{"id":8816,"date":"2023-08-16T05:32:52","date_gmt":"2023-08-16T05:32:52","guid":{"rendered":"https:\/\/imsfund.com\/?p=8816"},"modified":"2023-08-16T05:32:52","modified_gmt":"2023-08-16T05:32:52","slug":"true-financial-freedom-will-force-you-to-make-suboptimal-and-maybe-unpopular-portfolio-decisions","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/08\/16\/true-financial-freedom-will-force-you-to-make-suboptimal-and-maybe-unpopular-portfolio-decisions\/","title":{"rendered":"True Financial Freedom Will Force You to Make Suboptimal (and Maybe Unpopular) Portfolio Decisions"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">I believe that in order to actually quit your job and retire early, you will need to make some radical, suboptimal, and tax-inefficient decisions regarding your portfolio.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Please bear with me, as I am still working through this theory (and likely will continue to work through it for the next few decades). I\u2019m only 60% sure of this point. But that\u2019s far enough along for me to publish it and get your feedback.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here\u2019s my argument: In the course of my career, I\u2019ve talked to dozens (Hundreds? Nearing a thousand?) of individuals who are at, near, or well past the point of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/start-journey-financial-freedom\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">financial freedom<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All these people\u2014every one of them\u2014have made choices that are different from what a typical financial planner would advise. All of them have some gaping tax inefficiency in their portfolios. And all of them have some \u201cace in the hole\u201d on top of the traditional 4% rule portfolio that is the holy grail in the finance community.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Finally, they all built portfolios that were way overkill for financial freedom. And nearly all of them made decisions that would make the typical financial planner cringe.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The \u2018Typical\u2019 Portfolio of Legitimately Financially Free Individuals<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The exception that proves the rule I\u2019m about to call out is\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/gowithless.com\/?page_id=29232\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Tim and Amy Rutherford<\/span><\/a><span data-preserver-spaces=\"true\">. They are the closest, near-perfect example of a prototypical\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/fire-financial-independence-retire-early\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">FIRE<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(financial independence, retire early) investment portfolio of a couple that actually earns no side income, is \u201cretired,\u201d and is living the travel\/FIRE lifestyle that many seem to be chasing.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Rutherfords truly retired in their 40s on a stock\/bond portfolio, a cash cushion, and little else in the way of financial assets. However, even they retired on a substantially larger portfolio than what would be called for by the 4% rule.\u00a0<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If this is the closest to \u201cperfect\u201d in the context of a traditional FIRE portfolio, everyone else who is financially free either continues to work, or, if they truly earn no active income, is way wealthier and generates way more income than their lifestyle demands.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I encounter almost no one, with the notable exception of Amy and Tim, who harvest their equity, in any form, to sustain early retirement.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Despite the sound math and ample history supporting the 4% withdrawal rate on a portfolio, I can count on one hand the number of people I have personally met who are EARLY retirees who are actually selling off chunks of equity to sustain financial freedom.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nearly everyone else has an ace in the hole. Some of the possibilities:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">A pension plan for a military member\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">A paid-off house<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">A couple of rental properties that generate enough cash flow to cover living expenses\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Equity in a start-up or other business.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">A side hustle\/blog\/book or other intellectual property\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">A huge savings account and cash cushion\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Or it could be a combination of these things.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The \u2018Optimal\u2019 Portfolio Designed by Financial Professionals<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">For every FIRE individual I meet, there is an order of magnitude of potential peers who are equally rich but whose portfolios do not have one of those aces in the hole. Their portfolios do not actually produce spendable liquidity that the individual can wrap their head around or actually use to fund their lifestyle without feeling extremely uncomfortable.\u00a0<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This article is written for the person who is wealthy\u2014in the $1 million-plus range, or who believes they will get there in the next few years\u2014but can\u2019t see a path to actually\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/passive-income-from-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">generate passive income<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I believe there are a lot of you out there. Indeed, 30% of the people reading this are likely to be\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-accredited-investors-definition\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">accredited investors<\/span><\/a><span data-preserver-spaces=\"true\">, mostly through net worth. Nearly 100% of the people reading this believe they will become an accredited investor\/millionaire within the next 10 years. Why else are you on BiggerPockets?<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If the problem I\u2019m about to unpack doesn\u2019t impact you today, it might in a few years. Read on.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">A Case Study\u00a0\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Recently, I had an individual reach out and ask me how they could generate $60,000 in passive income. This person is a wealthy executive in California with a great career, a mid-six-figure income, a real estate portfolio, a million-dollar 401(k) and stock portfolio, and a large life insurance policy. This person is about 45 years old.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Now, $60,000 in passive income is a lot of money. It\u2019s almost the median household income in this country on its own. But generating $60,000 in passive income should not be a challenge for someone with $3.5 million in net worth. Literally, at today\u2019s rates, one could stick $1.2 million in a nine-month CD at Ally Bank and generate $60,000 in simple interest. Boom. Done.