Episodes

3d ago

Ready to take control of your finances in 2026? Mindy Jensen and Scott Trench are breaking down one of the most powerful tools for financial success: the personal financial statement . Think of it as your complete financial snapshot—tracking your net worth, cash flow, assets, and liabilities all in one place. The best part? They're giving you a free comprehensive spreadsheet to make it ridiculously easy. This Episode Covers: What a personal financial statement is and why it's essential for reaching your 2026 FI goals How to calculate your net worth and track it over time Step-by-step instructions for filling out your financial statement spreadsheet Organizing your assets and liabilities in one powerful location Using cash flow analysis to understand where your money goes Tips for serious financial planning with your completed statement Access to the free comprehensive spreadsheet template at BiggerPocketsMoney.com/resources Mindy and Scott's recommended budgeting software, Monarch Money (use code 'Pockets' for 50% off Your First Year) Whether you're just starting out or ready to level up your money game, this episode gives you the foundation you need. Learn more about your ad choices. Visit megaphone.fm/adchoices

6d ago

Sam and Carolyn reached financial independence in their thirties through frugality, real estate investing, and building side hustles that generated $10,000 per month. Then they made a bold move—quitting their jobs and briefly relocating to Canada. This Episode Covers: How Sam and Carolyn house-hacked their way to a multi-property real estate portfolio The unconventional side hustles that generated $10K monthly in additional income Their complete financial strategy: savings rate, expense tracking, and investment allocation The decision to quit their jobs and achieve full financial independence in their thirties Why they moved to Canada and how universal healthcare and education factored into their FIRE plan Navigating the challenges of early retirement and aligning goals as a couple Building systems for long-term wealth preservation and flexible lifestyle design Lessons learned and advice for aspiring FIRE seekers Whether you're just starting your FIRE journey or looking for creative ways to accelerate your path to financial independence, Sam and Carolyn's story offers actionable strategies you can implement today. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 12

Join Mindy Jensen and Scott Trench for a powerful conversation with Regina Moore , who achieved millionaire status before 35 through frugality and her career as a pharmacist. But when her young son was diagnosed with cancer, everything changed. In this deeply personal episode, Regina opens up about how a healthcare crisis tested her Lean FIRE plan in ways she never anticipated. And how financial independence—despite not being a perfect shield—gave her family options during their hardest moments. Her family was placed in an incredibly difficult position due to subsidy cliffs. The conversation highlights the practical realities Regina and others face, examines the structural challenges within current healthcare policy, and discusses potential solutions. This episode covers: How achieving FI before crisis provided crucial flexibility The ACA subsidy cliff and impossible financial trade-offs Adjusting FIRE plans when life doesn't go as expected Why she's still grateful she achieved financial independence Systemic healthcare issues A must-listen for anyone pursuing financial independence who wants to understand what happens when real life tests your plan. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 9

Building a $2.5 million portfolio is hard. Spending it without running out? That's even harder. Welcome to the 700th episode of the BiggerPockets Money Podcast ! To mark this milestone, hosts Mindy Jensen and Scott Trench are tackling one of the most critical—and most overlooked—aspects of financial independence: decumulation . Most people obsess over building wealth but stumble when it's time to actually spend it. The withdrawal strategy you choose can mean the difference between a comfortable 40-year retirement and running out of money at the worst possible time. In this episode, we cover: Sequential vs. blended vs. cyclical withdrawal strategies—which is right for you? How to create a tax-efficient drawdown plan that could save you hundreds of thousands The role of Roth accounts , traditional IRAs, and taxable brokerage accounts in your withdrawal strategy When to do Roth conversions and how to time them for maximum benefit Healthcare planning in early retirement and how it affects your withdrawal strategy Estate planning considerations and maximizing what you leave behind Real-world scenarios: what withdrawal strategies look like in practice The biggest mistakes retirees make in the decumulation phase Whether you're just starting your FI journey or you're ready to retire next year, this comprehensive guide will help you spend your money strategically, minimize taxes, and make your nest egg last. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 5

Are you using the wrong retirement withdrawal strategy? Sequential drawdown —draining one account before touching the next—is the most common approach to early retirement, but it could be costing you tens of thousands in unnecessary taxes. In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit down with Enrolled Agent Mark to break down tax-efficient withdrawal strategies that maximize your retirement savings. Discover blended drawdown strategies and cyclical drawdown methods that optimize which accounts you tap first—Traditional IRA, Roth IRA, taxable brokerage, HSA—to minimize your lifetime tax burden. This episode covers: Sequential vs. blended vs. cyclical retirement drawdown strategies How to optimize withdrawal order from retirement accounts (401k, IRA, Roth, taxable accounts) Tax-efficient retirement planning for early retirees and FIRE followers How to leverage today's historically low tax rates before they expire Healthcare costs in early retirement (ACA subsidies, Medicare planning) Asset protection and estate planning considerations Roth conversion strategies during low-income years How to avoid costly tax mistakes in the decumulation phase Whether you're planning for financial independence, already retired early, or managing multiple retirement accounts, this tax optimization masterclass will help you keep more of your money and make your nest egg last longer. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 2

What would you do differently if you could start your FIRE journey over today? Back in 2013, Scott was fresh out of college house hacking his way to financial independence, while Mindy and her husband were deep into their FIRE journey documenting it all on their blog . Fast forward to 2025—both are financially independent, but if they were starting from scratch today, they'd make some serious changes. Welcome to the BiggerPockets Money Podcast! In this episode, Scott and Mindy reveal what they'd do differently starting their FI journey in 2025. The fundamentals still work—frugality, saving, investing—but the tactical strategies? Those have evolved dramatically. In this episode, we cover: The real estate strategies Scott would prioritize in today's market Stock investments and portfolio allocation for 2025 How AI and technology are reshaping the path to FI The biggest regrets—including times they wish they'd spent MORE What still works from 2013 vs. what's completely outdated Lifestyle changes they'd make earlier in the journey Updated timelines and expectations for achieving FIRE today Whether you're just starting out or already on track to financial independence, this episode gives you a fresh roadmap for building wealth in today's world. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 28

What happens after you achieve financial independence ? Former Facebook employee turned comedian Paul Ollinger discovered the answer wasn't what he expected—and it completely changed how he thinks about money, work, and happiness. This Episode Covers: Why financial autonomy beats wealth accumulation—and what that actually means for your daily life The psychological challenges of early retirement nobody talks about (and why having a plan is non-negotiable) How he navigated major financial decisions in high-cost cities like New York without sacrificing his goals The truth about happiness and wealth—does more money actually make you happier? How to prepare for life's unexpected curveballs that can derail even the best financial plans And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 25

Will 2026 healthcare costs destroy your FIRE plan? Enhanced ACA tax credits expire in 2026—meaning health insurance premiums could DOUBLE or TRIPLE overnight. This healthcare subsidy cliff threatens millions who depend on affordable marketplace coverage. In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench interview Matt McGough from KFF to break down the 2026 healthcare crisis and what you can do NOW to protect your early retirement. This Episode Covers: Who gets hit hardest by 2026 healthcare premium increases Exact cost projections for early retirement health insurance in 2026 Actionable strategies to prepare NOW for rising healthcare costs Which FIRE strategies still work after ACA subsidy changes Affordable health insurance alternatives for early retirees History of ACA subsidies and why they're expiring Steps to protect your financial independence from the healthcare affordability crisis And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 21

Think you need a six-figure salary to retire early? Think again. Middle school teacher Andrew Luman is achieving financial independence and retiring at 50—all on a teacher's salary. In this episode of the BiggerPockets Money podcast, hosts Mindy Jensen and Scott Trench unpack Andrew's complete FIRE strategy , proving that early retirement isn't reserved for high earners. In this episode, you'll learn: How Andrew discovered the FIRE movement and started his financial independence journey Building wealth on $35,000 a year: Andrew's early budgeting strategies The power of a high savings rate and how to achieve it on a modest income House hacking explained: How Andrew used a multi-unit property to eliminate housing costs Real estate investing for teachers and average income earners Portfolio breakdown: Andrew's asset allocation and investment strategy for early retirement The four-day work week advantage and how it accelerated his path to FIRE Choosing time over money: lifestyle decisions that make early retirement possible Side hustles for FIRE : Which ones are worth it Cash management strategies for approaching financial independence Approaching your FIRE number: What the final stretch looks like And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 18

Time's running out on 2025, and there are critical financial moves you need to make before December 31st. In this episode of the BiggerPockets Money podcast, Mindy and Scott walk you through the essential year-end tasks that could save you thousands of dollars and keep your FIRE goals on track. These aren't just suggestions—they're time-sensitive opportunities that literally disappear when the calendar flips to January 1st. Whether you're aggressively pursuing financial independence or simply want to optimize your money, ignoring these year-end deadlines could cost you big. The good news? Most of these tasks take less than an hour to complete, and the payoff can be substantial. In this episode, you'll discover: How to maximize your tax-advantaged retirement accounts before contribution deadlines Why you need to spend every dollar in your FSA or lose it forever Tax-loss harvesting strategies to offset gains and reduce your tax bill Strategic charitable giving tactics that benefit both you and your favorite causes When and how to rebalance your investment portfolio for optimal performance Critical Roth conversion considerations before year-end HSA contribution limits and why maxing out matters for FIRE Required minimum distribution rules you can't ignore How to bunch deductions to maximize tax benefits The BiggerPockets Money End of Year Checklist And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 14

Pay off your mortgage or invest? If you're pursuing FIRE, you've wrestled with this question. A paid-off house means thousands extra in your pocket each month and a lower FIRE number . But investing that same money could build significantly more wealth and get you to FIRE with a bigger nest egg. So which strategy wins? To help you decide, Scott built a brand-new mortgage calculator that accounts for interest rates, investment returns, and taxes. He and Mindy use it to analyze real-world scenarios—high mortgage balances, different life stages, various risk tolerances—proving there's no one-size-fits-all answer. In this episode, you'll learn: Who should prioritize paying off their mortgage early The hidden pros and cons of each strategy Why your timeline to FIRE changes everything How to use Scott's calculator for your specific situation Different paths for those retiring soon versus decades away Whether you want maximum wealth for a luxurious retirement or just want to quit your job as fast as possible, we've mapped out strategies for both. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 11

Most people think index funds are the only path to financial independence—and they'll get you there in 15-20 years. But what if you could get there faster? In this episode, Mindy Jensen and Scott Trench team up with John Bowens from Equity Trust to reveal advanced portfolio strategies that can accelerate your FIRE timeline. This episode covers: Strategic allocation across your Roth IRA, HSA, and 401(k) to maximize tax advantages How to hold alternative investments like real estate, private equity, and crypto inside tax-advantaged accounts Tax loss harvesting strategies that can save you thousands Managing physical gold within retirement accounts Balancing aggressive and conservative investments for optimal growth Advanced tactics for tax-efficient portfolio optimization Whether you're building wealth aggressively or protecting what you've already built, this episode gives you the roadmap to optimize every account for maximum tax efficiency and long-term growth. And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 7

Paul has a $1.6 million net worth at 40 years old—impressive by any standard—but he's stuck wondering: Can I retire in the next 5-6 years? In this episode of BiggerPockets Money , Paul shares his journey from debt payoff to building substantial rental income during COVID-19. Now he's sitting on significant equity, strong cash flow, and a critical question: What's the fastest route to FIRE? Hosts Mindy Jensen and Scott Trench dive deep into Paul's complete financial picture—his income, expenses, real estate portfolio, and debt—to map out his optimal path to early retirement. Should he pay down mortgages ? Buy more properties? Pivot to index funds? They explore every angle to help Paul retire by 45-46. This episode covers: Paul's complete financial breakdown: income, expenses, assets, and liabilities How Paul pivoted to real estate investing during COVID-19 and built rental income The mortgage payoff vs. investing debate for someone close to FIRE Whether Paul should buy more rental properties or shift to index funds Optimizing Paul's portfolio to retire in 5-6 years Tax strategies and withdrawal planning for early retirement The trade-offs between cash flow and equity in a real estate portfolio Bridge account strategies to access wealth before 59½ If you're wondering how to accelerate your own FIRE timeline when you're already doing well financially, this episode is packed with actionable strategies you can apply to your situation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 4

You're doing everything right—buying a house, maxing out your 401(k), investing in real estate—but what if these "smart" money moves are actually trapping you in your job? It's the paradox plaguing the FIRE community: you could be a millionaire on paper but can't afford to retire because all your wealth is locked up. Welcome to the BiggerPockets Money podcast! In this episode learn what the middle class “trap” is, why it happens, and most importantly, how to escape it. Scott and Mindy use the example of 'Sam,' a diligent saver, to explain the practical strategies for achieving financial independence, whether through Coast FIRE, Roth conversion ladders, 72(t) distributions, or more aggressive frugality and saving. They also address both the critiques and supporters of this notion, providing actionable advice for anyone feeling financially stuck despite their best efforts. 00:00 Are You in the Middle Class Trap? 00:30 What is the Middle Class Trap? 00:57 The “Ideal” Retirement Portfolio 05:12 The Controversy of the Middle Class Trap 08:53 Strategies to Escape the Trap 18:26 Advanced Financial Strategies 28:06 Mindy and Scott’s Early Retirement Roadmap 34:31 Share YOUR portfolio Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 31

One rental property changed everything. Deandra was drowning—working multiple jobs, crushed by student debt, teaching full-time with no end in sight. Then she bought her first property with just $4,000, and within four years, she walked away from teaching forever. Today, Deandra reveals the exact strategy she used to go from broke teacher to financially independent real estate investor. You'll hear how she leveraged house hacking to buy her first two-bedroom townhouse, scaled into multi-family properties, and discovered an overlooked rental strategy that produces killer returns while most investors ignore it. The best part? She's proof you don't need a massive down payment or a high income to start. If you've been waiting for the "perfect time" to invest in real estate, this episode will show you how to take action with whatever you have right now. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 28

The wealthiest 1% invest completely differently than you've been taught—and they definitely don't follow the advice most financial advisors give. In this episode of BiggerPockets Money, hosts Mindy Jensen and Scott Trench sit down with Tad Fallows , co-founder of Long Angle, to reveal the real investment strategies of high-net-worth individuals and how they differ from the FIRE community's approach. This Episode Covers: The most common paths to joining the 1% (entrepreneurship, tech executive roles, and high-conviction investments) Why the ultra-wealthy favor index funds, private equity, and real estate over traditional investments Why high-net-worth individuals largely avoid financial advisors and bonds How Tad went from consulting to founding a successful medical research software company to co-founding Long Angle Key differences between how the 1% manage their portfolios versus mainstream investment advice What the FIRE community can learn from the investment strategies of the ultra-wealthy And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 24

Should you pay off all your debt before investing? Or is that costing you years of financial freedom? In this episode, we're tackling the debate that divides the FIRE community: aggressive debt payoff versus strategic debt management. We break down two real case studies to show you exactly when to prioritize debt payoff and when to invest alongside debt. You'll discover: The interest rate threshold where investing beats debt payoff (and why it matters) Student loan strategies that most people get completely wrong How to calculate whether you should pay off debt or invest Two detailed case studies with specific recommendations you can apply to your situation This isn't about telling you debt is good or bad—it's about giving you the framework to make the right decision for YOUR financial situation. Whether you're drowning in debt or debt-free and wondering if you made the right call, this episode will change how you think about the relationship between debt and building wealth. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 21

Ericka Young did what most people think is impossible—she went from 90k in debt to Coast FI with a seven-figure net worth. In this episode of the BiggerPockets Money podcast, she's pulling back the curtain on how she did it. What You'll Learn: How to eliminate massive debt without living in total deprivation The debt snowball method in action (and why it works psychologically) When to stop paying off debt and start investing aggressively Investment strategies that built $2.5 million in net worth The mindset shift from "getting by" to building real wealth Perfect for: Anyone in debt who wants a realistic path to financial independence, or for people looking to accelerate their wealth-building timeline. Ericka's a financial coach who's been exactly where you are. Her story is proof that financial freedom isn't reserved for high earners—it's about strategy, discipline, and knowing when to shift gears. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 17

Is the FIRE movement dead? In 2025, more people are catching on to the huge downsides of pursuing financial independence, retire early. Strict frugality, massive sacrifice, working harder than ever…is it really worth it to retire decades before everyone else? If you’re internally screaming, “Yes! Of course it is!” you’re in good company. Today, we’re talking about why FIRE is NOT dead in 2025 but why most Americans won’t achieve it. It’s easy to claim that the FIRE movement is dead in 2025 when inflation has been high, savings rates are low, and there’s economic uncertainty all around. The problem? Almost all of that can be easily factored into your FIRE plan, and with some sacrifices, you could easily retire early in five, ten, or fifteen years. So, if FIRE is still possible, what must the average person do to achieve it? We’ll discuss the mindset shift you must undergo to reach financial independence, the sacrifices you must prepare for, and what we would have done differently on our own paths to FIRE. Achieving financial freedom doesn’t need to be an all-out grind with zero enjoyment. Even if you make minor money moves today, you could be retiring YEARS earlier than you thought possible! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 14

In this BiggerPockets Money episode, we break down the all-out approach to reaching Financial Independence and Retiring Early in your 30s. No tech salary required, no inheritance, no luck. Just aggressive saving, smart investing, and a willingness to optimize every dollar. We'll cover: The exact savings rate you need to hit FIRE in your 30’s How to maximize income without changing careers Where to cut expenses without feeling deprived Investment strategies that accelerate your timeline The lifestyle trade-offs that actually matter Real numbers: What it takes to build a $500K-$750K portfolio on $50K-$70K/year Whether you're just starting your FI journey or you're years in and wondering if you're on track, this episode gives you the honest roadmap to early retirement—no matter your starting salary. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 10

In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench tackle two pivotal financial decisions with their guest, Kristel. Has she already achieved Coast FI without realizing it? And should she keep her current house or sell it to accelerate her path to financial independence? Kristel opens up about her journey from a frugal upbringing to building an impressive $1.32 million net worth. Mindy and Scott dig deep into her numbers—dissecting her assets, income streams, and monthly expenses—to give Kristel options for her ideal FIRE life. From house hacking opportunities to smart investment moves and strategic part-time work, this episode delivers actionable insights for anyone navigating their own FI journey. This Episode Covers: How Kristel built $1.32M Her current income, expenses, and savings rate Her financial independence goals and timeline House hacking opportunities to reduce housing costs Investment strategy options for her portfolio Is Kristel Coast FI? With help from The Fioneers Coast FI calculator Part-time work options to bridge the gap to full FI Tax optimization and withdrawal strategies And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 7

Let's talk about the average net worth by every age, and how to make sure you save and invest enough money to stay on track. In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench break down actual data to reveal the net worth benchmarks for the median, top 10%, top 5%, and top 1% of every age. If that isn’t enough they then highlight specific strategies that work at each age to hit those benchmarks—from aggressive wealth-building tactics in your 20s and 30s to business ownership and real estate scaling in your 40s, to preservation strategies in your 50s and 60s. Whether you're behind and need to catch up or ahead and want to optimize, this episode gives you the roadmap for your decade so you can hit your financial independence goals. 00:00 Net Worth by Age - Are You on Track? 01:09 Defining Net Worth and FIRE Portfolio 02:44 Analyzing Net Worth by Age 03:58 Key Takeaways from Net Worth Data 12:03 How to Be in The Top 1-10% in Your 20s 16:17 How to Be in The Top 1-10% in Your 30s 21:17 How to Be in The Top 1-10% in Your 40s 25:22 How to Be in The Top 1-10% in Your 50s 30:51 How to Be in The Top 1-10% in Your 60s Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 3

Should you sell your house right now or turn it into a rental property? In this episode of the BiggerPockets Money podcast, hosts Mindy Jensen and Scott Trench dive deep into one of the biggest financial decisions you'll ever make with their guest Sean. He is sitting on serious equity but isn't sure what his next move should be. We break down his entire financial situation using a custom spreadsheet model that analyzes net worth, mortgage rates, rental income potential, cash flow projections, and long-term wealth building strategies. This isn't just theory—we're crunching real numbers to show you exactly how to think through this decision. We examine market conditions, tax implications, opportunity costs, and the hidden expenses most people forget when they become landlords. Whether you're dealing with a primary residence, investment property, or house hack situation, this episode gives you a replicable decision-making process you can use for your own real estate choices. By the end of this episode, you'll understand the financial trade-offs between liquidity and long-term appreciation, how to calculate true rental yields, and when holding onto property actually destroys wealth instead of building it. If you're facing a similar decision or planning your real estate exit strategy, this is the most comprehensive breakdown you'll find anywhere. 00:00 Should You Sell or Keep Your House? 01:17 Financial Overview: Net Worth, Income & Equity 02:33 Mortgage Rate Analysis and Current Housing Market Conditions 03:07 Rental Property Cash Flow Calculator 13:41 Hidden Rental Property Expenses and Long-Term Investment Returns 19:30 How Selling vs Renting Impacts Your Cash Flow and Net Worth 21:11 Net Worth Projections: Sell Now vs Hold 5, 10, 20 Years 23:27 Rental Property Cash Flow vs Home Sale Proceeds Analysis 24:29 Best Time to Sell Your House 26:26 Which Option Builds More Wealth? 31:14 Final Verdict: Should You Sell Your House Now? Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 30

What if you could take a year off at 31 and still retire early? Alex Morales, also known as Girl Chasing Wealth, is doing exactly that. In this BiggerPockets Money episode, she sits down with Mindy Jensen and Scott Trench to reveal how she's funding a year-long sabbatical while staying on track to achieve financial independence by 44, all on a median salary in a high-cost-of-living area. Alex's journey proves you don't need a six-figure income or to live in a low-cost city to make FIRE work—you just need the right strategies. Alex shares her unconventional approach to building wealth, including managing roommates to slash housing costs, ruthlessly cutting expenses that don't align with her values, and building side income streams for flexibility. But this isn't just about saving money—it's about designing a life that lets you take meaningful breaks without derailing your financial goals. Whether you're burned out, curious about sabbaticals, or convinced early retirement requires constant hustle, this conversation will change how you think about the path to financial freedom. This Episode Covers: How to calculate if you can afford a career break without ruining your FIRE timeline The exact house hacking strategy that saved Alex thirty thousand dollars per year Which expenses to cut first when living in a high-cost area How to maintain a high savings rate on a median income Alex's investment portfolio breakdown and FIRE number What she's actually doing during her sabbatical year Her strategic plan for returning to work at a higher salary Why taking time off might accelerate your financial independence journey And SO much more! 00:00 Taking a Year Off at 31 Without Ruining FIRE 01:39 How She Started 03:17 The Lifestyle Cuts That Actually Worked 07:46 Roommates Saved Her $30K/Year 12:10 Her Exact Investment Strategy Revealed 14:29 Why She Left Her Job 15:50 The Return Plan: Higher Pay, Same Freedom 22:30 What She's Actually Doing on Sabbatical 32:06 Follow Her FIRE Journey! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 26

Join Mindy Jensen and Scott Trench on the BiggerPockets Money Podcast as they welcome retirement tax experts Sean Mullaney, The FI Tax Guy, and Cody Garrett, a certified financial planner, to break down their game-changing retirement drawdown order of operations. This isn't your typical retirement advice - it's a strategic blueprint that could save early retirees and traditional retirees thousands in taxes while ensuring their money lasts a lifetime. Discover the four critical retirement drawdown fundamentals that form the backbone of any successful retirement strategy, plus advanced tactics for optimizing your tax burden, managing healthcare costs, and timing Roth conversions for maximum impact. Sean and Cody don't just explain what to do - they walk through exactly when and why each strategy matters most, covering everything from your retirement date through the challenging widow and widower years. This episode covers: The four fundamental retirement drawdown rules that could save you thousands Why you should spend taxable accounts first and traditional accounts second The strategic case for delaying Social Security until age 70 How to use HSAs and Roth IRAs as powerful tax-free tools The five distinct phases of retirement and what each one means for your strategy Advanced Roth conversion tactics and optimal timing How to keep income low to maximize ACA premium tax credits Managing required minimum distributions and minimizing their impact Healthcare cost planning and insurance strategies for retirees Why working with a qualified tax planner is essential for your unique situation And SO much more! 00:00 Retirement Drawdown Strategies 01:22 Fundamentals of Retirement Drawdown 03:37 Phases of Retirement and Taxable Accounts 07:23 Managing Income and Premium Tax Credits 09:22 Roth Conversions and Standard Deductions 19:52 Hidden Roth IRA and Tax Planning 28:36 Navigating Healthcare Subsidies and Early Retirement 29:26 Balancing Benefits for Early Retirees and Self-Employed 33:34 Strategic Tax Planning for Retirement 35:50 Understanding Required Minimum Distributions (RMDs) 36:59 Mitigating the Impact of RMDs 40:51 The Widow's Tax Trap and Effective Tax Planning 46:30 Connect with Sean and Cody! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 23

In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench are joined by tax experts Sean Mullaney and Cody Garrett to reveal how early retirement can actually be your smartest tax strategy. The conversation immediately tackles one of the biggest misconceptions holding people back from FIRE - the fear that retiring early means facing higher taxes. Instead, they demonstrate how lower retirement income typically translates to significantly lower tax bills, completely flipping the conventional wisdom about retirement tax planning. The discussion dives deep into their comprehensive approach to tax planning for early retirement, centered around the powerful concept of "Pay Tax When You Pay Less Tax." This isn't just theory - they break down practical, tax-efficient strategies that can save you thousands, including optimizing traditional 401k contributions, maximizing Roth IRA conversions, and strategically managing taxable investment accounts. These aren't complex maneuvers requiring a team of accountants; they're accessible strategies that any early retiree can implement. Beyond the big-picture tax strategies, this episode tackles the real-world challenges that derail many FIRE plans. Learn how to build robust emergency reserves that won't trigger unnecessary tax consequences, handle unexpected income disruptions without destroying your tax efficiency, and leverage advanced techniques like qualified charitable distributions to further reduce your tax burden. Whether you're years away from retirement or already making the transition, this episode provides actionable insights to minimize your lifetime tax burden while maximizing your financial independence. The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Mindy, Scott, and the BiggerPockets Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. 00:00 Taxes in Early Retirement 00:54 Debunking Tax Myths in Early Retirement 03:03 Understanding Taxable Income in Retirement 04:10 Effective Tax Strategies for Early Retirees 05:37 Capital Gains and Tax Rates 12:25 Tax Planning Tools and Calculators 23:43 Tax Optimization Strategies 24:27 Debate: 401k vs Roth IRA 24:56 Order of Operations for Financial Independence 25:42 Roth IRA Conversion Strategies 32:33 The Middle Class Trap 39:09 Tax Strategies for New Investors 44:21 Connect with Sean and Cody Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 19

Join Mindy Jensen and Scott Trench on this episode of the BiggerPockets Money Podcast as they dive into the different types of FIRE. Financial Independence, Retire Early isn't a one-size-fits-all approach - it's evolved into multiple distinct paths, each designed to meet different lifestyles, risk tolerances, and financial goals. This comprehensive exploration will help you understand which version of financial independence makes the most sense for your unique situation. From traditional FIRE to coast, lean, barista, chubby, and fat FIRE, each approach offers its own timeline, savings requirements, and lifestyle implications. Whether you're drawn to the minimalist appeal of lean FIRE or you're more interested in fat FIRE's promise of maintaining a luxurious lifestyle in retirement, understanding these distinctions is crucial for mapping out your financial future. Scott and Mindy break down the math, mindset, and practical considerations behind each path, giving you the clarity to choose your FIRE strategy and start building a personalized roadmap to financial independence. This Episode Covers: The six main types of FIRE and what makes each one unique Specific savings requirements and timelines for each FIRE path Real-world pros and cons of traditional, coast, lean, barista, chubby, and fat FIRE Which personality types tend to succeed with each strategy How to match your lifestyle and goals to the right FIRE approach The sacrifices and trade-offs involved in each path Practical steps to get started on your chosen FIRE journey And SO much more! 00:00 The 6 Types of FIRE 01:12 Traditional FIRE 04:38 Coast FIRE 09:43 Barista FIRE 13:11 Lean FIRE 18:15 Chubby FIRE 22:07 Fat FIRE Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 16

Discover how geo-arbitrage can double your investing power without requiring a raise, career change, or lottery win! In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench are joined by Daniel Mills to explore how remote workers can live lavishly on a middle-class salary by strategically leveraging location differences. This isn't just about moving somewhere cheaper - it's about unlocking a completely different financial trajectory through smart geographic choices. Daniel shares his journey to financial independence while living in Japan, breaking down his simplified investment portfolio, dramatically lower cost of living, and the tax strategies that allowed him to write off six-figure incomes. From navigating international investing challenges to discovering unique real estate opportunities, Daniel's story demonstrates how living abroad can accelerate your path to FIRE in ways you might never have imagined. This Episode Will Cover: How geo-arbitrage can double your investment power on the same income Daniel's path from English teacher to international real estate investor Simplified investment strategies that work from abroad Tax advantages and write-off opportunities for expats Real-world cost of living comparisons between Japan and the U.S. Practical challenges of investing internationally and how to overcome them Cultural integration strategies for successful expat living Whether geo-arbitrage is right for your FIRE journey And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 12

What if we told you that your path to financial independence isn't about picking the perfect stocks, timing the market, or earning a massive salary? In this revealing episode of BiggerPockets Money, hosts Mindy Jensen and Scott Trench cut through all the noise to focus on what actually matters: your savings rate. This isn't just theoretical advice—Mindy and Scott get personal, sharing their own savings journeys, including the costly mistakes they made and the pivotal breakthroughs that transformed their financial lives. This episode completely reframes the conversation around saving money. Instead of extreme penny-pinching that breeds resentment, Mindy and Scott explore "creative frugality"—intelligent strategies that help you save significantly more without feeling deprived. From small incremental changes that compound into thousands of dollars annually to innovative approaches for slashing major expenses, you'll walk away with immediately actionable tactics that prove financial independence isn't about sacrifice—it's about smart optimization. This Episode Covers: Why your savings rate matters more than your investment returns or salary Mindy and Scott's personal savings rate journeys and biggest mistakes Lifestyle optimization strategies that boost savings without reducing happiness The psychology behind sustainable high savings rates Creative approaches to cutting your three biggest expenses Why starting a side business accelerates your FIRE timeline Investment strategies that support aggressive savers How to increase your savings rate at different career stages Common savings rate mistakes that derail FIRE progress How small changes compound into life-changing financial results And SO much more! 00:00 How to Supercharge Your Savings Rate 01:14 Mindy and Scott’s Savings Rate 03:40 Strategies for High Savings Rates 11:50 Creative Ways to Reduce Expenses 20:02 Increasing Income 26:06 We want to hear from you! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 9

Pete Adeney, aka Mr. Money Mustache, joins BiggerPockets Money hosts Mindy Jensen and Scott Trench to break down the shockingly simple math behind early retirement. The man who started the FIRE movement and retired at 30 reveals why most people are overcomplicating financial independence—and why your savings rate is literally the only number that determines when you can quit your job. Pete doesn't just share theory—he walks through the real strategies, investment decisions, and mindset shifts that allowed him to achieve financial freedom in his thirties. Whether you're new to FIRE or looking to optimize your current approach, this episode cuts through the noise to deliver the foundational principles that actually work. This Episode Covers: The one metric that determines your entire FIRE timeline Why saving 50% gets you to FI in just 17 years (and the math behind it) How Pete retired at 30 and what his portfolio looked like The psychology of frugality and why it's actually liberating Pete's current thoughts on real estate investing for FIRE His take on Bitcoin and alternative assets in a FIRE portfolio Common FIRE mistakes that derail people's progress Why your income level matters less than you think Practical strategies for increasing your savings rate immediately The mindset shifts that make extreme saving sustainable And SO much more! 00:00 The Basics of Early Retirement 01:02 The Shockingly Simple Math Behind Early Retirement 01:21 Understanding Your Savings Rate 05:41 Pre-Tax Savings and 401k Considerations 11:06 The 4% Safe Withdrawal Rate 13:09 Seven Levels of Safety in Early Retirement 28:44 The $50,000 Earner 31:51 Raising Kids on a Budget 35:17 Health Insurance in Early Retirement 41:39 Real Estate as a Retirement Strategy 46:41 Bitcoin and Speculative Investments 51:19 Connect with Mr. Money Mustache Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 5

Today on the BiggerPockets Money Podcast, we're diving into an incredible success story. Meet Beau, a retired military professional who built a massive real estate empire and achieved financial independence in his thirties. But here's the twist: even with a winning formula, Beau wants his investments to work even HARDER while he works even LESS. In this Finance Friday episode, Beau opens up his entire financial playbook with hosts Mindy Jensen and Scott Trench. We're talking rental properties generating serious cash flow, private lending deals that most investors don't even know exist, and tax strategies so advanced they'll make your accountant jealous. This isn't your typical "I bought a duplex" story—this is next-level wealth building. If you're serious about real estate investing and want to see what's possible with the right strategy and execution, this episode is packed with actionable insights. In this episode, you'll discover: Beau's complete real estate portfolio breakdown and current cash flow numbers Advanced private lending strategies that generate consistent returns Tax optimization techniques for real estate heavy portfolios How to transition from active to passive real estate investing Strategic property sale timing and 1031 exchange considerations The pros and cons of private money lending versus traditional investments Portfolio diversification strategies for real estate investors How military discipline translated into investment success Specific steps to make your real estate investments more hands-off Risk management strategies for high-net-worth real estate portfolios And SO much more! 00:00 Beau’s FIRE Journey 02:43 Beau’s FI Number 04:52 Exploring Passive Income Options 09:53 Private Lending and Real Estate Portfolio Analysis 19:17 Evaluating Property Performance and Future Plans 28:54 Exploring Arbitrage in Real Estate Lending 33:32 Amortization and Long-Term Financial Planning 36:34 Balancing Private Lending and Real Estate Investments 44:32 Tax Strategies and Portfolio Diversification 54:51 Connect with Beau! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 2

Ever wondered how financial experts ACTUALLY manage their own money? Mindy Jensen opens her real financial accounts LIVE on this episode! In this groundbreaking BiggerPockets Money podcast episode, hosts Mindy Jensen and Scott Trench deliver unprecedented financial transparency. Mindy tracks her personal net worth and finances in real-time using Monarch Money, giving you an authentic behind-the-scenes look at how a financial expert truly manages her money. This Episode Covers: Live demonstration of actual account connections Mindy's real spending patterns and financial habits Advanced Monarch Money features most people miss How to automate your entire financial tracking system Why regular financial reviews change everything Exclusive listener discount for Monarch Money (Get 50% off your 1st Year with the Promo Code POCKETS) Whether you're drowning in financial chaos or ready to level up your money management game, this episode shows you exactly how to centralize and streamline your finances like a true professional. 00:39 Why We Love Monarch Money 01:50 Tracking Your Net Worth 06:29 Setting Up Your Monarch Money Account 16:39 Budgeting How To 22:06 Tracking Spending 25:05 Total Net Worth 27:48 Setting Up Monarch Money 35:11 Sign up for Monarch Money Today! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 29

Retire earlier. Spend more. Live better. For most people, these sound like mutually exclusive goals—you can pick one, maybe two, but certainly not all three. Financial planner Aubrey Williams is here to prove that conventional wisdom wrong. Joining BiggerPockets Money hosts Mindy Jensen and Scott Trench, Aubrey introduces his revolutionary guardrails strategy that completely flips traditional retirement advice on its head. Instead of the rigid, fear-based approach that dominates most retirement planning, Aubrey's method shows you exactly how to create flexible spending rules that respond to real market conditions. This isn't just another investment strategy—it's a complete mindset shift. Aubrey walks through the psychological barriers that keep retirees from actually enjoying their money, then provides the practical tools and historical evidence you need to overcome them. Get ready for a masterclass in turning retirement anxiety into genuine retirement confidence, backed by decades of market data and real-world application. 00:00 Rethinking Early Retirement 01:24 Adjusting Spending in Retirement 02:30 Myths of Financial Independence 04:48 Tools for Decumulation 11:18 Guardrails for Safe Withdrawal 24:23 The Risks of Underspending 29:15 Introducing Risk-Based Guardrails 29:27 Building a Sample Portfolio 30:16 Adjusting Spending Based on Portfolio Performance 32:07 Historical Analysis and Guardrails 54:41 Connect with Aubrey! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 26

Fear that early retirement is out of the question because you have too much debt? It's not game over. Whether you're debt-free or still chipping away at your student loans, today's guest is proof that FIRE is never too far out of reach—even when life throws you a curveball that leaves you with $90,000 in debt! Welcome back to the "BiggerPockets Money" podcast! Aubrey Williams thought his financial world was crumbling when his divorce was finalized, leaving him staring down $90,000 in debt. Most would assume this spells doom for financial independence, but Aubrey knew he could dig his way out by increasing his income, cutting costs, and staying laser-focused on his goals. In just eight years, he snowballed out of debt and toward his long-term goal—achieving financial independence at 45. Now that he's turned his financial ship around, he's focused on building wealth for the future. Tune in to learn how he transformed his finances into a comeback story, why he refuses to let setbacks define his dreams, and what his path to FIRE looks like after starting over! 01:05 FI After 90k in Debt 04:32 How to Fast Track FI 05:51 The Path to Savings 14:21 Financial Pillars 19:47 Career Shifts During FI 32:45 The Value of Financial Planning 42:39 Entrepreneurial Journey and Lessons Learned 47:16 Connect with Aubrey Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 22

Do you think you can't beat the market? David Gardner, co-founder of The Motley Fool, joins the BiggerPockets Money podcast to shatter this limiting belief and reveal why stock picking can supercharge your wealth-building strategy alongside index fund investing. Despite conventional wisdom warning against individual stock selection, Gardner exposes his proven approach to identifying winning stocks early and holding for long-term gains. This isn't about day trading - it's about building lasting wealth through strategic stock analysis and smart diversification. This Episode Covers: Why index funds alone may not be enough for maximum wealth building David Gardner's legendary stock picking strategy from 30 years at The Motley Fool How to identify undervalued companies before Wall Street catches on The 'Sleep Number' concept for managing portfolio risk and peace of mind Balancing individual stocks with index fund investing for optimal returns Long-term holding strategies vs. market timing and day trading Portfolio diversification techniques that actually work Whether you're a beginner investor or looking to refine your strategy, Gardner provides actionable insights on building real wealth through a combination of stock picking and index fund investing. Discover how to transform your investment approach and achieve financial independence faster. Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 19

