Rich Habits Podcast – Episode Summary

Episode: Q&A: Buying a Second Home, Lofty Career Goals, & How to Handle Cash
Date: February 5, 2026
Hosts: Austin Hankwitz & Robert Croak

Episode Overview

In this Q&A edition, Austin and Robert field listener questions submitted via Instagram, covering practical financial scenarios like buying a second home, managing windfalls, plotting ambitious career moves, and making strategic cash decisions. The hosts blend their generational perspectives and lived experiences—Robert as a decamillionaire entrepreneur and Austin as an ambitious twenty-something—to deliver actionable, nuanced advice. The tone remains relatable and encouraging, offering both high-level frameworks and tactical steps tailored for diverse financial situations.

Key Discussion Points

1. Buying a Second Home – What Financial Milestones Should You Hit?

[03:05–08:24]

• Question from Chris C. (37, planning for a vacation home):
  Chris asks what financial benchmarks he and his wife should achieve before buying a second home, while they’re maxing out retirement investments and have young children.

• Robert’s Milestone Framework:

  • Advocates for not stretching present finances for a second home.
  • Recommends having $250K–$500K invested across 401ks, bridge accounts, and diversified assets (03:49).
  • Quote — “I would just try to delay them enough to where you can set aside and build a nest egg specifically for the second home without touching the 401ks or going into any consumer debt to buy the furniture...” – Robert (04:22).

• Austin’s Rule of Thumb:

  • Focus on investing 15–20% of take-home pay even after accounting for the second home’s mortgage (05:05).
  • Stresses not sacrificing retirement investments for a new property—opportunity cost is key.
  • Quote — “I would not buy a second home at the expense of pulling back on my retirement investments…that’s the black and white line for me.” – Austin (06:19).

• Additional Angle:

  • They discuss “Coast FIRE”—investing a large portion early so future compounding achieves retirement goals with less ongoing effort.
  • Caution about longevity: Retirement planning needs to account for longer lifespans due to medical advances (08:24).

2. Lofty Career Goals & Building Wealth as a Recent Immigrant

[09:01–12:45]

• Question from Alice S. (27, accountant, new to the US, saving for school): Alice seeks advice on where to invest her $30K savings for long-term growth while she saves $1,500/month, has no debt, and is planning to re-enter the accounting profession, ultimately aiming to become a CFO.

• Austin’s Breakdown:

  • Advises keeping $10K–$15K of $30K in emergency savings due to potential school expenses (10:49).
  • Suggests maxing a Roth IRA, then using ETFs and index funds in a “bridge” account.
  • Recommends being intentional about educational investments—especially with AI’s rise, but reassures that accounting remains a strong field.
  • Quote — “The last thing we want you to do, Alice, is to have to swipe that credit card and go into high-interest debt when you have the cash right here.” – Austin (10:35).

• Robert’s Perspective:

  • Praises Alice’s long-term goal setting; underscores it’s a multi-year process and encourages stacking career experiences toward CFO aspirations.
  • Acknowledges her impressive savings rate (12:45).

3. Handling a Major Cash Windfall as a Teenager

[12:45–19:42]

• Question from Jace L. (18, expected to receive $750K–$1M from a car accident):
  Jace asks how to guarantee future financial success with this windfall.

• Robert’s Top Rules:

  • Don’t tell friends/family about the windfall.
  • Find a trusted financial advisor, even if it costs 1–1.5% in fees, to put up guardrails (14:41).
  • Prioritize setting up a Roth IRA, brokerage, and emergency funds.
  • Quote — “If you don’t have a plan with this money, you’re going to leak it away...if you invest 80% of it and do stupid things with the other 20%, you will be a multi, multi-millionaire by the time you’re 55 or 60 years old.” – Robert (13:13).

• Austin’s Reinforcement:

  • At 18, emotions can drive bad choices; emphasizes “not losing” the money is the first goal.
  • Normalizes the idea of expert support at this life stage.
  • Quote — “This is one of those scenarios where you need to have experts in your corner that are going to be able to teach you and guide you...” – Austin (15:46).

• Memorable Moment:

  • Robert tells a cautionary story of someone blowing an accident settlement on a car rather than investing—“She spent all the money on this car. It lasted about five years...a very depreciating asset and worth nothing.” (16:48)

• Additional Wisdom:

  • “Money magnifies people… this is your money. This is not their money. It’s okay to help people you love...but you have to put yourself first.” – Austin (17:55).

