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Determine your household budget and put away 6 months of reserves in a money market account to help you weather slow times in your business. If you are self-employed, which it sounds like you are, look into opening a self-directed retirement account, preferably a SEP. You can put up to about $40,000 per year into it and the beautiful thing is that you can do a lot more creative things than a typical IRA or 401K. For example, you can buy real estate and hold it in your self directed account (SDA), make loans, buy into a business (you cannot have any day-to-day involvement in the business you invest in, however).
Be careful about having too much debt on your rental properties. Leverage is a nice tool, but it not only magnifies returns but also losses.
Bette
We are also immigrants. Luckily we spoke English (we are from ireland) but we do have the hard work ethic.
Our next step is to start paying down mortgages while also trying to put some away for retirement ; I like the next posters advice.