Are you worried you won't be able to retire at sixty-five? Feeling financially limited in your fifties and need a retirement plan so you can finally stop working? Well, we made this episode of the BiggerPockets Money podcast just for you. Today, Mindy and Scott are joined by experts Jackie Cummings Koski and Bill Yount from Catching Up to FI to teach you how to retire on time at age sixty-five (or even retire early!) if you're starting from zero with no money to your name. We spell out exactly what we would do to go from a zero-dollar net worth to a million dollars in retirement! This is a step-by-step plan that anyone who wants to retire on time can follow, focusing specifically on Barb - a recently divorced stay-at-home mom reentering the workforce with a zero-dollar net worth. Her situation represents millions of people who find themselves starting over financially in their fifties, whether due to divorce, job loss, or simply never having started saving for retirement. This Episode Covers: How to maximize earning potential when reentering the workforce after years away Emergency fund strategies when you're starting from scratch (and why it's different in your 50s) The exact investment prioritization order for late-starter retirement savers How to catch up on retirement savings using IRS catch-up contribution rules Debt elimination strategies that won't derail your retirement timeline Creative ways to reduce expenses without sacrificing quality of life The psychology of starting over financially and maintaining motivation And SO much more! 00:00 Introduction: Overcoming Financial Challenges at 50 05:44 Understanding the Emotional and Financial Starting Point 12:33 Setting Clear Financial Goals 14:33 Tracking and Measuring Finances 18:29 The Math Behind Early Retirement 20:03 Building the First $25,000 25:34 Side Hustles and Income Strategies 31:54 Downsizing and Financial Adjustments 39:02 House Hacking Strategy 50:17 Investment Strategies for Late Starters 01:04:11 Connect with Jackie & Bill Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 15

On this episode of the BiggerPockets Money podcast Mindy and Scott are joined by Beau Webb. Beau went from flying Blackhawk helicopters in the Army to achieving financial independence in his 30s through a diversified investment strategy that goes way beyond basic index funds. Beau built wealth through real estate, and savvy use of military benefits while still crushing it in traditional markets. But here's what makes his story even more powerful - he's living proof that you CAN retire early in just ten years if you save and invest strategically. His approach blends real estate investing, the smart use of military benefits, and disciplined plays in traditional markets. The result? Multiple streams of income that comfortably cover his lifestyle — all without tapping his retirement accounts. Beau's story proves that you can reach FI in as little as ten years, not by living on rice and beans, but by leveraging creative financing, making intentional moves, and thinking bigger than conventional financial advice allows. This Episode Covers: The exact house hacking strategies Beau used to build his first income streams Creative financing techniques that work even with limited starting capital How to maximize VA loan benefits for accelerated wealth building Why mobile home parks and self-storage became Beau's secret weapons Building multiple income streams that cover lifestyle costs without touching retirement accounts Diversification strategies across real estate and traditional markets The ten-year FI timeline: realistic expectations vs. extreme sacrifice How to leverage unique advantages (military or otherwise) for faster wealth building And SO much more! 00:00 Introduction to Today's Guest 01:14 Military Background and Financial Beginnings 05:42 First Steps into Real Estate 07:52 House Hacking 10:34 First Duplex Purchase 16:17 Expanding the Real Estate Portfolio 19:42 Diverse Investment Strategies 21:38 Seller Financing 28:28 Expanding the Portfolio 31:49 Achieving Financial Independence 34:36 Life as a Full-Time Investor 37:47 Connect with Beau! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 12

What does it take to transform from a $27,000-a-year employee into an eight-figure entrepreneur? Hala Taha, founder of YAP Media, joins Mindy Jensen and Scott Trench on the BiggerPockets Money podcast to reveal the mindset shifts, strategic decisions, and hard-won lessons that built her media empire. This isn't just another success story – it's a masterclass in entrepreneurial thinking, strategic pivoting, and building scalable systems that generate massive wealth. This Episode Covers: How to identify and overcome limiting beliefs about money Scaling from solo operator to eight-figure company Cash flow management in unpredictable business cycles Investment strategies specifically for business owners Balancing reinvestment vs. personal wealth building And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 8

Coast FI is a fascinating concept that's gaining traction in the financial independence community. And no, to Mindy's disappointment, it doesn't involve having enough money to live beachside (though the lifestyle can be just as relaxing). Unlike the extreme FIRE approach that dominates personal finance blogs—where you're told to save every penny, never eat out, and forget about vacations—Coast FI offers a more sustainable path to early retirement. Enter Jessica and Corey from The Fioneers, who've proven this gentler approach actually works. When they discovered the FI movement, they were earning just $30,000 combined—hardly a six-figure head start. As their income grew, so did their savings rate, but Jessica quickly realized that climbing the corporate ladder came with a hidden cost. The stress became so overwhelming that she needed a six-month mental health break from work. That break changed everything. Jessica never returned to traditional employment, instead building her own business. Today, she and Corey have achieved what they call "slow FI"—they're Coast FI with complete time autonomy, still enjoying travel and comfortable living, while on track to retire in their early 50s. They're living proof that financial independence doesn't require sacrificing your mental health, relationships, or joy along the way. Their story challenges the narrative that you must choose between financial freedom and actually living your life. Sometimes, the scenic route gets you exactly where you need to go. In This Episode We Cover Coast FI explained and how it’s a far more enjoyable alternative to standard financial independence Saving and investing even while making a below-median income salary Resisting lifestyle creep and how to use pay raises to increase your net worth The danger of going “too fast to FI” and how retiring too early can be a detriment Part-time jobs, side hustles, and other ways that you can make more apart from your W2 Spending money to “escape” and how quitting a stressful job could save you more money And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 5

Tired of the extreme saving grind? What if there was a way to front-load your retirement savings and then "coast" to financial independence without the stress? In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench break down Coast FI - the strategy that lets you stop aggressive saving in your 30s while still retiring comfortably at 65. Coast FI isn't about retiring early - it's about retiring the anxiety around retirement savings. Once you hit your Coast FI number, compound interest does the heavy lifting while you focus on living your life. This approach offers the perfect middle ground between traditional retirement planning and extreme FIRE strategies. This Episode Will Cover: How to calculate your personal Coast FI number Investment strategies that maximize compound growth The psychological freedom that comes with hitting Coast FI Real examples of Coast FI timelines and scenarios Why this might be the perfect FIRE strategy for most people And SO much more! 00:38 What is Coast FIRE 02:16 How to Achieve Coast FI 05:56 Calculate Your Coast FI Number 07:54 Coast Fire by Age 09:21 Passive Income and Coast Fire 19:52 Investment Strategies for Coast Fire 22:40 Investment Order of Operations 28:15 Connect with Scott and Mindy Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 1

Join hosts Mindy Jensen and Scott Trench as they sit down with Cody Garrett, a former musician turned financial planner who discovered the FIRE movement seven years ago and is now just four years away from achieving financial independence by age 40. Cody's unique dual perspective—as both someone actively pursuing FIRE and a professional helping others achieve it—makes this conversation particularly valuable for anyone on their own early retirement journey. Cody shares the practical strategies, mindset shifts, and career decisions that accelerated his path to financial freedom. He breaks down his personal approach to portfolio management, explains how to avoid the lifestyle inflation trap, and discusses building multiple income streams through business ventures. Whether you're contemplating a career change, looking to optimize your FIRE timeline, or seeking guidance from someone who's walking the walk, this episode is packed with actionable insights you can implement immediately. This Episode Covers: Cody's journey from musician to financial planner and FIRE discovery Strategic career pivoting to accelerate financial independence Portfolio theory and investment strategies for early retirement Avoiding lifestyle inflation while building wealth The importance of finding your "why" for financial independence And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 29

In this episode of the BiggerPockets Money podcast, hosts Mindy Jensen and Scott Trench are joined by real estate expert J Scott to break down the mixed signals dominating today's economic landscape. Are we or we not heading into a recession? They discuss what's really happening with GDP growth, consumer spending patterns, and the evolving nature of work itself. From the rise of gig economy jobs that complicate traditional employment metrics to the unprecedented challenges facing businesses nationwide, this deep-dive conversation reveals the nuances behind the economic data that directly impacts your financial decisions. This Episode Covers: Key indicators of a recession Analysis of recent conflicting economic headlines Differing impacts on consumer spending and employment trends Influence of tariffs and the rising wave of business bankruptcies Potential economic impact of artificial intelligence Importance of portfolio diversification during uncertain times And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 25

In this insightful episode of the BiggerPockets Money Podcast Mindy Jensen and Scott Trench delve into the practical steps for building wealth with financial writer Nick Maggiulli. They discuss his new book, 'The Wealth Ladder,' which introduces a six-level wealth ladder for assessing and enhancing one's financial strategy. From establishing emergency savings in level one to focusing on investment choices in level three and contemplating business decisions in levels five and six, Nick provides a comprehensive guide across different stages of wealth. The episode is perfect for anyone aiming to grasp a structured approach to financial independence and learn how to adapt their strategies as their wealth grows. This episode cover: The Wealth Ladder (All 6 Levels) How to adjust your portfolio over time The importance of increasing your income Balancing lifestyle upgrades with sustainable financial growth And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 22

In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench, along with guest David Pere , delve deep into achieving financial independence while serving in the military. They discuss the unique advantages of military benefits, such as zero-cost healthcare and housing allowances, and how these can be leveraged to fast-track financial independence . The episode is packed with actionable advice and real-life examples to inspire military personnel to build wealth and achieve financial freedom. This Episode Covers: Budgeting effectively while enlisted Understanding military pay structures The power of house hacking and live-in flips, and investment strategies tailored specifically for service members. They explore the potential of achieving substantial net worth through disciplined savings and smart investing, even within an eight-year service commitment. And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 18

In this episode of the BiggerPockets Money podcast, hosts Mindy Jensen and Scott Trench welcome Frank Vasquez back on to challenge everything you thought you knew about safe withdrawal rates. Frank reveals how a properly constructed risk parity portfolio can support a 5% withdrawal rate—meaning you could comfortably pull $125,000 annually from a $2.5 million portfolio without the traditional fear of running out of money. This isn't theoretical; it's a practical strategy that sophisticated investors have been using for decades. Frank takes listeners step-by-step through building this portfolio on Fidelity , demonstrating real-world implementation rather than just concepts. You'll discover how mathematical principles like the Fibonacci sequence can guide your allocation decisions, why traditional diversification falls short, and how to rebalance effectively without overthinking the process. Most importantly, Frank shows how to customize this approach to your specific situation, making risk parity accessible whether you're approaching FIRE or already financially independent. This Episode Covers: Risk parity fundamentals - Understanding true diversification beyond stocks and bonds Asset class breakdown - Specific investments across equities, bonds, commodities, and alternatives Rebalancing strategies - When and how to adjust your portfolio without constant tinkering Withdrawal techniques - Practical methods for taking income from multiple asset classes And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 15

In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench are joined by Frank Vasquez, host of the Risk Parity Radio Podcast. Frank introduces the concept of a risk parity portfolio. Rather than relying on traditional stock-heavy portfolios, Frank reveals how strategic diversification across asset classes can potentially support higher withdrawal rates while actually reducing your risk of running out of money. The conversation covers the nuances of structuring a portfolio with equities, bonds, and alternative assets like gold and managed futures. They also explore the implications of real estate investments and the timing of transitioning from an accumulation to a decumulation strategy. Frank shares insights on the importance of balanced withdrawals, the challenges of adhering to conventional investment philosophies, and the need to move towards a holistic view of financial independence that includes well-being and responsible spending. We Discuss: Why the standard 60/40 portfolio may be failing FIRE investors Optimal allocation strategies across equities, bonds, and alternative assets The critical timing of portfolio transitions as retirement approaches Strategic withdrawal approaches that prioritize longevity over accumulation The psychological shift from wealth accumulation to wealth optimization And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 11

What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement! Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer! If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime! In This Episode We Cover How to calculate your financial independence number (and when to adjust it!) The four-percent rule explained (and whether it still works in 2024) Why most people chasing FIRE don’t retire on the four-percent rule How to control your expenses and protect against inflation in retirement The “home run” investment that could save you thousands of dollars And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 8

In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench discuss the order of operations for investing your money to achieve FIRE. They outline the steps for both traditional early retirees and those looking to invest in real estate (or start a business). If you’re a beginner in the FIRE movement, start here and work through these steps to FIRE the fastest. If you’re close to FIRE already or at a significant financial milestone, don’t worry. We have tips you can use right now to retire earlier and avoid the “middle-class trap” that kills so many FIRE dreams.The episode dives deep into why each step is essential and provides actionable tips for maximizing your investment strategy based on your personal goals. What We Discuss: Investing Order of Operations for FIRE Invest Order of Operations for Real Estate Investors Why we prioritize a Fully Funded 401(k) over a Roth IRA And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 4

Want to access your IRA before turning 59½ without paying the brutal 10% early withdrawal penalty? You're not alone, and there are completely legal ways to do it that most people never learn about. In this comprehensive guide, John Bowens from Equity Trust will walk us through the exact strategies that allow you to tap into your IRA funds for early retirement, major expenses, or financial emergencies while staying on the right side of the IRS. This episode delves into the serious considerations and potential consequences of accessing IRA funds before retirement age. It highlights the penalties and tax implications of early withdrawals, emphasizing the disruption to the growth of retirement savings. The discussion includes valid exceptions for penalty-free withdrawals, such as higher education expenses and first-time home purchases, while stressing the importance of evaluating all options and consulting with a financial advisor. Listeners are encouraged to weigh the immediate need against long-term financial health to make informed decisions. What You'll Learn in This Episode: Legal penalty-free withdrawal strategies that bypass the 10% early withdrawal penalty IRS-approved exceptions including first-time home purchases, higher education costs, and medical expenses Tax implications of early IRA withdrawals and how they affect your overall financial picture Long-term impact analysis of early withdrawals on your retirement savings growth Alternative funding sources to consider before tapping into your IRA When to consult a financial advisor and what questions to ask Step-by-step evaluation process for weighing immediate needs against future financial security Documentation requirements and proper procedures for penalty-free withdrawals And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 1

The FIRE (Financial Independence, Retire Early) movement has transformed how people think about work, money, and retirement. In this comprehensive episode, Mindy and Scott break down everything you need to know about achieving financial independence and potentially retiring decades earlier than traditional retirement age. We explore the mathematics behind FIRE, different approaches to the movement, and practical strategies for dramatically increasing your savings rate. From understanding the 4% rule to optimizing your investment portfolio, this episode provides a complete roadmap for anyone interested in financial independence. Perfect for both beginners exploring the concept and those already on their FIRE journey looking to optimize their approach. What We Discuss: The 4% Rule Explained How to calculate your FIRE number Proven strategies to save 50%+ of your income Best investment vehicles for FIRE (401k, IRA, taxable accounts) Common FIRE mistakes to avoid Updated strategies for 2025 market conditions Withdrawal strategies And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 27

In this episode of the BiggerPockets Money podcast, Mindy and Scott speak with Victor Haghani, a seasoned financial expert whose journey from Wall Street titan to FIRE advocate will transform how you think about wealth building. Victor's path from Salomon Brothers and Long-Term Capital Management to founding Elm Wealth reveals the shocking truth: the complex strategies that made millions on Wall Street pale in comparison to simple index fund investing for achieving financial independence. What We Discuss: Why Victor's billion-dollar trading experience led him to index funds The age-based asset allocation strategy that adapts as you approach FI The psychological traps that derail FIRE journeys (even for Wall Street pros) Practical portfolio management for the path to financial independence And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 24

You're eager to build serious wealth, but the idea of managing tenants, fixing toilets, handling trash issues, and dealing with the endless headaches that come with real estate investing makes you cringe. Even though we're the world's largest platform for real estate investors, we totally understand that the landlord life isn't suited for everyone. The great news? Real estate is definitely not your only ticket to wealth. There are five other proven methods to accumulate serious money that won't have you answering frantic tenant calls at 2 A.M. On today's episode of the BiggerPockets Money podcast, Mindy and Scott team up to reveal the five most effective wealth-building strategies that don't require purchasing a single rental property. These approaches are accessible to virtually anyone, regardless of your current salary or existing savings account balance. Some of these strategies are extremely passive, needing only a few minutes monthly to kickstart your wealth accumulation, while others have the potential to dramatically boost your earnings but demand considerably more active participation. In this episode, you'll learn: The five ways to get rich WITHOUT investing in real estate The four “levers” of wealth you can pull to level up your financial lifestyle “Boring” businesses and HUGE investment opportunities for those in their 20s, 30s, or 40s Job hopping and why you could be underpaid and overworked at your current role The investment accounts that can expedite your path to becoming a millionaire The super passive investment anyone can use to build massive wealth in the background And SO Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 20

Buying a house, maxing out your 401(k), and leveraging real estate are considered the gold standard for building wealth, but what if these strategies are actually sabotaging your early retirement? Today, we're diving into the controversial "middle-class trap" debate with Brad Barrett from the ChooseFI podcast! Welcome back to the BiggerPockets Money podcast! Is your net worth locked up in home equity and retirement accounts you can't access? Brad, Mindy, and Scott are having a friendly but fierce debate about whether this middle-class trap is real or just financial fear-mongering, breaking down strategies to avoid it and revealing the ideal portfolio for early retirees. In this episode, you'll learn: If the Middle Class Trap is real or not! The difference between your Net Worth vs. FI Number The Psychological Barriers to Financial Freedom And SO Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 17

On this episode of the BiggerPockets Money Podcast , hosts Mindy Jensen and Scott Trench sit down with Dave Fleischer, a teacher who's proving that you don't need a six-figure salary to achieve financial independence. If you've ever felt discouraged because your FI number seems impossibly high or your current salary feels too small to build real wealth, this episode will completely shift your perspective by showing that financial independence isn't about how much you make, but how strategically you manage what you have. Whether you're a teacher, earn a median income, or simply want to see how creative financial planning can accelerate your journey to freedom, you'll discover actionable strategies that work regardless of your income level and prove that YOU can follow this simple path to achieve financial freedom too. In this episode, you'll learn: How Dave and his wife became net worth millionaires at 39 years old. Can one move change your life? Living below your means is key to building wealth. If you can downsize your lifestyle, it is a cheat code. And SO Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 13

On this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit down with John Bowens from Equity Trust. John is an expert on the often-overlooked 72(t)t rule that could be a game-changer for early retirees. This often misunderstood withdrawal strategy allows people under 59.5 to tap into their retirement accounts without facing the brutal 10% early withdrawal penalty that typically guards these funds. John breaks down the complex world of Substantially Equal Periodic Payments (SEPP), walking listeners through the different calculation methods, critical liquidity considerations, and smart investment strategies that can make or break a 72T IRA approach. In this episode, you'll learn: How to access retirement funds early with the often overlooked 72(t) rule Avoiding 401(k) penalties and using retirement accounts to actually retire early The rules and regulations you MUST follow to withdraw penalty-free And SO Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 10

Katie Gatti Tassin from " Money with Katie " escaped the middle-class wealth trap of endless working and spending by having her "financial awakening" early. Through just a few years of self-education she more than doubled her income, built a profitable business, and mastered r etirement investing and passive income strategies. She's documented all of these wealth-building strategies in her new book " Rich Girl Nation: Taking Charge of Our Financial Futures ," which you can pre-order today . You'll learn the exact mindset shifts and actionable steps that transformed Katie's financial life and how you can replicate her success to break free from the cash-gobbling cycle and skyrocket your own net worth. In this episode, you'll learn: The “financial awakening” that’ll have you saving more and spending less Tracking spending in real-time is crucial for financial awareness. Financial “truths” that could destroy your wealth if you follow them Earning more money requires smart strategies, not just hard work. And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 6

The 4% rule just got a major update! Bill Bengen , the creator of the famous 4% withdrawal rule , returns to share his latest research that's changing retirement planning forever. Welcome back to the BiggerPockets Money podcast ! Discover why he's now recommending a 4.7% withdrawal rate and what this means for YOUR retirement strategy. In this episode, you'll learn: Why Bill Bengen updated his iconic 4% rule after decades of research The psychology behind why retirees struggle to actually spend their money How market conditions should influence your withdrawal strategy The role real estate plays in a well-diversified retirement portfolio Active vs. passive management strategies for retirees How younger retirees should approach their investment timeline differently Why protecting your principal matters more than maximizing returns The importance of controlling expenses and finding purpose beyond money And SO Much More! Whether you're planning for retirement or already retired, this conversation will reshape how you think about withdrawal rates, portfolio management, and creating a sustainable financial future. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 3

Do you really need an LLC for rentals ? What kind of insurance should you get? With so many questions (and confusion) surrounding asset protection for real estate investors , we’ve brought on an expert to set the record straight so you can protect your assets—without going overboard or breaking the bank! Welcome back to the BiggerPockets Money podcast ! Today, we’re chatting with real estate attorney and fellow investor Bonnie Galam about the nuances of asset protection. The truth is that there are two sides to this coin, but most investors only focus on the defensive or “reactive” side . Bonnie will show you the keys to 360-degree protection —like setting up strong legal structures before problems arise and the essential documentation you should have from day one. You’ll also learn about the potential pitfalls of equity partnerships , how personal events can put your properties at risk, and why car insurance and prenups matter more for your portfolio than you might think. Asset protection doesn’t have to be complicated, but it does need to be strategic, and this episode will help you prioritize what’s important now , what can wait, and how to create a legal framework that evolves as your real estate portfolio grows! In This Episode We Cover: Two sides of asset protection to focus on when starting a real estate business Three actionable steps new investors can take to protect their assets today Why you need to create an estate plan (even if you don’t have rentals yet!) How much you should expect to pay for different types of legal protection Debt versus equity partnerships (and why one is better for asset protection) And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

May 30

If you invest consistently, reaching FIRE (financial independence, retire early) by your mid-40s is absolutely possible. These two financial-freedom -chasing twins are proof of it! Only in their 20s , both Andy and Oliver from Twin Finances have six-figure net worths , rental properties, and fully-loaded stock accounts ! Conveniently, right after getting their first jobs, they found out about the FIRE movement , and have been quickly approaching their FIRE numbers ever since! Andy and Oliver have made substantial financial progress in just six years by doing what’s simple—a “set it and forget it” investing strategy that means less stress and faster FIRE. With $2M FIRE goals each, they’ve got a big gap to fill, but starting in their 20s gives them a huge leg up. In this episode, they break down their net worths , assets , and how they balance stocks and real estate to stay on track for FIRE by 45 ! Are you new to the FIRE movement? Check out Andy and Oliver’s beginner channel for personal finance, Twin Finances , and subscribe to BiggerPockets Money ! In This Episode We Cover The “set it and forget it” investing strategy for FIRE by your mid-40s Why you MUST be flexible with your FIRE number as your life changes How to handle market corrections and crashes without losing your FIRE progress Andy and Oliver’s impressive net worths (they’re only in their 20s!) Combining rental properties and consistent stock investing to diversify your FIRE income And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.biggerpockets.com/blog/money-645 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 27

For many of us, FI (financial independence) isn’t just about having the biggest bank account . Growing wealth is one thing, but getting rich isn’t the goal. Freedom, time with loved ones, and giving back to your community are. So, when he reached the millionaire mark and achieved Coast FI , Ryan Brennan knew it was time to leave his new director role and focus on something that fueled his FIRE in a non-financial way. But, how did he get to a seven-figure net worth in his mid-30s anyway? A few very savvy (and repeatable) money moves catapulted Ryan’s net worth, allowing him to reach a level of financial freedom three decades before traditional retirement age. Through smart investing, unconventional living, and using his money to multiply his investments, Ryan secured the financial runway to enjoy a long sabbatical , doing what he truly loves— service work . After multiple volunteering trips, Ryan started the FI Service Corps , a group for those on their way to (or at) FI to give back to the community and help others in less fortunate positions. Ryan and his FI Service friends have helped build houses for qualifying low-income families, laid floors, and painted for Habitat for Humanity , and done it all while staying on track for early retirement. Want to give back, too? Join Ryan on a FI Service Corps volunteer trip! In This Episode We Cover Repeatable money moves Ryan made to reach Coast FI by 36 Why financial independence is so much more than just growing your net worth (it’s about giving back !) How to know you’re ready to take a sabbatical or quit your job The live-in flip house hack strategy that will supercharge your FIRE progress Why Slow FI may be even better than retiring as early as possible How to join Ryan and other FI friends on a trip to help those in need And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/money-644 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 23

Most people assume the “safe withdrawal rate” for retirement (or early retirement) is 4%. But, if that’s the case, why is it SO hard to find anyone who’s gotten to their FIRE number , quit their job, and lived entirely off of the 4% rule ? If the 4% rule is so safe and backed by solid math, why are so few FIRE followers confident enough to actually use it? We don’t know. So we asked Karsten, AKA “Big Ern,” from Early Retirement Now to help answer! Karsten has done the math, and the 4% rule checks out. But even he, an early retiree, doesn’t follow it. So, instead of the safe withdrawal rate, what’s the comfortable withdrawal rate early retirees should be following to FIRE on time and with less stress? And with turbulence in today’s stock market , and rising prices (which cause your spending to rise), what does the right FIRE portfolio look like? Karsten walks through how your portfolio should change as you approach FIRE . He explains why hedging with cash-flowing assets may be a smart move, how much cash to keep on hand, and whether those reserves can actually protect against sequence risk . Plus, should you pay off your mortgage on the path to FIRE? Scott and Karsten offer two different perspectives on whether it’s smarter to pay off your mortgage or invest that money instead. If you’re planning to FIRE, this is info you need to know! In This Episode We Cover Is the 4% rule math or myth , and why doesn’t anyone actually trust it enough to use it? The optimal FIRE portfolio for less risk and higher potential returns Cash reserves and emergency “buckets” to limit your sequence of returns risk Should you pay off your mortgage early or invest that money instead? One smart hedge to protect your portfolio against a stock market downturn And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠ https://www.biggerpockets.com/blog/money-643 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 20

No, Taxes Won’t Derail Your FIRE: Here’s What You’ll Really Pay in Retirement Podcast Description Taxes in retirement have been called a “silent wealth killer” for those pursuing FIRE —but does the data tell a different story? If you’re worried about a ticking tax bomb wiping out a huge chunk of your investment portfolio or even delaying early retirement , you won’t want to miss this one! Welcome back to the BiggerPockets Money podcast ! Today, we’re joined by fellow investor and self-proclaimed data nerd Mark Livingstone , who has created a free resource and spreadsheet YOU can use to estimate your tax burden in retirement . For most early retirees , taxes are negligible compared to the amount of income they can withdraw, and Mark will demonstrate this with a step-by-step walkthrough of his powerful FIRE tax tool ! Along the way, you’ll learn the key differences between marginal and effective tax rates and why people who retire today pay much less tax than in decades prior . You’ll also hear about the four income “levers” you can pull in retirement, when income tax and capital gains tax kick in, and how to build the most tax-friendly withdrawal strategy possible! In This Episode We Cover Why taxes in retirement aren’t nearly as bad as you probably think A step-by-step walkthrough of Mark’s free retirement tax spreadsheet How the United States’ progressive income tax system works Marginal and effective tax rates explained (and how they impact your tax burden) The four income “levers” you can pull in retirement (and how each is taxed) How taxes impact the safe withdrawal rate (and why the 4% rule works) And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠ https://www.biggerpockets.com/blog/money-642 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 16

BiggerPockets’ CEO Scott Trench announces his decision to step down as CEO, and focus full-time efforts on personal finance content with BiggerPockets Money . We also welcome BiggerPockets’ new CEO, Ale Ayestaran. Learn more about your ad choices. Visit megaphone.fm/adchoices

May 13

The Simple Path to Wealth is arguably the most influential book in the FIRE movement . JL Collins , its author, is revered among early retirees as one of the trailblazers for FIRE, showing that anyone, with the right investing consistency, can reach financial independence WITHOUT complicated investing strategies, risky alternative assets, or individual stock picking. This is THE simplest way to wealth, but does it still work in 2025? To see, we had to ask the man himself. So, back again, is JL Collins! Today, we’re answering the big questions many FIRE chasers still ask. What’s the right portfolio balance when growing wealth vs. retiring, does JL hold bonds or 100% index funds , should we be worried about all-time-high price-to-earnings ratios , and do you EVER need to rebalance your portfolio? JL answers them all, plus gives Scott his honest take on what a market crash would mean for his portfolio. But what about real estate, cryptocurrency , and other alternative assets ? Is there any space in your portfolio for those, or should you only invest in index funds and bonds? JL has some advice you might not expect, but it could help you if you’re itching to diversify. Want to learn more about The Simple Path to Wealth ? Pre-order the updated version, The Simple Path to Wealth (Revised & Expanded 2025 Edition) , today! In This Episode We Cover The “simple” path to wealth , FIRE, and early retirement explained JL’s exact stock/bond ratio while in retirement (and where yours should be) Are Scott’s concerns about price-to-earnings ratios valid? JL shares his view When to rebalance your portfolio and why “set it and forget it” investing WON’T work REITs , real estate, and crypto: does JL invest in ANY of these alternative assets (and should you)? And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Subscribe to the BiggerPockets Money YouTube Channel! The Simple Path to Wealth (Revised & Expanded 2025 Edition) How I Lost Money in Real Estate Before It Was Fashionable Grab “The Simple Path to Wealth (Revised & Expanded 2025 Edition)” Get to FIRE Faster with “Set for Life” Sign Up for the BiggerPockets Money Newsletter Property Manager Finder The Simple Path to Wealth—Index Funds Explained with JL Collins Check out more resources from this show on ⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/money-640 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 9

Paying for college is one of the biggest financial hurdles families face—even as you’re chasing or approaching FIRE . What’s the smartest way to save for higher education while also securing your financial future ? Scott, Mindy, and Amberly are breaking it all down on today’s episode! Welcome back to the BiggerPockets Money podcast ! There are several ways to fund your child’s education, and if you’re actively building wealth , you likely have even more options at your disposal. We’ll show you how to find “free” money through government grants and scholarships, but since these could be off the table for those who are pursuing financial independence , we’ll also compare popular college savings accounts —like the 529 college savings plan and UTMA (Uniform Transfer to Minors Act) account . If you want to limit your tax liability , one option reigns supreme! We know this is a personal decision, and you shouldn’t be guilted into one direction or the other. Whether you’re saving for your own children, your grandkids, or just curious about how to balance college tuition costs with FIRE goals , we’ll equip you with a practical roadmap for funding education on your own terms—one that keeps you on track to retire early ! In This Episode We Cover How Scott, Mindy, and Amberly are funding their children’s college education The pros and cons of 529 college savings plans versus UTMA accounts How to uncover “ free money ” to help pay for college tuition costs State-specific tax benefits to keep in mind when contributing to a 529 plan Securing your financial future before saving for higher education And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠ https://www.biggerpockets.com/blog/money-639 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 7

You CAN retire early in just ten years IF you save and invest enough. Fortunately, your retirement expenses may be less than you think. Chris Luger , from Heavy Metal Money, didn’t think about retiring early until a divorce made him take control of his finances. He realized that the path to early retirement was only ten years away, so he started saving —a lot. Chris managed to save and invest 70% of his income for seven years , and just last year, he pulled the trigger and retired! And here’s the kicker— Chris isn’t even touching his retirement portfolio . Thanks to a passive income side hustle, he’s funding his lifestyle without drawing down his nest egg. Chris is proof that even after divorce, with kids and an event-packed lifestyle, you CAN afford to retire early . What’s Chris’s investment portfolio made up of? What’s his passive income-producing side hustle? And how does he deal with stock market downturns without losing his head? Chris shares the raw realities of early retirement, the biggest struggles to prepare for, and the one thing that makes FIRE truly amazing once you achieve it. In This Episode We Cover How to retire early in your 40s by supercharging your savings rate Why you need a passive income stream to have a stress-free FIRE lifestyle Is a financial advisor worth it? Why Chris is confident in his decision to use an advisor What you need to prepare for NOW if you’re planning on retiring early Why Chris is worried about running out of life, not money, in early retirement (and you should be, too) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Subscribe to the BiggerPockets Money YouTube Channel! Rich Dad Poor Dad Sahil Bloom: The “X Factor” for Financial Freedom and Why FIRE Won’t Make You Happy When You Should (and Shouldn’t) Hire a Financial Advisor | Life After FIRE Heavy Metal Money Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Grab the Personal Finance Classic, “Rich Dad Poor Dad” Sign Up for the BiggerPockets Money Newsletter Property Manager Finder When You Should (and Shouldn’t) Hire a Financial Advisor | Life After FIRE Connect with Chris Connect with Carl Check out more resources from this show on ⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠ and ⁠⁠⁠⁠ https://www.biggerpockets.com/blog/money-638 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 6

For decades, the 4% rule has been the calculation every FIRE chaser has used to determine when they can retire early —risk-free . The math is simple: have a portfolio big enough to withdraw 4% per year to fund your lifestyle. But there’s one BIG problem with the 4% rule that nobody is talking about—a problem that could force you to work longer , ruin your retirement lifestyle, and put your portfolio in jeopardy if you don’t plan carefully. Tyler Gardner , former portfolio manager and financial advisor, is back on the show to share why much of the FIRE community may be wrong about this “rule.” Scared of not having enough to retire, retiring during a market crash, or being forced to be frugal once you leave the workforce? That’s precisely what we’re talking about in today’s episode. The 4% rule has become untouchable within the FIRE movement , but its hard-and-fast downsides may lead to your FIRE’s demise. Tyler shares what he thinks is the ultimate FIRE portfolio allocation , why he’s way more bullish on stocks and index funds than bonds, EVEN during retirement, and why target date retirement funds —often scoffed at—can actually help protect your portfolio once you FIRE. If you’re planning on retiring early with the 4% rule, think again. All of us have our doubts, and we’re sharing them today. In This Episode We Cover Why the 4% “rule” is WRONG for most FIRE chasers, and why withdrawing only 4% could be a mistake The new (updated!) FIRE number that most people should be chasing Hate your job and want to retire early? Here’s why you should find a better career (NOT quit) instead The ultimate FIRE portfolio allocation and why a target date retirement fund actually makes sense for many And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Subscribe to the BiggerPockets Money YouTube Channel! Connect with Tyler on Instagram Connect with Tyler on TikTok Your Money Guide on the Side Podcast Want to FIRE in 2025? How to Prepare for Early Retirement w/Emma von Weise Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Get to FIRE Faster with “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area (00:00) Intro (02:05) Is the 4% Rule Wrong? (06:05) This Saves Your FIRE (10:09) “One More Year” Syndrome (14:33) Healthcare in Early Retirement (16:34) Ultimate FIRE Portfolio Allocation (24:29) Include Real Estate? (29:49) Target Date Retirement Funds (36:25) Don’t Quit Working? (54:30) Find a Job You LOVE (57:02) Connect with Tyler! (58:30) FIRE Chasers Are Wrong! Check out more resources from this show on ⁠⁠⁠BiggerPockets.com⁠⁠⁠ and ⁠⁠⁠ https://www.biggerpockets.com/blog/money-637 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 2

What if you reached financial independence …before knowing what it was? That’s what happened to Chris Rusin . After discovering the FIRE movement and stumbling across Mindy and Carl’s blog, he realized he was already at his goal. Then, early retirement unlocked a new life full of wild adventures, creative rebirth, and deeper purpose! Welcome back to the BiggerPockets Money podcast ! Chris had been hustling, saving money , and chasing financial freedom for years before experiencing a big wake-up call. He encountered a half-billionaire who, despite “having it all,” was deeply unhappy and filled with regret . That moment sparked a shift—not toward more money, but toward more meaning . Since then, Chris has dived for treasure with Navy SEALs, unearthed dinosaur fossils, and much more— all before turning 50 ! But he’s also faced his fair share of fear and uncertainty . After receiving a cancer diagnosis and losing his voice to chemotherapy , he made a promise: if his voice came back, he’d finally record the album he’d dreamed of making. And he did. Stick around till the very end to hear the “world premiere” of Chris’ brand-new song ! In This Episode We Cover What really happens after you achieve financial independence Designing your “dream” life once you reach early retirement How to maintain a sense of purpose after retiring from your nine-to-five The secret to weathering major portfolio swings in retirement A BiggerPockets-exclusive live rendition of Chris’ brand-new song And So Much More! Check out more resources from this show on ⁠⁠BiggerPockets.com⁠⁠ and ⁠⁠ https://www.biggerpockets.com/blog/money-636 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 29

You’re part of the FIRE movement (financial independence, retire early) so you can quit your job , have complete time freedom , and truly enjoy your life. But what if early retirement isn’t all that it’s cracked up to be? What if you grind for years or decades, reach your FIRE number, quit your job, and realize… you’re bored? Your schedule is wide open, but what do you fill it with? You start asking yourself, “Did I pursue FIRE for financial freedom —or to escape something else entirely?” Tyler Gardner , former portfolio manager and financial advisor, has seen the toxic side of FIRE far too often. Tyler believes that working on something you love can be far more meaningful than early retirement , and he might be right. Early retirees often struggle with their post-career lifestyle , and many find they can’t thrive without meaningful work. This identity shift can cause profound dissatisfaction, even after so much sacrifice to get to this point. Tyler’s advice: slowly phase out of work or have other income streams that can keep you going , not just for your mental health but your portfolio’s health. So, how do you do that? Mindy, Scott, and Tyler have a meaningful debate, with significant disagreements, on the best way to phase out full-time work, why a 100% stock portfolio may be safer than you thought, and the toxic side of FIRE nobody talks about . In This Episode We Cover The problem with FIRE and why early retirement won’t solve everything The #1 risk early retirees are NOT prepared for and how to ensure you keep your FIRE blazing How to phase out of work even if you have a demanding, full-time, 40+ hours per week job Why working during early retirement is not a bad thing and has massive benefits Creating cash flow before you retire and how to minimize the dreaded “ sequence of returns risk ” And So Much More! Check out more resources from this show on ⁠BiggerPockets.com⁠ and ⁠ https://www.biggerpockets.com/blog/money-635 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠ advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 25