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Do this at four to five banks, and the entire balance is FDIC-insured. Game over. Sleep well.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the fact that the answer to this individual\u2019s question seems so remarkably easy is, I believe, a window into a larger problem that many investors face\u2014a problem that prevents people who work hard for decades to grow their wealth responsibly from actually enjoying that wealth and the financial freedom it is intended to bring about.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0So what gives? Why is it so hard for people who are, on paper, in the top 1% to 2% of American household wealth to actually free themselves from dependence on wage income?\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As mentioned, I believe that the answer to this puzzle lies in the pursuit of optimization.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Optimized Portfolio Problem<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This $3.5 million portfolio of the individual who reached out to me is roughly divided as follows:\u00a0\u00a0<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">$1 million in stocks\/public equities\u2014mostly in a 401(k) and other tax-advantaged retirement accounts<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0$1 million in real estate equity, leveraged at a blended rate of 4.25% on a $3.5 million portfolio.\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0A $750,000 life insurance policy<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0$250,000 in cash<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00a0$500,000 in home equity, with $500,000 remaining on the mortgage balance at 4.5%. Mortgage PI (not including taxes and insurance) is $2,500 per month.\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">\u00a0This is a highly tax-efficient portfolio that was designed, as you\u2019ve probably guessed by now, by a financial planner (who incidentally makes big money managing the $1 million in equities and likely bought their boat selling this life insurance policy five to 10 years ago).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This person is highly likely to grow their net worth by high single digits\/low double digits each year in the context of a professional, diversified portfolio. The real estate has done extremely well, appreciating in value and allowing the investor to repeatedly\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/cash-out-refinance-simple-math-heloc\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash-out refinance<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and purchase additional properties without putting in a ton of cash.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, their portfolio generates essentially no cash flow\u2014certainly not enough to cover their lifestyle and likely not enough to even cover the costs associated with just their life insurance policy.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The real estate portfolio is highly leveraged\u2014there\u2019s about $4.5 million in real estate (including personal residence) against that $1.5 million in equity. The debt service wipes out essentially all the cash flow, after CapEx, on the investment portfolio.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sure, there\u2019s a theoretical trickle of maybe $20,000 to $40,000 per year, but that is unpredictable and immaterial compared to the $250,000 in household income.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The life insurance policy premiums suck $60,000 out of their household cash flow each year. The cash in savings generates minimal yield. The home mortgage requires $30,000 in principle and interest alone annually. The stock portfolio produces 2% dividends, and even those are held mostly inside tax-advantaged accounts and reinvested.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Any financial advisor worth their salt would build a portfolio much like this for a client (maybe excluding the whole-life policy if they were a fee-only advisor). There\u2019s honestly a lot to like here. This person is undeniably wealthy. They have a huge liquidity position, no consumer debt, and a big pile of assets. This person is also mitigating their tax bill to the maximum reasonable extent for someone in their position.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a lot of ways, this is what a \u201cgood\u201d portfolio looks like. But this person feels trapped\u2014so trapped that this multimillionaire executive is honestly questioning how to generate $60,000 in passive cash flow. While they don\u2019t live paycheck to paycheck, this person would likely feel like they were running out of money after just 18 months of leaving their job.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Big, Suboptimal Moves This Person Must Make to Achieve Financial Freedom<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">To remedy this situation and actually create a world where this person is \u201cfree,\u201d we have to make some bold moves. These moves are highly tax-inefficient in the near term and have a high probability of reducing this person\u2019s long-term net worth number. These moves will also result in a big tax bill in the near term and make their (newly hired, fee-only) tax professional stamp their fist on the table with frustration (hopefully, they\u2019ve fired the financial advisor who sold them the life insurance policy yesterday).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here\u2019s what I\u2019d do.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">First, I\u2019d kill the life insurance policy and harvest the equity. Reposition this $750,000 into two to three\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/hard-money-loan\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">hard money<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0notes generating 10% to 12% interest. This swing alone removes a $60,000 (!?) annual premium (cash outflow) with an $80,000 to $85,000 cash\u00a0<\/span><em><span data-preserver-spaces=\"true\">inflow\u00a0<\/span><\/em><span data-preserver-spaces=\"true\">in the form of simple interest. There will be a $140,000 swing in pre-tax cash flow with this move alone.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, note that this interest is taxed at a high marginal rate. At a $250,000 base salary, the next dollar of income (simple interest) is likely to be taxed at 35% or more\u2014federally, plus state taxes. This move isn\u2019t likely to be CPA-approved.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Next, I\u2019d sell all but the two highest-cap rate rental properties. This would transform the portfolio from a $3.5 million total asset value to a $1.2 million (using some of the cash and\/or equities to pay off small remaining mortgage balances), to a $1 million to $1.2 million cash flow engine generating a cool $50,000 to $60,000 in dependable, (actual) spendable liquidity per year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Note that in selling, this person will have to pay transaction costs and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/capital-gains-tax\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">capital gains taxes<\/span><\/a><span data-preserver-spaces=\"true\">. There will be a tax bill coming due. And I\u2019m not recommending a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/1031-exchange\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">1031 exchange<\/span><\/a><span data-preserver-spaces=\"true\">, which requires the investor to take on new property with the same amount of debt\u2014debt that will be higher interest than their current debt. I\u2019m saying straight up: Pay the tax man, and buy your freedom.