4. Second Property: Sell or Rent? Managing Out-of-State Real Estate

[21:18–26:08]

• Question from Amaka M. (owns a paid-off home in PA; moved to TX; unsure whether to rent or sell):
  Weighing selling the old house to pay down the new mortgage vs. renting out for $1,700/mo but worrying about long-distance management.

• Robert’s Take:

  • Leaning toward selling for simplicity, especially if they’ll regularly invest the mortgage savings (22:06).
  • Considers capital gains and income nuances—notes they may qualify for exclusion if properly structured.

• Austin’s Calculations:

  • Shows that renting out (with $500/month set aside for expenses) could yield $700K+ in invested returns over 20 years, plus appreciation of the house (23:27).
  • Advocates for outsourcing management (property manager/handyman) and investing cash flow monthly.
  • Quote — “This money is now worth $700,000…and then we fast-forward 20 years, what’s the home worth?...that’s a million dollars right there.” (23:27)

• Key Consideration:

  • Regardless of choice, commit to investing the proceeds or cash flow for long-term wealth.

5. Too Much Cash? Brokerage vs. Home Purchase for a Young Saver

[26:08–29:17]

• Question from Trent (28, CA, $140K in high-yield savings, plans to invest $100K this year, eager to buy a house): Asks whether to invest or keep funds liquid for a home.

• Robert’s Simple Plan:

  • Take $100K from savings to brokerage/Roth, invest in index funds “like VOO and QQQ” (26:08).
  • Keep $40K as emergency fund.
  • Delay home purchase 1–2 years to avoid stretching finances.

• Austin’s Take:

  • Agrees on building a $100K “base” before home buying.
  • If buying, suggests “house hacking”—buying 3-bedroom, renting out rooms, or multifamily to subsidize costs (27:00).
  • Quote—“Just make sure you’re buying it in a responsible manner where you’ve got some bedrooms, you’re gonna have some housemates, they’re paying your mortgage a little bit…” (28:32).

• Memorable Moment:
  Robert shares his own experience of buying a fourplex, living in one unit, and letting rent cover the mortgage (29:02).

6. Can You Invest in SpaceX Before IPO?

[29:17–34:51]

• Question from Papa Protein (investing in the SpaceX IPO pre-public markets): Asks if there’s still a way to get in early.

• Austin’s Advice:

  • Warns against predatory offers for private shares at unrealistic valuations (29:17).
  • Suggests using speculative betting platforms like Polymarket to “bet” on SpaceX’s IPO closing market cap as a parallel way to gain exposure to the outcome—not direct investment.
  • Quote—“If you were to go find something online, it might be predatory…so maybe, just maybe, Polymarket is a platform to consider using…” (31:25).

• Robert’s Suggestion:

  • Advocates instead for “picks and shovels plays” like Rocket Lab or AST Space Mobile—public companies participating in the sector, or investing in companies with indirect exposure (32:30).
  • Warns: “Don’t be buying these IPOs from random sites and random people, because you’re not going to get a fair price…”

• Austin’s Bonus Tip:

  • Notes EchoStar Corporation (SATS) holds significant SpaceX equity; owning SATS could serve as a “proxy” if SpaceX IPOs and valuations soar (33:19).

Notable Quotes & Highlights

• “Personal finance is personal and everyone has different financial issues. So it’s awesome to get these questions.” – Robert (01:07)
• “Just make sure you’re buying it in a way where you’re not leaving a lot of money on the table to have it suck you dry…” – Austin (28:32)
• “Money magnifies people. If you were a jerk… you’re going to be an even bigger jerk. If you were a very nice person…and you are a nice person, all this money will make you even nicer.” – Austin (17:55)

Timestamps of Important Segments

• [03:05] Second home milestones & framework (Chris)
• [09:01] Immigrant career-building & investing plan (Alice)
• [12:45] Managing a teenage windfall (Jace)
• [21:18] Out-of-state home: rent or sell? (Amaka)
• [26:08] High-yield savings or invest? (Trent)
• [29:17] Getting into SpaceX pre-IPO (Papa Protein)

Tone & Final Thoughts

This episode showcases the hosts' commitment to practical, non-dogmatic guidance. Both Robert and Austin use real-life examples and candid, down-to-earth language to drive home their lessons, always encouraging listeners to remain intentional, patient, and proactive in their financial decisions.

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