Fear that early retirement is out of the question because you have too much debt? It’s not game over. Whether you’re debt-free or still chipping away at your student loans, today’s guests are proof that FIRE is never too far out of reach—even if you’ve got half a million dollars in debt! Welcome back to the BiggerPockets Money podcast! Amirra and Mazi Condelee’s first date was an all-timer. While many consider personal finance a taboo topic, they cut right to the money talk—specifically, debt. And it was a good thing they did because they’ve racked up a combined $500,000 in student debt . Most would assume this spells doom for financial independence , but Amirra and Mazi knew they could pay it off by increasing their income, cutting costs, and staying disciplined. In just five years, they’ve snowballed out of student loan debt and toward their long-term goal—retiring in their 50s. Now that this power couple is nearly debt-free, they’re focused on saving for retirement . Tune in to learn what they still need to do to reach their (high) FIRE number , why they refuse to downsize their dreams, and how they plan to spend their retirement! In This Episode We Cover How Amirra and Mazi crushed $500,000 in student loan debt in just five years Best practices for paying off debt and fast-tracking financial independence How to determine whether your FIRE number is too high (or low!) The money conversations you and your partner NEED to have How to “travel hack” your way to FREE vacations (without spending more) And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-634 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 22

Wealth and health are closely intertwined, especially here in the US, where the high cost of healthcare can put significant financial pressure on families. But is there a remedy to these exorbitant expenses that Americans are missing? Stay tuned and we’ll show you how to negotiate your medical bills—even if you’ve reached FIRE ! Welcome back to the BiggerPockets Money podcast! Unpredictable healthcare costs keep many would-be retirees tethered to their nine-to-five jobs, but today’s guest has a solution. Jared Walker founded Dollar For, a nonprofit organization that has helped erase over $83 million in medical costs for everyday Americans. How? The Affordable Care Act (ACA) requires many healthcare providers to offer a program that discounts costs for patients, so Jared and his team simply use it to negotiate people’s medical bills on their behalf. High healthcare costs affect everyone, whether you’re facing hardship, trying to reach financial independence , or already retired. In this episode, Jared will share tips anyone can use to minimize their healthcare costs and negotiate their own medical bills! In This Episode We Cover How to negotiate and lower your medical bills (even if you’re retired) Saving thousands on healthcare with this Affordable Care Act (ACA) program How to use cash payments as leverage when negotiating medical debt The healthcare “hack” that helps you spot erroneous or exorbitant charges The two best ways to proactively minimize healthcare costs And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-633 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 18

Most people chasing FIRE (financial independence, retire early) are doing it all out of order, and it’s costing them years of financial freedom. So, we thought, “What’s the fastest way to achieve FIRE, and which steps would you take if you were starting from scratch?” Today, we’re bringing you a supercharged financial independence plan, sharing the exact financial order of operations that’ll take you from a $1,000 emergency fund to fully-fledged early retirement. We know the steps because we’re reverse-engineering our own paths to financial independence, and we WISH we had done some of these earlier. If you’re a beginner in the FIRE movement, start here and work through these steps to FIRE the fastest. If you’re close to FIRE already or at a significant financial milestone, don’t worry. We have tips you can use right now to retire earlier and avoid the “middle-class trap” that kills so many FIRE dreams. We’re going through retirement accounts, emergency funds , cash-flowing investments, and side hustles to help you earn more. Plus, what to do once you make TOO much money to invest in tax-advantaged retirement accounts. In This Episode We Cover The exact financial order of operations to reach financial independence fastest The bare minimum emergency fund you should have in your bank account at all times How to calculate your FIRE number in five seconds so you know your goal What to do when you make TOO much money to invest in a Roth IRA When to STOP investing in retirement accounts to avoid the middle-class trap Moves to make as soon as you’re retired early that’ll make your FIRE last even longer And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-632 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 16

We’re coming off one of the wildest weeks in stock market history. How are retirees reacting to these massive swings? How should you adjust your FIRE portfolio in case there are even more turbulent times ahead? We’re chatting with someone who’s in the loop! Welcome back to the BiggerPockets Money podcast ! Today, Emma von Weise , certified financial planner (CFP) , returns to the show to give her perspective on the recent stock market volatility . She’ll share what her clients are doing and the course of action she recommends for those who are worried about their nest egg crumbling . Times like these prove you need an investment plan . If you don’t already have one, Emma will show you how to create it. You’ll also learn how a few years of cash distributions can help you protect your investments and keep you from selling stocks at a loss . Are bonds actually a “safe haven” for investors? We’ll make sense of rising yields and, finally, share a tax strategy YOU can take advantage of during a stock market slide to trim your taxable income! In This Episode We Cover How to adjust your FIRE portfolio after recent stock market volatility How cash distributions protect retirees from selling stocks low in a downturn Why you need to create an investment plan today (if you don’t have one!) How to balance “growth” and “safety” in your investment portfolio Why bond yields have spiked after a huge sell-off (and whether you should buy) Offsetting capital gains from stocks through tax-loss harvesting And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Subscribe to the BiggerPockets Money YouTube Channel! Get $100 Off Your Ticket to BPCon2025 BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces “A Guided Meditation for When the Stock Market Is Dropping” Emma’s LinkedIn Fine-Tune Your FIRE Portfolio with “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Connect with Carl Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-631 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 15

Early retirement in your 50s is a dream for most Americans, but today’s guest is sharing how she could have retired in her 40s, a decade earlier, if she had avoided these FIRE “traps.” Yes, it IS possible to FIRE in your 40s even with much of your money in retirement accounts. “But I thought you couldn’t take out that money until you’re 59.5?” That’s where you’re wrong, and today, Diana Hummel is showing YOU how to withdraw from your retirement accounts even earlier. In her mid-30s, Diana had a huge wake-up call. Her parents, who had just retired, suddenly passed away. This lit a flame that would eventually ignite a full FIRE under Diana to live life on her terms well before the standard retirement age. She and her husband saved diligently, invested heavily, and were able to quit their jobs at 45, starting two businesses, one of which broke even while the other turned a profit. The problem? Diana most likely had enough money to retire once she quit her W2, but she didn’t realize she could FIRE so early. Thanks to Roth conversions , 72(t) strategies, and smart tax planning, Diana is fully retired and ready to teach you how to FIRE faster! In This Episode We Cover How to withdraw from retirement accounts early and FIRE in your 40s or 50s The 72(t) strategy explained and using your 401(k) to retire early (seriously!) Early retirement healthcare and how Diana is covering it with pre-existing conditions Retiring during a stock market crash and how new retirees can handle 2025’s bumpy market The biggest FIRE regret Diana has and a lesson you should learn before you retire (early) And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-630 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 11

Is it possible to reach FIRE by 45 , even on a teacher’s salary or an average income ? Today’s guest is proving that, yes, you can retire early , regardless of your paycheck. It may be a little harder than it is for high-income earners , but with frugality , discipline , and smart investments , regular people can achieve FIRE! Welcome back to the BiggerPockets Money podcast ! At just 31 years old , Kat has been diligently maxing out her retirement accounts , saving a ton of cash , and making enormous strides towards retiring by age 45. Most would say this is a long shot for someone with a teacher’s salary, but thanks to a high savings rate and savvy financial decisions , Kat is right on track to reach her lofty goal. The real question is, should she? Kat will need to grind for the next 15 years to retire on her original timeline. Is it worth taking an extra couple of years to reach financial independence if it prevents burnout? In this episode, Mindy and Amberly will break down Kat’s options, help her avoid the dreaded middle-class trap , and give her a roadmap for achieving FIRE quickly while also enjoying the journey! In This Episode We Cover Kat’s roadmap to FIRE by age 45 (on a teacher’s salary !) Why you DON’T need to be a high income earner to retire early When to stop contributing to retirement accounts and pivot to other investments Giving yourself financial flexibility by saving cash (and how to deploy it) When you should (and shouldn’t) pay off your mortgage early Why it’s worth taking extra time to enjoy the journey to financial independence And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Subscribe to the BiggerPockets Money YouTube Channel! The Simple Path to Wealth The Fioneers Coast FI Calculator FIRE Faster with the Book, “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 259 - Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus Connect with Amberly Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-629 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 10

Tariffs are now on PAUSE! And just like that, the stock market is flying back up again. Is this a signal for us all to breathe a sigh of relief, or is more market volatility coming our way? It’s been a wild week so far, and it’s only Thursday! Just yesterday, President Trump paused new reciprocal tariffs on dozens of countries, with markets slingshotting back up as a response. So, are we doing anything different with our investments now that things are slightly more stable? We’ve got Amberly, Mindy, and Scott (with a mustache!) on the show to discuss how these new tariff pauses have affected their investments, portfolio, and FIRE investing plans. Amberly, our Canadian of the group, brings a valuable view as someone who is directly seeing how US tariffs impacted her country. Will America remain the economic superpower we’ve long been, or will tariffed countries quickly form new alliances? Is that good for YOUR future investments? What about interest rates ? With more theories that President Trump is making these moves to lower rates, could your next mortgage get more affordable? Or, will lower rates plus tariffs trigger serious inflation —or potentially even deflation? This news brings a lot of “what ifs,” and if you’re confused, fret not; we’ll explain it in this bonus episode. In This Episode We Cover The new tariff pause and why markets sprung up (massively!) on Wednesday How we’re investing (right now) during all this stock market hysteria The long-term trade risks that affect all Americans after these recent tariff proposals Will interest rates fall with this much volatility; could a new Fed chair force lower rates? One major flaw with the “manufacturing boost” theory that comes with new tariffs Incoming inflation AND deflation risks as prices rise but American budgets shrink And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-628 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 10

The path to FIRE (financial independence, retire early) isn’t easy. You’re working a lot, saving a lot, all while seeing many of your friends out traveling, buying new cars and bigger homes, leaving you feeling isolated on the path to early retirement . But it doesn’t have to be that way. There are FIRE freaks, just like you, all over the country, and before you quit the path to FIRE and start spending to impress your friends, we have a crucial piece of advice: find your FIRE community! Mindy and Carl just came back from the EconoMe Conference, a three-day celebration of those chasing financial independence and early retirement, where you can meet new FI friends and rediscover why you’re after FIRE in the first place. But you DON’T have to wait until next year to go to a FIRE event; we’re sharing exactly how to find your FIRE tribe today. Attending these events was one of the—if not THE—single most impactful parts of Mindy and Carl’s journey to early retirement as they often unlock new FIRE strategies you didn’t know were possible, allow you to grind side-by-side with FIRE-minded people just like you, and give you a sense of strong community that’s behind you EVERY step of the way, even during life after FIRE! Do NOT skip out on this, or you could risk your FIRE! In This Episode We Cover The #1 way to stay motivated while on the path to financial freedom The best big and small FIRE events to attend this year and next What to do if you’re introverted and struggle at live events with many people How to find your local FI meetup so you can make new FI friends Want to meet Mindy and Carl in person? We’re sharing how you can! And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-627 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 8

There’s no arguing that real estate and stocks are the two most proven ways to build wealth, but which one comes out on top in a race to FIRE ? Stay tuned as we put these investment vehicles to the test and show you the fastest path to early retirement! Welcome back to the BiggerPockets Money podcast! Today, Mindy and guest co-host Amberly Grant are pitting real estate investing and stock investing against each other to determine which of these popular investments is most FIRE-friendly. The best part? They don’t exactly agree! First, Amberly will defend the position of real estate investing. From house hacking and live-in flips to out-of-state investing, there are several strategies you can use to create monthly cash flow, build wealth through appreciation , and save a fortune on taxes! Meanwhile, Mindy will defend her time-tested stock investing strategy. Along the way, she’ll share the many advantages of passive investing, compare 60/40 and 90/10 stock-to-bond investment portfolios, and show you the ideal portfolio mix for those who plan to retire on the 4% rule . YOU decide which of our financially independent hosts has the strongest case! In This Episode We Cover Real estate versus stocks (and which will help you FIRE faster) How YOU can “live for free” with the house hacking strategy Saving hundreds of thousands in taxes with the live-in flip strategy How to turn your rental properties passive by investing out of state The perfect stock portfolio allocation for retiring on the 4% rule And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-626 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 4

You may not make six figures, but you want to achieve FIRE and retire early. You might be struggling to get by, let alone saving and investing to hit your FIRE number . If it seems impossible, you should take a page from Bryce Stewart’s book. He was a sixth-grade school teacher, making $44,000/year, underwater on his condo purchase, worrying about the bills with one baby and another one on the way. A decade later, he was retired, with more passive income than he could spend. Today, we’re sharing how he did it. Your income is NOT the limiting factor to you achieving FIRE , no matter how much it seems that way. Bryce took a slow and sacrifice-heavy path to early retirement and now makes more than 300% of the combined income of his and his wife’s teacher salaries. He was frugal without a doubt, but focusing on income-generating opportunities is what really slingshotted his net worth, passive income, and FIRE timeline. So, what money move should you make RIGHT now to turn your median salary into investments that pay you passive income every month? What sacrifices should you be making to put your family in a FIRE financial position? What was the one purchase that launched Bryce’s path to FIRE? Whether you’re making under, over, or around six figures, you can retire earlier by taking Bryce’s advice. In This Episode We Cover The one investment Bryce made that helped him get to FIRE in 10 years Building multiple income streams so you’re NOT reliant on your job Why house hacking (living for free) is the ULTIMATE FIRE super-charger Investments to make with a low/median income that will get you to FIRE faster The #1 reason you should NOT tell your partner about your FIRE dreams…yet And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-625 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 2

Would you delay your early retirement for years to feel safer and secure once you FIRE ? That’s what Mark Trautman did, FIRE-ing before discovering the FIRE movement was even a thing. While he could have retired in his 40s, Mark pushed his retirement date to 50 , retiring with a conservative withdrawal schedule that even beats the 4% rule . But, thanks to being invested throughout his retirement, Mark has blown past even his Fat FIRE dreams , spending what he wants, when he wants, without a worry! But it wasn’t the money that made Mark thankful for FIRE . Mark was able to be right next to his wife and even his father during their last days , being fully dedicated to them and not worrying about a job or paycheck he had to go after. This is the TRUE point of FIRE, and living like Mark could have the same powerful impact on you. Speaking of paychecks, Mark’s “FI paychecks” are fueling his retirement , so much so that he barely (if ever) needs to withdraw from his retirement portfolio . How is this completely passive cash flow funding his life? Copy Mark’s strategy, and you could be Fat FIRE by 50, too! In This Episode We Cover The “FI paychecks” you should set up once you’re near early retirement Why FIRE is about MORE than money ; it’s about time with the ones you love Mark’s “Fun Bucket” for worry-free spending on life-changing experiences Why delaying your early retirement could help you FIRE without money anxiety The one inflation/market downturn hedge Mark uses that provides him with passive income Early retirement healthcare and how Mark pays for health insurance without employment And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Subscribe to the BiggerPockets Money YouTube Channel! How to Plan for Early Retirement NOW! | Life After FIRE w/Justin Peters Mark’s Money Mind EconoMe Conference Get to FIRE Faster with “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area How to Plan for Early Retirement NOW! | Life After FIRE w/Justin Peters (00:00) Intro (00:53) FIRE at 50! (04:37) Scared to Withdraw for Retirement? (07:59) Super Conservative FI Strategy (12:34) The FI "Paycheck" (13:25) Spending in Early Retirement (15:14) Time Freedom to Care For His Wife (21:42) The "Fun" Bucket (25:24) Market Corrections Are GOOD! (29:41) Add Treasuries to Your FIRE Portfolio? (32:09) FIRE Healthcare (34:46) The FIRE Lifestyle (37:52) Connect with Mark! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-624 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 1

Julie Rose “semi-retired” at just 36 years old with only $500K, trading her corporate job for sunrise safaris in Africa, beach walks in Bali, and mid-day hikes in Mexico. With “Barista FIRE,” you can retire with a lower FIRE number, still work (minimally) doing what you love, and have almost complete time freedom over your life. Why have FIRE when you can “semi-retire” decades earlier? Plus, your retirement nest egg will be growing in the background, all while you do what you want, when you want, with who you want. Sounds like a dream life, right? Well, you’re not far from it already! After barely scraping by (even with a good job), Julie knew something needed to change, but she wasn’t ready for it. It wasn’t until she got laid off multiple times that she realized it was time to put her financial future in her own hands. This led her down the FIRE movement rabbit hole, getting almost addicted to saving and investing, and finding herself in a position to quit her job and do what she really loves: travel and get PAID to plan trips for others. Now, she’s Barista FIRE (FIRE with the help of a side hustle ), living nomadically for a fraction of the cost of a basic life in the United States! In This Episode We Cover “Barista FIRE” and the faster way to semi-retire early with a lower FIRE number Why consumerism WON’T fulfill you, but it will make you broke Using side hustles to supercharge your savings rate and investing goals Building your Barista FIRE income stream BEFORE you quit your job Early retirement healthcare and how Julie pays just $40/month for coverage Living your best life abroad for a fraction of the cost of living in the States And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-623 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 28

The stock market is shifting , and your portfolio needs to change NOW if you want to reach or stay FIRE (financial independence, retire early) . Many early retirees are sitting anxiously , watching their net worth fall by 10% (or more), making each withdrawal from their portfolio increasingly risky. If you’re close to financial independence or are retired early already , you CANNOT risk losing the gains you’ve worked so hard for . This is what we’re doing NOW to keep our FIRE portfolios crash-resistant. Last month, Scott talked about his big decision to sell off a chunk of his index fund portfolio in fears of overvalued stock prices. What followed? A significant stock sell-off , with some major indexes falling 10% already. Scott urges those close to FIRE to “lock in” their gains and avoid unnecessary risks to push their FIRE numbers higher. So, what did Scott move his money into , and should you do the same? Should you switch to bonds for a safer but lower-return correction hedge? What happens if this stock downturn lasts years? Should someone in their 20s or 30s, just starting on the FIRE path, stop investing or double down? We’re answering all of your burning FIRE questions today! In This Episode We Cover Why Amy uses a financial advisor to help manage her money in retirement Amy’s journey to financial independence , losing her husband, and retiring early Assets under management (AUM) versus fee-only advisors (and which one to hire!) How to reach your FIRE number sooner through “experimental deprivation” Why you need to have regular money check-ins with your significant other And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Save $100 on Real Estate’s Biggest Event of the Year, BPCON2025 Get to FIRE Faster with “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Real Estate 1,095 - Scott Trench: How I’m Protecting My Money From “Irrational Exuberance” (00:00) Stock Market Update (06:44) Close to FIRE? Do This (14:41) Fix Your FIRE Portfolio (17:20) Lock-In Your FIRE! (19:02) Scott’s 2025 FIRE Portfolio (21:30) Already Retired/FIRE? (23:46) What About Taxes? (28:49) What if This Crash Lasts? (35:00) Start Shifting Toward Retirement Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-622 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 26

Could hiring a financial advisor help you reach financial independence and retire early? This isn’t a popular move in the FIRE community, but it gave today’s guest peace of mind, preserved her wealth, and helped her save on taxes in retirement. Stick around to learn if it’s the right choice for you, too! Welcome to another episode of “Life After FIRE”! Today, we’re chatting with Amy, who was dealt a set of circumstances that altered her life and retirement plans . Amy and her late husband, Phil, arrived at their FIRE number in 2020. Just as they were preparing for early retirement, Phil tragically passed, and Amy was left to not only navigate a new normal but also take control of her finances. Still reeling from the loss of her husband, Amy hired a financial advisor, which turned out to be one of the best decisions she ever made. In this episode, Amy shares how she used money check-ins and a year of “experimental deprivation” to speed up her path to retirement. She also discusses the pros and cons of using financial advisors, the differences between the assets-under-management and fee-only models, and how to properly vet an advisor to ensure you’re getting your money’s worth! In This Episode We Cover Why Amy uses a financial advisor to help manage her money in retirement Amy’s journey to financial independence, losing her husband, and retiring early Assets under management (AUM) versus fee-only advisors (and which one to hire!) How to reach your FIRE number sooner through “experimental deprivation” Why you need to have regular money check-ins with your significant other And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-621 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 25

Are we headed right for a recession , or are stocks on sale ? We don’t own a crystal ball, but Ricky Mulvey from The Motley Fool is capitalizing on the recent stock market swing by loading up on some of his favorite equities. Stay tuned to find out if now is an ideal time for YOU to “stock up,” too! Welcome back to the BiggerPockets Money podcast ! In light of the recent market pullback, Ricky is going to share why he thinks it’s the right time to take advantage of low stock prices . He’ll discuss some of his best bargain buys, his biggest portfolio wins and losses in recent years, and, most importantly, the four-step approach you can use to identify stocks that could be set to soar in 2025. If you’re a regular listener, you know that Scott and Mindy are partial to stashing their money in index funds , sitting back, and watching their wealth snowball over the long haul. You might say that Ricky has a slightly larger appetite for risk , as he isn’t opposed to picking stocks , timing the market , and getting out after three to five years . Stick around to find out if his strategy works! In This Episode We Cover Whether now is the time to buy stocks after the recent market pullback Ricky’s four-step approach to finding value in the stock market Using insider buying activity to find potential investing opportunities How to prevent “ tax drag ” when buying and selling off stocks Reviewing Ricky’s biggest portfolio wins and losses (Meta, Spotify, and more!) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Motley Fool Money Podcast Ricky’s Twitter/X A Simple Path to Wealth One Up on Wall Street Get Fast, Affordable Landlord Insurance with Steadily Get $100 Off Your Tickets to BPCON2025 in Las Vegas, Nevada Grab Scott’s Book, “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerNews: Real Estate vs. Stocks, the Ultimate Wealth-Building Debate (00:00) Intro (01:09) The Recent Pullback (08:53) Hunting for Value (18:55) Portfolio Wins & Losses (24:58) Holding Periods & “Tax Drag” (30:18) Why Costco Is “Safe” (33:05) How to Pick Stocks (38:50) Connect with Ricky! (40:45) Do Your Research! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-620 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 21

Is the 4% rule dead? Most FIRE-chasers are using this retirement rule completely wrong , and it could cost them their financial freedom. With stock prices falling and many Americans fearing another recession , now is the time to tighten up your retirement portfolio and ensure you can survive if stock prices correct or crash. If you get this wrong, you could delay your FIRE for years or have to go back to work mid-retirement. The 4% rule is one of the most bulletproof retirement formulas. It’s simple: Build a portfolio from which you can comfortably withdraw 4% annually . Need $40,000 per year to live? Your FIRE number is $1,000,000. Need $100,000 per year? Then you’re looking at $2,500,000. This math has been checked , double-checked, and triple-checked to withstand even the greatest economic depressions . However, most people have their portfolio set up WRONG, and it could put them at significant risk. So, how do you ENSURE you can retire (early) with the 4% rule? What hedges should you make in your portfolio so your wealth stays afloat even as the economic tide starts to turn? What are Scott and Mindy doing now to prepare for a rocky stock market? Don’t miss this one—it could cost you your FIRE! In This Episode We Cover The 4% rule explained and whether it still works in 2025 and during market downturns Why your FIRE portfolio is WRONG , and it could be at massive risk right now How to prepare for an economic downturn to ensure you stay FIREd or on the path to FIRE What Scott is selling and buying right now to protect his wealth (will his strategy work?) Alternatives to the 4% rule that will protect your retirement portfolio even during the greatest of depressions And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel BiggerPockets Real Estate 1,095 - Scott Trench: How I'm Protecting My Money From “Irrational Exuberance” BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces The Rational Investor’s Case Against Bitcoin Dow Jones - DJIA - 100 Year Historical Chart Try REsimpli, The Only All-In-One Real Estate Investor CRM Software That Helps You Manage Data, Marketing, Sales, and Operations Get to FIRE Faster with “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area (00:00) Is the 4% Rule Dead? (04:39) You CANNOT FIRE with This (11:42) How to Prepare for Downturns (21:12) Assets That Are At Risk (23:17) What Scott’s Buying/Selling (28:29) Alternatives to 4% Rule Portfolio (34:21) Do You Trust the 4% Rule? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-619 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 19

Think you’ve blown your chances of achieving FIRE ? You haven’t! Just ask Nik Johnson , who spent years growing his nest egg , only to have it completely wiped out with one bad financial decision . Despite losing everything, he managed to rebuild it from ground zero and still retire early ! Welcome to another episode of “ Life After FIRE ”! Nik and his wife had done everything right. They practiced frugality , saved aggressively , and invested at every opportunity . But everything was turned on its head when Nik decided to empty his retirement accounts and open a car dealership . Within just one year, Nik’s company had gone belly up , and as a result, all the money he had worked so hard to save was gone. It seemed that he had missed his one shot at early retirement , but rather than giving up on that dream, he started over. If he could do it once, he could do it again ! So, Nik found a W2 job , picked up a second job to fast-track his savings , and started throwing all his money at retirement accounts and real estate investments , and now, he and his wife are recently retired! Stick around as Nik shows you how to avoid the middle-class trap , what life looks like after FIRE, and the importance of community once you retire! In This Episode We Cover How Nik built, lost, and rebuilt his investments and still achieved FIRE Supercharging your investments by creating extra income streams How not to find seed money for a risky entrepreneurial venture The savvy financial moves Nik made to avoid the middle-class trap What the average “day in the life” of an early retiree looks like Why you need a strong community around you once you retire And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Everyday Money Heroes Podcast Join a ChooseFI Group Grab the Book, “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38 Connect with Carl (00:00) Intro (01:22) Growing His “Empire” (08:58) Losing $150K! (12:05) Rebuilding His Wealth (16:48) Life After FIRE (24:20) Nik’s Investment Portfolio (28:34) Connect with Nik! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-618 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 18

You’ve worked so hard to finally achieve FIRE (financial independence, retire early); the last thing you want is your wealth to dwindle or disappear entirely. Unknown to most FIRE-chasers, four financial “horsemen” (of the personal finance apocalypse) could steal your wealth right out from under you, without you even realizing it. What are the four horsemen, and how are we protecting our FIRE portfolios from them ? To make sure you not only become wealthy but stay wealthy, we brought Whitney Elkins-Hutten , author of Money for Tomorrow , on the show to share the best ways to keep your portfolio safe from the four horsemen . Whitney scaled her portfolio from almost nothing to life-changing wealth, and she could have lost it all if she hadn’t learned how to protect it. Mindy and Scott tag-team to show YOU how to protect your FIRE from these four horsemen , including sharing what they’re doing right now to set themselves up for a successful (and safe) financial future. Don’t let your wealth get drained before OR during FIRE ; take these tips to heart ASAP! In This Episode We Cover The four “horsemen” that could destroy your FIRE lifestyle and disrupt your generational wealth How Whitney went from accidental house flipper to financially-free investor The overlooked investing “fees” that could cost you hundreds of thousands of dollars Why you’re (probably) paying too much money for insurance (and how to start saving) When (and when not) to pay off debt and which balances to prioritize first And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Grab Whitney’s Book “Money for Tomorrow” Save $100 on Real Estate’s Biggest Event of the Year, BPCon2025 Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area The Points Guy’s Travel Hacking Tips to Fly for FREE in 2025 Connect with Whitney (00:00) Intro (06:00) "Ownership" Makes You Rich (10:09) Aggressively Investing in Rentals (11:52) This Could Destroy Your Wealth (19:07) Which Debt to Pay Off (23:14) Save Thousands on Insurance (30:23) This Could Delay Your FIRE (37:08) STOP Being Scared of Taxes! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-617 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 14

Is your FI number TOO high? Whether you are ultra-conservative with your finances or want a lavish retirement lifestyle, setting a high bar could make your financial independence journey much harder…but not impossible. Today, we’ll provide a roadmap for building massive wealth! Welcome back to the BiggerPockets Money podcast! With a six-figure income and a six-figure net worth at just 25 years old, Austin Crofoot should have no problem reaching financial independence by age 50, right? The only issue is that his FI number of $5,000,000 is much higher than most. As you’re about to hear, he’ll need to make several “bets” over the next few years, cross his fingers, and hope that at least one of them pays off in a huge way. Like many in the FIRE community, Austin also wants to avoid the middle-class trap . Scott and Mindy will show him how to balance his retirement accounts with a mix of cash, brokerage accounts, and real estate investments —giving him the financial flexibility to pursue entrepreneurial ventures and retire on his terms. Stick around to hear how Austin can take advantage of a rebounding housing market by taking on assumable mortgages with rock-bottom interest rates! In This Episode We Cover The “levers” Austin needs to pull to reach his $5,000,000 FI number The roadmap to achieving financial independence by age 50 How Austin built a six-figure net worth by just 25 years old Building wealth by taking on assumable mortgages with low interest rates Why the Austin, Texas housing market is poised to bounce back in 2025 Reducing your taxable income to maximize Roth IRA contributions And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-616 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 12

The “ death march to FI ” isn’t for everyone. If you’re tired of climbing the corporate ladder or lacking a sense of purpose at your W2 job , it’s not too late to escape the rat race and design the life you want , just like the “Financial Tortoise,” Tae Kim , did! In this episode of “ Life After FIRE ,” Tae returns to the show to discuss his move from the corporate world to a job that gives him the freedom and flexibility to travel, spend more time with his family, and actually enjoy the journey to FIRE . For years, Tae was dead set on achieving his goal of becoming a chief financial officer (CFO) , but as he approached the summit, he realized just how much freedom and control he was giving up. So, he started implementing a plan to quit and pursue entrepreneurship instead! In four years, Tae went from making $0 on YouTube to over $250,000 per year . Today, he and his wife are comfortably coast FI , traveling the world, creating personal finance content, and continuing to save for retirement where they can. Stay tuned as Tae shares how he “reinvented” himself in his late 30s and the moment he realized he had “made it” on YouTube! In This Episode We Cover Why Tae quit the corporate grind right before reaching his lifelong goal Building a financial runway that allows you to pursue entrepreneurship Crucial financial steps to take before leaving your nine-to-five job How to start an online business that gives you financial freedom Why it’s never too late to “reinvent” yourself and design the life YOU want And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Tae’s YouTube Buy the Book “The Quitter’s Manifesto” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap Connect with Mindy Connect with Carl (00:00) Intro (01:08) Tae’s Money Story (05:57) Quitting Corporate (10:51) “Making” It on YouTube (18:23) Expectations vs. Reality (24:20) Current Income & Expenses (27:58) Design the Life You Want! (30:49) Connect with Tae! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-615 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 11

How do the top 1% of Americans invest their money , and how do your investments compare? We’re breaking down the data, showing what the wealthiest Americans are invested in and how to copy their 1% portfolio so you can invest like the ultra-wealthy. To be in the top 1% of Americans, you must have at least eight figures. And while that’s a Fat FIRE number , most of us don’t need tens of millions to retire early. But copying some of the tactics of the top 1% could get you there faster. One thing slingshots average Americans to the top 1% , and even the top 0.1%, but you don’t have to bank on this huge bet to get there. Surprisingly, the top 1% invests in assets that YOU already have access to, not elite-only investment opportunities or massive business deals. They’re invested in FAR more passive assets than you’d think, so you don’t HAVE to build a real estate portfolio to get there. What gives you the best chance of hitting the top 1% in wealth? Maybe you don’t want to go that far—how do you get to the top 10%? Scott and Mindy share a few strategies that could skyrocket your net worth into the tens of millions—if you’re willing to do the work. Plus, they reveal where to park your money once you reach the top. In This Episode We Cover The average net worth of the 1% and the 0.1% in America (less than you’d think) How the 1% invest their money and why they AREN’T heavily invested in real estate The best investment for the chance of breaking into the top 1% The “ middle-class trap ” that the 1% escape, but the upper-middle-class can’t How the top 1% invest now compared to pre-pandemic and pre-2008 And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Fed Assets by Wealth Percentile Group in 2024 Get $100 Off Your Tickets to BPCON2025 in Las Vegas, Nevada Grab “The Millionaire Next Door” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 325 - How to Buy Yourself a 6-Figure Income Stream w/Tim Delaney Fed Assets by Wealth Percentile Group in 2024 (00:00) Intro (01:12) Top 1% Net Worth (08:49) The Top 1% Portfolio (16:05) How Their Investments Evolve (17:40) Cheat Code to 1% Status? (21:12) Average American vs. 1% Investments (29:46) Best Investment to Become 1%? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-614 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 7

If there’s an issue that keeps aspiring early retirees up at night, it’s the dreaded middle-class trap . At just 28 years old , this financially savvy couple is already looking for ways to avoid this issue. Whether you’re just starting your FIRE journey or approaching early retirement , we’ll show you how to do the same in today’s episode! Welcome back to the BiggerPockets Money podcast ! So far, Leah and Zach Landis are doing everything right. They earn high incomes , they spend very little , and they invest the difference . Well on their way to retiring early , they plan to quit their jobs by age 45 or sooner! But will their current asset allocation get in the way of their big goal? What kind of bridge will they need to tide them over until traditional retirement age ? Will having children impact their financial freedom ? Fortunately, Leah and Zach have all kinds of options. Tune in as Scott and Mindy dive into the couple’s budget and discuss their best path forward. Along the way, we’ll debate whether they should pause their 401(k) contributions , double down on brokerage accounts , and deploy their cash savings on their “dream” home ! In This Episode We Cover Breaking down Leah and Zach’s best path to FIRE by 45 (or sooner!) The middle-class trap explained and how to avoid (or escape) it The BEST ways to invest your cash and make it work harder for you How much you should expect to pay in taxes once you reach retirement When to stop growing your 401(k) plan (and where to invest instead) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel BiggerPockets Money 219 - Syndications: Everything You Need to Know BEFORE You Invest Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Get $100 Off Your Tickets to BPCON2025 in Las Vegas, Nevada Buy the Book “Rich Dad Poor Dad” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 456 - The Harsh Reality Real Estate Syndications (and Investors) Face in 2024 Connect with Leah Connect with Zach (00:00) Intro (01:05) Leah & Zach’s Money Journey (08:20) Money Snapshot (12:27) Buying the “Dream” Home (18:33) Best Ways to Invest Cash (26:51) Avoiding the Middle-Class Trap (36:28) Maxing Out the 401(k) & HSA (47:06) Don’t Get Trapped! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-613 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 4

The wealthy are using one unique retirement account to build their fortunes tax-free. You may have never heard of it, but knowing about it can change the course of your retirement planning, allowing you to invest in much more than stocks, index funds , and bonds in your retirement accounts. We’re talking about making passive real estate income tax-deferred , flipping houses and sheltering the profits for when you retire, or having a rental property portfolio producing massive passive income , all with the tax benefits of your 401(k), IRA, or Roth IRA. We’re, of course, talking about the self-directed IRA (SDIRA) and the sizable benefits that come with it. To help, John Bowens (Certified IRA Services Professional) from Equity Trust is on the show to share the tax advantages most Americans have zero clue about . Scott starts the interview by coming in hot, throwing out his most significant objections to an SDIRA . We were even surprised by just how many benefits this single account has and how you can use it in ways most people would never assume of a retirement account. We’re talking about how to buy rental properties IN your retirement accounts (and profit from them tax-free/deferred), whether a self-directed IRA or 401(k) makes the most sense for you, the “material participation” rule that you CANNOT afford to break, and how much this account costs to set up. This is a game-changing account for retirees who want to live a rich life, so do not skip out on it! In This Episode We Cover Scott’s biggest objections to the self-directed IRA (is he wrong?) How to get tax-free/deferred passive income from real estate in your retirement accounts The one tax that you MUST know about before investing in an SDIRA Can you get a mortgage for a rental property in an SDIRA ? How much an SDIRA costs to set up and keep going (less than you’d think) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel How to Access Retirement Funds Early Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Want More Smart Tax Strategies? Grab “The Book on Tax Strategies for the Savvy Real Estate Investor” Sign Up for the BiggerPockets Money Newsletter Find Investor-Friendly Lenders The Self-Directed IRA: What You Should Know About This Wealth-Building Tool Connect with John (00:00) Intro (08:26) Tax-Free Real Estate Gains (16:45) One Tax to Watch Out For (19:59) Self-Directed 401(k)s vs. IRAs (27:36) Making $34,000 Tax-Free! (30:42) The "Material Participation" Risk (35:41) Financing Rentals in an SDIRA (39:40) SDIRA Fees and Costs (50:05) Completely Passive Income (51:56) Active Investing in an SDIRA Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-612 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 28

How has Scott achieved so much financial success already in his early 30s? He’s got a secret weapon nobody else has: Virginia Trench ! That’s right, the woman behind half of the puns you hear on this podcast is coming on the show! She's sharing her view on Scott’s early (and extreme) frugality, massively successful financial planning dates , goal setting as a couple , prenuptial agreements , and the Trenches’ recent decision to sell a solid chunk of their index fund portfolio . Virginia met Scott before he was CEO , before he had a sizable rental portfolio , and before he became one of the internet’s favorite money nerds. Together, they’ve worked hand-in-hand, building a FI lifestyle that fits their family while chasing their own individual dreams, including Virginia becoming a published author with her new book, Our Secrets Were Safe , coming out this summer! In this episode, we peel back the curtain and get a glimpse into how Scott and Virginia run the Trench household and its finances. What’s the one thing they have trouble not spending on? What is their repeatable process for achieving enormous financial goals ? And is Scott secretly the world’s worst/best baker? If you’re a long-time listener, this is an episode you can’t miss! In This Episode We Cover The repeatable money date that Scott and Virginia use to keep their family finances in shape Goal setting as a couple and how to reach seemingly impossible milestones Prenuptial agreements and why Scott and Virginia would recommend one for couples What Virginia thinks about Scott’s recent decision to sell off their index funds The one spending problem that Scott and Virginia both admit they struggle with And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel BiggerPockets Money 301 - Why You’re (Probably) Wrong About Prenups Preorder Virginia’s New Book, “Our Secrets Were Safe” Grab Scott and Mindy’s Book, “First-Time Home Buyer” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 607 - Has the FIRE Formula Changed? Why 100% Index Funds Isn’t the Answer (00:00) Intro (01:47) Super Frugality and FIRE Goals (04:57) Spending and Blind Spots (08:42) Getting a Prenup (12:08) Financial Planning Dates (17:08) Goal Setting 101 (24:57) Scott Goes Coconuts (321:05) Selling Index Funds (35:49) Grab Virginia’s Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-611 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 25