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Finally, I\u2019d pay off the mortgage by using some of the stock portfolio (after-tax) or savings over the next year or two. This knocks off $2,500 per month or $30,000 per year.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I get it: Low-interest mortgage and an opportunity to arbitrage the rate. However, this person doesn\u2019t have a net worth problem. They don\u2019t need optimal. They need freedom. This last piece is it for many folks. With a paid-off home and cars and no consumer debt, the cash needed for one\u2019s lifestyle drops drastically.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With these three steps alone, we can generate a net annual increase in cash flow from this portfolio of $30,000 in the form of eliminated mortgage payments, $60,000 from the rental properties, and another $80,000 from simple interest. In addition, we\u2019ve removed the $60,000 annual expense of the whole life policy. That\u2019s a swing of $230,000 of annual liquidity coming into this person\u2019s life. That\u2019s almost this person\u2019s entire pre-tax salary.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All this means a paid-off house and $140,000 in truly spendable passive cash flow. And there\u2019s still $1 million invested in highly tax-advantaged 401(k) investments. If they want more cash flow, they can sell the house, redeploy the equity, and bump up that cash flow number. Imagine what kind of life you can live in that context.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Of course, the tax professionals, financial planners, and optimizers of this community are reading this in disbelief. If this person follows this plan, they will incur capital gains on the real estate sales. They\u2019ve already paid the price of the really bad returns of the whole-life policy. The simple interest they generate on the hard money loans is terribly tax-inefficient, especially for the next few years if they continue to work at their job.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On paper, I\u2019ve probably reduced this person\u2019s wealth by a few hundred thousand dollars with this move on day one. And I\u2019ve potentially reduced their long-term net worth by several million dollars.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But, despite that, I will put my argument out there:\u00a0<\/span><em><span data-preserver-spaces=\"true\">I believe a set of moves like this is the price of financial freedom.<\/span><\/em><\/p>\n<p><span data-preserver-spaces=\"true\">I truly believe that most of you reading this would, after my changes, live a life of optionality and freedom\u2014a better life\u2014than if you stuck with the portfolio prior to the changes.\u00a0<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Conclusion\u00a0\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As I stated at the beginning, I\u2019m only 60% sure of this theory, let alone the practical example I used to illustrate this point. Maybe there\u2019s a way to get a better blend of freedom now and long-term wealth later. Maybe there are ways for the \u201ctypical\u201d millionaire household to break free earlier. Tell me in the comments. I\u2019d like to hear it.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Until presented with an argument that I understand and that I believe a typical investor can rationalize, my analysis and experience so far tell me that this trade-off is real and does exist. It tells me I want to optimize for a portfolio that generates freedom, not the largest possible long-term wealth number, in the most tax-advantaged way.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It tells me that more investors should consider the cardinal capitalistic sin of knowingly paying more taxes on ordinary income and simple interest than a financial planner would advise. And they should do this for a year or two while still earning a high income to get used to the new source of income.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It tells me that they should consider building toward a portfolio that leads them away from an expensive home mortgage and heavy allocation to 401(k) or retirement accounts and reduce leverage on at least a portion of our core real estate portfolios.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It tells me that investors need to, at some point, determine what \u201cenough\u201d means for them in terms of net worth and stop, many years before reaching that number on paper, optimizing for long-term wealth creation. It tells me that if investors agree with my thesis here, they will need to begin making subtle but important changes to the composition of their portfolio that a tax professional might hate but are, in fact, exactly what is needed to get to a portfolio that reliably, predictably, and sustainably pays all of their lifestyle bills\u2014and then some.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It also tells me that by submitting some of their portfolios to the clutches of Uncle Sam and the generation of cash flow at the expense of paying more in taxes today and forgoing some potential appreciation down the road, they might just actually let themselves free.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">And, of course, it tells me that they should totally avoid that whole life insurance policy.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Now, what do you think? Am I crazy? Or am I on to something?<\/span><\/p>\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Funding<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Quickly find and compare investor-friendly lenders who specialize in your unique investing strategy. It\u2019s fast, free, and easier than ever!<\/p>\n<p><\/main>\n<\/div>\n<div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Lender-Match.png\" alt=\"find a lender with lender match\" title=\"The Hard Truth: True Financial Freedom Will Force You to Make Suboptimal (and Maybe Unpopular) Portfolio Decisions 2\"\/>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/true-financial-freedom-will-force-you-to-make-suboptimal-portfolio-decisions\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article I believe that in order to actually quit your job and retire early, you will need to make some radical, suboptimal, and tax-inefficient decisions regarding your portfolio. Please bear with me, as I am still working through this theory (and likely will continue to work through it for the next few decades). [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":8817,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/portfolio-decisions-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-8816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=8816"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8816\/revisions"}],"predecessor-version":[{"id":8818,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8816\/revisions\/8818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/8817"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=8816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=8816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=8816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}