By Melissa Hargreaves
“Money can’t buy happiness.” We’ve all heard this saying at some point in our life. But how true is it? You can’t go into the mall and pay cash and walk out with happiness in a shopping bag.
However, money can buy you freedom. When you are financially secure, you have the freedom to decide how to spend your time. You may have the money to walk away from a toxic relationship. Maybe it can give you the security you need to quit a job you hate and start your own business.
It can also help you to help others, which brings happiness. Helping others in need has a physical effect on your body! When you help others, your brain releases “feel-good” chemicals like endorphins and dopamine.
Becoming financially free doesn’t happen overnight. It can take years to earn and save the money you need to reach the point of financial freedom. While it may seem impossible, I do believe that most people can accomplish it.
My Journey Toward Financial Freedom
This is a journey I’ve been on since beginning my career in real estate in 2014. It’s something I’m constantly seeking to learn more about and become better at. By no means am I an authority on the topic, and it’s taken me months to write and share this because I really feel that I have no right to speak on this topic. However, I realized that the bits of knowledge I have accumulated and the resources I look to on a regular basis to learn more could also benefit others.
While this is not directly related to property management, I want to share this here because I believe that most landlords want to use real estate investing to improve their net worth. I also believe that many of our tenants have financial goals and would love to own their own home.
The Empire Building Podcast
At the end of 2025, I was listening to my favorite podcast, The Empire Building Podcast, and heard the episode called “20+ Ways to Make, Save & Grow Money.” (You can find this episode on Apple Podcasts or on their website.)
I listened to this episode twice and took lots of notes. Right away, I took action. One of the first things I did was reach out to two insurance agents and see if I could save any money. I’ve done this in the past but was never able to find anyone who could beat USAA’s pricing. I was certainly shocked when I got a quote back that would save me 24% annually on my home, auto, and umbrella policies!
This prompted me to want to share this podcast with everyone I love, as well as some of the companies I work with.
Tips for Financial Freedom
I strongly recommend listening to the entire podcast and taking your own notes. However, below are the notes I took. I’ve added some additional thoughts and links to resources. I really hope they can help you on your path to financial freedom. I’m also happy to share other resources or answer any questions you may have. (Feel free to contact me.)
*Please note that I did not create the content of the list below. These are my notes based on the podcast. I’m not a CPA, attorney or financial advisor, just someone wanting to share my thoughts and opinions.*
- Go through your detailed spending list and play red light, green light.
It’s amazing how many small, recurring charges you may not even realize are going onto your credit card each month. Make sure you are reviewing them in detail at least once or twice per year! - Track your net worth.
If you haven’t done this before, check out https://winmakegive.com/wealth/. I have gone through this free class twice now and I learn something new each time. They provide a free net worth tracking spreadsheet that makes it super easy. - Use a system to help you know where your money’s going so that you can make good choices.
- Send an email to your banker and say, “I need to be wiser about this money sitting in the account. What can I do?”
- Shop your insurance. (auto, home, umbrella, etc.)
Mayer & Steinberg saved me 24% on my policies! Keith@mayersteinberg.com - Search for unclaimed money in your state.
Here is the link for the State of MD: https://www.unclaimed-property.marylandcomptroller.gov - Renegotiate leases and/or mortgages in terms of refinancing.
As rates come down, refinancing may make sense. If you are interested in a referral to a lender, please reach out! I have quite a few I work with. - Get a line of credit.
You can do this against a property or even your business! It can be a quick and easy way to get cash flow for things like tax payments, medical expenses, business development expenses, etc. - Use life insurance as an investment tool.
- Talk to your CPA more than once a year!
- Talk to a wealth management team.
- Look into short-term disability.
- Use online shopping savings tools like Rakuten and Fetch.
Be familiar with deals available through your credit cards. Frequently you can save money or get cash back by shopping at stores with your credit card.
Rakuten—I’ve gotten almost $2,000 in cash back over the years I’ve used it. Check it out here: www.rakuten.com/r/MELISS18071?eeid=28187 (That is my referral link, so I will get some benefit if you sign up.)
Fetch—Another simple way to get rewarded for money you are already spending. Scan your receipts (email receipts work too!) and earn points to get gift cards. Download Fetch with my link or use code V5MNH6 to get a bonus when you submit your first receipt. https://referral.fetch.com/vvv3/referralqr?code=V5MNH6 - When you sign up for a free trial of anything, put a reminder on your calendar to cancel it (or at least evaluate if you’re using it) before the free trial ends.
- Check subscription accounts to see which ones allow multiple users.
Share accounts with a friend so you both aren’t paying for the service if you’re allowed to share. - Request limit increases on your credit cards.
- Add your kids as authorized users to your credit cards to help them start building a strong credit history.
- Consider buying used.
My favorite thrift store is Second Avenue! - Schedule a time to pay all of your bills at once (or twice per month).
- Ask people you pay regularly for a bulk discount and ask for referral fees when sending clients to other businesses.
- Utilize 0% interest offers to get out of debt faster.
- Review cell phone/cable/internet bills.
Call and ask for discounts or cancel things you aren’t using.
I wish you all the best on your journey to financial freedom!