Teachers aren’t known for their high salaries , so how did this one reach early retirement and FIRE at just 45 years old ? Through “aggressive” saving and smart cost-of-living choices, Amy Minkley was able to quit her demanding international teaching job only three years after finding out about the FIRE movement . Now, she spends her days living in paradise and hosting “ FI Freedom Retreats ” once or twice a year for like-minded FIRE-chasers. To reach FIRE in your 40s , you must make some strategic moves like Amy. Thankfully, you don’t need to make six figures to retire early in 2025. Throughout Amy’s career, she never entered the “high income” threshold but could still save aggressively, thanks to the perks of teaching at international schools. We’re talking free rent, subsidized travel, and plenty of paid vacation. But it wasn’t always the dream life that it sounds like. Amy had constant stress and was routinely feeling burned out , forcing her to take multiple sabbaticals , change where she lived, and deal with some of the money trauma that had plagued her past. Now, she’s FIRE, thriving, and living entirely on her terms. You can (and should) do it, too! In This Episode We Cover How to reach FIRE in your 40s even if you feel like it’s too “late” for you Why teachers should look into teaching abroad to save a significant portion of their income Investing from abroad and what to do when you have little-to-no social security contributions How much cash you should keep on hand when you’re ready to retire early Living off the three percent rule (instead of the traditional four percent rule ) by moving to low-cost-of-living areas Why you must take a sabbatical at least once in your working career And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Save $100 on Real Estate’s Biggest Event of the Year, BPCon2025 Reach FIRE Faster with "Set for Life" Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area From Making $40K/Year as a Teacher to Reaching FI in 4 Years by Doing THIS Connect with Amy Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-610 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 21

Is something stopping your FIRE ? Today’s guest wants to retire early at 35 , but with a shaky budget , extra expenses , and a problematic rental property , her path to early retirement isn’t clear. In today’s episode, we’ll break down her finances and help her get back on track ! Welcome back to the BiggerPockets Money podcast ! Sarah earns a great salary and diligently saves for retirement each month. You’d think she’s on pace to leave her W2 job in a few years, but there’s one problem—she has more expenses than the average person. Financially responsible for two extra family members, Sarah pays for their mortgage , food , and lifestyle , all while covering her own expenses! Does Sarah’s financial situation need a major shake-up? Tune in as Scott and Mindy debate whether it’s time for Sarah to part with a property that’s bleeding money , strategize about when to put it on the market , and discuss what to do with the money from the sale. We’ll also touch on the tough conversations Sarah needs to have with family members if she wants to achieve her retirement goal ! In This Episode We Cover The three things Sarah must do to achieve her goal of FIRE by 35 How to reach your financial goals despite extra expenses What to do with a rental property that has negative cash flow The BEST time to put an investment property on the market How to budget for future children ( family planning 101 !) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Find Investor-friendly Tax and Financial Experts Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Achieve FIRE with Scott’s Book, “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 12 – How to Become an “Overnight” Success in 10 Short Years with David Greene Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-609 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 18

2024 may be long gone, but it’s NOT too late to lower your taxes for the previous year. If you have real estate or retirement accounts , you already hold the key to minimizing your taxable income and owing less to Uncle Sam. But how do you do it? We’re sharing 2024 and 2025 top tax reduction strategies in today’s show with expert CPA and real estate investor Amanda Han ! Do you know about the real estate tax “loophole” that helps everyday investors cut their taxable income by tens of thousands? Got an employer-contributed retirement plan? You could STILL use it to lower your 2024 taxes ! And why should you NOT take the standard deduction if you’ve bought a home in the past few years? We’re answering all of these questions so you can keep more of your hard-earned money. Finally, what audit red flags is Amanda seeing with her clients? There’s one easily avoidable audit trap that MANY Americans are falling into that could take just minutes to circumvent. Should we even be talking about income taxes if President Trump plans to eliminate them? Amanda, Mindy, and Scott are sharing their opinions on whether this will reach fruition. In This Episode We Cover How to save on your 2024 tax bill and moves to make before Tax Day 2025 The easily avoidable audit red flag that Amanda has seen spike lately The real estate tax deduction that could save those earning $150K or less tens of thousands Most commonly missed tax write-offs that many Americans can take but forget about Will President Trump abolish income taxes during his second term? Whether to pay your estimated taxes OR invest instead and take the interest hit And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Find Investor-friendly Tax and Financial Experts Buy Amanda’s Book, “The Book on Tax Strategies for the Savvy Real Estate Investor” Find Investor-Friendly Lenders Tax Audit Tips Connect with Amanda (00:00) Intro (00:56) You Can STILL Save on 2024 Taxes (05:54) Lowering Your Taxable Income (10:27) You Can STILL Contribute for 2024! (14:22) Estimating Your Taxes (16:22) Itemizing vs. Standard Deduction (18:21) Commonly Overlooked Write-offs (21:41) Audit Red Flags! (23:06) Will Tax Rates Rise or Fall? (28:03) Opportunity Zones Have Changed (31:08) How to Prepare for 2024/2025 (35:15) Connect with Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-608 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 14

Is a 100% index fund portfolio no longer the FIRE formula? The market has changed, and maybe your portfolio allocation needs to change with it. With index funds at all-time-high prices and price-to-earnings ratios at an eye-watering 29 , you might be feeling a bit worried about whether your FIRE will last or you’ll even make it to FIRE in the first place. You’re not crazy; Scott is feeling the same way, too. Recently, Scott decided to make a move much of the FIRE community would protest— he sold 40% of his index fund portfolio to reallocate to real estate. Why did he do it now, even as a strong index fund believer? On the other hand, why is Mindy sticking with her stock and index fund portfolio, ready to ride out whatever potential market downturn could be coming our way? Scott explains, in detail, why real estate is a better choice for him at the moment , the reason prudent FIRE chasers should question the conventional wisdom of a 100% index fund portfolio , and why his new rental property could act as a hedge against a significant market downturn. If Scott is selling his index funds, should you? In This Episode We Cover The historical price-to-earnings ratios making index funds a riskier bet How holding 100% index funds could throw your FIRE off by a decade The optimal portfolio for retiring early on the four percent rule Is real estate a safer bet than stocks in 2025? Real estate cash flow vs. selling stocks for income and why one is much easier to actualize And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Personal Finance Club Get Early Access to Real Estate’s Biggest Event of the Year, BPCON2025 Get to FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 599 - The Macro Analysis is Clear: Why We Are Reallocating (Away From Stocks) to Real Estate in 2025 Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-607 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 11

Travel hacking allows you to fly and travel for free , often in luxury, without spending tens of thousands of dollars on flights or hotels. So, how do you do it without managing thirty different credit cards in your wallet? Brian Kelly, AKA The Points Guy , world-renowned travel hacking expert and author of the new book How to Win at Travel , is here to show you as we rapid-fire our top credit card rewards questions at him. In this show, you’ll learn how to fly to Europe, Asia, and beyond for FREE , even in business class, all by spending the same amount of money you typically would every month. These cards can turn your weekly grocery run into free flights, hotel stays, cashback , and more, plus give you huge perks like airport lounge access, travel protection, and even a credit to spend on your next trip. Love free money? This is how you get it. Plus, we’re asking The Points Guy what cards he has in HIS wallet , what he spends on which card, and why he does NOT recommend staying loyal to a specific airline, even if you travel often. These tips alone could save you thousands of dollars this year while turning your economy seat into a lie-flat first-class experience. Don’t let your money go to waste; start travel hacking! In This Episode We Cover How to travel for free by spending money on groceries , eating out, and business expenses The Points Guy’s three favorite credit cards that everyone should keep in their wallet Why you (probably) shouldn’t stay loyal to a specific airline, even if you have their credit card Why Chase points can get you even MORE free travel than American Express points Evaluating annual credit card fees and whether a $300+/year credit card is worth it Best credit cards for renters and those who live a frugal lifestyle (but still want to travel!) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Point.me Seats.aero Get Early Access to Real Estate’s Biggest Event of the Year, BPCON2025 Learn to Save and Spend the Right Way with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Earn Free Vacations With Travel Rewards Credit Cards (00:00) Intro (01:39) Travel for FREE! (06:06) Best Credit Cards for Beginners (13:48) Annual Fees (17:56) Brian’s Favorite Credit Cards (20:51) Airline and Hotel Partner Cards (27:49) Keeping Track of Cards (29:34) Best First Card? (31:21) Cards for Low-Spenders (34:03) Inheriting Points? (36:52) WIN at Travel! (39:01) Get Your Points! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-606 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 7

Does the four-percent rule actually work? On paper, yes. So why don’t more people put it to the test? Today’s guest retired at forty-seven years old and is living proof that the math really does check out. Stay tuned to find out how! Welcome back to the BiggerPockets Money podcast ! Bobby Beck has done what so many in the FIRE community are seemingly unable to do—he actually retired on the four-percent rule! What’s more? He did it while living in the Bay Area , one of the most expensive markets in the US. What gave him the confidence to leave his job and never look back? While “One More Year Syndrome” keeps many people from retiring early , Bobby’s mantra of “take a year” compelled him to take a leap of faith. Even though his retirement portfolio took a sixteen-percent hit right before he retired, he weathered the storm, and sure enough, the market rebounded! Now, Bobby lives the life people dream of when they discover FIRE. He has a comfy lifestyle , travels multiple times a year , and only checks his portfolio once a month. If you need the motivation to call time on your career and put your retirement date on the calendar, you don’t want to miss this episode! In This Episode We Cover How Bobby and his wife retired on the four-percent rule (at age 47!) Why the FIRE community overestimates how much they’ll owe in taxes How to beat “One More Year Syndrome” and actually retire early Growing your brokerage accounts and cash to avoid the middle-class trap The portfolio allocation that will give you the confidence to retire And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook Sign Up for BiggerPockets Momentum 2025 to Reach FIRE Faster Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Learn How to Retire Early with Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) (00:00) Intro (01:03) Retired at 47! (05:49) Bobby’s Portfolio (08:35) Real Estate Investments (17:05) Withdrawals & Tax Strategies (26:45) 100% Stock Portfolio (34:36) What Does Your Life Cost? (39:47) The 4% Rule Works! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-605 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 4

Do we focus too much on just one type of wealth ? What if the key to a happy life isn’t retiring early , ascending the corporate ladder , or having more money than you know what to do with? Serial entrepreneur Sahil Bloom spent years chasing money, only to find that it didn’t provide happiness—it robbed him of it. Find yourself in the same boat? This episode is for you! Welcome back to the BiggerPockets Money podcast ! Today, Sahil joins the show to discuss the core concepts from his latest book, The 5 Types of Wealth . Many FIRE -focused folks believe that financial wealth unlocks time, social, mental, and physical wealth, but Sahil is living proof that this isn’t the case. In this episode, he shares about his own journey from financial illiteracy to financial independence , the different levers he pulled along the way, and how he was able to dig himself out of a rut that was slowly destroying his life. Whether you’re stuck on the happiness hamster wheel, burned out at your nine-to-five job , or lacking in any area beyond money, you’re not alone! Sahil will show you the “ x factor ” that leads to financial freedom , the best and most scalable side hustles to start, and how to transition from your W2 to entrepreneurship ! In This Episode We Cover The five types of wealth explained (and why you shouldn’t focus on just one!) The “ x factor ” that catapults you from a decent living to financial freedom Why increasing your income is more important than controlling your expenses The number one thing the FIRE community gets wrong about building wealth How anyone can start (and scale) their own online business in 2025 Steps every person must take to lay a strong financial foundation The “safety net” you need when moving from stable W2 income to entrepreneurship And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group The 5 Types of Wealth Sahil’s Instagram Try REsimpli, The Only All-In-One Real Estate Investor CRM Software That Helps You Manage Data, Marketing, Sales, and Operations Buy the Book “Pillars of Wealth” Find an Investor-Friendly Agent in Your Area How to Build, Grow, Scale, & SELL Your Online Business (00:00) Intro (01:02) Sahil’s Money Journey (03:18) Building a Financial Foundation (13:29) Leaving the Fund & Moving Home (21:43) The “Scalability” of the Internet (28:09) Structuring His Company (33:18) The 3 Pillars of Financial Wealth (39:09) Riding Out the Market (43:40) The 5 Types of Wealth (46:08) Connect with Sahil! (47:03) Build “Well-Rounded” Wealth! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-604 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 31

How can you use your retirement accounts to reach FIRE faster ? We’ve talked a lot about the “ middle-class trap ” —having too much of your net worth trapped in your retirement accounts and home equity—and we may have the secret weapon to help you escape it . Not only that, this strategy allows you to keep more of what you earn, take control of your investments, and build a (relatively) passive real estate portfolio while you get closer and closer to FIRE. Of course, we’re talking about self-directed IRAs and Kaaren Hall ’s new book, Self-Directed IRA Investing: A BiggerPockets Guide (use code “SDIRA10” for 10% off)! Never heard of them? Self-directed IRAs (SDIRAs) are retirement accounts that give you more control over what you invest in . So, instead of just stocks and bonds, you can use your retirement funds to buy rental properties , become a passive private money lender, and invest in real estate syndications. These investments can often get higher returns than stock market averages, helping you reach your retirement goals faster! So, how do you use it to escape the middle-class trap? Today, Kaaren shares some of the often overlooked strategies to withdraw early from your self-directed IRA so you can FIRE in your forties or fifties instead of waiting until your sixties! In This Episode We Cover Self-directed IRAs explained, plus why they’re a “secret weapon” for retirement Self-directed IRAs vs. traditional IRAs and what you can invest in with each Escaping the “middle-class trap” with early withdrawal strategies for retirement accounts Completely passive real estate investments you can put inside your self-directed IRA How to turn your old employer-sponsored retirement account into a self-directed IRA And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group uDirect IRA Get fast, affordable landlord insurance with Steadily BiggerPockets Money Listeners Get 10% Off the Book with Code “SDIRA10” Property Manager Finder Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement Connect with Kaaren (00:00) Intro (01:23) Self-Directed IRAs Explained (05:49) Buy Real Estate with Retirement Accounts! (10:37) Opening a Self-Directed IRA (13:55) Escaping the Middle-Class Trap (17:41) Real Estate IRA Rules (20:52) Best Alternative Investments (23:56) 401(k) vs. IRA and Minimum Distributions (27:57) Withdraw from Your IRA for FIRE! (34:49) Self-Directed HSAs! (Timestamp) (36:59) When to Use a Self-Directed IRA (41:48) 403(b)s and TSPs (43:20) BIG Changes! (48:20) Grab the Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-603 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 28

Buying a house , maxing out your 401(k) , and leveraging real estate can help you achieve financial independence . But suppose your goal is to retire early . Could relying too heavily on these principles actually delay early retirement ? Today, we’re going to show you how to break free from the “ middle-class trap ” that stops so many from retiring early! Welcome back to the BiggerPockets Money podcast ! Is most of your net worth “stuck” in home equity and retirement accounts ? This is a widespread issue in the FIRE community. On one hand, you could sell your home or refinance your mortgage to tap into your equity, but interest rates are too high! Meanwhile, you can’t withdraw money from your 401(k)—not without incurring severe penalties. In theory, you could already be a millionaire but have little to no cash flow to fuel your retirement. So, what should you do? In this episode, you’re going to learn all about the middle-class trap, how to avoid it, and, if you’re in it, how to get out! Mindy and Scott will share the “ideal” portfolio for an early retiree and the bridge accounts you need to retire today. Finally, is the FIRE community wrong about the 100% index fund portfolio ? Stay tuned to find out! In This Episode We Cover The middle-class trap explained and how to avoid (or escape) it The “ideal” investment portfolio for the early retiree Tweaking your asset allocation to achieve financial freedom The power of owning a paid-off rental property in retirement Bridge accounts and investments that will allow you to retire today Why a 100% index fund portfolio could come back to bite you And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine Achieve FIRE with Scott’s Book “Set for Life” Find Investor-Friendly Lenders BiggerPockets Money 554 - Should I Pay Off My Mortgage or Invest? (We Did the Math) (00:00) Intro (00:42) What Is the Middle-Class Trap? (03:42) The “Ideal” Retirement Portfolio (10:31) Scott’s Path to Financial Freedom (16:13) Mindy’s Early Retirement Roadmap (24:12) The Power of Paid-Off Property (29:18) Middle-Class Trap “Timeline” (33:55) Share YOUR Portfolio! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-602 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 24

Why do so many in early retirement struggle with happiness ? We know you’ve told yourself, “ Once I hit FIRE, I’ll be living the dream! Every day will be like a vacation.” This is what Mindy was telling herself for years before becoming financially independent, and once she hit her goal, she realized life’s same problems still exist. If you’re FI already, this may sound familiar. So, how do you enjoy the path to early retirement so that when you reach your financial goal , the party doesn’t stop? Jordan Grumet , AKA Doc G , practiced full-time medicine for years but wasn’t completely satisfied, even with financial success. After reflecting on his “purpose,” he found that hospice medicine brought him true fulfillment. Through conversations with patients on their deathbeds , Jordan uncovered a common thread: most regrets stemmed from not living a purposeful life , regardless of financial achievement. In his new book, The Purpose Code , Jordan walks you through exercises that uncover your view on purpose, success, financial freedom, and what it means to truly “win” in life . His goal? Make sure you enjoy every day on the path to financial freedom so that when you get there, you know exactly how to live the life you love. If you want to reach FIRE happy, less stressed, and full of energy to live your early retirement life, we’ve got what the doctor ordered. In This Episode We Cover Why even the wealthiest people in the world are still so unhappy (and what they’re missing) Why money is NOT the only tool you can use to find lifelong happiness The four “anchors” you can use to find your life’s purpose before it’s too late How to enjoy the path to financial freedom without burning out or pushing through unhappiness The number one thing in life that leads to humans being happy (it’s completely free) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Jordan’s Website Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine Buy “The Purpose Code” Find an Investor-Friendly Agent in Your Area The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G (00:00) Intro (04:39) The Comparison Trap (06:38) You're Getting "Purpose" Wrong (10:16) How to Start Enjoying Life (14:07) The Reason So Many Aren't Happy (23:30) The Huge Impact of "Little" Purpose (29:10) Purpose Exercises (30:52) Finding Your Community (33:54) Connect with Jordan! (34:27) Find Purpose BEFORE FI! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-601 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 21

Are you building wealth but feel like you can never enjoy it? Do you struggle with money, fearing you carry the same poor financial habits as your parents ? Whether you’ve got a lot of money or a little, many of us face the same mental financial challenges —anxiety, shame, and stress—but it doesn’t have to stay this way. Today’s guest is living proof that change is possible. After completely turning his financial life around , from maxed-out credit cards , a rock-bottom credit score , repossessions, and empty bank accounts, to achieving financial success , he now teaches others how to do the same. Steven Hughes , a money therapist, focuses on uncovering the financial beliefs shaped during childhood. Steven recognized that the negative money mindset affecting him in his youth also impacted countless others. To address this, he founded the non-profit “ Know Money ” to help people cultivate a stress-free, anxiety-free, and guilt-free perspective on money, empowering them to achieve true wealth—both mentally and financially. Do you feel like, even though you’ve got money, you’re constantly worrying or unable to keep a cent in your bank account? Steven provides practical tools to help you finally break free from an unhealthy money mindset. In This Episode We Cover How to find the “root” of your money fears and address it once identified Why some people with extraordinary incomes struggle to save money Healthy vs. unhealthy financial emotions and ways to stop feeling guilty about success Tools to manage your emotions around money so you can truly enjoy your wealth The “family fund” that empowers you to give generously without being taken advantage of And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Steven’s Website Steven’s Affirmations Groove Money Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine Grab Your Copy of “The Richest Man in Babylon (BiggerPockets Edition)" Find an Investor-Friendly Agent in Your Area How to Use Your Financial Fears to Build Wealth Better (00:00) Intro (01:13) 7 Maxed Out Credit Cards?! (05:56) Teaching Others to Avoid His Mistakes (07:34) Identifying Your Money "Root" (10:08) Getting Out of Debt (11:55) Financial Therapy (16:28) Mental Money Challenges (18:53) Healthy vs. Unhealthy Money Emotions (22:24) What to Do AFTER FIRE (25:46) Tools to Manage Money Emotions (32:34) Family Asking for Money? (38:34) Connect with Steven! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-600 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 17

Is it a good time to invest in real estate ? Yes, and we have proof that real estate may be underpriced , even as we hover around the most expensive average home prices in history. How can real estate be undervalued when prices are at historic highs? Dave is sitting down with Scott Trench , CEO of BiggerPockets, who has condensed ten hours' worth of research into one episode to prove to you that, without a doubt, real estate will be winning over the next few years . Plus, he’s about to make a BIG financial bet on it. We’ve been talking a lot about entering the “upside” era recently—the new cycle of real estate investing—and wanted Scott’s take on it, too. He has invested in real estate for over a decade, reached financial independence through rental properties, and has been openly critical about multiple sectors of the real estate industry over the past few years. Today, Scott makes a compelling case for real estate as a better investment than stocks, crypto, or gold . Some specific real estate niches could see prices drop even more, making 2025 (and 2026) phenomenal opportunities to buy. Make your choice: tune into this episode and build wealth while others sit on the sidelines or wish you had done so in a few years. In This Episode We Cover Why residential real estate may actually be undervalued in 2025 One sector of real estate with enormous buying opportunities nobody is noticing Scott’s MASSIVE real estate bet and why he’s selling much of his stock portfolio Where interest rates will be in 2025 and whether they could rise even more Rental housing demand and the almost irrefutable case that rent prices will rise Why Scott believes Bitcoin will be going to $0 in the long term And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Rent Growth Treasury Yields Real Median Household Income Median Sales Price of Houses S&P 500 Ten-Year Returns vs. S&P 500 P/E Connect with Dave Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-599 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 14

From over $300,000 in debt to a millionaire in just eight years ?! No matter where you’re at, it’s never too late to get on the path to financial freedom . This entrepreneur is proof that a little discipline, frugality , and creativity can radically change your financial trajectory! Welcome back to the BiggerPockets Money podcast ! Today, we’re speaking with Bernadette Joy , founder of Crush Your Money Goals . In 2016, Bernadette had dug herself a six-figure hole —a combination of student loans , credit cards , and mortgages —simply by listening to bad money advice . But in just THREE years, she paid off all of her debt and has since built a net worth of $1.8 million ! How did she create such an enormous swing in less than a decade? In this episode, she’ll show you the exact steps she took so that YOU can do the same! Want to accelerate your journey to FIRE ? Bernadette has all kinds of budgeting tips , debt paydown strategies , and side hustles that will help you reach your financial goals much faster. Stay tuned to learn how to wipe out your debt as quickly as possible, save for retirement , and even make an extra $100 a day alongside your nine-to-five job ! In This Episode We Cover How Bernadette paid off $300,000 in debt in just THREE years Making an extra $100 a day with side hustles (while working a W2 job ) The three-bucket, zero-based budget that balances frugality and freedom Using the “snowball” method to pay off student loan debt faster Whether you should keep a large cash position (or invest it!) How to manage financial anxiety on the road to financial independence And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Grab Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 586 – Average Net Worth by Age (How Do You Compare?) Connect with Bernadette (00:00) Intro (00:59) Getting Into $300K of Debt (04:52) The Zero-Based Budget (14:00) Starting Side Hustles (18:33) Making an Extra $100/Day (24:44) Bernadette’s Portfolio (37:47) Connect with Bernadette! (39:16) Crush Your Money Goals! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-598 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 10

“ Do I have enough to retire? ” is a question most people in the FIRE community grapple with, but today, we’re sharing a FREE tool that will help you put this issue to bed! If you’re concerned about running out of money later in life or developing “ One More Year Syndrome ,” you won’t want to miss this episode! Welcome back to the BiggerPockets Money podcast ! Software engineer Lauren Boland has developed a FIRE calculator that predicts whether your nest egg will be able to support you in retirement. This powerful tool takes dozens of key data points—such as your financial independence number , retirement age , annual expenses , portfolio mix , and historical returns —to simulate multiple retirement scenarios. In this episode, Lauren, Scott, and Mindy are going to walk you through this powerful tool, step-by-step! Does the four-percent rule still work in 2025? How much do you really need to save for retirement ? Whether you’re just starting your quest for FIRE or looking to tweak your investment portfolio as you approach retirement, cFIREsim will show you where you stand and what you might need to adjust to meet your retirement goals ! In This Episode We Cover A step-by-step walkthrough of Lauren’s FREE cFIREsim tool How much money you actually need to retire early Reverse-engineering your financial independence number Whether you can still retire on the four-percent rule in 2025 How to ensure that your money not only lasts but also grows in retirement And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group cFIREsim Tool Lauren’s Bluesky Social Security Administration Get to FIRE Faster with Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-597 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 7

Ramit Sethi , the money and couples’ finances expert, is back! This time, he’s teaching you how to have life-changing money conversations with your partner so you can build a “rich life” together and even FIRE faster! You may know Ramit from his popular book, I Will Teach You to Be Rich, or his Netflix series How to Get Rich , but today, he’s sharing brand new insights, techniques, and lessons from his newest book, Money for Couples ! If you’re a FIRE freak like us, you may have a partner who’s having a tough time getting on the same financial page as you . You see their eyes glaze over as you pull up spreadsheets, talking about compound interest and the savings from switching to non-organic broccoli. We’re sure it’s well-intentioned, but this could be doing more harm than help . If you want to enjoy getting “rich” with your partner, have more time to do the things you love, and build your wealth as a partnership instead of constantly persuading your other half, this is the episode to catch! Ramit shares his “script” for having crucial money conversations , diagnoses which “money type” you fall into, and gives the steps to escape the “ Middle-Class Trap ” ! In This Episode We Cover How to start a “money conversation” with your partner (EVEN if they aren’t into FIRE) The money dates you must have to get on the same page The four “money types” and how knowing yours can strengthen your relationship What the FIRE movement gets wrong about money (it’s not all about dollars and cents!) Escaping the “Middle-Class Trap” of not being able to retire EVEN when you’re wealthy The most surprising thing that Ramit has learned about money in most relationships Why Ramit rents and has NO INTEREST in buying a house ! And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Grab Scott and Mindy’s Book, “First-Time Home Buyer” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 243 - Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together BiggerPockets Money 73 - Ramit Sethi Will Teach You to Be Rich! BiggerPockets Money 127 - Planning for the Unexpected: Being Financially Ready to Take Advantage of Opportunities w/Ramit Sethi Money for Couples How to Get Rich Ramit on X Hear Ramit Interview Mindy “We achieved FIRE with $4.3M. Why can’t we enjoy it?” (00:00) Intro (01:01) Ramit is Back! (03:49) The Money Conversation "Script" (09:50) What Couples Should Do (12:28) Your Money "Type" (19:06) Hard Money Talks (24:32) Do You Do This? (30:17) Escaping the "Middle Class Trap" (42:43) Most People DON'T Know This! (46:29) Renting vs. Buying a House (59:52) STOP Caring What Others Think (1:03:07) Grab Ramit's Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-596 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 3

Want to know how to make $100 a day in 2025, all while working from home? We brought the queen of side hustles, Jackie Mitchell , back on the show to share how her money-making journey has been going. Jackie set a goal to make $100 a day to save up for a down payment. She did just that, making close to $11,000 in total in her one-hundred-day side hustling stretch. Now, she’s bought a house, still side hustling, and saving a TON of money. How’s she doing it? Jackie reveals the easiest and most profitable side hustles from her $100-a-day challenge. Some side hustles made her $500 for just three hours of work, while other more casual tasks paid her anywhere from twenty to twenty-five dollars per hour while she was hanging out at home. But what has she done with that extra money? Today, Jackie shares the huge money moves she’s made to put herself in a FIRE position early on in life. She’s got a big goal: pay off her new house in her thirties! Can she do it? With these side hustles, it’s looking likely. Plus, she shares how she pays for trips, holiday gifts, and more with her easy work-from-home side hustles anyone can sign up for. In This Episode We Cover The $100-a-day work-from-home side hustles you can do entirely online One side hustle that paid Jackie over $100 per hour and how she found it The time-consuming side hustle that is NOT worth the money Paying off your mortgage early vs. investing and why Jackie is going against FIRE advice Budgeting hacks Jackie and her husband use to spend just eighty dollars a week on groceries (seriously!) Why Jackie DOESN’T want to retire early (but WILL still reach financial independence!) And So Much More! Links BiggerPockets 299 - Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap w/Budget Bytes BiggerPockets Money 590 w/All the Hacks’ Chris Hutchins BiggerPockets Real Estate 955 - Real Estate vs. Stocks, the Ultimate Wealth-Building Debate w/The Motley Fool and Chris Hutchins Jackie’s TikTok Jackie’s Newsletter r/beermoney Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-595 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 31, 2024

Calling all couples! You and your partner may be on the same page financially or off in two different directions; regardless of where you’re at, it’s a great time to start having money dates ! In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well! If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves. If you have a partner who may be a bit averse to the concept of a money date, have no fear. Mindy and Scott have perfected their plan for setting up a successful money date and how to make it enjoyable when you’re in it. With the new year coming up very soon, this is the perfect time to plan a money date with your special someone. You won’t regret it! In This Episode We Cover What is a “money date” What to do before you suggest a money date to your partner How to make the money date successful and what topics to bring up Following up on your money date and setting up systems for success The importance of keeping your ideas simple in a money date How to present the idea to a partner who may not be too keen on finances Why money dates help create healthier, happier relationships And So Much More! Links The Intention Journal Money Date Homework Template Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-594 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 27, 2024

Got debt to pay off? You might relate to Leo , a personal finance journalist who’s focused on financial stability over FIRE —at least for now. With six figures in student loans and credit card debt , Leo found themselves in a tough spot after being laid off with no safety net. Determined never to end up in that position again, they began chipping away at their debt, working toward financial peace of mind instead of a relentless grind to early retirement. Leo shares why their approach to financial freedom is different. While they don’t want to wait until sixty-five to retire, they’ve crafted a “wealth plan” that balances paying off debt, building a safety net, and creating a better life today. In this episode, Leo dives deep into budgeting tips , debt repayment strategies , and the unique financial challenges faced by LGBTQ+ individuals. Tired of the all-out grind to FIRE and want “financial stability” instead? Leo has just what you need! In This Episode We Cover Why financial stability can be just as important as the FIRE grind Leo’s practical strategies for budgeting and paying off six-figure debt How to create a wealth plan that supports your life—even while tackling debt The sacrifices worth making (and the ones that aren’t!) in your financial journey Why an “ accountability buddy ” is a cheat code for achieving your financial goals And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow Leo on Instagram Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get Your Finances in Order with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Pay Off Credit Card Debt FAST 00:00 Intro 03:41 Serious Credit Card Debt 06:26 Feeling Financial Shame? 08:40 Paying Down Six-Figure 10:33 Wealth "Planning" 13:37 Budgeting Their Debt Payoff 15:52 Financial Stability > Independence 20:06 Does FIRE Change You? 22:10 Best FIRE Advice? 26:23 Connect with Leo! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-593 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 24, 2024

If you want to retire early , the Mad Fientist is your guide . For over a decade, Brandon , more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest . Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom . And he’s also got a new update that’ll make your early retirement journey smoother. After tinkering with the beloved and rarely challenged 4% rule , Brandon decided it was time to sit down and calculate how much you really need to retire early . For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think . That means your early retirement timeline just got a LOT shorter. In this episode, Brandon will describe why the 4% rule may be a bit too rigid , how to ensure you’ll have enough during early retirement , what to do during a market crash or correction , and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around! In This Episode We Cover Early retirement rules of thumb you MUST know when on the path to FIRE The 4% rule and why you DON’T need to follow it to a tee Retirement withdrawal rules and how much to spend during a crash/correction The skill of spending and what Brandon regrets most from pre-FIRE life Tracking your expenses and why knowing your costs is CRUCIAL to early retirement And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Money 119 - Coronavirus: Is It Time to Give Up on Financial Independence? w/The Mad Fientist BiggerPockets Money 161 - Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders w/The Mad Fientist The Problem with the 4% Rule (and Why You Could Retire Even Sooner) Hear Brandon's New Album! Try Baselane, the One Platform for All Your Property Banking & Finances Get to Early Retirement Faster with "Set for Life" Find Investor-Friendly Lenders BiggerPockets Money 18 - Accessing Retirement Funds Before Age 59½ with The Mad Fientist Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-592 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 20, 2024

Are you worried you won’t be able to retire at sixty-five ? Feeling financially limited in your fifties and need a retirement plan so you can finally stop working? Well, we made this episode just for you. Today, we’re teaching you how to retire on time at age sixty-five (or even retire early !) if you’re starting from zero with no money to your name. We spell out exactly what we would do to go from a zero-dollar net worth to a million dollars in retirement! This is a step-by-step plan that anyone who wants to retire on time can follow. We’ll walk through two personas : Barb, a recently divorced stay-at-home mom reentering the workforce with a zero-dollar net worth. Then, we’ll touch on Sally, a six-figure income earner who also is starting from zero . Both scenarios take slightly different steps, so listen closely because your income level could completely change your money moves! Don’t give up on retirement! No matter your age, these simple steps can help get you to a financially stable (if not flourishing) position. We’ll talk about how to make more money , cut expenses, save every month , which investments you should prioritize for retirement, and what to do if you’re still in debt! In This Episode We Cover How to go from broke at fifty to millionaire (and retirement-ready!) at sixty The one beginner-friendly investment that could make you richer (faster) than traditional retirement accounts Starting a side hustle and how to make more money so you can retire faster The passive, stable, and relatively safe investment that anyone can put their money into When to pay off debt and which interest rates to prioritize first How to become a personal finance genius in just a year simply by “listening” And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 586 - Average Net Worth by Age (How Do You Compare?) Email setforlife@biggerpockets.com for a Free Copy of Set for Life Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab Scott’s Book, “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) (00:03) Intro (02:21) How to Start from ZERO! (06:33) Stay-at-Home Mom, No Income, Divorced (20:08) Six-Figure Income, $0 Net Worth (27:32) Investing Your Money (31:34) Paying Off Debt (36:24) Want More Retirement Strategies? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-591 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 17, 2024

Do you want to know how to save $1,000 a month (or more!) with simple spending and saving tweaks? Today, we’re giving you the BEST money hacks for 2025 from the expert, Chris Hutchins of All the Hacks ! Some of these smart money moves will save Chris over $20,000 just next year, and that’s not even including all the other hacks he shared in this episode. The best part? These money hacks can help you retire early by substantially reducing your cost of living. Chris starts by sharing one of the most genius ways he’s making extra money . You could call it a side hustle , and Chris has a LOT of them to share. Then, we start taking HUGE chunks of money out of your monthly expenses as Chris shows you how to slash all your insurance costs , reduce your property taxes effortlessly, save tens of thousands a year on healthcare, and easily go out to eat for thirty percent less . If your 2025 goal is to save more, spend less, and get to FIRE faster , this is the perfect way to start, and missing out on these tips could cost you tens of thousands! In This Episode We Cover Chris’s favorite side hustle of 2024 that’s making him extra money (nobody has thought of this!) How to slash your property tax bill in exchange for a couple of hours of your time Reevaluating your car insurance and why you MUST get new quotes ASAP Savvy healthcare hacks that could save Chris $24,000 this year alone How to get a deep discount whenever you eat out (twenty to thirty percent off!) The one thing you can’t (and probably shouldn’t) hack And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Money 473 - Holiday Shopping Hacks That’ll Save You Hundreds (or Thousands) This Season w/Chris Hutchins BiggerPockets Real Estate 783 - Home Buying Hacks: Finding The Perfect House (and Agent!) w/Chris Hutchins BiggerPockets Real Estate 955 - BiggerNews: Real Estate vs. Stocks, the Ultimate Wealth-Building Debate w/Chris Hutchins and The Motley Fool Why You Shouldn't Stop Working Once You Hit Financial Freedom w/Chris Hutchins All the Hacks All the Hacks 34 - Insider Tricks to Healthcare, Prescriptions and Medical Bills with Marshall Allen All the Hacks 104 - Optimizing Your Insurance Policies (Auto, Home/Renters, Umbrella, Life, Disability, Pet, and Travel) All the Hacks 181 - Making an Easy $3k/mo from Online Deals with Kai Blueberry Pediatrics in-kind - Restaurant Savings App Ownwell - Property Tax Reducer Summer Health Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-590 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 13, 2024

Alex Preziosi wants to reach financial independence by the age of forty-five , and with several hundred thousand dollars in retirement accounts , brokerage accounts , and savings , she’s on pace to do just that. But now, she’s thinking about quitting her W2 job . Can she still hit her FI goal? Today’s guest has good problems, but problems, nonetheless! Welcome back to the BiggerPockets Money podcast ! Since we last spoke with Alex, she has made two major leaps on her journey to financial independence. First, she has taken up house hacking , which pays for most of her mortgage in an expensive area of the US. But that’s not all. She has also grown her side hustle as a real estate agent into a full-fledged business , where she now earns more than she does at her W2 job ! These moves have only widened the gap between her income and her expenses , and, as a result, she’s sitting on an even bigger pile of cash . Now, Alex finds herself at yet another crossroads. Is her W2 holding her back? Should she pursue full-time entrepreneurship while she has such a strong cash position ? Stay tuned as we dive into the numbers and try to figure out Alex’s best path to FI by forty-five! In This Episode We Cover The best path for Alex to reach financial independence by forty-five When to leave your W2 job and pursue full-time entrepreneurship How to lower (or eliminate!) your housing cost with the house hacking strategy Where to invest a large amount of cash ( stock market versus real estate ) Tax strategies that could help you save a fortune over your lifetime And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group How to Talk to Anyone Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 395 – Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45 w/Alex Preziosi Connect with Alex (00:00) Intro (01:14) Alex’s Money Journey (04:26) House Hacking Numbers (08:01) Money Snapshot (14:24) Leaving Her W2? (23:30) Buying More Rentals (29:57) Alex’s Investing Strategy (36:13) HUGE Cash Position (43:21) Connect with Alex! (44:57) “Unlock” Your Potential! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-589 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 10, 2024

