If you want to invest in real estate, you’ll need a few things: a property, an income source, and some cash. If you’ve got all three, you should be able to finance your way to owning a rental property, but this becomes a little more challenging when you’re someone with fluctuating income. Entrepreneurs, especially those without a consistent client base or consistent schedules, have a seriously hard time tracking, budgeting, and saving their income which changes every other month.Chelsea and Wade feel this way as well. They’re both entrepreneurs, but, as a filmmaker, Wade has far more fluid income than Chelsea does. Some months Wade will bring in tens of thousands, while other months, nothing. Chelsea can subsidize the household budget with her more regular income, but even then, the couple needs to keep a strong safety reserve to ensure they’re never going too over budget without their bank account being refilled.Thankfully, Chelsea and Wade are very good at managing their money and may actually have too much of it. They’relooking to dive into real estate investing to start building a path to financial freedom. With a serious amount of safety reserves, they’re thinking of buying a short-term rental as their first investment property. But, does their inconsistent income threaten their vacation rental plans?In This Episode We CoverHow to manage emergency funds and safety reserves when self-employedRetirement accounts vs. rental property investing and which is best for early FISaving for your child’s college and why a 529 plan may limit your child’s future choicesSelf-employed health insurance and whether or not getting a job is worth the lucrative benefitsThe most important metric to look at when investing in short-term rental properties Whether or not your cash position is too conservative for your investing goalsAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetHow to Find Free Money to Finance Your Education & Avoid Extensive Student DebtIs College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston CooperSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.