Active
    2025 - 2026
  • Episodes
    31
  • Rating
    Clean
  • Copyright
    © Rich Carey
  • Show Website
    Rich on Money

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