Many people struggle with money anxiety , even those in the FIRE community . Your money fears could keep you on the sidelines, or it could have the opposite effect, making you ultra- conservative with your retirement savings . Today, we’re diving into five of the most common financial fears , whether they’re worth fretting about, and what to do about them! Welcome back to the BiggerPockets Money podcast ! Do you ever worry about your finances? You’re not alone! Maybe you’re concerned about your FIRE number being too low and running out of money in retirement . Maybe you’ve wondered whether you’ll ever be able to afford a house or if the “grind” to financial independence is even worth it. We’ve pulled the most common concerns about money and are going to respond to each of them in today’s show! Tune in to learn how much money you actually need to comfortably retire, how to deal with burnout on the journey to FIRE , and if you’re “missing out on life” by practicing frugality in your youth. Scott and Mindy will even debate whether the returns from real estate investing are worth the trouble of managing rental properties ! In This Episode We Cover How much money you actually need to retire (and if the four-percent rule still works) Renting versus buying a house amidst today’s high home prices and interest rates Whether the “grind” to early retirement is worth it (and what you should do if it’s not!) Active versus passive real estate investing (and which delivers the highest returns) Whether you “miss out on life” by living frugally and racing toward retirement And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Money 455 – REITs: How to Make Real Estate Money WITHOUT Owning Rentals Rent vs. Buy Spreadsheet The Passive Real Estate Investing Show The 1% Rule “Determining Withdrawal Rates Using Historical Data” Try Baselane, the One Platform for All Your Property Banking & Finances Buy Scott and Mindy’s Book, “First-Time Home Buyer” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 522 – How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom (00:00) Intro (01:27) “Missing Out” on Life (08:01) Running Out of Money (15:41) High Housing Costs (24:10) Low Rental Property Returns (32:13) Burnout Before FIRE (34:19) What We’re Reading! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-587 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 6, 2024

Dion McNeeley retired in just ten years after starting from not just zero but NEGATIVE. He was forty years old with $89,000 in debt , had no assets, a low-paying job, and zero investing experience. Thanks to his “lazy” method of building wealth , he was able to amass millions of dollars in assets, create over $200,000 per year in passive income streams, and retire just ten years after starting his journey to FIRE . Can you do it, too, even in today’s markets? Yes! Dion did what most people aren’t willing to: lower your cost of living, spend less, save more, and yes…house hack. He built a small real estate portfolio just by house hacking alone. Still, thanks to the compounding effect of real estate, Dion’s passive income from the rentals began to overtake his monthly expenses. Now , he rakes in four to five times more than he could ever spend. Who wouldn’t want a $200,000 per year income stream in retirement?! But it’s NOT too late to copy Dion’s exact strategy . In fact, Dion is sharing why NOW is one of the best times ever to get into real estate investing and how you, too, in ten years or less, could be making major passive income and enjoying early retirement! In This Episode We Cover How to explode your passive income by slowly investing in real estate Dion’s journey from $89,000 in debt and low-paying jobs to financial freedom Why Dion encourages you to IGNORE what everyone is saying about the housing market A $1,000,000 mistake that Dion made that you should NOT repeat (DON’T pay off your house!) Why Dion doesn’t care about growing a big real estate portfolio (and you shouldn’t either!) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Want to Retire Early with a Small Rental Portfolio? Grab the Book “Small and Mighty Real Estate Investor” Find an Investor-Friendly Agent in Your Area The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley Connect with Dion (00:00) Intro (01:00) $89K of BAD Debt (07:00) Do This NOW! (10:58) Great News for Landlords (13:43) Dion's $1,000,000 Mistake (16:19) No Stocks, No Bonds...Just Rentals? (18:15) "Reverse Budgeting" (19:58) Emergency Reserves and Current Portfolio (22:13) Working 2 Hours a MONTH! (23:49) Dion's FIRE Advice (27:39) Connect with Dion! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-587 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 3, 2024

Are you beating the average American in personal finances? Today, we’re sharing the average net worth by age to see where exactly you stack up. Whether you’re in your twenties, thirties, forties, or fifties, we have the data showing whether you’re behind (or ahead of) the norm. What do you do if you feel like you’re falling behind? Don’t worry; we’re also giving tips on how every age bracket can improve its net worth. Don’t know how to calculate your net worth ? It’s easy, and you can do it in minutes after (or even during) this episode. Once you know your net worth, it’s time to decide your next move. Do you need to make more money so you can invest faster? Are you close enough to FIRE that you can let your foot off the gas a bit? Should you buy that new boat? No! Don’t ever buy a boat. We’re also sharing our own net worth journeys and the money moves we made that skyrocketed our wealth to millionaire status. You can’t go back in time and copy everything we did, but you CAN copy some of our same strategies to boost your net worth! In This Episode We Cover The a verage net worth for Americans in their twenties, thirties, forties, and fifties How the rich invest differently than most of us (and what they’re buying) How to calculate your net worth and whether primary residence equity is included or not What everyone in their twenties should be doing with their money to secure a comfortable retirement Why you DON’T need to be a mega-high income earner to become a millionaire The reason Scott thinks YOU should be starting a business to FIRE faster And So Much More! Links BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money 416 - Codie Sanchez: These “Boring Businesses” Will Make You Rich BiggerPockets Money 491 - Why You DON’T Need a College Degree to Reach Financial Freedom w/Adrian Zapata and Javier Leyva Visual Capitalist Composition of Wealth Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-586 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 29, 2024

There’s a “ middle-class trap ” that can keep anyone from FIRE —yes, even high-income earners . Today’s guest has a sizable nest egg that should allow her to retire early , but there are a few roadblocks in her way! At forty-seven , Allie has already built a net worth of $3,800,000 . She would like to retire, and most people would assume she has enough to retire, but there are two problems. First, she lives in Orange County, California , one of the most expensive areas in the U.S. , and has no plans to leave. The other issue? She has no cash ! All of her money is tied up in home equity and retirement accounts . To retire, Allie has a BIG bet to make—one that could have a multi-million-dollar impact on her portfolio ! Using Scott’s “ Keep or Sell Your Home” worksheet , we’ll look at whether it would make more sense for Allie to keep or sell her Laguna Beach property . Will turning this home into a rental property give her the cash flow she needs, or is selling it and investing in the stock market the better long-term play? Tune in as we attempt to thread the needle and provide Allie with the best roadmap for a long, early retirement ! In This Episode We Cover What Allie should do to reallocate her $3,800,000 nest egg and achieve financial freedom What to do with money locked up in home equity and retirement accounts Keeping your home as a rental property versus selling it and investing elsewhere Creative ways to improve your cash position so that you can retire early Building wealth with short-term rentals , live-in flips , and other real estate strategies Escaping the “ middle-class trap ” of earning high income in a high-cost-of-living area And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Buy Scott’s Book, “Set for Life” Find an Investor-Friendly Agent in Your Area Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement (00:00) Intro (01:00) Allie’s Money Journey (03:36) Money Snapshot (13:50) Retiring in Laguna Beach (19:01) Keeping vs. Selling Her Home (26:06) The BIG Bet on Real Estate (34:01) Growing Cash & Renting Her Home (43:41) Real Estate vs. Stocks (52:02) What Should Allie Do? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-585 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 26, 2024

Is frugality overrated? Is hustle culture a waste of time? Do we over - save for retiremen t ? You don’t have to look very far to find a hot take online, but is there some truth to these opinions? Today, we’ll wade through bad financial advice , bust common money myths , and (hopefully) find some personal finance tips we agree with! Welcome back to the BiggerPockets Money podcast ! Personal finance is personal for a reason. Spending , saving , and investing vary from one person to the next based on their habits, risk tolerance, and season of life. But how much advice is just flat-out wrong ? In this episode, Mindy and Amanda Wolfe are breaking down some of the internet’s wildest views on money. First, we’ll share some of the biggest lies we were told about money when we started our financial independence journeys—like “the stock market is too risky” and “you should work until age sixty-five .” Then, we’ll dive into seven controversial opinions and whether there’s any validity to them. Should FIRE-focused folks ever take work sabbaticals ? Is a one or two-month emergency fund enough in 2024? Is being a lifelong renter ever a savvy move? Which takes do we oppose, and which advice is actually worth following? Stay tuned to find out! In This Episode We Cover The biggest lies about money Mindy and Amanda used to believe Whether work sabbaticals are a smart use of money on the journey to FIRE The case against budgets and why you probably have one (even if you think you don’t) Whether Americans save TOO much money for retirement (and why!) Why it’s not overkill to keep a six-to-twelve-month emergency fund in 2024 The costs of buying a house and whether renting is ever the better retirement play And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life Amanda’s Website Reach FIRE Faster with the Book “Set for Life” Find an Investor-Friendly Agent in Your Area Do You Need Debt to Reach FIRE? How to Use Leverage to Build Wealth (00:00) Intro (00:58) Money Lies We Used to Believe (03:25) Sabbaticals Are “Irresponsible” (07:33) I Don’t Budget! (11:47) We Save TOO Much (19:54) Frugality Is Overrated (25:45) Hustling Is a Waste of Time (32:23) I’d Rather Rent Than Buy (34:57) Your Emergency Fund’s Too Big (41:42) Connect with Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-584 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 22, 2024

If you follow the almost unbelievable path of today’s guest , you, too, could achieve financial independence in your thirties . Would we recommend mimicking his strategy step-by-step? No! Because if you get it wrong, you could be further from FIRE than when you started. Only the most prudent, risk-tolerant, and financially savvy among us could do what Andrew Schrader did. After racking up six figures in car loans and student debt , Andrew knew something needed to change quickly. Thanks to his financial discipline, he paid his debts down fast, but what would he now do with the money he was sending toward debt every month? After a coworker threatened to quit on the spot without a care in the world ( the coworker was FI ), Andrew knew exactly what his next goal was. So, he set out to do the impossible: Stretch his dollar as frugally as possible , spending in a year what many Americans live off of for a month and taking calculated bets that he knew the risks of. His unbelievable journey to FI will have you squirming in your chair (like Mindy did!) as you hear what incredible lengths you can go to reach your financial goals WAY faster than most Americans. In This Episode We Cover How to reach financial freedom in your thirties by taking “calculated” risks The exact method Andrew used to pay off $100,000 in debt Why house hacking may be the single best decision for FIRE -chasers Why Andrew put an entire home renovation on a credit card when he was close to broke Emergency funds 101 and why it’s crucial to have money in the bank when buying real estate Saving tons of money by cutting out a “category” every month And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Creative Financing Forum Finding and Funding Great Deals Raising Private Capital, Revised Edition Wealth without Cash Andrew’s YouTube Channel Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab "The Book on Investing in Real Estate with No (and Low) Money Down" Find an Investor-Friendly Agent in Your Area House Hacking 101: What It Is and How to Get Started Connect with Andrew (00:00) Intro (01:48) Stock Betting and $100K Debt (04:12) Watching His Coworker FIRE (07:16) Income and “Overtime” (08:41) Taking SERIOUS Risk (BIG Reward!) (16:21) 10Xing His Money (19:46) Rock Bottom Expenses (27:34) Building a Business (36:45) Quit His Job? (43:16) Make the RIGHT Bets Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-583 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 19, 2024

Would you move abroad to reach FI faster ? That wasn’t Brooklin Nash ’s original goal when he left the US and began freelancing from afar. But now, years later, he realizes how much of a leg up he has financially by going all-in on “geo arbitrage.” He’s saving a boatload in Guatemala , paying less to live the life he loves, and enjoying a tiny tax bill . Now in his mid-thirties, he’s already Coast FIRE and works when and where he wants. But Brooklin’s money story didn’t start so stable. Being raised in a home with “risky” finances , to say the least ( pyramid schemes , gambling, etc. ), left him scarred and constantly worrying about keeping enough money in the bank. Thankfully, he changed his ways and realized that making money, rather than just saving every cent, was crucial to becoming financially free . He’s paid off a significant sum in student loans and did it all while making a very meager income. Then, he scaled from freelancing abroad to building an entire business , making a phenomenal income while living in a low-cost-of-living area. He’s living his dream life outside the US, making more money than Americans at home. Imagine what THAT can do for your FIRE number ! In This Episode We Cover Using “geo arbitrage” to save more, invest more, and lower your cost of living An almost unbelievable income tax exclusion Americans abroad can access How Brooklin paid off $80,000 in student debt (even on a lower income) Turning your freelancing work into a full-blown (and VERY high-paying) business Why the optimal FIRE lifestyle may actually include working a few hours a day And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Beam Content Try Baselane, the One Platform for All Your Property Banking & Finances Reach FI Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?) Connect with Brooklin (00:00) Intro (01:00) Pyramid Schemes, MLMs, and Risky Bets (04:35) Paying Off $80K Debt (10:30) Finding FIRE and First $100K (14:19) Freelancing to Boost Income (16:40) Building His Business (20:11) FIRE Progress (26:40) Why Live in Guatemala? (30:54) Investing from Abroad (32:43) Geographic Arbitrage 101 (38:19) Connect with Brooklin! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-582 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 15, 2024

Could a few years of aggressive saving put you in the fast lane for financial independence ? Is the grind even worth it? Today’s guest was well on his way to a comfy retirement but had never thought about retiring early . Then he discovered the FIRE movement , and with just four years of all-out hustle, he was able to retire at fifty ! Welcome back to the BiggerPockets Money podcast ! In 2020, Eric Reinholdt experienced a financial “awakening” that set him on a death march to FI and early retirement. For four years, he minimized his spending , maximized his savings , and threw every extra dollar at his investments . Today, he’s “ chubby FI ,” has a paid-off house , and is recently “retired”— working just ten hours per week on his own business while preparing to travel the world in 2025 ! But was the glamorous destination worth the grueling journey? Should Eric have started earlier or slowed down to reach his FI number ? Tune in to hear about the major lifestyle changes he and his wife made to accelerate retirement, the different levers he pulled to grow his nest egg , and the steps you might need to take if you want to replicate his success! In This Episode We Cover How this entrepreneur reached “ chubby FI ” by the age of fifty When to slow down and enjoy the journey to financial independence Flexing your “spending muscle” while saving for an early retirement Why building your own business gives you a huge “buffer” for FIRE Why you need monthly financial check-ins with your significant other What Eric plans to do in retirement (and why he’s NOT giving up work entirely!) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Buy Scott’s Book, “Set for Life” Find Investor-Friendly Lenders FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement (00:00) Intro (01:25) Discovering FIRE (05:01) Major Lifestyle Changes (14:15) High Income + Low Expenses (22:53) “Retired” at Age 50 (27:08) Eric’s Investment Portfolio (33:35) Life in Retirement (37:14) Connect with Eric! (38:06) A “Cheat Code” for Wealth! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-581 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 12, 2024

Is paying off debt or investing (and potentially using more debt) the best way to reach FIRE ? The average American has $104,215 in mortgages , student loans , credit cards , and other debt. Where do YOU stand? If the end goal is FIRE, you need a game plan for your debt, in which case this episode is for you! Welcome back to the BiggerPockets Money podcast ! Not all debt is bad. When used responsibly, it can be a powerful tool that allows you to buy appreciating assets and hedge against inflation . Today, guest co-hosts Kyle Mast and Amanda Wolfe join our panel to share their thoughts on debt. We’ll share how much debt we each have (ranging from zero to millions ), how our philosophies on debt have evolved, and how debt can ultimately help you reach FIRE. But that’s not all. We’ll also discuss the types of bad debt that could derail your FIRE journey and the investments you don’t want to be stuck with during an economic downturn . We’ll even get into the most important financial protection against debt risk— savings and reserves —and why these funds should grow proportionally to your debt! In This Episode We Cover Paying off debt versus investing (and which strategy is best for FIRE ) Why well-leveraged debt is one of the best long-term hedges against inflation The types of debt that could propel you toward an early retirement “Bad” real estate investments you don’t want to be holding during a market downturn The most irresponsible uses of debt (that you should avoid at all costs!) Why you should always grow your savings and reserves in tandem with debt How much debt WE have (and how our opinions on debt have changed) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Buy Scott’s Book “Set for Life” Find Investor-Friendly Lenders Pay Off Student Loans or Invest in Real Estate: Which Makes You Wealthier? Connect with Kyle Amanda’s Website (00:00) Intro (01:23) How Much Debt WE Have (06:15) Paying Off Debt vs. Investing (13:46) Starting Your FIRE Journey (21:51) Debt Strategy 101 (31:38) “Unreasonable” Debt (38:23) Bad Real Estate Investments (46:48) Key Takeaways (50:18) Connect with Kyle and Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-580 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 8, 2024

Yes, it’s possible to retire early , even if you’re just now diving into the FIRE movement . Early retirement could be within reach whether you’re in your twenties, thirties, forties, or fifties. Imagine having complete freedom in a decade or less: no office politics, no boss, and, best of all, no spreadsheets! That’s the life Arik Peterson built when he retired early at forty-four , leaving behind a demanding career in corporate investing. After reading Mr. Money Mustache ’s unmatched FIRE blog , Arik drastically changed his saving and investing habits, increasing his savings rate to seventy percent and redirecting his money into simple, steady investments many overlook. Today, his life looks vastly different— he spends his days fishing, biking, creating art, and working on DIY projects instead of staring at a computer screen, crunching numbers. In this episode, Arik shares his complete strategy for reaching financial independence , why he’s skeptical of the 4% rule , his current investment choices, and how an unexpected layoff turned into his golden opportunity. Ready to ditch corporate America? Follow Arik’s plan! In This Episode We Cover Why you must increase your savings rate if you want to reach FIRE fast The simple, low-cost investment Arik has in his early retirement portfolio Why you don’t need to follow the 4% rule to finally quit your job and retire Making money in retirement and living off of side income streams Arik’s killer advice for Roth investing that could make you tax-free millions And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Live Long Live Often Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get to FIRE Faster “Set for Life” Find an Investor-Friendly Agent in Your Area What to Do Before You Quit the High-Pay & Benefits of Corporate World (00:00) Intro (00:58) Discovering FIRE (02:11) A VERY Stressful Job (04:58) Secret to Get to FIRE Faster (08:35) “Obsessing” Over Money (10:16) What He Invests In (12:44) Ignore the 4% Rule? (14:22) FIRE at 44! (17:07) Connect with Arik! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-579 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 5, 2024

Should you move to reach FIRE ? And if so, where to? In this episode, we’re pulling back the curtain and revealing the best places to retire in the US in 2024 . Living in one of these states could help fast-track financial freedom , and moving there for retirement could help your nest egg go further and improve your quality of life ! Welcome back to the BiggerPockets Money podcast ! Alex Gailey , a lead data reporter at Bankrate , has ranked all fifty states for retirement based on five weighted “buckets” made up of dozens of crucial data points . Today, she joins the show to share her findings with us. Whether you’re looking to put down roots in a low-cost-of-living area or find a location that delivers your ideal retirement lifestyle , this list of states is a useful launching point for one of the most important life decisions you’ll ever make! In this episode, you’ll learn how changing your address could accelerate your financial independence timeline and allow you to retire early . Alex will break down the five factors people value most in retirement— affordability , well-being, cost and quality of healthcare, weather, and crime. Stay tuned to find out which states came out on top and which states you might want to avoid. The results even surprised us ! In This Episode We Cover Breaking down Alex’s list of best (and worst) states to retire in the US How to accelerate your FI timeline simply by changing your address The top five “buckets” that make up an ideal retirement destination The most crucial factors to consider when choosing where to retire How to take advantage of unique opportunities in high-cost-of-living areas And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Best and Worst States for Retirement Alex’s Twitter/X Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom (00:00) Intro (01:26) Alex’s Criteria (05:05) Best and Worst Places to Retire (11:38) Biggest Surprises (22:32) Retiring in an Expensive Area (29:10) Connect with Alex! (29:43) Accelerate Your FI Timeline! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-578 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 1, 2024

Are you saving TOO much for retirement (or early retirement)? Could you retire years sooner than you think? Will retirement expenses be even less than what you spend now, allowing you to reach FIRE faster with a smaller nest egg? Today, we’re getting into that exact question as Finance Friday guest Ethan asks how he can ensure he’s on the right track for early retirement by age fifty-five . And if you’re like Ethan, you could retire RIGHT NOW…but should you? Ethan is spending a LOT of money every month. He’s got two kids i n private school, extracurricular sports fees, pricey car payments , and a mortgage . The good news? He’s raking in cash at his high-paying tech job! His current expenses cost him nearly $20,000 per month , but this number could be cut in half (if not more) once his kids leave the house. This means that his FIRE number might be a fraction of what he thinks it has to be to retire early . Speaking of early retirement, is it wise to leave such a high-paying career to sit on the beach all day? Ethan has the skills and the energy to make a sizable income, so what should he do instead of full-time work once he reaches early retirement? Should he transition to part-time consulting, focus more on rental property investing , or buy a business? In This Episode We Cover Why your FIRE number may be WAY off from what you need to retire early The retirement expenses that disappear once your kids are out of the house Making money in retirement and whether buying a hands-off business is your best bet Planning for future weddings and how much you should set aside for your kid’s big day Limiting your taxes by qualifying for real estate professional status (REPS) Whether or not you’re keeping too much cash on hand (is the bank account interest worth it?) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get on the Path to Early Retirement with “Set for Life” Property Manager Finder Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper (00:00) Intro (04:27) Money Snapsho (12:44) Current Net Worth (15:11) Work Less, Travel More? (21:10) Early Retirement Expenses (27:02) Buy Rentals for Retirement Income (33:59) Paying Too Much in Taxes (38:22) Downsizing Houses and Next Steps (44:40) Saving for Future Weddings (48:52) How Much Do You NEED to Retire? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-577 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 29, 2024

You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE , or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast ! Today, Scott and Mindy are reflecting on their journeys to financial freedom —how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently! Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income . This combination will allow you to save more money , multiply your investments , and accelerate your FI timeline . But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing! In This Episode We Cover The crucial figure you need to pin down before setting your FI timeline Why time , not money , is the resource every FIRE-focused person really wants When to move the goalposts on your quest for financial independence The job “trap” that holds you back from FI (and how to get out of it!) The two-pronged strategy that will accelerate your path to early retirement Spending less and earning more (so that you have more money to invest ) Scott and Mindy’s number one “regret” from their aggressive pursuit of FI And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money – Episode 563: Why Aren’t More “Normal” People Achieving FIRE? (00:00) Intro (00:49) The FI Timeline (06:59) Lifestyle Changes After FI (10:25) Getting Your Spending in Check (17:14) Low Expenses + High Income (24:40) Escaping the Job “Trap” (31:04) Creating Milestones (37:50) Share Your Journey with Us! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-576 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 25, 2024

Everyone wants to become “work-optional” at some point. Having enough money in investments and the bank would allow you to choose the job you love most , whether that’s running your own business, working part-time, or today’s guest, Travis ’ dream, becoming a mountain biking guide. With a solid salary, dual income, and no plans for kids, he and his wife are on the fast track to FIRE , but can they get there by his goal of forty years old ? Travis’ wife may have an option to get a significant salary bump, allowing them to travel the country while she works, and Travis stays making money from his computer. But, even this may not be enough to get them to the “work optional by forty” goal they had set out for themselves. Scott and Mindy believe they need a financial “oomph” to get them over the edge, but what’s the next best move? Should he stop his retirement account contributions to have more cash to invest for early retirement? Should he perform a live-in flip to make more money on the side while working his job? Would a side hustle or part-time job bridge the investing gap between where they are and where they need to be? If you’re stuck feeling like you can’t get to FI fast enough, this episode is for YOU! In This Episode We Cover How to fast-track your FIRE and become work optional in under ten years House hacking and why it’s one of the best ways to lower expenses and build wealth Live in flipping and how to turn your next home purchase into a money-making investment Whether you should stop investing or double down on your retirement accounts when shooting for early retirement Roth conversion ladders , HSAs (health savings accounts), and how to access retirement funds even earlier Increasing your income by job hopping and leveling up the skills that’ll make you more And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group cFIREsim How to Access Retirement Funds Early Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab the Book “First-Time Home Buyer” Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster (00:00) Intro (01:07) Goal: FI by 40! (03:13) Money Snapshot (04:14) Work Optionality! (05:50) Stay at His Job? (15:00) Traveling to Make More Money (20:38) Stop Investing in 401(k)? (31:13) Live in Flipping (42:39) Can Travis Hit FI by 40? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-575 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 22, 2024

The combination of saving money and buying rentals is a recipe for reaching financial independence much faster than you thought possible. Just ask today’s guest, who started with tens of thousands of dollars in debt but was able to achieve FI in just a few years! Henry Washington is a real estate investor , author of Real Estate Deal Maker , and co-host of the On the Market podcast , but he doesn’t have your typical “rags-to-riches” money story. Despite an upper-middle-class upbringing and landing a six-figure job right out of college, Henry was a serial spender . Before he knew it, he had racked up $40,000 in credit card debt and was told by banks that he was unlendable. Horrified by what his family’s future would look like on its current trajectory, Henry was determined to get his finances in check. He caught the real estate bug , attended meetups and networking events , befriended other investors, and found his first deal ! Henry went on to build and scale a real estate portfolio of over 140 units , and in this episode, he provides actionable advice that will help you break into real estate —whether you aspire to own a single rental property or twenty. Along the way, you’ll learn about “gamifying” your way to financial freedom , funding a down payment without money in the bank, and the recession-proof investing strategy Henry still uses today! In This Episode We Cover How Henry scaled his real estate portfolio to over 140 units in just seven years How “gamifying” your finances can turn you from a spender into a saver Why finding good deals is the key to a recession-proof investing strategy Getting a crash course in real estate investing through local meetups and networking Creative ways to come up with the down payment for an investment property The three phases of rental property investing that lead to generational wealth And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group On the Market Podcast Rich Dad Poor Dad by Robert Kiyosaki Buy Henry’s Book “Real Estate Deal Maker” Find Investor-Friendly Lenders 30 Ways to Find Good Real Estate Deals in 2024 Connect with Henry Henry’s Instagram (00:00) Intro (01:10) Racking Up $40K Debt (06:06) Catching the Real Estate Bug (11:24) “Gamifying” Finances & Networking (16:37) Henry’s First Deal (24:18) Making Your Own Luck (30:17) Henry’s Current Portfolio (36:26) Saving His Rental Income (43:22) How to Get Started in 2024 (46:39) Connect with Henry! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 18, 2024

Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire . Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt , not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas? Marisa’s turning point came at rock bottom— stranded without a place to stay or a dollar to her name . But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her. Now, Marisa is ready to show others that achieving financial freedom , eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt , Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance. In This Episode We Cover How Marisa went from a financial “mess” to being on track to become a millionaire in retirement The spending hack that allows you to treat yourself WITHOUT going over budget Why you CAN invest while paying off debt (and the right way to do it) Why taking on good debt to grow your business/side hustle isn’t a bad thing The “slow” path to becoming debt-free that is MUCH more successful than the beans and rice diet And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Financial Badassery Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get Your Personal Finances in Check with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) (00:00) Intro (01:05) Paycheck-to-Paycheck and Worth $0 (04:29) Enough is Enough (07:20) Paying Off Debt While Still Spending (10:21) Investing While in Debt!? (14:41) Finally Debt-Free? (16:58) Managing Her Money (21:38) Best Tip for FIRE (24:08) Connect with Marisa! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-573 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 15, 2024

Should you sell your house or keep it as a rental property in 2024? What you do with your home today could create a million-dollar swing in your portfolio ten, twenty, or thirty years from now. Fortunately, we’ve developed a powerful new tool to help you make the best decision for your financial future ! Welcome back to the BiggerPockets Money podcast ! If you refinanced your mortgage around 2021, chances are you’re sitting on a low interest rate the likes of which we’re unlikely to see again. The recent rise in rates and home prices has created a “ lock-in effect ,” where millions of homeowners are disincentivized to sell. But does it make sense to sell if you can roll your home equity into another wealth-building asset ? Could you convert your house into a rental and create hundreds of dollars in monthly cash flow ? Today, we’re giving you a step-by-step walkthrough of our new “Keep or Sell Your Home” worksheet . We’ll compare four outcomes—selling your home to buy another property, selling your property and investing in stocks, keeping the property and hiring a property manager , and keeping the property and becoming a landlord . Along the way, we’ll use several examples of homeowners so that you can get an idea of where you might stand! In This Episode We Cover A step-by-step walkthrough of Scott’s new “Keep or Sell Your Home” worksheet Two realistic examples of when to sell your home or keep it as a rental property The numbers you need to make a rock-solid decision on your investment property The crucial question you should ask before keeping or selling your home How ONE decision can impact your future by hundreds of thousands of dollars (or more!) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Put Your Vacation Rental on Autopilot with Hospitable Buy the Book “Real Estate by the Numbers” Find an Investor-Friendly Agent in Your Area Download the “Keep or Sell Your Home” Worksheet Millions of Americans Should Keep Their Homes as Rentals, Not Sell. Here’s Why (00:00) Intro (05:11) Using the Worksheet (12:15) How Much Would You Make? (14:36) Breaking Down Your Options (20:08) Keep or Sell This Property? (29:11) The “BiggerPockets” Homeowner (34:54) Try the Worksheet! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-572 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 11, 2024

Real estate investing is one of the best vehicles for building wealth , reaching financial independence , and saving for retirement , but you don’t need to become a full-time investor to reap the benefits. If you have no plans to leave your W2 job or manage rentals , there are several ways to use real estate for passive income ! Welcome back to the BiggerPockets Money podcast ! When Devon Kennard entered the NFL, he ran into more money than he had ever made. But with no guarantee of a pay raise or second contract, Devon forewent the flashy car and multi-million-dollar home and started saving and investing instead. Shortly after buying his first rental property , Devon realized that he was going to need passive or semi-passive income streams if he wanted to have success on the football field. He landed on four different types of passive investments that have helped him scale his portfolio to twenty-nine doors and over forty syndications ! In this episode, Devon talks about the importance of increasing your income in your working years and why small wins make all the difference early on in your investing journey . You’ll also learn about the dangers of “shady” real estate syndications and how to properly vet an operator, as well as the differences between fast and slow money ! In This Episode We Cover How Devon scaled his real estate portfolio while playing in the NFL Four passive real estate investing strategies you can use today Speeding up your financial independence timeline with real estate side hustles Fast money versus slow money (and which bucket you should be filling) The pros and cons of syndications and how to weed out “shady” operators And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Buy Devon’s New Book “Real Estate Side Hustle” Property Manager Finder How to Make Truly Passive Income with “Syndication” Real Estate Connect with Devon (00:00) Intro (07:56) Saving $1M in 3 Years! (15:37) Making “Small” Bets (21:08) Passive Real Estate 101 (31:59) Devon’s Portfolio & Strategy (39:17) “Shady” Syndications (45:56) Commercial Investing (47:08) Devon’s New Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-571 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 8, 2024

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Podcast Description What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement! Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire ? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer! If you’re worried about inflation , one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime! In This Episode We Cover How to calculate your financial independence number (and when to adjust it!) The four-percent rule explained (and whether it still works in 2024) Why most people chasing FIRE don’t retire on the four-percent rule How to control your expenses and protect against inflation in retirement The “home run” investment that could save you thousands of dollars And So Much More! Links The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?” (00:00) Intro (01:18) Calculating Your FI Number (07:37) Does the 4% Rule Work? (15:32) Locking in Your Expenses (22:40) How to Combat Inflation (31:48) Retiring on a Different Portfolio Mix Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-570 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 4, 2024

Why do many wealthy people wait so long to retire ? Despite earning a physician’s salary, living frugally , and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement . Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast ! Leif Dahleen, MD , the “ Physician on FIRE ,” was already financially independent when he discovered the FIRE movement . But rather than calling time on a successful healthcare career , he continued to beef up his nest egg . Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five . Do more FI-focused folks need to follow Leif’s formula to account for the unknown? We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses! In This Episode We Cover Why most people DON’T retire on the four-percent rule (even though it works!) Fast-tracking the path to early retirement in a low-cost-of-living area How to actually leave your W2 job once you have enough money to retire Why earning a high income doesn’t guarantee FIRE (and common pitfalls to avoid!) Choosing the right retirement withdrawal strategy for your financial situation Why Leif won’t adjust his retirement lifestyle as he continues to build wealth And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Physician on FIRE Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! How Much Money Do I Need to Retire? (00:00) Intro (01:58) Leif’s “Unfair” Advantage (06:33) Leaving the Medical Profession (12:42) Funding His Retirement (15:09) Does the 4% Rule Work? (23:37) Adjusting Your Retirement Lifestyle (29:23) Retirement Expectations vs. Reality Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-569 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 1, 2024

What does it mean to “win” financially in your income bracket? To us, the end goal is always FIRE (Financial Independence, Retire Early), and if you’re chasing financial freedom , this is the show for you. We’re breaking down the money moves you need to make based on your income bracket , going from $45,000 to $100,000 per year , and how to stretch your dollar the furthest so you can invest, save, and reach FIRE faster. If you’re at the lower end of the income scale, we’ll give you time-tested methods to boost your income and use your time wisely so you can start stockpiling cash TODAY. If you have a high income, there’s still work to be done as you need to find the best way to keep the most of your income so you can use it to acquire wealth-building assets. Regardless of how much money you make, you CAN achieve FIRE if you know the proper steps . The good news? We’re sharing those steps today, so stick around! In This Episode We Cover How to speed up your path to financial independence based on your income bracket Why we disagree about retirement account investing when you’re just starting your career Ways to make more money and side hustles that can boost your income The headache-free vs. hands-on approach to investing for FIRE (and who should take which path) Lifestyle creep and avoiding overspending (EVEN if you have a higher income) How much money we reasonably think you’ll need to achieve FIRE And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group BiggerPockets Money 32 - Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio w/Planting our Pennies BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 328 - The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson The One Thing How to Win Friends and Influence People The E-Myth Revisited The Go-Giver The Challenger Sale Learn Private Money Lending with “Lend to Live” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! FIRE in 2024: What We’d Do Differently If We Started Over Today (00:00) Intro (01:08) $45,000/Year Income (12:37) $75,000/Year Income (23:11) $100,000/Year Income (28:48) How Much for FIRE? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-568 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 27, 2024

Young, old, or in between, you need to hear this episode! Today’s guest paid off over $80,000 of debt , grew her net worth to $100,000 and did it all just years after graduating from college without a sky-high income. How did she make such quick progress, and what’s her secret to skyrocketing her net worth early in her career ? She’s sharing it all in this episode, and you (no matter your age) can follow her repeatable path, too! Want to see your net worth leap so you can fast-track your road to FIRE ? Anna Foley is the person you should listen to. Through common-sense smart spending, diligent investing, and salary-increasing career pivots, Anna and her partner went from $80,000 debt to debt-free and finally hit six-figure net worth status. The best part? They did all of it WITHOUT giving up what makes life enjoyable , and they still sport a phenomenal savings rate! Anna is sharing how she saves a significant portion of her income every month, why she decided to rent (not buy) a house, how “paying yourself first” can get you debt-free before you know it, and why she does NOT follow the traditional advice of chasing a “ FIRE number .” In your twenties? Copy Anna’s plan! Closer to retirement? Follow Anna’s smart saving and investing tactics, and you can get there faster! In This Episode We Cover How to become debt-free and achieve a six-figure net worth before you’re thirty! Why Anna decided to rent a house, not buy one , to maximize her savings What Anna invests 100% of her income in (it’s not real estate!) The “ middle-class trap ” to avoid when maxing out your retirement accounts Why you DON’T need a FIRE number , and why Anna’s more achievable goals work better Boosting your income and why job-hopping can explode your income-generating potential And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE @five20money on Instagram PassivePockets BiggerPockets Forums BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life BiggerPockets Money 558 - How to Start Investing for Retirement: 401(k), IRA, Roth? BiggerPockets Money 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 Email Your Savings Rate to mindy@biggerpockets.com ! Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement Connect with Anna (00:00) Intro (01:10) Investing Right After College (03:00) Rent, Don’t Buy! (08:58) Paying Off $80K in Debt (12:42) Investing for Financial Independence (16:16) Saving a TON! (21:11) Better Than a “FI Number” (25:27) Boosting Your Income (27:19) Do This FIRST! (29:11) Connect with Anna! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-567 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 24, 2024

Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t. Emily and Joel started with $150,000 in student loan debt . Their accounts dwindled at the end of every month, so they began to pay off their loans with the “ debt snowball ” method. Fast forward a few years, and they were debt-free , but now they had a new challenge: building their net worth! Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan! In This Episode We Cover How to pay off debt FAST with the “debt snowball” method Minimizing your expenses and how spending less gets you to FIRE way faster Why you DON’T need to cut out travel/vacations on your path to financial freedom The “financial superpower” you must cultivate if you want to retire early What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth Starting side hustles that pay for your life and why working while FI is NOT a bad thing And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Kyle on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE 50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!) ISI Team Camps Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy at BPCON2024 in Cancun! The Simple Path to Wealth—Index Funds Explained with JL Collins (00:00) Intro (01:07) Six-Figure Debt and Dave Ramsey (05:58) "Snowballing” $150K in Debt (08:27) $1,000,000 FI Number (14:06) Financial Superpowers (15:27) The “Why” Behind FI (18:37) Serious Side Hustles (29:29) Did They Retire? (34:11) Connect with Emily and Joel Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-566 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 20, 2024

When should you refinance your mortgage? Is now the time since interest rates have finally fallen ? Or will refinancing down to today’s rates not be worth it when, six months from now, interest rates could be substantially lower? We brought on an expert mortgage loan officer to walk through the cost-benefit analysis of refinancing in 2024 and when a refinance is NOT worth the money. Greg Roller has closed over a billion dollars in loans, but surprisingly, he’s very cautious with homeowners about WHEN to refinance . Mortgage rates have already dropped significantly but could be trending down even more in 2024 and 2025. Is now the time to refinance? Greg discusses how much a refinance costs in 2024 , how to know it’s worth it to refinance, what you’ll need to qualify , the differences between cash-out refinances and rate-and-term refinances , and why falling for a “low rate” could cost you in the long run. Plus, Greg shares some tips to help your refinance go as smoothly and quickly as possible, as well as how you can refinance for FREE with a rate option most people have zero clue about. In This Episode We Cover Refinancing explained and how much the average refinance costs in 2024 When to refinance and the rule of thumb that highlights whether or not it’s worth it The low-rate trap that inexperienced borrowers get caught in (you’ll get hit with hidden costs!) Refinancing multiple properties and how to do this the RIGHT way The easy method to see where mortgage rates are headed and whether they’ll rise or fall How to refinance for free by asking your loan officer for a “rate stack” And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Still Looking for Your First Home? Grab Mindy’s Book “First-Time Home Buyer” Find Investor-Friendly Lenders See Mindy and Scott at BPCON2024 in Cancun! With Mortgage Rates Falling, When Should Investors Refinance? Connect with Greg Work with Greg OptOutPrescreen.com (00:00) Intro (01:57) What is Refinancing? (03:24) When to Refinance (04:31) Lower Rates = Time to Refinance? (11:42) How Much Do Refinances Cost? (15:13) Refinancing Multiple Properties (17:13) When NOT to Refi (21:21) Tips for Homeowners (25:11) The Low-Rate Trap (26:47) Do This NOW! (29:27) Work with Greg Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-565 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 17, 2024

Visit PassivePockets , your resource for passive investing with syndications. Passive investing is most people’s goal, especially if they’re trying to achieve FIRE . They don’t want to be weighed down by managing a dozen rental properties , an active business, or a complicated stock portfolio that requires constant check-ins. Instead, many of us want that “mailbox money,” with checks coming in without us having to do the work ourselves so we can focus on doing what we love. Sounds enticing, right? Then “syndication” real estate investing might be perfect for you. We’re thrilled to have the newest member of the BiggerPockets podcast network, Jim Pfeifer , host of PassivePockets , on today to talk about this one investment type that changed his life. Jim has invested in over 100 syndications and has been able to reap the significant rewards of passive income , massive tax benefits , and diversification through real estate syndications . Today, he gives a beginner-friendly breakdown , touching on what a syndication is, why it’s an excellent investment for FIRE, how to vet a syndication BEFORE you invest, questions to ask a syndicator, and the unbeatable tax benefits you can get from sitting back and collecting passive income checks! Ready to make real estate returns without all the work? This one’s for you! In This Episode We Cover Welcoming PassivePockets , the newest BiggerPockets podcast network show! Real estate syndications explained and why they’re such an unbeatable investment How to vet a syndication operator and the questions you MUST ask before you invest The two barriers to entry for syndications and why you DON’T need to be an accredited investor to get in the game Tax benefits galore and how Jim is paying $0 in taxes on his syndication profits How much a syndication can make YOU (and why it might beat owning rental properties!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Forums BiggerPockets Money 456 - The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 w/J Scott Grab the Book on Syndication Real Estate Investing, “The Hands-Off Investor” Property Manager Finder See Mindy at BPCON2024 in Cancun! Syndications: Everything You Need to Know BEFORE You Invest w/ J Scott 01:01 Syndications Explained 03:30 Better for FIRE? 07:19 How to Vet a Syndicator 13:45 Questions You MUST Ask 21:28 Interest Rate Risks 24:16 Can Anyone Invest Passively? 28:27 Passive Retirement Investing 31:00 Advice for Investors Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-564 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 13, 2024

Has BiggerPockets Money become too focused on FIRE (financial independence, retire early)? For the past seven years, we’ve been bringing you shows highlighting the journeys of those who left their jobs to enjoy early retirement . Some of these guests did it faster than others by making more money , increasing their frugality, investing smart, or building a business. But the question many of our listeners are wondering is: Is this even possible for the average, “normal” person? Today, we’re taking a hard look at the show’s future and asking ourselves whether or not focusing on FIRE is still the right path forward . Should we shift topics to help the everyday American get a financial leg up, or is continuing the FIRE-focused path the best way to help YOU, our listener? This isn’t a rhetorical question; we genuinely want to know! After this episode, join the BiggerPockets Money Facebook group thread, and let us know which stories YOU want to hear the most! In This Episode We Cover Why the BiggerPockets Money Podcast rarely brings on “normal” guests achieving FIRE Can anyone achieve FIRE , and if so, how do they get there? The four financial levers you can pull to put you on the path to financial freedom The advanced financial tactics BiggerPockets Money teaches you to grow your wealth What to do if you feel like you can’t make any progress towards early retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Money Facebook Group BiggerPockets Money 63 - Financial Freedom With 5 Kids IS Possible with Jordan Klint BiggerPockets Money 130 - Refusing to Retire at 65: How a Couple in Their 40s Managed to Hit FI in 12 Years w/Susan and Norm Episode 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper Get on the Path to Financial Independence with “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! What Is the FIRE Movement? 00:00 Intro 02:16 Talking Too Much About FIRE? 08:59 FIRE Isn't For Everyone 11:53 What is FIRE? 16:27 Can You Hit FIRE Being "Normal"? 22:42 Who Should Listen to BP Money? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-563 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 10, 2024

Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real estate , skyrocketing their cash flow and passive income and allowing them to make more than almost any other landlord in their area. So, how did they do it, and what was the investment that got them there? David and Morgan Stanhope weren’t real estate investors five years ago. They didn’t come from investor families and had zero real estate investing experience . One day, at his job as a New York State Police Investigator, David met a mentor who would change how he thought about money, financial freedom , and passive income. This was perfect because David and Morgan were already in a great place to invest—Upstate New York. But David chose NOT to invest in his home market , and for good reason. They went south to a state known for higher home prices and crushingly high insurance costs. There, they found a creative rental property investing strategy , allowing them to make much more cash flow than regular rentals. Four years later, they’ve surpassed their $10,000/month FI goal . Now, they’re on track to hit an even bigger achievement: $70,000 per MONTH. Today, we’re talking to them about exactly how they’re getting there with investment properties you’ve probably never heard (or thought) about. In This Episode We Cover How to hit real estate’s “ 1% rule ” with creative, high-cash flow rentals Borrowing from your 401(k) to fund your first real estate deal Making real estate cash flow EVEN with eight percent mortgage rates (yes, it’s possible) Why David WON’T quit his job , even though he has already hit his FI number Finding contractors and vendors when out-of-state real estate investing Using other people’s money to invest in real estate (and why you may want experience before you do) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Stanhope Capital Start Investing with “The Book on Rental Property Investing” See Mindy and Scott at BPCON2024 in Cancun! Socially Conscious Investing: How to Start a Sober Living Home 00:00 Intro 01:17 Early Financial Education 05:13 Finding a Money Mentor 09:06 Hitting the 1% Rule in...Florida? 17:31 Current Cash Flow Numbers 20:41 $70K/Month Goal!? 24:09 Is Sober Living Investing Stable? 29:11 Borrowing Money to Invest 32:04 How Much Time Does It Take? 34:46 Connect with David and Morgan! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-562 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 6, 2024

You did it; you achieved FIRE ! After over a decade of hard work, you’ve reached financial independence and can retire early . You’re making more money than you spend from passive income , work-optional, and life is good. But your dreams are starting to change . Maybe you want to spend more on experiences, build your dream house, or move to a higher-cost-of-living area. Now, your expenses are starting to creep up , and your FIRE is about to burn out. What do you do, and is it wrong to return to work? Caitlin Muldoon has had to ask herself these questions. After grinding for fifteen years , she finally reached her FIRE goal—$10,000 per month in passive income. In her current lifestyle, she’s saving money every month, but as she moves into her dream house and expenses start to rise, her passive income may not be enough. Does this mean that Caitlin is no longer financially independent? Today, Caitlin is sharing her full FIRE story with us. How she went from one house hack and a HELOC to a six-figure generating real estate portfolio , the struggles she had with leaving her job, realizing that her expenses would jump after her husband quit, and why retiring early isn’t always the end goal. Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover What to do if rising living expenses are about to extinguish your FIRE Turning your primary residence into a passive income-generating portfolio by using HELOCs How intentionally saving money can massively propel your wealth and get you to FIRE much sooner Why you DON’T need to quit your job , even after you reach your FIRE number Advice for anyone who wants to build a rental property portfolio with today’s high interest rates And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Forums Market Finder Rising Femme Wealth See Mindy and Scott at BPCON2024 in Cancun! Do You Know Your FIRE Number? Here’s What That Means 00:00 intro 01:56 Starting Salary and First Home 04:01 Rental Investing and Finding FIRE 07:13 Thoughts of Quitting 08:05 Real Estate Portfolio Timeline 13:58 Savings Rate and Reinvesting 15:47 Using HELOC to Buy Rentals 20:31 Achieving FIRE, But... 24:07 Rising Lifestyle Expenses? 31:55 Advice for FIRE 36:32 Connect with Caitlin! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-561 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 3, 2024

Did you know you can use your 401(k) to retire early ? Yep, it’s possible. And today’s guest, Eric Cooper , is doing it at age 47 ! Most FIRE chasers search for how to withdraw from a 401(k) early but know that doing so will hit them with substantial penalties. The best way around this? The 72(t) rule —which is precisely what Eric has been taking advantage of. Eric uses the 72(t) rule’s “substantially equal periodic payments” to take early withdrawals from his 401(k) of $30K per year, starting at age 47. But how does it work? Eric comes on the show to describe exactly how this early withdrawal rule works , how much you can take out, the regulations to follow so you avoid penalties, and why early retirement may be much closer than you think. But this isn’t the only early retirement income Eric has got. We’ll review his substantial real estate portfolio and detail Eric's almost unbelievable tax savings from combining tax-advantaged rental properties with rule 72(t). Plus, Eric shares how he built a multimillion-dollar nest egg by his mid-forties and why those starting young on the path to early retirement can repeat his strategy to be much richer in retirement. Do you have money sitting in retirement accounts that you’re ready to use? The 72(t) rule might be just what you need. In This Episode We Cover How to access retirement funds early with the often overlooked 72(t) rule Escaping the “middle-class trap” that stops you from retiring on your terms Avoiding 401(k) penalties and using retirement accounts to actually retire early The rules and regulations you MUST follow to withdraw penalty-free How Eric amassed such a massive retirement account balance (and how you can, too) Early retirement healthcare and how to lower your taxable income to greatly reduce premium costs And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group How to Access Retirement Funds Early 72(t) Calculator See Mindy and Scott at BPCON2024 in Cancun! How the “Middle-Class Trap” Stops Your Early Retirement 00:00 intro 01:14 What is Rule 72(t)? 05:30 Avoiding Early Withdrawal Penalties 11:12 Building a BIG Nest Egg 17:14 Retiring Early at 47! 18:00 Different Investment Accounts 21:41 Why Withdraw Early? 24:52 Rental Income and Healthcare 30:44 Selling the Rentals? 32:54 Calculating Your 72(t) Income 38:40 Advice for Early Retirement 41:18 Connect with Eric! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-560 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 30, 2024

What if you could “retire” early, working only FOUR hours a week ? Coast FIRE achiever Diania Merriam did just that! After a decade of hustle in corporate America, Diania found herself financially behind with $30,000 in debt . Dreaming of a life-changing adventure but lacking the funds, she decided to overhaul her finances. Fast forward, and now in her mid-thirties, she’s debt-free, successfully self-employed (or, as she puts it, happily “unemployed”), living life on her terms. So, how did Diania save enough to walk away from her nine-to-five ? The answer might surprise you. She didn’t need millions in the bank, and neither do YOU, to embrace early retirement. Diania asks, “Do you have enough to take a risk?” If you do, you could live the Coast FIRE lifestyle , just like her, working minimal hours and maximizing time freedom. Ready to slash your workweek and dive into what you love? Stick around—by following Diania’s example, early retirement could be within your reach, EVEN if you’re just getting started on your FIRE journey! In This Episode We Cover Why you must be financially prepared to quit a soul-sucking job Achieving Coast FIRE without millions in the bank and how to be happy living off of little Why self-employed health insurance isn’t as big of an expense as most people think Burning out before you hit FIRE and why being hyper-fixated on a financial goal could kill your drive How starting your own business can save you a ton on taxes How to “retire” early without replacing your full-time salary And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Let Us Know What You Thought of the Show! Grab Dave’s Newest Book “Start with Strategy” See Mindy at BPCON2024 in Cancun! Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love 00:00 Intro 01:03 $30K in Debt! 03:22 Quitting Her "Toxic" Job 09:23 What About Health 12:02 How Much She Makes 20:53 You Have ENOUGH Money! 25:24 Connect with Diania! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-559 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 27, 2024

The IRA vs. 401(k) . You’ve heard of these retirement accounts before, but do you know the difference between the two? Maybe you have a 401(k) at work and have been diligently getting your employer match but struggle to describe what you’re investing in . You’ve heard top financial experts talk about how a Roth IRA is crucial for saving on taxes long-term , but are you eligible to invest in one? Today, we’re discussing top retirement accounts and how to start investing with just $100 . CFP (Certified Financial Planner) Kyle Mast joins Mindy on today’s show to answer common questions about 401(k)s, IRAs, Roth IRAs, and HSAs ! We’ll first describe when you should invest in a 401(k) vs. an IRA , why their Roth equivalents are so valuable, especially if you’re itching to save on taxes in retirement , and the best account for beginners that (most) Americans will get free money from. What happens after you leave a job and your 401(k) remains? Kyle discusses the options to ensure your money stays invested, even after leaving an employer. We’ll also get into the triple-tax benefit HSA (health savings account) that you should take advantage of IF you qualify, which accounts to invest in first, and what to do once you’ve maxed out your retirement accounts ! In This Episode We Cover 401(k)s vs. IRAs and which to invest in first (especially if you’re employed!) Roth IRAs and 401(k)s explained and when to choose a Roth over a traditional account The best retirement account for beginners and how to get free money for retirement How to take control of a 401(k) after leaving an employer Health Savings Accounts (HSAs) and who qualifies for these extremely tax-benefited accounts Which accounts to invest in first when maximizing retirement savings How we would start investing for retirement if we only had $100/month extra And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Buy Scott’s Book “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It See Mindy at BPCON2024 in Cancun! Traditional 401(k) vs. Roth IRA: Which One Wins? 00:00 Intro 02:17 401(k)s vs. IRAs 05:07 Roth IRAs and 401(k)s 11:21 Best Account for Beginners 14:31 401(k)s After Ending Employment 19:58 Health Savings Accounts (HSA) 26:46 How to Invest $100 32:00 Connect with Kyle! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-558 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 23, 2024

Have you ever made a poor financial decision ? You’re not alone! But can a bad blunder disqualify you from FIRE ? Today’s guest made a huge investment at the worst possible time, a move that had consequences a decade later. Despite this, he was still able to reach early retirement in just fifteen years ! Welcome back to the BiggerPockets Money podcast ! Ryan Connell had a picture-perfect start to his financial independence journey — saving money at a young age and living well below his means. But then 2007 arrived, and Ryan made the “worst financial decision” of his life. He bought a house just weeks before the housing market began its historic collapse. But a move that could have derailed his quest for FIRE proved to be a minor setback because Ryan was still able to retire at the age of thirty-eight ! In this episode, you’ll learn why you should treat real estate as less of a “sure thing” and more like the stock market . Ryan discusses his current portfolio , which consists of 100% index funds , and what led him to pivot from real estate investing entirely. He even gives us a peek into the average day as an early retiree and shares why he has never had a FIRE number ! In This Episode We Cover How Ryan rebounded from his “worst financial decision” to reach FIRE at thirty-eight Real estate versus stocks and why you don’t need properties to retire early Why time in the market is still more important than timing the market Whether you can reach financial independence without stress and sacrifice How to enjoy retirement with less productivity and more “negative time” And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Check Out Ryan’s Camp FI Talk Buy the Book “Rich Dad Poor Dad" See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Real Estate 955: BiggerNews: Real Estate vs. Stocks, the Ultimate Wealth-Building Debate 00:00 Intro 02:02 Buying a House...in 2007 09:42 Digging His Way Out 18:46 Ryan’s Journey to FIRE 28:25 Saving TOO Much? 35:00 Life After Early Retirement 40:49 Find Freedom Faster! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-557 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 20, 2024

2013 was a pivotal year for our hosts. Scott was fresh out of college and just beginning his journey to financial independence , while Mindy and her husband were well on their way to FIRE and had just launched their blog, 1,500 Days , to document their progress. But if they were starting over today, would they change anything? Welcome back to the BiggerPockets Money podcast ! In today’s episode, Scott and Mindy are winding back the clock ten years and sharing what they would do differently if they were beginning their FI journey in 2024. Spoiler alert: they wouldn’t have changed very much regarding the fundamentals of frugality , saving money , and investing . But, as you’re about to find out, they would make some MAJOR tactical changes, and they even have a few regrets about not spending money ! Whether you’re brand new to FIRE or are already on track for financial freedom , you don’t want to miss this episode! You’ll learn about the real estate investing strategy Scott would prioritize in 2024, the stock investments that helped Mindy overshoot her FI number , and the lifestyle changes our hosts wish they had made along the way! In This Episode We Cover What Scott and Mindy would change if they were starting their FI journey today Three types of investments that will carry you to financial independence How to invest in real estate in 2024 (and which strategy to use) When to prioritize saving cash over contributing to retirement accounts The cash-flowing investment property WE would be buying in 2024 The individual stocks that catapulted Mindy toward FIRE How to save thousands of dollars in taxes with live in flips And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Buy Scott’s Book “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It 00:00 Intro 01:24 Chasing FIRE in 2013 05:54 Where to Invest & Live In Flips 12:00 Starting from Zero in 2024 23:03 Lifestyle Changes with FI 27:34 Save and Invest! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-556 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 16, 2024

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices , cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? After realizing they were throwing away every cent they made , James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom . His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work , and rarely ate out anymore. Just two years after discovering FIRE, they achieved it , and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode! 00:00 Intro 01:21 Poverty to Overspending 06:12 Convincing Your Spouse on FI 09:09 0% to 85% Savings Rate 16:30 Buying $50K Rentals 23:29 Retiring on $31K/Year 29:40 The Secret to FIRE 32:43 Are They Still Retired? 34:36 Advice for Finding FIRE 36:24 Connect with James and Emily! 37:19 Use These FIRE Tips Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-555 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 13, 2024

Pay off your mortgage or invest? If you’re on the path to FIRE , you’ve probably asked yourself this question. Without a mortgage payment, you could put thousands more in your pocket every month, and your FIRE number would decrease significantly. On the other hand, investing all the money you could have spent on paying off your mortgage may allow you to build considerably more wealth and reach Fat FIRE with more assets to your name. So, which move do you make? Mindy and Scott are coming on to debate this common investing question. On team “Don’t pay it off!” is Mindy , who just recently made a six-figure profit by NOT paying off her mortgage . How did she do it? Stick around to find out. Scott , who just bought his recent home in cash , is pro-paying off the mortgage (for some), as it may lead you to FIRE much faster than you thought. In this episode, Scott and Mindy discuss WHO should pay off their mortgage early , the pros and cons of investing vs. going debt-free , and why one move may be MUCH better for those closer to FIRE. Want more money for your future retirement? Sick of your job and want to quit quickly and retire on your terms? We’ve got options for BOTH! In This Episode We Cover Whether you should pay off your mortgage early or invest instead How Mindy made a six-figure stock profit by NOT paying off her home Why paying off your low-interest rate mortgage may make sense EVEN in 2024 How those close to retirement can shave off a BIG portion of their FIRE number and retire now Whether you should keep cash in a high-yield savings account instead of paying down a low-rate mortgage Other BIG cost-saving benefits of paying off your mortgage early And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Money 543 - How the “Middle-Class Trap” Stops Your Early Retirement 00:00 Intro 01:27 Why You SHOULDN’T Pay It Off 05:35 Why You SHOULD Pay it Off 15:07 Keep Cash in the Bank? 20:54 Big Benefits of Paying it Off 27:51 What Would You Do? 29:29 Scared of Stock Performance? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-554 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com . Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 9, 2024

Once you hit Coast FI , you don’t need to worry about retirement. While traditional FIRE may take a bit more extra work, Coast FI allows you to let your foot off the gas and enjoy life NOW, knowing that you’ll be set for retirement by the time you’re sixty-five. Lisa hit her coast FI number at the (very) young age of twenty-seven, and she will have millions of dollars waiting for her in retirement, even if she stops investing now. How’d she do it so quickly? When her father challenged her to save $100K by age twenty-five , Lisa said, “Why not!” She hit the goal—actually, she got there two years earlier! After much saving and significant sacrifice, Lisa had a six-figure net worth in her early twenties . From there, she began heavily investing in her retirement accounts , which now boast over a quarter of a million dollars, and she’s on track to have half a million at thirty! How did Lisa get so far ahead of the average twenty-seven-year-old , and what can you teach your kids, grandkids, nephews, nieces, or siblings to get them on the same path? Tune in because Lisa shares how to save $100K , the easiest way to invest for retirement , the tax-free account that will make your future self rich, and her best advice for growing wealth at a young age. Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover How to save $100K in just a few years (even if you’re starting your career) The tax-free retirement account you can’t afford to overlook Coast FI 101 and how to hit it early so you can enjoy spending again The sacrifice of saving and whether or not it’s worth it to go fully frugal Index fund investing and why it’s one of the easiest ways to start investing Lisa’s retirement portfolio and exactly what she’s investing in now And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Connect with Amanda The Simple Path to Wealth—Index Funds Explained with JL Collins See Mindy at BPCON2024 in Cancun! BiggerPockets Money 124 - Starting From $0 at Age 35 as a Teacher and Becoming ‘The Millionaire Educator’ 00:00 Intro 01:37 Early Financial Education 03:53 $100K by 25 Challenge 07:08 Sacrificing to Save 10:26 Current Salary and Spending 13:13 What She Invests In 15:15 Coast FI at 27 21:45 Save Your First $100K! 24:56 Follow Her Lead! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-553 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 6, 2024

You can take your time to reach financial independence , but why wait? With a combination of hard work , savvy investing , and additional income streams , today’s guest reached FI by the age of twenty-eight . In this episode, she provides the blueprint that teachers and other middle-class workers can use to fast-track their financial goals ! Welcome back to the BiggerPockets Money podcast ! Today, Brooke Coughlin is a business owner , real estate agent , investor , and author. But, just FOUR years ago , she was a seventh-grade teacher earning a $40,000 salary . The key to her rapid success? Brooke’s workday starts at 5 a.m. and ends well after 10 p.m. This relentless work ethic has helped her build a successful cleaning business , sell over $100 million worth of real estate , and pen her very own book! Now, working from sunup to sundown isn’t for everyone. Perhaps you just want a reasonable nest egg for a comfortable retirement or some money to pass down to your children. Whatever your financial goals, there are all kinds of helpful nuggets to take away from today’s episode. You’ll learn about the first steps of entrepreneurship , how to build a business or side hustle alongside your W2 job , and how to become financially free from any starting point! In This Episode We Cover How Brooke went from a $40,000 salary to financial independence in FOUR years The BEST ways to increase your income while working a nine-to-five job What teachers should do today to build a nest egg for retirement The first steps you must take to become a successful entrepreneur How to build a real estate business that allows you to leave your W2 job And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Connect with Brooke on Instagram Preorder Brooke’s Book, “She Closes Deals” 00:00 Intro 00:58 Supercharging Her Income 09:49 Juggling a HEAVY Workload 12:00 Brooke’s Real Estate Portfolio 16:03 What’s Brooke’s End Goal? 25:06 Connect with Brooke! 25:50 Start Building Your Nest Egg! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-522 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 5, 2024

The BiggerPockets Real Estate Podcast is about to hit a huge milestone—our 1,000th episode! Real estate has changed quite a bit since we started this podcast, so we’re making some changes, too. We’re bringing on new guests and new formats while focusing on investing tactics and strategies that work in TODAY’s housing market. Oh, and did we mention fewer ads, too? We’re still delivering the time-tested knowledge, inspiration, and news you expect from the BiggerPockets Real Estate Podcast so YOU can work towards financial freedom, no matter the market conditions. Join Dave Meyer, our new host, for our 1,000th episode, and tune in on Mondays, Wednesdays, and Fridays to learn how YOU can reach financial independence through real estate! Hit “Follow” to never miss an episode! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-no-number Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 2, 2024

Todd retired early at age forty-four , just three years after discovering the FIRE movement . The most interesting part? He quit without reaching his FIRE number. That’s right. After realizing he couldn’t go one more day working his job , he quit, even without the perfect amount of money on the sidelines. Did he survive in the FIRE life, or did he eventually have to return to work to rebuild his portfolio? Stick around and find out! Although Todd made a good income, he spent most of it on his lifestyle. As his family’s sole provider , every expense took away from his income, leaving him with a respectable but by no means large savings rate. One day, as Todd surfed the internet at work, he stumbled upon a financial independence blog post, and the rest was history! He chased FIRE ruthlessly for three years and eventually was able to retire on his terms . If you’re looking to retire in your forties , quit your job, find financial freedom , or finally grow your savings, tune in for Todd’s advice. Even if you don’t have a high income, you can follow his cost-cutting, “boring” investing advice to achieve financial independence faster than you thought possible! In This Episode We Cover The “boring” investments that lead you to financial independence and early retirement Coming up with your FIRE number and whether the 4% rule still works Getting richer in retirement and how to build wealth WITHOUT working How cutting your expenses will fast-track your path to early retirement Quitting your job and why you MUST prepare for life in retirement BEFORE you walk away from your salary And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest Subscribe to The BiggerPockets Money YouTube Channel Apply to Be a BiggerPockets Money Guest Apply to Be a Finance Review Guest Email mindy@biggerpockets.com for the 4% Rule Article or Todd’s Contact Information See Mindy at BPCON2024 in Cancun! How to Retire Early (From Someone Who Did at Age 27) 00:00 Intro 01:09 Finding the FIRE Movement 03:24 Getting His Wife on Board 04:38 His FIRE Number 05:32 FIRE Movement Myths 07:37 Getting Richer in Retirement 11:55 Quitting His Job! 13:14 Prepare for Post-FI! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-551 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 30, 2024

Wouldn’t it be nice if your home paid for itself? Every month, you throw a substantial sum of money towards your rent or mortgage payment, but what if you could live mortgage-free? With ADU investments, it’s more than possible. Michael Russell used an ADU (accessory dwelling unit) to make an extra $1,400/month off of his pricey California home. Combined with a bit of house hacking, Michael was getting PAID to live in one of the nation’s most expensive states. And he did it all on an average salary! So, how do YOU use ADUs to lower your cost of living and turn your home into a cash-flowing investment ? Today, Michael walks us through exactly how he did it, how much it cost, how long it took, and how much money he ended up making. With high interest rates , will the ADU investing strategy still work in today’s market? How hard is it to build an ADU? And what’s the one mistake Michael wishes he hadn’t made before he built his ADU? We’re answering all these questions in this episode and showing you how to slash your mortgage payment , even if you live in a costly housing market! In This Episode We Cover ADU investing explained and how much it costs to build an accessory dwelling unit Why more local and state governments WANT homeowners to build ADUs How to get paid to live (even in a high-cost-of-living area) with ADUs and house hacking The one mistake that cost Michael months of time (and rent) that you can’t afford to repeat Finding homes with ADU potential and the investor-friendly agent you NEED to spot these opportunities And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Work with Michael BiggerPockets Real Estate 356 - 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah BiggerPockets Real Estate 575 - Killer Cash Flow with This “Tenant-First” Section 8 Rental Strategy w/Joe Asamoah BiggerPockets Money 37 - Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke 00:00 Intro 01:19 Money Snapshot 04:17 Home Run House Hack 06:01 Smart Money Moves Early On 10:47 Surviving on $36K/Year 12:40 Building the ADU 22:12 How Long Did it Take? 24:55 ADU Investing with High Rates 33:37 Starting ADU Side Hustles 37:40 The Right Type of Agent 45:58 Connect with Michael! 46:59 The Housing Solution? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-550 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 26, 2024

Is the FIRE movement dead? In 2024, more people are catching on to the huge downsides of pursuing financial independence, retire early . Strict frugality, massive sacrifice, working harder than ever…is it really worth it to retire decades before everyone else? If you’re internally screaming, “Yes! Of course it is!” you’re in good company. Today, we’re talking about why FIRE is NOT dead in 2024 but why most Americans won’t achieve it . It’s easy to claim that the FIRE movement is dead in 2024 when inflation has been high, savings rates are low, and there’s economic uncertainty all around. The problem? Almost all of that can be easily factored into your FIRE plan , and with some sacrifices, you could easily retire early in five, ten, or fifteen years . So, if FIRE is still possible, what must the average person do to achieve it? We’ll discuss the mindset shift you must undergo to reach financial independence , the sacrifices you must prepare for, and what we would have done differently on our own paths to FIRE. Achieving financial freedom doesn’t need to be an all-out grind with zero enjoyment. Even if you make minor money moves today, you could be retiring YEARS earlier than you thought possible! In This Episode We Cover An update on the FIRE movement and whether or not FIRE is possible in 2024 The 4% rule explained, and why it works EVEN during high inflation The sacrifice that most Americans will NEVER make to retire early How to achieve FIRE even if you have an average income The “grind” that gets you RICH and how to tell you’re on the right track for FIRE How frequently to check your investments/accounts (and whether it really matters) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 243 - Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke cFIREsim (FIRE Calculator) My Death March to Financial Independence Email mindy@biggerpockets.com for the “4% Rule” Article 00:00 Intro 04:19 Is the FIRE Movement Dead? 10:93 Do You Need a High Income? 16:36 Should Everyone Pursue FIRE? 24:44 How Average People Achieve FIRE 30:04 FIRE in 2024 35:54 Retiring Early During Inflation 38:38 You CAN Achieve FIRE Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-549 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 23, 2024

Are we in a recession ? Are we headed for a recession? No one knows for certain, but you can never be too prepared for an economic downturn . Are you saving money ? Do you have a plan in the event you lose your job ? In today’s episode, we’ll help prepare you for anything that might be thrown your way! Welcome back to the BiggerPockets Money podcast ! Amidst economic uncertainty , there are two steps you must take to weather tough times: build an emergency fund and brace for a potential layoff . Today, Mindy and guest co-host Amanda Wolfe are bringing you their best money tips for getting through a recession. First, they’ll show you how to pad your emergency fund by saving hundreds on groceries each month, negotiating your bills, and eliminating unnecessary expenses from your budget. Believe it or not, it might even be time to cut back on aggressive debt paydown or extra 401(k) contributions ! Next, they’ll help you with a potential job search . You’ll learn how to get your resume seen by more employers and determine your market pay rate . But that’s not all. Stick around until the end to learn why staying with your current company —regardless of whether your job is at risk—could cost you millions of dollars over your lifetime! In This Episode We Cover How to get your financial house in order before an economic decline Calculating how much money YOU need for an emergency fund How to slash your food bill by hundreds of dollars per month The BEST places to find money and bolster your savings How to start preparing for a new job today ( before you lose it!) When to cut back on “extra” payments and retirement contributions Why staying at your current job might be costing you millions of dollars And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Try Amanda’s Free Emergency Fund Calculator Connect with Amanda on Instagram Enjoy Ebooks and Audiobooks with Libby Enjoy Ebooks and Audiobooks with Hoopla Check Out Market Pay Rates with Glassdoor See Mindy at BPCON2024 in Cancun! BiggerPockets Money - Episode 110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life 00:00 Intro 02:19 Building Your 11:31 Slashing Your Grocery Bill 17:22 Negotiating Bills & Auditing Purchases 27:56 The “No-Spend” Challenge 33:52 Preparing for a New Job 42:53 Send Us Your Money Tips! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-548 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 19, 2024

You could be missing out on the chance to earn passive income from your home (and other rentals !) with a “no-brainer” money move. This investing strategy is picking up steam and could become one of the big trends in real estate this year. Today’s guest was one of the early adopters, and it carried him to FIRE by his late thirties ! Welcome back to the BiggerPockets Money podcast ! Today, we’re chatting with “ That ADU Guy ,” Derek Sherrell . Right before the 2008 housing market crash , Derek left his contracting job behind and returned to school to become a firefighter. Little did he know that this career move would provide the time, freedom, and connections to launch a full-blown side hustle alongside his W2 job . Before the age of forty, Derek became financially independent, with the ability to retire early , all thanks to this simple strategy. Since then, he has made it his life’s mission to inspire countless others to do the same! In this episode, we’re taking a deep dive into accessory dwelling units (ADUs) . Tune in to learn why the combination of serial house hacking and some kind of “secret sauce” (in this case, ADUs) is perhaps the easiest path to FIRE. Derek will tell you everything you need to know about buying , building , and renting out ADUs—from financing these units to scaling your business ! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover Accessory dwelling units (ADUs) explained (and how they create passive income) Why the modified serial house hacking strategy might be the easiest path to FIRE How to completely replace your W2 income with cash flow from ADUs How to easily (and affordably) convert a single-family home into a duplex Why ADU investing could be one of the biggest investing opportunities in 2024 How to get your spouse on board with your real estate investing strategy And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Check Out Derek’s Website Derek on BiggerPockets 00:00 Intro 02:31 Life with FI & Current Portfolio 06:06 Derek’s Money Journey 12:26 Changing Careers & Building Wealth 18:21 Buying the “Lucky” House 28:14 House Hacking with ADUs 37:20 3 ADU Investing Strategies 49:06 Derek’s BIG Mission 55:58 Connect with Derek! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-547 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 16, 2024

The road to financial independence isn’t always linear, but stoicism might be the secret ingredient that keeps you on track. This ancient philosophy gets a bad rap, but with its framework as your financial “operating system,” you’ll be able to weather all kinds of storms! Welcome back to the BiggerPockets Money podcast ! Today, Darius Foroux is a business owner , landlord , financial educator , and the author of eight books. But as a boy, he watched his family live paycheck to paycheck for many years. Vowing to one day become wealthy, Darius started saving every penny possible, only to find that practicing staunch frugality could only take him so far. After more than a decade of hard work and sacrifice , he had just $10,000 to his name and, after student loans , a negative net worth . But in 2015, Darius made a seismic mindset shift that propelled him to FI in just FIVE years ! In this episode, Darius dispels the myth that stoicism is about suppressing emotions and lacking empathy. Instead, you’ll learn that its tenets revolve around creating balance, staying grounded, and changing how you respond to things beyond your control—virtues that are congruent with building wealth . But that’s not all. He will also show you how to increase your income , gain a “stoic edge,” and invest your money in 2024! In This Episode We Cover How Darius went from a low net worth to financial independence in FIVE years Why reaching FI is easier with stoicism as your “operating system” Why investing in yourself and learning new skills is the KEY to higher income The three steps for gaining a “stoic edge” that helps you build wealth faster The BEST way to start investing in the stock market in 2024 And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Grab Darius’ Latest Book, The Stoic Path to Wealth Connect with Amanda on Instagram 00:00 Intro 03:24 Darius’ Money Journey 11:16 Negative Net Worth & the “Aha!” Moment 22:25 Stoicism in Personal Finance 32:11 Building Wealth with Stoicism 41:36 How to Start Investing in 2024 47:04 Reaching FI & Retiring Like a Stoic 52:46 Connect with Darius! 53:19 Find Joy in the Journey! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-546 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 12, 2024

Fat FI and generational wealth in THREE years ?! How is that possible? The sooner you forge good money habits , the sooner YOU can achieve your FI goal . Today’s guest wanted to build wealth as soon as possible, and in this episode, he will share the secrets to his enormous (and rapid) success! Only a few years ago, Josh Janus was flipping sneakers he couldn’t afford and making DoorDash deliveries for a little cash. Today, he has a seven-figure income and an eight-figure real estate portfolio . Fat FI at the age of just twenty-three , Josh still has his entire life ahead of him and a significant net worth to deploy however he chooses. Will he continue to grind away as a real estate agent , working eighty-hour weeks and optimizing his time for even higher earnings ? Or will he take his foot off the gas and enjoy some of the wealth he’s worked so hard to build? Now, you may be in a very different season of life than Josh. After a family , career , and maybe even a late start to your FI journey , this explosive wealth-building trajectory might not be in the cards. But even if you don’t aspire to build a $15 million multifamily portfolio or revitalize your hometown , a few years of extreme discipline and sacrifice will unlock all kinds of financial opportunities . Tune in to Josh’s incredible story and find out how! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover How Josh achieved financial independence in just THREE years (at twenty-three!) How to grow a seven-figure income as a real estate agent and investor Building a large real estate portfolio (starting with little to no money !) Increasing your income by evaluating your schedule for delegable tasks How practicing discipline and sacrifice can fast-track your journey to FI And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Scott and Kyle at BPCON2024 in Cancun! BiggerPockets Real Estate - Episode 749: From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!) with Josh Janus 00:00 Intro 02:03 Josh’s Money Snapshot 10:34 What’s the End Goal? 13:13 Flipping Sneakers to Learning Real Estate 25:12 Becoming an Agent & Leaving College 28:52 $600K in Year ONE?! 35:16 The Real Cost of Success 43:52 “Seasons” of Life 49:04 Connect with Josh! 50:04 Hustle for Your FI Goal! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-545 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 9, 2024

Reaching financial independence and becoming a millionaire before the age of thirty ?! While this path requires several years of ruthless saving , smart investing , and unwavering discipline , there’s no reason why YOU can’t enjoy financial freedom and attain the lifestyle you want ! Shortly after graduating from college with over $50,000 in student loans , Franklin Zheng found himself working a grueling, eighty-hour-per-week factory job . Fortunately, it was also around this time that he discovered BiggerPockets and decided to try his hand at real estate investing . He started attending local meetups , where he learned that simply getting in the same room with other investors presented all kinds of opportunities. It wasn’t long before Franklin had found his future investing partner , and in just FIVE years , he has built a cash-flowing real estate portfolio of thirty-eight units , as well as a business that has allowed him to leave his W2 job and travel the world ! In this episode of the BiggerPockets Money podcast , you’ll get a glimpse of what it takes to achieve financial independence and amass a one-million-dollar net worth . Make no mistake—it’s not easy. Franklin will be the first to tell you that the last five years have been filled with all kinds of successes, challenges, and failures. But if he can do it, YOU can, too! In This Episode We Cover How Franklin reached financial independence by thirty in just FIVE years What you MUST know before investing in commercial real estate Fast-tracking your real estate journey through the power of local meetups How to start a real estate business that allows you to leave your W2 job The secret to forming successful real estate investing partnerships How to defer capital gains tax on your rental property with a 1031 exchange And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Connect with Franklin on BiggerPockets See Scott and Mindy at BPCON2024 in Cancun! Check Out the Top 100 Cash Flow Markets Find a Local Real Estate Meetup Find Answers to Your Real Estate Questions on the BiggerPockets Forums 00:00 Intro 01:10 The 80-Hour Factory Job 08:17 Real Estate Meetups & Partnerships 16:48 Renting to Attorneys 19:32 Selling the Office Building 23:07 “Unicorn” Rentals & 38 Units! 29:14 Starting the Lending Business 32:47 Leaving His W2 & Traveling the World 36:27 Put in the Work! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-544 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 5, 2024

You dream of retiring early , but you’re stuck in the “middle-class trap.” You’ve built up a solid net worth , maybe own a rental property or two, and on paper, you look like you’re on track to make it rich. But in reality, you don’t feel that way. With all your wealth tied up in home equity or retirement accounts , your “early” retirement may have to be pushed to the traditional age of sixty-five. So, how do you free up some of this wealth so you can start accessing it today to retire early tomorrow? This is the question Emily and Justin are struggling to answer. They’ve gone from nothing to a substantial net worth—$1,500,000! With big dreams to travel internationally and retire from their jobs in twelve years, they’re wondering if they can still make it to early retirement AND if they can do so while enjoying life a little bit more today . Mindy and Scott offer some unconventional advice for the personal finance space, but it may help this couple feel more secure so they can start living today instead of waiting to finally retire in twelve years! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover The “middle-class trap” that stops even millionaires from retiring early Why you should NOT sacrifice everything now just to retire a few years earlier What to do when you struggle to spend more , even on the things you love Paying off your primary residence early vs. keeping a low-interest mortgage (and what to do with the money instead!) Putting your pension into your net worth calculation (and how it can get you closer to FIRE !) Roth conversion ladders and the smart way to save significantly on taxes in retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest How to Access Retirement Funds Early How to Estimate Capital Expenses On a Rental Property See Mindy and Scott at BPCON2024 in Cancun! Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together 00:00 Intro 02:19 Frugal Beginnings 07:58 Big Retirement Goals 13:48 Financial Snapshot 14:50 Struggling to Spend Money? 24:18 Can We Retire in 12 Years? 36:45 A HUGE Extra Income Source 45:46 Loosen Up Your Budget! 52:13 Retire Even Earlier? 01:02:09 Emergency Reserves for Rental Properties 01:07:51 Don't Get Caught in The Trap! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-543 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 2, 2024

Want a personalized financial independence plan that’ll get you closer to early retirement ? Well, we’ve got just what you’re looking for! On this second annual “ Financial Independence Day ,” Mindy and Scott are sharing a new way to get you to financial freedom faster . With so many applications for our “Finance Friday” series, we decided to make a downloadable that allows you to do your own personal finance review AND build a faster path to FIRE ! But before you start filling out your financial independence plan , listen to this episode. We review some common traps and pitfalls that have stopped our Finance Friday guests from achieving financial freedom. We’ll explain exactly what each net worth bracket should focus on, how to get through the saving and investing “grind” to FIRE , and the biggest mistake most people make that will STOP them from ever finding financial independence. Want to reach financial independence faster? Download the DIY Finance Friday document here , and if you want Mindy and Scott’s personalized suggestions, apply to be a Finance Friday guest ! In This Episode We Cover How to build your own plan for financial independence and reach early retirement faster Coming up with your financial snapshot to see a complete picture of your net worth The biggest opportunities to reach FIRE for different net worth brackets The “middle-class trap” that will stop you from retiring early (even if you’re wealthy) Getting through “the grind” and how to know you’re on the right path for FIRE Whether building wealth comes through a “process” or a “single event,” and how to combine both And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finde Apply to Be a Finance Friday Guest BiggerPockets Money 426 - The New Path to Financial Independence is HERE BiggerPockets Money 157 - The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple BiggerPockets Personal Finance Forum Review Mindy’s Budget See Mindy and Scott at BPCON2024 in Cancun! Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan 00:00 Intro 01:59 FIRE for DIYers 04:45 Your Financial Snapshot 15:25 Opportunities for FI 23:08 Avoiding the “Middle-Class Trap” 32:58 Getting Through The “Grind” 39:32 You NEED Both of These 44:24 Changing Your Path to FIRE 52:07 Happy FI Day! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-542 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 28, 2024

Student loan debt can easily get in the way of financial independence , especially if there’s a high interest rate attached to your loans. But should you pay down this debt at the expense of investing for the future ? There are several factors we’re going to explore in today’s episode! Lauren is a physician assistant with a stable W2 job , a house hack , and a side hustle that provides her with a little “fun” money each month. But as she and her partner work toward their goal of reaching FI in twenty years , they’ve got some money issues to work out—namely, how to tackle the $150,000 in student loans hanging over their heads. Should they pay down this debt, invest in real estate , or both? Should they put their retirement contributions on hold? One day, they hope to travel the world and enjoy their favorite pastime, kitesurfing! But should they fast-track this dream before planning for a family ? Lauren is at a crossroads in her journey to FI, and in today’s episode, Scott and Mindy will provide her with an actionable blueprint she can use to achieve her financial goals , career aspirations , and dream lifestyle . Along the way, you’ll learn when to prioritize aggressive debt paydown, how to strike the perfect investment portfolio mix , and important things to consider before starting a family! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover When to pay down student loan debt rather than invest in real estate Why buying rental property today will leave you with more cash flow in retirement How to financially plan for weddings, honeymoons, children, and other BIG expenses Paying off your primary residence versus buying MORE rental properties How to improve asset allocation with a mix of rentals and retirement accounts And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Scott and Mindy at BPCON2024 in Cancun! BiggerPockets Money - Episode 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money - Episode 514: How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More! 00:00 Intro 01:25 Financial “Wellness” 07:01 Lauren’s Money Snapshot 15:51 MAJOR Career Decisions 22:15 FI in 20 Years (or Fewer!) 27:53 Paying Off $150K Student Loans 36:07 Weddings, Honeymoons, & Kids 44:55 Kitesurfing & Traveling the World! 57:39 Pay Down the Mortgage? 01:02:54 Enjoy Life AND Build Wealth! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-541 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 25, 2024

Renting vs. buying a house : when it comes to FIRE , many people assume that you must own a home and preferably have it paid off to reach financial freedom . But is this really true? With renting so much cheaper than buying in 2024, would it be wiser to rent a place and send the savings to your investment accounts? Today, we’re tackling this topic and a few other heavy hitters as we give our takes on four of the hottest financial headlines . Kyle Mast , certified financial planner, joins Scott Trench to share FIRE-first thoughts on these not-so-easy-to-answer questions. First, we give our take on the ever-relevant renting vs. buying debate and ask whether things have changed since high mortgage rates have made buying a home much more expensive. Then, how do you manage savings and investments with interest rates so high —should you keep your money in a high-yield savings account or search for better opportunities even with savings yields so high? Think your nest egg is a little too light? We share the average 401(k) balance for those close to retirement and give our strategies to boost retirement savings before you leave full-time work. Finally, for those struggling to take care of elderly parents , our last headline is for you. We talk about the growing number of Americans physically, mentally, and financially caring for aging parents and how you can set yourself up in the best position possible to care for those in your life. In This Episode We Cover Buying vs. renting a house in 2024 and whether homeownership is required for FIRE The best housing investments you can make to propel your net worth and savings rate Saving and investing during higher interest rates and the type of “opportunities” you must be looking out for The shocking average 401(k) balance and what you can do to increase income in retirement How to ensure your children DON’T have to financially care for you in your old age And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finde Renting is Increasingly Cheaper Than Buying a Home How to manage retirement savings with interest rates remaining elevated This Is the Average 401(k) Balance for Ages 55 to 64 When Caring for Your Parents Comes at a Cost to Your Career See Scott at BPCON2024 in Cancun! Grab the Book, “First-Time Home Buyer” Hear Our Episodes with “Catching Up to FI”: BiggerPockets Money 537 - Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI BiggerPockets Money 538 - Late Start, Early Retirement: The Huge Advantages of Investing Later in Life 00:00 Intro 01:57 Renting vs. Buying a House 10:49 Best Home Purchase for FI? 13:35 Saving and Investing with High Rates 25:05 Average 401(k) Balance 33:02 Caring for Elderly Parents Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-540 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 21, 2024

Want to retire early ? You don’t have to wait until age sixty-five . With a few cash-flowing assets and smart money moves , you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible! Welcome back to the BiggerPockets Money podcast ! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties . The only problem? He wants to retire at age fifty . In this episode, Mindy and expert investor David Greene from the BiggerPockets Real Estate podcast work together to get Derek on the fastest path to early retirement . If he plays his cards right—redeploying some of his “lazy” home equity , increasing his cash flow , and starting a profitable business or side hustle —he could reach FIRE in just seven years ! Are you wary of today’s sky-high mortgage rates ? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties . Finally, you’ll hear about the power of starting a business and reinvesting your profits ! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover Creative money strategies that will fast-track your path to early retirement How to leverage your 401(k) retirement funds today without tax penalties Boosting your cash flow by converting properties into short-term rentals How to start a business with low money (and where to reinvest your profits !) How to (potentially) acquire valuable rental properties at a HUGE discount When you should hire someone to help manage your real estate portfolio And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder How to Access Retirement Funds Early Check Out J Money’s blog, “Budgets Are Sexy” Check Out Nick Loper’s podcast, “The Side Hustle Show” Hear David on the "BiggerPockets Real Estate" Podcast BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!) 00:00 Intro 01:45 $1.7M Net Worth! 10:20 Derek’s Money Snapshot 18:26 7 Years to FIRE 29:37 Moving “Lazy” Equity 39:42 Note Investing 101 48:45 Starting a Business Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-539 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 18, 2024

Are you a late starter who wants to reach retirement (or early retirement)? Then we’ve got just what you need! We’re back with Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast as we share how to invest for retirement as a “late starter.” Did you know there are some serious advantages to investing later in life? Some of these advantages are so secret that even our hosts didn’t know about them! But today, we’re sharing them with you so you can achieve financial freedom on your terms ! From top to bottom, we’re sharing everything you need to retire sooner —from the best retirement accounts to debating 401(k)s vs. Roth IRAs vs . HSAs and more! Worried about healthcare if you retire before you turn sixty-five? DO NOT put your retirement plans on pause because of this! With some smart healthcare saving and investing, you won’t have to worry about visits to the doctor’s office! But before you start investing, we need to get your spending in check . Bill shares how he went from paycheck to paycheck to exploding his savings rate by “downsizing” his spending, which makes reaching financial independence even easier! If you’re ready to retire, stick with us and follow these steps to a tee if you want to be financially free! Missed part one? Listen to it here! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover How much do you need to retire? Here’s the exact calculations we use The best retirement accounts to invest in that have substantial tax advantages Social Security and whether or not you can plan on receiving it when you retire The “triple tax benefit” healthcare account that you’ll wish you knew about sooner How to “downsize” your life so you can invest more and retire faster “Catch up” retirement investing and the investment accounts that late starters must take advantage of 401(k)s vs. Roth IRAs vs. HSAs : Which should you invest in first? And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here Catching Up to FI Podcast HSA – The Ultimate Retirement Account Open Social Security The Shockingly Simple Math Behind Early Retirement 00:00 Intro 01:19 Create a Simple Plan 04:58 How Much Do I Need to Retire? 09:18 What About Social Security? 16:27 Reducing Your Expenses 19:59 Healthcare and HSAs 33:28 Best “Catch Up” Investments 38:31 Roth vs. HSA vs. 401(k) 47:34 Investing Beyond Retirement Accounts 49:38 It’s NEVER Too Late! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-538 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 14, 2024

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode— it’s never too late for retirement (and even EARLY retirement !). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement? Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters , only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms . In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement . You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover The four steps anyone can take to reach retirement Why it’s okay to be a “late starter,” especially when it comes to retirement planning How to do a “ backward budget” to quickly and easily see how much you’re spending Why you MUST look back on the financial “lessons” you’ve learned to build wealth now! Getting clear on your goals and what you want to achieve so you can reach retirement The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey! And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here 00:00 Intro 01:14 Late Start, Early Retirement 06:01 Before You Can Start 08:06 “Backwards” Budgeting 17:12 Make a Plan 28:26 Acknowledge Your “Lessons” 33:19 Stick Around! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 11, 2024

If you get your property management wrong , you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest , a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate. The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench . Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets . And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager . This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful. Scott shares the entire story and gives the top red flags to look out for . He’ll explain why he DOESN’T give his whole portfolio to one property manager , why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager , and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY! In This Episode We Cover Deadly property management red flags and signs you should run from a property manager Why you never, EVER give your entire portfolio to a single property manager /property management company Simple questions to ask that immediately show if a property manager is legit Negotiating fees and why Scott is okay with paying a higher monthly rate Communication expectations and what a property manager should be sending you EVERY month The easiest way to find a great property manager wherever you invest And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Want to Self-Manage Your Rentals Instead? Grab the New Book, “Self-Managing Landlord” Ask Other Investors Your Property Management Questions on the BiggerPockets Forums Past Episodes Mentioned in Today’s Show: Real Estate Rookie 59 - Rookie First-Time Home Buyer Questions Answered by Scott and Mindy Real Estate Rookie 200 - Scott Trench’s 10-Step Checklist to Buy Your First Rental Property Real Estate Rookie 401 - Boost Your Cash Flow in 2024 with These “Self-Management” Tips BiggerPockets 513 - The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager Connect with Ashley on BiggerPockets Connect with Scott on BiggerPockets 00:00 Intro 01:20 Hiring the Property Manager 03:37 Things Start Going Wrong 06:12 Losing $40K! 09:32 Property Manager Red Flags 15:39 Questions You MUST Ask 23:34 Negotiating Fees 30:05 Asset Type Matters! 34:54 Communication Expectations 37:29 Vetting for Legitimacy 43:16 Find a GREAT Property Manager Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-536 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 7, 2024

What would it take for you to achieve financial freedom ? Now, think about what it would take for you to achieve it for your family . Many of us have parents we’ve seen work day in and day out , providing for us when it meant putting their dreams on the back burner. But what if you could repay your parents for all they’ve done for you, helping them retire and ensuring they can truly live the life they love without worrying about money? That’s exactly what today’s guest did for her mother and herself. After her parents divorced when she was a teenager, Delyanne Barros began what seemed like a two-decade-long non-stop grind. Fearing what would happen to not only herself but her family if she didn’t provide, Delyanne chose to go to law school to not only help those in need but also bring home a steady paycheck that would support her and her mother. After realizing that the nine-to-five grind wasn’t what she thought , Delyanne began searching for a way to get into a better financial position. As a result, she found the debt-free and the FIRE movements . Now, only in her early forties , she’s already started a business that brings in millions , retired her mother , achieved financial freedom, and did it all just within six years of finding the FIRE movement . Her biggest tip for success: Take a calculated risk and bet on yourself! If you want to find FIRE like Delyanne did, don’t skip this one! In This Episode We Cover When it’s worth it to quit your “dream job” to start your own business and bet on yourself Supporting your family and retiring your parents BEFORE they’re sixty-five years old Why even lawyer salaries often can’t afford you the life you want to live Paying off huge student loan debt and why you SHOULD invest before you’re debt-free The importance of investing EVEN when the market is dropping fast and you’re feeling fear Why you DON’T have to be self-employed to achieve FIRE (but you DO need to take risks) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder What Is the FIRE Movement? How to Calculate the Risks Before Investing The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street 00:00 Intro 01:10 Supporting Her Family as a Teen 07:34 Why Law School? 14:15 Finding FIRE and Switching Gears 21:50 Watching the Market Crash 27:37 Quitting Her High-Paid Job 35:35 Can W2 Workers Achieve FIRE? 39:19 Retiring Her Mom 41:44 Best FIRE Advice 42:54 Connect with Delyanne! 43:24 Take a Risk! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-535 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 4, 2024

Could Coast FI be your BEST path to financial independence ? Maybe you don’t want to retire early —not yet , at least. Hustle for a few years, invest your money , and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same! Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth , a figure that will make her Coast FI until retirement —which isn’t on the radar anytime soon! Using her newfound financial freedom , Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel. In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings , as well as several creative “hacks” she used to help fund her college tuition . She also talks about some of the pivotal moments that shaped her views on personal finance , such as discovering the power of compound interest and finding an entire support system through the FI community ! In This Episode We Cover How Emma became Coast FI by twenty-four and built a $99,000 net worth Creative ways to fund your college education and escape debt-free The real value of buying used cars from private owners (and where to find deals!) How to create a fun and fulfilling life you don’t want to retire from How to fast-track your fortune using the power of compound interest Making your money work harder for you after stockpiling cash And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings BiggerPockets Money Episode 323 – Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Learn More About EconoMe Conference 00:00 Intro 01:18 Working & Saving at 14! 07:32 Taking Control of Her Finances 10:52 Buying Used Cars 15:32 Creative Ways to Fund College 23:28 Learning to Invest 30:12 Joining the FI Community 37:48 $99K Net Worth at 24! 45:07 The Power of Coast FI Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com . Learn more about your ad choices. Visit megaphone.fm/adchoices

May 31, 2024

Are you working towards FIRE or building a financial legacy ? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle , estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts , estate planning , and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too. From “napkin” wills to bad inheritances , protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning. Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to , it’s crucial to follow Jenny’s advice on updating your will . Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk ! Check out Jenny’s part one episode here! In This Episode We Cover Whether or not a verbal promise of inheritance will hold up in the future Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one When to update your will and why Jenny DOESN’T keep a set timeline Protecting your heirs from losing their inheritance to divorce What to do when you get an inheritance that brings you more headache than it’s worth Why communication is critical in estate planning and who you should estate plan with And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:28 Revocable vs. Irrevocable Trusts 02:29 The Estate Planning Timeline 05:35 Verbal Promises and Inheritance 10:21 When to Update Your Will 12:04 Protecting from Divorce 14:58 Who to Estate Plan WITH 18:23 The Downside of Inheritance 22:54 The “Napkin” Will 25:34 Make Your Estate Plan Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 28, 2024

You’re working hard to build wealth , but without estate planning , your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death , but you NEED to tackle this issue head-on if you hope to preserve your legacy ! Welcome back to the BiggerPockets Money podcast ! Today, we’re tackling two of the most taboo topics— death and money —with estate and elder attorney Jenny Rozelle . If you’re nearly ready to retire , you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person. In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds! Stick around for part two , where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about ! In This Episode We Cover Basic estate planning documents every person needs (regardless of age) What really happens in probate court (and why it’s NOT as scary as it sounds) Intestacy explained, and how to stop your assets from landing in the wrong hands How to make sorting out your estate as easy as possible for your loved ones And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW to Protect Your Heirs BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:27 Why You NEED an Estate Plan 07:52 Finding an Attorney & Probate 101 18:10 First Steps for Early Retirees 24:56 Getting Organized & Estate Planning Costs 37:00 Connect with Jenny! 37:29 Start Planning Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-532 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 24, 2024

If you follow these nine steps , you will reach financial independence . How do we know? Well, The Money Guy Show ’s Brian Preston and Bo Hanson have tested it hundreds of times! Using this simple but extremely powerful “ financial order of operations ,” anyone from any background can achieve FIRE , even starting with nothing. From free money to becoming easily debt-free, building a solid financial foundation, and even paying off your mortgage early, Brian and Bo break down the exact route to financial freedom anyone can take. But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing , this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves. We’ll walk through the entire financial order of operations , from saving money to cover your deductibles to building an emergency reserve , paying off bad debt , and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission ! In This Episode We Cover The nine-step "financial order of operations" that will lead you to financial independence Why building a $1,000 emergency fund is NOT enough and how much you really need Whether or not to pay off your “high-interest” debt depending on your age Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage The one investment account to max out before all the rest (it’s NOT your 401(k)!) The “hyper-accumulation” stage that will explode your wealth (IF you can reach it) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich Grab Brian’s New Book, “Millionaire Mission” 00:00 Intro 01:38 Financial "Mutants" Among Us 02:52 The Financial Order of Operations 05:54 Cover Your HIGHEST Deductible 07:38 Get Your Employer Match 09:49 Build an Emergency Reserve 11:11 Paying Off "High-Interest" Debt 22:23 DON'T Invest in Real Estate? 28:34 "Hyper-Accumulation" of Wealth 36:47 Prepay Future Expenses 38:22 Pay Off LOW-Interest Debt 46:11 Grab the New Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-531 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 21, 2024

You DON’T have to spend your entire life chasing financial independence . Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice , today’s guest became a millionaire (and financially free ) in just SIX years ! Welcome back to the BiggerPockets Money podcast ! After years of “drifting” through life and racking up bad debt , Eric had a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence — buying rental properties , fixing them up, and eventually flipping them for a huge profit . One “home run” deal catapulted him toward his FI goal and a $1 million net worth ! If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investors should buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS) , and how to get the maximum return on a few years of sacrifice! In This Episode We Cover How Eric became a millionaire and reached financial independence in SIX years Why buying “grandpa’s house” is a cheat code for building wealth How to start fixing and flipping houses (and turn a HUGE profit !) How to find “rare” real estate deals on the multiple listings service (MLS) Building your real estate portfolio by using your profits to buy MORE properties And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Grab Your Copy of “The Book on Flipping Houses” BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke BiggerPockets Money 481 - Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Connect with Eric on BiggerPockets 00:00 Intro 01:22Millionaire in 6 Years! 03:34 Buying “Grandpa’s House” 09:04 Eric’s BIG Turning Point 15:24 The Journey to $1 Million 19:08 The “Home Run” Rental 31:45 Moving to New Hampshire 33:13 How to Reach FI 36:13 Share Your Money Story! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-530 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 17, 2024

Financial independence by the age of twenty-five ?! Today’s guest started working and saving money at a very early age, which allowed him to buy the time and freedom to do the things he values most. Whether you’re twenty-five or fifty-five, applying some of these simple principles to your own life can propel you toward financial freedom ! Welcome back to the BiggerPockets Money podcast ! Today, we’re chatting with Gabe Bult , a YouTuber , serial entrepreneur , and real estate investor who reached financial independence before his twenty-fifth birthday—all by subscribing to financial minimalism and frugal living . The only thing stopping him from retiring early ? Sheer boredom! Instead, Gabe’s day typically involves precious time with his daughter, a few hours making YouTube videos, and an afternoon spent enjoying his favorite hobbies and interests. YOU can have this life, too, but not without a little sacrifice , education , and discipline . Fortunately, it only takes a few years of ferocious frugality to get ahead, save for the future , and become “ set for life .” And in this episode, Gabe will show you how to do just that! You’ll learn how to save your first $25,000 (and what to do with it), live for free with the house hacking strategy, and start a business that allows you to earn more and work less ! In This Episode We Cover How Gabe reached financial independence by the age of twenty-five “ Financial minimalism ” explained (and why it’s MUCH easier than you think!) How a few years of frugal living can fast-track your journey to FI Living for FREE with the house hacking investing strategy Starting a business that allows you to earn more and work less And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 468 - ‘Bar Rescue’ Host Jon Taffer on the “Secret Recipe” for a Successful Business Connect with Gabe on BiggerPockets 00:00 Intro 01:34 What Is Financial Minimalism? 04:38 A Day in the Life with FI 07:30 Gabe’s Money Journey 13:06 The Art of Entrepreneurship 16:30 House Hacking 101 24:34 Education & EXTREME Discipline 35:41 Connect with Gabe! 36:01 Become a Financial Minimalist! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-529 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 14, 2024

Starting your first or next business? This episode is for you. Today, we’re bringing you everything you need to know about small business taxes for beginners . Whether you’re a solo entrepreneur , partner, landlord , house flipper, Airbnb host , or something in between, you MUST know about these tax laws before you start making money with your own business because if you get them wrong, you could be paying a MASSIVE penalty come tax time. You could save yourself thousands, or TENS of thousands, just by tuning in! Brandon Hall , CPA, runs a real-estate-focused tax and accounting firm for big and small real estate investors. But, even if you’re not investing in real estate, these tax tips also apply to YOU. In today’s episode, we threw dozens of hard-hitting tax questions at Brandon so you know what to do with your next side hustle or full-blown business . We’ll discuss whether you need an LLC , the real benefits of getting one, and which business entity ( LLC, S-corp, C-corp , etc.) makes the most sense for your specific business and tax needs. Making money on your own but NOT paying quarterly taxes ? This could cost you BIG, but thankfully, Brandon goes through exactly how much you could owe . And if you want to owe less to the IRS, we’ll give examples of tax deductions plus, which are NOT worth it and could put you at a BIG audit risk . Need a tax professional for your small business? Find one for free with BiggerPockets Tax and Financial Services Finder ! In This Episode We Cover Self-employment and small business taxes for beginners Whether or not you need an LLC and why most real estate investors have this all wrong Estimated taxes and the MASSIVE penalty you’ll pay if you forget about this Tax deductions and the audit red flags that the IRS is looking for The different business entities you can start and which has the best tax benefits The three things you NEED to set up an LLC and the most critical one beginners forget “SALT” taxes and why those selling goods in different states could owe even more And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How to Obtain Real Estate Professional Tax Status Hear Past Episodes with Brandon: BiggerPockets Real Estate 196 - LLCs, House Hacking, and Saving on Taxes with Brandon Hall BiggerPockets Real Estate 269 - How the New Tax Code Affects Your Real Estate Investments BiggerPockets Real Estate 934 - How to Pay Less Taxes by Buying Real Estate (1 Write-Off You’re Overlooking) On the Market 96 - The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of On the Market 165 - Year-End Tax Updates, New IRS Interest Rates, and URGENT News for LLCs On the Market 187 - 100% Bonus Depreciation Coming Back? (Do NOT File…Yet) 00:00 Intro 01:42 Do You Need an LLC? 02:01 Different Business Entities 09:29 3 Steps to Set Up an LLC 16:49 KEY Dates to Know 19:14 Estimated Taxes 25:48 The “SALT” Taxes 31:56 Tax Deductions and Audit Red Flags 44:22 Claiming Passive Losses Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-528 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 10, 2024

Think it’s too late for early retirement ? Do you feel like just because you’re in your late thirties, forties, or fifties , FIRE doesn’t make sense for you? Well, think again because today’s guest defied the odds by retiring over fifteen years early , all while raising her daughter on her own and without a six-figure salary to sail her swiftly to a million-dollar net worth. Plus, she did all of it with no investing experience. If Jackie Cummings Koski can do it, so can you! Jackie grew up in a single-parent household . Her father worked hard to support her and her five siblings . This instilled a strong work ethic in Jackie and made her realize that running towards hard things, not away from them, was the true path to success. She figured out college on her own and, shortly after, landed a corporate job that took her far away from the small town she grew up in. She got married and had her daughter, but then everything changed. Jackie was getting divorced , forcing her to rely on herself fully for her financial future. In true Jackie fashion, she took this as a challenge and began educating herself as best as she could. Through smart saving, spending, and life-changing investing decisions , Jackie built her wealth in record time, reaching financial independence just ten years after finding the FIRE movement —all without any advantages! In This Episode We Cover How to reach financial independence without a high salary , inheritance, or advantages Stock investing 101 and how intentional investing can explode your net worth Why you must max out THESE investment accounts to be richer in retirement How Jackie spends just $40,000 per year owning her own home and raising her daughter Why you DON’T have to follow all the traditional FIRE rules to retire early And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Money Podcast 154 - Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More Email Mindy for the Full 4% Rule Article! Money Podcast 344 - Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Resources Mentioned in This Episode: Better Investing Root of Good Mr. Money Mustache Mad Fientist 1500 Days 00:00 Intro 01:14 FIRE at 49! 02:50 Making Money in Retirement 06:11 Early Years, College, and Getting Divorced 11:21 Working Her Way Through College 15:06 Getting Hired After College 15:50 Starting to Learn About Stocks 20:02 Finding the FIRE Movement 26:54 Spending and Saving 36:01 Jackie's Podcast and New Book! 38:20 Connect with Jackie! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-527 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 7, 2024

Personal finance doesn’t have to be complicated . Saving , investing , and retiring early shouldn’t be a stumbling path to wealth, but many Americans feel this way. So, to clear up some of the money misconceptions, we’re doing personal finance for beginners FAQ episode, where we take some of the most common money questions and answer them for you so you can start building wealth and get closer to financial independence ! Many of these questions come directly from the BiggerPockets Money Facebook page , where you can ask your money questions 24/7! First, we answer, “ How many bank accounts should you have? ” and walk through exactly how we split up our money. If you’re looking to start building wealth, we touch on the numerous ways to invest in real estate , from basic beginner investing strategies to purely passive income-generating expert tactics. How much money do YOU need to retire? With the 4% rule, you can calculate it in seconds! We’ll explain this common money metric early retirees love to use and whether or not it still works in 2024. If you’re close to early retirement, should you start selling your investments to fund your financial freedom ? We’ll share why most early retirees never need to sell their stocks, and speaking of stocks, we’ll also get into how to pick stocks and when to sell them! In This Episode We Cover The beginner money questions that you must have answers to if you want to build wealth How many bank accounts do you REALLY need, and Scott’s 3-account-setup Beginner and expert strategies to start investing in real estate (even with little money ) The 4% rule explained , and how much money you actually need to retire How to pick stocks and whether or not index fund investing is a smarter move to make Withdrawing money from your accounts when you finally reach financial freedom And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Grab Your Copy “The House Hacking Strategy” Past Episodes Mentioned in Today’s Show: BiggerPockets Real Estate 136 - Shawn Holsapple BiggerPockets Money 35 - Craig Curelop BiggerPockets Money 120 - Michael Kitces BiggerPockets Money 151 - Tony J Robinson BiggerPockets Money 153 - Bill Bengen Forbes: What Is The 4% Rule For Retirement Withdrawals? Secret IRS Rule 72(t)! | Eric Cooper Shares Early Withdrawal Hack! 00:00 Intro 01:14 How Many Bank Accounts? 07:04 Ways to Invest in Real Estate 16:25 The 4% Rule Explained 23:36 Selling Investments to Retire Early? 30:28 How to Pick Stocks Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-526 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com . Learn more about your ad choices. Visit megaphone.fm/adchoices

May 3, 2024

Cryptocurrency enthusiasts can’t fathom why Bitcoin will fail . If you tell them that you’re not investing in Bitcoin or other cryptos, they look at you like an uneducated investor, a sheep following the crowd without thinking for yourself. The promise of Bitcoin is so great that you’d have to be an outright fool to deny it, and anyone who refutes the future golden age of a decentralized society is simply mistaken and is only coping with the oncoming collapse of fiat currency and Western civilization . The problem with that theory? None of it is grounded in reality. Today, BiggerPockets CEO Scott Trench is going to prove it. After years of research on Bitcoin , the blockchain , and cryptocurrency as a whole, Scott has come to a simple conclusion: Bitcoin isn’t worth i t. In fact, Bitcoin may be worth, unsurprisingly, nothing! But before all you Bitcoin maximalists come out of the woodwork, claiming we’re forever bullish on index funds and real estate , hear out Scott’s argument. Scott will explain the case for Bitcoin and why its end goal is actually quite altruistic . However, five fatal flaws will stop Bitcoin from ever becoming a world reserve currency or replacing fiat money. Besides its fatal flaws, Bitcoin isn’t a foolproof cryptocurrency by any means, and we’ll prove it! Finally, Scott gives his Bitcoin price prediction and his recommendation if you do want to hold some Satoshis. In This Episode We Cover The rational investor’s case against Bitcoin and why it’s NOT an investment The reasons why Bitcoin could change society for the better (but probably won’t) Five fatal flaws of Bitcoin that will stop it from ever taking over fiat currency How adopting Bitcoin could lead to a crashing economy with no growth The blockchain’s big problems and proof that the world isn’t ready to adopt cryptocurrency Scott’s long-term Bitcoin price prediction that will shock Bitcoin maximalists And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 371 - Bitcoin: Investing Fad or Final Bullet to Fiat Currency? w/Saifedean Ammous Everyone’s Talking About Cryptocurrencies. Should You Invest? 4 Reasons Cryptocurrencies & Blockchain Technology Are Poised to Transform Real Estate 00:00 Intro 02:16 The Case FOR Bitcoin 09:51 5 Fatal Flaws of Bitcoin 14:29 Bitcoin is NOT a Perfect Crypto 21:46 The Blockchain’s Big Problems 26:58 Bitcoin Price Prediction 28:48 What if Bitcoin DOES Take Over? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-525 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com . Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 30, 2024

Want to be a millionaire or build a business that brings in seven figures ? Want generational wealth and to be debt-free? Want to know that you have enough money to take big risks while still keeping your bank account safe? If so, you need to start thinking like the rich to begin building wealth the same way they do. “That may be easy for you to say, you host the BiggerPockets Money Podcast!” Well, don’t take it from us; take it from Marc Russell . Marc grew up without advantages. He was in foster care for as long as he could remember, bouncing from house to house until finally, at age thirteen, he was adopted by parents with a strong, valuable work ethic. When Marc went to college , he had no money to pay for it, so he fought tooth and nail with the financial aid office to find scholarships , loans, or anything that could help him graduate. He was even kicked out of school once over not being able to pay a $900 fee ! But this taught Marc how the system worked and eventually led to him landing a job at every FIRE chaser’s favorite place, Vanguard ! Once Marc started helping the rich manage their money , he looked in the mirror and asked, “ Why aren’t I doing these things? ” Thus, he began imitating the investing tactics of the rich, budgeting for financial freedom, and investing everything he could, even if it meant a slower path to being debt-free. Now, Marc runs BetterWallet , helping everyday people start building generational wealth, no matter their circumstances. In This Episode We Cover How to copy the rich so you can build wealth no matter your upbringing Student debt, side hustles, and how to make it through college with little money Why you MUST save a large emergency reserve before you start working for yourself Investing vs. paying off debt and why the unconventional choice may be the best one Budgeting for your business and ensuring you have enough money before leaving your W2 And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 329 - From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street BiggerPockets Money 485 - How to Start Thinking, Acting, and Investing Like the Rich w/Vivian Tu Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-524 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 26, 2024

Is a six-figure salary enough to achieve FIRE ? If you’re working towards financial independence, you know that any extra money at the end of the month can help propel you to your goals faster, but with inflation eating away most, if not all, of your paycheck , what do you do? If you want to reach early retirement, do you need a massive salary to save you from the high cost of rent, food, gas, and other everyday essentials? Or, can you easily retire with a $100K/year income if you make the right moves? Let’s find out! Today, Scott and Kyle are reviewing some of the hottest headlines in the world of personal finance and giving you their honest opinions. First, we talk about whether or not a six-figure salary is enough to achieve the “ American Dream ,” and if it isn’t, what YOU can do to make the most of that money. Then, we venture to a debate that everyone has an opinion on: should you withdraw from your retirement reserves to buy your first primary residence? Is this a smart money loophole or a move that could cost you in the long run? How much do you need to retire? According to Americans, the figure is close to $1.5M, but is this actually how much a smart saver or spender would need? Plus, we talk about the one generation on a surprisingly great track to wealth in retirement (it’s NOT the boomers!). Finally, are you fed up with guilt tipping ? Don’t want to pay an extra quarter of your bill every time you go out to eat? Join the club because we’re discussing how tipping is getting out of control . In This Episode We Cover Whether or not a $100K/year income is enough to achieve the “American Dream” Using retirement funds to pay for your primary residence (when NOT to do this) How much Americans need to retire, and ways to retire with even less The one real estate investment ANY young American should be making today Why younger generations are on track to retire rich and achieve FIRE Tipping culture and what percentage we press when the payment screen turns around And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Grab the Personal Finance Classic, “Rich Dad Poor Dad” BiggerPockets Money Podcast 344 - Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Articles from This Episode: $100K/Year Withdrawing from Retirement How Much to Retire Gen Z’s House Hacking Guilt Tipping Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-523 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 23, 2024

Moving is hard. But could relocating to a low-cost-of-living area help you lead a more fulfilling life and achieve financial freedom ? As today’s guest came to find out, the benefits of living in an affordable area often outweigh the glitz and glamor of a big city ! Welcome back to the BiggerPockets Money podcast ! Today, we’re chatting with Allison Irby Vu , a financial planner who made a huge cross-country move in pursuit of a better financial future . With roots planted in Washington, D.C ., Allison hadn’t considered moving until she stumbled across a program that offered her $10,000 to relocate to Tulsa, Oklahoma ! Little did she know that this MAJOR life change would not only improve her financial situation but also allow her to spend more time with her son and tight-knit community . In this episode, you’ll hear all about Allison’s journey from her hometown to Tulsa. She shares how she went from living paycheck to paycheck (despite earning close to six figures !) to having an abundance of time and money for the things she values most. Allison also highlights the pros and cons of living in an area like Tulsa and how remote workers can plan their next big move! In This Episode We Cover How to reach financial freedom by moving to a low-cost-of-living area Getting PAID to move to a more affordable city (and how to qualify!) How to pay off large amounts of debt as quickly as possible Creating a budget that allows you to spend money on the things you value How to take FULL advantage of your remote job (and live anywhere in the world!) The biggest pros and cons of moving to an area like Tulsa, Oklahoma And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 11 – Designing a Frugal But Luxurious FI Life by Age 32 BiggerPockets Money 500 – FIRE Advice from Codie Sanchez, Ramit Sethi, Money with Katie, and More! Learn More About the Tulsa Remote Program Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-522 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 19, 2024

Could real estate investing help you reach financial freedom much sooner than you thought possible? Today’s guest had his world turned upside down by one tragic incident, but he was able to quit his W2 job , pivot to real estate, and fast-track his journey to FIRE ! Today, we’re chatting with technology instructor turned full-time real estate investor Keith Nugent . After a skydiving accident rendered him unable to perform his previous job duties, Keith knew he needed a new path to financial independence . Fortunately, he discovered real estate at the perfect time. Taking advantage of the fallout from the 2008 housing market crash , Keith started loading up on rental properties —often buying them for pennies on the dollar. In just twelve years , he had not only achieved his goal of thirty cash-flowing units by 2020 but also added an additional ten units to his portfolio! Thanks to real estate , Keith now has a career that fully accommodates his disability and will allow him to retire early . In the meantime, he enjoys his newfound financial freedom by traveling the world and spending time with his FIRE -bound friends. In this episode, Keith offers practical tips on how to start investing in real estate —from choosing your market to buying your first rental property and more! In This Episode We Cover How Keith became a full-time real estate investor after a tragic skydiving accident How to replace your W2 income and achieve financial freedom with real estate Why time in the market is MORE important than timing the market How to determine how much cash flow you need to support your retirement Why you NEED an estate plan and how to decide who inherits your assets And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Money Podcast 330 - The Ultimate Teen Money Hack for Parents Money Podcast 397 - Estate Planning, Wills, & What to Do NOW to Protect Your Heirs Grab Your “Family Emergency Binder” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-521 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 16, 2024

The best side hustles can put some extra cash in your pocket, help you leave your W2 job , or even launch you toward FIRE . If you’re looking to make money in ways other than real estate investing , you don’t want to miss this side hustle special ! Nick Loper , founder of Side Hustle Nation and host of The Side Hustle Show , has been building businesses since he was a teenager. From lucrative digital assets to service-based ventures , Nick has done it all, and today, he’s bringing some fresh ideas for you to try. As you’re about to learn, these fledgling businesses come in all shapes and sizes. Some take years to nurture before you reap any reward for effort, while others allow you to start earning immediately. In any case, you need to choose one you’re interested in and stick with it if you want to see results! In this episode of the BiggerPockets Money podcast , Nick dives into some of his favorite side hustles —many of which you can start TODAY with little to no money and minimal time . You’ll learn whether it’s still possible to build amoney-making blog in 2024, as well as how to make extra income by renting out assets like inflatables , hot tubs , and vending machines ! In This Episode We Cover Nick’s favorite low-money side hustle ideas (not named real estate !) How to turn your own side business into a money-making machine Creative ways to earn royalties from YOUR original works or ideas How to build a digital asset that generates income for years to come Why you MUST follow the “ rule of one hundred ” with every new side hustle The non-digital assets you can rent out for a HUGE profit And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Finance Friday: Pay Off Debt, Invest in Real Estate, or…Buy Vending Machines? Make an Extra $100/Day with These Work-From-Home Side Hustles Hear Nick on “The Side Hustle Show” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-520 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 12, 2024

Want to know how to avoid capital gains on your next home sale ? If you tune in, you may dodge a quarter-of-a-million-dollar bullet (or more!). What about investing in one of the most tax-advantaged accounts that almost EVERYONE should have but most people don’t? What do you do when a family member asks to borrow money from you but has a bad track record with keeping their personal finances together? We’re getting into it all and more on this finance FAQ with Amanda and Scott ! We get a ton of personal finance questions through the BiggerPockets Forums and our Facebook Page , so we decided to round up some of the most common ones and answer them for you. First, we’re talking about how to dodge capital gains tax when selling your home . Then, a concerned listener asks whether they should take out a loan on a family member’s behalf . A high-income earner wants to know whether renting or buying is their best bet, and we share whether paying off your mortgage early is a mistake! Got a medical expense coming up, or just want to boost your retirement investing? We’ll answer whether an HSA (health savings account) beats an FSA (flexible spending account) —but make sure you get this one right. If you invest in one of these accounts the wrong way, you’ll be throwing money away. Finally, a debt-free chaser asks whether they should use their emergency reserves to pay off debt or keep slowly slogging away with the snowball method. In This Episode We Cover How to avoid capital gains tax when selling your primary residence HSAs (health savings accounts) vs. FSAs (flexible spending accounts) Whether or not to use your emergency fund to pay off credit card debt Why you may want to reconsider loaning a family member money Whether to buy or rent in today’s housing market (EVEN with low money down) Pay off your mortgage early or invest the rest of your money? And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Fidelity Investments She Wolf of Wall Street Website Emergency Fund: How Much Do You Really Need in 2024? How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) Renting a Home Is Financially Better Than Buying—Wait, What?! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-519 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 9, 2024

Whether you know it or not, “ shrinkflation ” is costing you. You’re paying more for less , as manufacturers boast record profits. Your paycheck is getting eaten away faster and faster every month, but you’re left with the same amount of stuff. How did this happen, and when is it going to stop? Phil Lempert , AKA the “ SupermarketGuru ,” has been analyzing consumer behavior , marketing trends, and the retail landscape for over two decades. Now, he’s sharing the tricks manufacturers use to get you to spend more while expecting less. Shrinkflation has become such a severe problem that even the president of the United States has recently mentioned its damaging effects on the American household. Phil gives us the inside scoop on why prices are rising while sizes shrink , how retailers are actually fighting back to get customers the savings they deserve, and which products are seeing the most shrinkflation today. Phil also shares his top tips to beat shrinkflation and save more money every month , how to show the companies that you WON’T put up with their price gouging games, easy ways to identify shrinkflation , and the supermarket chains that give you the best bang for your buck . If you’re tired of seeing your grocery bill inflate while your bank account shrinks, this is an episode you cannot miss! In This Episode We Cover Shrinkflation explained , and how manufacturers are taking advantage of Americans Products that are seeing the most shrinkflation and which items to avoid Why America’s need for “choice” is making shrinkflation even worse The grocery stores and brands that are the best for budget-conscious shoppers How to identify shrinkflation and the sneaky tricks manufacturers play to get you to spend more for less How to take action against shrinkflation and tell brands to STOP ripping you off! And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners Persuasion Secrets and Predatory Practices Businesses Use on YOU Supermarket Savings Tips: How to Avoid Shrinkflation as Some Companies Give Consumers Less Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-518 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 5, 2024

Buying a business? Maybe you’ve thought about it before. You could own a laundromat , self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom . And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know. Elliott Holland , an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price . Elliot’s team specializes in business due diligence , making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes. So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued , which loans you can use to buy a business , why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom , but take a wrong turn, and you could lose millions (we’ll share that story, too!). In This Episode We Cover How to buy a “ boring business ” that will lead you to financial freedom How businesses are valued and why you MUST understand “ EBITDA ” Tricky ways that business owners inflate their numbers to sell to you for more Who should (and definitely shouldn’t) be buying small businesses Three things you MUST look at before you make a bid on a business The wrong move that lost one business owner over $2,000,000 when buying a business And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Codie Sanchez: These “Boring Businesses” Will Make You Rich Leila and Alex Hormozi’s Unbelievably Simple Investing Advice Sites to Buy Businesses: Acquire BizBuySell Flippa QuietLight Elliot’s Resources From Today’s Episode: LOI Template 12 Public Stories of Failed Due Diligence Success Stories Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-517 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 2, 2024

Want to know how to get rich but fear it could be too late? Perhaps you’ve got responsibilities, bills to pay , and a family to feed. How can you possibly get ahead? Jaspreet Singh ’s message is clear: you can still build wealth , but you’re going to have to be intentional with your money, just like every other rich person. There are no shortcuts! Today, Jaspreet is a serial entrepreneur , real estate investor , licensed attorney, and host of The Minority Mindset Show . But growing up, his parents wanted him to become a doctor . Despite the immense pressure to fulfill their wishes, Jaspreet found himself gravitating toward entrepreneurship . He started several businesses throughout adolescence and young adulthood—from playing drums at weddings and planning college parties to building ecommerce stores . He lost a TON of money along the way, but taking these risks early on paid off. Eventually, he discovered his true passion, financial education , and built an enormous online business by teaching others how to master personal finance . America’s capitalist financial system benefits those who are willing to “play the game.” In this episode, Jaspreet shares how fostering a “ minority mindset ” unlocks the ability to use this country’s tax code , banks , debt , and other systems to your advantage. The catch? It’s a hard, long road. Jaspreet recommends drastic lifestyle changes , such as ruthless frugality , a “ decade of sacrifice, ” and the 75/15/10 rule . Make no mistake—it’s not going to be easy. But years from now, you’ll be thankful you stuck to this tried-and-true wealth-building philosophy! In This Episode We Cover How to foster a healthy relationship with your money The three phases of wealth (and how to handle money in each stage) How risk tolerance varies in different stages of wealth building Why a “ decade of sacrifice ” is the foundation for long-term wealth What you MUST do to thrive in America’s financial system How to be “intentional” with your finances using the 75/15/10 rule Pre-tax versus post-tax investment accounts and avoiding risk in retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How to Get Rich Slowly and Retire Early Than Most with a Modest Portfolio How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap Subscribe to the Market Briefs Newsletter Click here to check the full show notes: https://www.biggerpockets.com/blog/money-516 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 29, 2024

Want to know how to get out of debt for good ? It’s not as easy as it sounds! The more you chip away at that number, the harder it becomes to resist frivolous spending. But by fostering a healthy money mindset , building credit , and using credit cards the right way, you can stay out of the red! Welcome back to the BiggerPockets Money podcast ! Ashley is a business owner and rental property investor who is well on her way to financial independence . But only a few years ago, she had racked up tens of thousands of dollars in debt on not one, not two, but THREE occasions. In this episode, she shares why she struggled to break free from the snare of consumer debt and why a drastic mindset shift was needed to climb out of a $150,000 hole . Ashley also takes a deep dive into credit history and touches on each of the five factors that impact your credit score . Along the way, she offers several personal finance tips that will help you pay off debt and raise your score —such as “tiering down” from credit cards you no longer use, increasing your credit age with one simple hack, and striking the perfect mix of credit accounts . Finally, how important is credit ? Is it a trap to avoid or a necessary evil that can help propel you toward financial freedom ? Stick around to find out! In This Episode We Cover How Ashley paid off over $150,000 of debt in just a few years Why sixty-five percent of your credit score is within YOUR control Common methods of paying down debt and which one to use When to keep your old credit cards open (and when to close them instead!) The credit card “hack” you can use to make your credit age appear longer Revolving credit versus installment loans (and why you should have both) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More! w/Eli Facenda The Secret to Saving More, Spending Less, and a Perfect Credit Score How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) How to Pull Yourself Out of Car, Student, or Credit Card Debt Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 26, 2024

Want to know how to travel for FREE in 2024 and 2025 ? We’re about to introduce you to the magical world of travel hacking . Never heard of it before? You’re about to have your mind blown. Travel hacking is one of the best ways to turn your everyday spending into free trips , hotel stays, business-class flights , and more. And if you’ve ever wondered how to get into those fancy airport lounges or snag yourself a lie-flat seat next time you’re headed across the Atlantic, this is the episode for you! Eli Facenda , a travel hacking expert, joins us on this episode to share the beginner's guide to traveling for free . Eli is so good at travel hacking that he started his own consulting agency to help business owners turn their regular expenses into first-class travel wherever they go in the world. Today, he’s sharing his favorite travel credit cards , tips to fly for FREE for the next four years , the biggest credit card point mistakes , and beginner wins to get you your next trip for free. We’ll also touch on the unbelievable rewards you can get from travel hacking , such as $1,000+/night hotel rooms for free or even a visit to Richard Branson’s private island , ALL through credit card points. Say goodbye to flying coach; these credit card tips will upgrade not only your wallet but your entire trip! In This Episode We Cover The best beginner credit cards to start earning points TODAY How to travel for FREE for the next four years with Southwest’s “ Companion Pass ” Why you should NEVER take cash back for your credit card points (do THIS instead) The most bang-for-buck points transfers that’ll get you exceptional hotel stays for free Biggest beginner mistakes that’ll cost you when trying to travel hack How to fly to Europe in business class THIS YEAR with just 50,000 points And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Cards Mentioned in Today’s Show: Amex Gold Amex Platinum Barclays American Capital One Venture X Chase Freedom Chase Sapphire Preferred Citi American Costco Card Hilton Aspire Southwest Credit Cards Resources Mentioned in Today’s Show: AwardWallet CardPointers LoungeBuddy Max Miles Points One Mile at a Time TripIt Upgraded Points Click here to check the full show notes: https://www.biggerpockets.com/blog/money-514 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 22, 2024

Please be advised: this podcast episode contains discussions about sensitive topics, including suicide, which may be distressing for some listeners. If you are experiencing thoughts of suicide or emotional distress, help is available. You can contact the National Suicide Prevention Lifeline by dialing 988 to connect directly with trained counselors who can provide support and assistance 24/7. ____ Could you be ensnared in an elaborate Ponzi scheme ? According to today’s guest, cases of financial fraud are MUCH more common than the average investor suspects. Tune in to learn how to protect your nest egg rather than leave your financial future in the hands of untrustworthy people! Welcome back to the BiggerPockets Money podcast ! Today, we’re sitting down with investment fraudster turned anti-fraud advocate , James Brandolino . In 2003, James set out to start his own hedge fund , pooling over three million dollars from friends and family. But one “down” month was the catalyst for eight years of fraudulent activity —a Ponzi scheme that included lying to investors , mailing false statements , and pulling money from the fund to keep the lights on. When the guilt became too much to bear, James turned himself in and has since committed his life to warning investors about the real threat of fraud. In this episode, James shares his whole story—from starting his fund to serving six years in prison . He talks about common “red flags” to look out for when investing and the importance of due diligence when something seems off. Of course, fraud is prevalent in the real estate investing space as well. Stick around for tips on avoiding real estate scams and how to vet a syndication partner before entrusting them with your money! In This Episode We Cover How this former fraudster built a $3.8 million Ponzi scheme How to prevent investment fraud from happening to YOU The most common fraud “red flags” to watch out for How to properly vet someone before entrusting them with your money Investment fraud in real estate syndications (and how to avoid scams !) Using your own network to help uncover fraudulent activity And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Click here to check the full show notes: https://www.biggerpockets.com/blog/money-513 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 19, 2024

Has the job market finally flipped? Throughout most of the pandemic, it seemed that any and every worker was a hot commodity. Job-hopping was the new norm as businesses outbid each other to get the best talent. Now, thanks to rising interest rates , a slower economy , and a return to the office, it seems that employees don’t have the same negotiating power they did just a couple of years ago, and the new jobs numbers are showing this. Welcome to a new type of format on the BiggerPockets Money podcast—a headlines show! We’re taking some of the top news stories from the world of personal finance and the overall economy and giving you our takes so you can make better money decisions. First, a strong jobs report comes in, but unemployment still rises as Americans find it harder and harder to get the job they want. Are employers back in control after years of workers owning the market? Then, we’ll touch on the latest inflation numbers and why costs are rising even as work becomes less available. Student loan borrowers receive a huge win as getting their debt discharged during bankruptcy becomes even easier. This could cause significant ripple effects for which degrees become financeable in the future! Finally, a 529 plan update that now gives parents a HUGE reason to invest in their child’s future education . Click here to check the full show notes: https://www.biggerpockets.com/blog/money-512 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 15, 2024

Could one side hustle help you pay rent , save money to invest in real estate , or reach financial independence ? Today’s guest picked up the perfect hobby that combines his background in art and love for home décor . The best part? It allows him to make extra money each month! Welcome back to the BiggerPockets Money podcast ! Because Kyle William earns a modest salary in an expensive city , there’s no room for new furniture and décor in his budget . However, he has found a way to not only fully furnish his apartment without paying top dollar but also turn this passion into a profitable side hustle . In his spare time, he scours the web for items that people no longer value, uses his artistic eye and do-it-yourself (DIY) skills to restore them to peak condition , and then flips them online for a hefty profit ! Could you turn your own passion into a money-making side hustle , too? Whether you’re interested in flipping furniture or another hobby altogether, tune in as Kyle shares where to find unwanted items , the best DIY skills for beginners , and how to cash in on your hard work ! In This Episode We Cover The DIY side hustle Kyle uses to cover his rent (and improve his home !) How to start your own furniture flipping side hustle The best places to find valuable used items that can be recycled Beginner do-it-yourself (DIY) skills that YOU can learn today Kyle’s best home decorating hacks for thrifty creatives And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Make an Extra $100/Day with These Work-From-Home Side Hustles How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Click here to check the full show notes: https://www.biggerpockets.com/blog/money-511 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 12, 2024

Morgan Housel ’s ground-breaking book, The Psychology of Money , changed how many Americans thought about saving , spending, and investing. Through a collection of financial lessons, Morgan opened up new thought patterns for many of us, showcasing that getting rich isn’t as complicated as you might think, but staying rich can be the actual challenge. Now, this personal finance powerhouse is back with a new book, Same as Ever . In Same as Ever , Morgan doubles down on what has, and most likely always will, work in the personal finance world. By showcasing some of the most commonly repeated financial events of the past, we can better shape our understanding of what will happen in the future and use history to our advantage to build even bigger wealth , enjoy our lives even more, and not repeat our past mistakes. But this episode goes much deeper than that. We talk about why so many Americans will die without building wealth , why people are afraid to invest, when to spend your wealth once you’ve built it, and exactly how Morgan invests his own money . Plus, why getting rich isn’t your biggest concern— staying rich is. In This Episode We Cover Why Morgan thinks you MUST be a “reasonable optimist” to get and stay rich Exactly how Morgan spends, saves, and invests his own money The real reason why most Americans will die without ever building wealth The “competition” which is always looking to take your success from you How to STOP being afraid of investing and start putting your future first When to spend your wealth and why dying with riches isn’t the real goal Financial regrets and mistakes of Morgan’s past, and advice for ANY investor And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Simple Path to Wealth—Index Funds Explained with JL Collins How to Get Rich Without Investing in Real Estate Click here to check the full show notes: https://www.biggerpockets.com/blog/money-510 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 8, 2024

If you want to make money online in 2024, good news: it’s easier than ever! Just ask today’s guest, who had to bootstrap his online business before you could launch a business with little to no startup costs . If you have an entrepreneurial spirit and need a little inspiration to get your next business idea rolling, this episode is for you! Welcome back to the BiggerPockets Money podcast ! Today, we’re joined by serial entrepreneur Omar Zenhom from The $100 MBA Show . For many years, Omar worked as a full-time educator while nurturing his fledgling businesses on the side. Naturally, many of them didn’t work out. But rather than letting these failures deter him from entrepreneurship , Omar applied each new lesson to his next business venture. Eventually, he struck gold with WebinarNinja , a software company he scaled to 30,000 users before selling his business and enjoying the spoils. Want to achieve financial freedom without being reliant on your W2 job ? Stick around to learn the ins and outs of building a business from the ground up— saving money to get started, leveraging your network to scale the business , and ultimately, selling your company for a huge profit ! In This Episode We Cover How Omar built, scaled, and SOLD a multimillion-dollar SaaS (software as a service) company How to start your own online business from square one Why teaching is the ultimate skill you NEED to develop for business The pros and cons of bootstrapping versus raising capital Leveraging your network to help grow and scale your company Preparing to sell your business (and how to exit successfully!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Digital Nomad’s Guide to High-Income Skills and Making Money Online Humphrey Yang: How to Save $100, Quit Your Job, and Build a Business How I Turned My Tiny Side Hustle into a Multi-Million Dollar Business Click here to check the full show notes: https://www.biggerpockets.com/blog/money-509 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 5, 2024

Can you really be a one-income family in 2024? Not if you don’t know how to budget ! To achieve her money goals while living on a single middle-class income , Emy knew she had to take control of her finances and seize any opportunity to save money . Single or married, you’ll learn to do the same in this episode! Welcome back to the BiggerPockets Money podcast ! Today, we’re chatting with budgeting coach Emy Lee , who was able to achieve her lifelong dream of being a stay-at-home mom by cleaning up her family’s finances. Of course, this was no easy feat. Growing up, Emy was taught very little about personal finance . It was only after shifting her mindset , creating a budget , and building smart money habits that she was able to make raising a family on one income a reality. In this episode, Emy shares some of her top budgeting tips —from saving money on groceries to avoiding common spending triggers . You’ll also learn about the 50/30/20 rule that makes budgeting easy , the “ spendfluencing ” problem to be mindful of when scrolling through social media, and the budgeting hack people with irregular income can use to keep their finances in order ! In This Episode We Cover How Emy raises a family on a single middle-class income Lowering your grocery bill each month with simple shopping hacks The “carryover” fund that people with variable income MUST have How to avoid “spendfluencing” pitfalls on social media The most common spending triggers (and how to combat them!) Creating a realistic budget for your family using the 50/30/20 rule And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Click here to check the full show notes: https://www.biggerpockets.com/blog/money-508 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 1, 2024

Everyone wants to reach financial independence as soon as possible. But if you really want to get on the path to early FI , you’ve got to start making savvy money decisions TODAY. And we’ve got a few tips, tricks, and tools that will help you out! Welcome back to the BiggerPockets Money podcast ! In this episode, Mindy and Amanda Wolfe are fielding questions from the r/PersonalFinance subreddit and delivering their best money tips for scenarios that YOU could easily find yourself in. First, we get into 401(k) accounts and some of the different ways to transfer funds when you leave your employer . We also go over some of the different strategies for budgeting , investing , and saving money that will help you reach financial freedom early. But that’s not all! If you live in an area with a competitive housing market , we discuss whether you should ever waive a home inspection to help sweeten your offer. We even talk about the idea of buying a house outright versus going the route of a traditional mortgage . Is a large car payment thwarting your path to financial freedom ? Stay tuned for a few creative ways to get rid of that bad debt for good! In This Episode We Cover Tips and tricks to help you reach financial independence early What to do with a 401(k) account from a previous employer Buying your home outright versus getting a traditional mortgage Whether you should ever waive your home inspection when buying a house Creative ways to eliminate car debt (and save thousands in the process!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders The Millionaire Fast-Track: How to Hit Financial Freedom Before 30 How to Pull Yourself Out of Car, Student, or Credit Card Debt Fidelity Investments She Wolf of Wall Street Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-507 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 27, 2024

After tremendous research, the “MoneyType” quiz was finally released. All you need to do is answer some basic questions, and in a matter of minutes, you’ll know your biggest financial strengths and burdens , the money traps you could fall into , and how to use your own money “gift” to make your life, and your loved ones’ lives, even better. But before you write off the MoneyType quiz as just another personality test, we can tell you from personal experience it’s shockingly accurate . And there’s no one better to talk about the MoneyType process than the co-founder of HerMoney and co-creator of the MoneyType personality quiz, Jean Chatzky. Jean’s team tested the MoneyType process on hundreds of people , uncovering the core personality traits that could make you a producer , visionary , nurturer , independent , or connoisseur , and what to do once you know what MoneyType you are. In today’s show, Mindy and Scott share their results from the quiz as Jean walks through each of these financial archetypes in detail. You’ll learn what strengths each archetype has , the financial pitfalls they easily fall into, the gifts they can use to empower themselves and others, and the financial pleasures each type lives for . Plus, you can take the MoneyType quiz completely for free here ! In This Episode We Cover The five financial archetypes and the pros, cons, and pitfalls of each of them Mindy and Scott’s most prominent MoneyType (and how it led them to financial success ) The “sabotage” points of each personality that could lead to HUGE financial problems Using your MoneyType to set up financial “guardrails” in your life and protect against your personality’s downsides Using your MoneyType to understand your partner, family members, and friends more Mindy’s two-percent MoneyType match that proves why it’s SO hard for her to spend money And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Take the Free MoneyType Quiz Understanding How Your Personal Money Story Shapes Your Financial Future w/Jean Chatzky Click here to check the full show notes: https://www.biggerpockets.com/blog/money-506 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 23, 2024

Most financial advisors aren’t what they seem. They paint themselves as stewards of your financial security, carefully analyzing every investment they put your money into. But that’s far from the truth. Many financial advisors simply use you to make a quick buck , leaving you worse for wear when it comes to retirement. So, how do you find a financial advisor who will actually help you build wealth without filling their own pockets at your expense? We’re about to give you the roadmap to finding the perfect financial advisor . We’re back with Jeremy Schneider , the bootstrapped founder who became an overnight millionaire thanks to a decade of tough decisions. This time, Jeremy shares about the world of financial advising, ranking the types of advisors from worst to best and sharing why that life insurance policy might be a BAD financial decision. If you’re struggling to find financial advice from a neutral third party who truly wants the best for your finances, this is the episode to listen to. Jeremy talks about the two financial advisors to never trust , the costly difference between fee-based and fee-only advisors, the financial “meth” that could cost you in the long run, and exactly where to find a financial advisor that truly works for YOU. In This Episode We Cover The four types of financial advisors and the two you MUST stay away from Fee-based vs. fee-only financial advisors and why you CANNOT afford to mix these up The “ whole life insurance ” scam that’s trapping many Americans with false financial promises The sneaky commissions financial advisors make that you have no idea about One place you can go to find trusted financial advisors with NO strings attached And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Past Episodes Mentioned in Today’s Show: Michael Kitces A Purple Mom Life Insurance (Joe Saul-Sehy) Whole Life Insurance (The White Coat Investor) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-505 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 20, 2024

If you want to reach early retirement , especially in your thirties , you’ll need to take some big risks. Today’s guest turned down what would have been a dream salary to many people, choosing to work for himself while making close to a third as much as a job would have paid him. He put in the time and sweat, making just enough money to survive for over a decade, living as frugally as he could so he could roll everything back into his business. Then, overnight, he became a multimillionaire. And guess what? You can, too. One day, at the age of thirty-four, Jeremy Schneider found himself $2,000,000 richer than he had been the day before. He had successfully sold a company he’d been building for a decade , making him, his family, and his employees wealthy in the process. Then, he did what every burnt-out founder does: travel the world , play volleyball and video games, and get some much-needed rest. But soon after, he decided to return to work , focusing on something much more important. In this episode, Jeremy gives a masterclass on the right way to build your business , how to sell it for millions more than you were originally offered, and exactly what you should do with the money afterward to STAY financially free . In This Episode We Cover How to reach early retirement in your thirties by building (and selling) a business When it makes sense to take a paycheck vs. bet on yourself How companies are bought and sold and the negotiations behind closed doors The MASSIVE amount of taxes Jeremy had to pay after selling his business What Jeremy did with his $2,000,000 payday that set him up for life And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Past Episodes Mentioned in Today’s Show: Michael Kitces A Purple Mom Life Insurance (Joe Saul-Sehy) Whole Life Insurance (The White Coat Investor) Lump Sum vs Dollar Cost Average Calculator Grab the Book “Die with Zero” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-504 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 16, 2024

With solid tax planning , receiving an inheritance could provide an enormous boost on your journey to financial freedom . One misstep, on the other hand, and you could be lining Uncle Sam’s pockets. Fortunately, we’ve brought on a tax professional to help you keep as much of your newfound money as possible. There are two certainties in life: death and taxes . In this episode of the BiggerPockets Money podcast , we’re combining them. Sean Mullaney , The FI Tax Guy , returns to the show to lend his expertise on inherited investment accounts . Whether you’re the spouse, child, or sibling of a loved one who has recently passed, you’ll need a plan for managing these financial assets . Otherwise, a huge inheritance “ tax bomb ” could be waiting for you down the line! Sean discusses the four “buckets” of assets you can inherit and the steps you should take in each scenario. You’ll also learn about the “ step-up in basis ” exemption that allows you to dodge capital gains tax on certain accounts, as well as when you might need to take required minimum distributions (RMD) —even if you’re far from retirement . Grab your pen and paper as we get into the nitty-gritty of inheriting wealth . In This Episode We Cover How to pay less tax on your inherited investment accounts The four “buckets” of financial assets you might inherit Navigating the “ ten-year rule ” and preventing a HUGE tax bill Dodging capital gains tax with the “ step-up in basis ” exemption How to avoid early withdrawal penalties on spousal accounts The “worst” account to leave for an heir (and what to do with it instead!) How to pass a retirement account on to a spouse, child, or sibling And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find a Tax Professional Today Estate Planning, Wills, and What to Do NOW to Protect Your Heirs The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future Hear Our Last Epiosde with Sean Grab Your Copy of “Die With Zero” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-503 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 13, 2024

These personal finance apps, tools, products, and habits helped us reach financial independence , and they can do the same for you. If you’re on the road to FIRE or have finally made it to financial freedom, ANY of these tools can help you save, invest, and learn more along the way. But we’re not just sharing the FIRE toolkit we love; we’re also sharing the products we’re ditching, plus what we’re replacing them with for a brighter financial future! If you’re already feeling lost with your financial New Year’s resolutions , worry not because these personal finance apps, tools, products, and habits are here to help! Mindy and Scott will walk through every tool they love, what they can live without, and what helped them reach financial independence. We’ll talk about budgeting and money management apps , goal-setting processes that’ll help you achieve even your wildest dreams , how to learn faster than ever , and the “life-changing” money products we would never replace. If you’re in need of beefing up your arsenal of financial independence tools, this is the episode to tune into! Wondering where you can find links to all the products and services mentioned in today’s show? Just scroll down in the show notes! In This Episode We Cover Why you may want to try spending MORE (yes, MORE) in 2024 if you’re in THIS position Indispensable personal finance tools that helped us reach financial freedom Budgeting apps that we personally use to track our monthly spending Mindy’s smart travel hack that’ll help you avoid productivity-killing jetlag The one “journal” that changed Scott’s life forever (and where to find it) How to learn faster than ever before and boost your reading speed significantly The BIG investment Scott is ditching in 2024 and the “crash” on the horizon And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Tools and Products From The Show: Monarch Money Stessa Venmo Ally Bank Charles Schwab Audible Kindle Unlimited Living Your Best Year Ever Journal Google Keep Empower Personal Wealth The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-502 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 9, 2024

Do you have a cash flow problem? You’re not alone! Dan invests in real estate , has a great W2 job , and maxes out his investment accounts . He wants to hit financial independence by forty, but his lack of cash is making things difficult. Something’s got to give, and Mindy and Scott are here to help! Welcome back to the BiggerPockets Money podcast ! Dan has done an amazing job investing for the future and house hacking throughout his 20s. But now he’s got a MAJOR problem on his hands. Although he and his wife earn around $200,000 per year , they have little to no cash available. With real estate debt , hospital bills , and new baby expenses , Dan is starting to feel the pressure. That extra cash he was able to accumulate only a few years ago? It’s not so easy to find anymore. In this episode, Mindy and Scott take a deep dive into Dan’s finances to help solve his cash flow problem . Should he follow his real estate dream and pause his retirement account contributions or pivot to a job that will increase his income by another $50,000 per year ? Stay tuned to find out! In This Episode We Cover Savvy ways to increase your cash flow without taking on more debt Dan’s house hacking strategy that covers a HUGE chunk of his mortgage Using a home equity line of credit ( HELOC ) to buy real estate How to ask for a raise (and when to pivot to a higher-paying job ) Investing in real estate versus building up your retirement accounts How Dan plans to reach $10,000/month in “passive” income by the age of forty And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Intentionally Choosing the Path to Financial Independence with Financial Mechanic Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life Breaking the Taboo of Talking About Money with Friends, Family, and Bosses Hear Dan on the “Real Estate Rookie” Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-501 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 6, 2024

After 500 BiggerPockets Money episodes , we’ve learned a thing or two about financial independence . But, for this special episode, we wanted to find some of the best advice we’ve ever received on the show— advice that changed our lives as much as it did yours. So, we’ve lined up a few of our favorite clips from the past 500 episodes with top-tier guests like Codie Sanchez , Ramit Sethi , and more. If you’re a new listener of BiggerPockets Money, this is just a TASTE of what you’ll hear on future episodes. We’ll touch on a “financial awakening” one of our past guests had, finding that many of us live a “broken” life without even realizing it. Then, a spending hack that lets you live in frugal luxury while slashing your expenses. We talk about how to escape your nine-to-five and buy a business that helps you achieve true financial freedom . Finally, the “worry-free number” you MUST calculate unless you want to experience zero joy from all the wealth you’ve built. Hard-hitting stuff, right? Thanks for sticking around with us for 500 episodes of the BiggerPockets Money show. We could not have made this podcast happen without you, and we’re looking forward to hearing from and potentially even featuring YOU on an upcoming episode! In This Episode We Cover The “little choices” you’re making that’s blowing your budget every single month Why living for the weekend is killing your bank account and financial future How to live a frugally luxurious life by buying what you truly WANT The ten steps to buying a “boring business” that’ll replace your income The “worry-free number” that removes the emotional weight of finances and lets you actually have fun with your money What you can expect from the BiggerPockets Money podcast in 2024 ! And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Mindy on Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Money with Katie’s Middle-Class Myths and The Great Roth vs. 401K Debate Liz Frugalwoods: Designing a Frugal But Luxurious FI Life by Age 32 Codie Sanchez: These “Boring Businesses” Will Make You Rich Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together Click here to check the full show notes: https://www.biggerpockets.com/blog/money-500 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 2, 2024

Most people pursuing financial independence own businesses or have stable jobs , working as hard as they can to make any extra dollar , throwing their money into the stock market or real estate, and betting on the economy to take them to higher and higher levels of wealth. But what about those who AREN’T chasing every dollar or dedicating their lives to the pursuit of passive income ? Can creatives, musicians, writers , or anyone wondering how to make money as an artist still find FIRE? Today, we’re talking to Paco de Leon , business owner, musician, podcast host, and author of Finance for the People: Getting a Grip on Your Finances . Paco’s world involves working with other creatives who rarely speak or think about money , helping them link their creative work with cash flow so they can continue doing what they love while building wealth for the future. Paco knows the system we live in isn’t perfect but recognizes that simply not participating isn’t an option. So, she serves as a voice for those who want to make a difference in the world , go against the grain, or care more about people than profit . In today’s episode, she’ll share the common money mistakes most creatives make that end up hurting them in the long run and why making money and building wealth is something ANYONE can accomplish, no matter your life’s passion! In This Episode We Cover Common money problems for creatives and how to build wealth without selling out The two ways you’ll get rich and how you can “create” your own financial independence Why your good “idea” isn’t enough , and what you MUST do to make money off of it Living in an imperfect world and the “dark side” of capitalism many people ignore Why making money and making art are NOT mutually exclusive (and how to do both!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Codie Sanchez: These “Boring Businesses” Will Make You Rich Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire What Playing in a Band Taught Me About Making Money Click here to check the full show notes: https://www.biggerpockets.com/blog/money-499 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 30, 2024

Real estate investing is a popular path to financial freedom , but if you’re not careful, bad debt can get in the way. Before today’s guest could buy rental properties , she had to deal with the mountain of debt that stood between her and wealth . But thanks to aggressive saving and new money habits , she became debt-free in just TWO years! Sarah King has been thrown several curveballs on her journey to financial independence . Just when she had managed to pay off $118,000 of debt and buy five properties , her marriage ended in a nasty divorce. Forced to liquidate her and her husband’s assets, Sarah was back at square one. Rather than giving up on her dream of reaching FIRE , she overcame her shaky financial situation and found creative ways to buy real estate . Within a few months, she was back on her feet, and today, she owns sixteen units across ten properties ! In this episode, Sarah offers some crucial advice for aspiring investors —including why you should get your financial house in order before buying properties , how to leverage your retirement accounts to buy more properties, and how to use private money (responsibly). You’ll even learn about house hacking —the real estate investing strategy Sarah uses to cover her mortgage payment each month! In This Episode We Cover How to reach financial freedom by investing in real estate The three areas of your finances that will help you build wealth faster How to pay off BAD debt as quickly as possible Why you MUST get your financial house in order before buying properties How to use private money to buy MORE real estate Covering your mortgage payment with the house hacking strategy And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment From Toxic-Marriage to Financially Independent Mom with 13 Units How to Achieve Financial Freedom Through Real Estate in 4 Steps Click here to check the full show notes: https://www.biggerpockets.com/blog/money-498 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 26, 2024

By the time you finish this episode, you’ll be ten thousand dollars richer. Just read this testimonial from a recent BiggerPockets Money listener, “I’m so rich now, I have no idea what to spend all my money on. And all it took was listening to this episode.” But act fast because, in five minutes, this episode WON’T be available anymore. None of the above is true. But you probably caught on to a few of the psychological tricks many marketers use to push you into purchasing, even when you’re not ready to. And with so much mentoring, online course -selling, guru-ing , and get-rich-quick promising, it’s hard NOT to fall into these traps. How do you know who actually wants to help you and who’s just waiting to grab onto your wallet? Tarzan Kay has spent years using persuasion-first business tactics to prompt potential customers into purchasing, building a seven-figure income stream in the process. It wasn’t until she realized that these tactics did more harm than help that she decided to burn down the business she had built. Now, she’s sharing all the persuasion secrets marketers are using on YOU and teaching you how to build a business the better way. In This Episode We Cover The “principles of persuasion” businesses use to trick you into buying Common predatory practices online gurus and mentors commonly use HUGE red flags to watch out for before you buy ANY online course How to ensure your business NEVER tricks potential customers into buying Vetting your own clients and customers BEFORE they have the chance to pay you And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Warning: Why You Shouldn’t Buy What the Gurus Are Selling Click here to check the full show notes: https://www.biggerpockets.com/blog/money-497 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 25, 2024

If you want to reach financial freedom , knowing how to save money is crucial. Today, Mindy and Kyle deliver some special tips that will help you save on housing , food , travel , and other common money categories in 2024! In this final episode of our four-part money tips series, we’re looking to help you improve your quality of life while saving money . Do you pay a premium to live in an expensive city that you don’t have time to explore? Perhaps it’s time to pack up and move to an area with a lower cost of living . Instead, scratch your itch to see the world by using credit cards to travel for FREE ! Is your monthly grocery bill getting out of control? Choose a cheaper store, take advantage of sales, or do “mini” shops that help you eliminate waste. Finally, do you spend a fortune on things like eating out or going to the spa? Learn how you can recreate these experiences at home for a fraction of the cost ! In This Episode We Cover How to save money on groceries with savvy food budget tips Why you should consider moving to an area with a lower cost of living Creating “at-home” experiences that put money back in your pocket How to improve your quality of life with small but effective upgrades Building the healthy habit of charitable giving (and how to plan your donations !) Choosing a FIRE goal that gives you “enough” money to support your lifestyle Traveling for FREE by racking up credit card rewards And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Part 1 of Our 24 Money Tips for 2024 Check Out Part 2 of Our 24 Money Tips for 2024 Check Out Part 3 of Our 24 Money Tips for 2024 Ramit Sethi Revisited: Spend Like Your Life Depends on It Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Learn How to Travel for FREE Click here to check the full show notes: https://www.biggerpockets.com/blog/money-496 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 23, 2024

Learning high-income skills can help you make money online —and a LOT of it! Just ask today’s guest, who worked not one but SEVEN internships to develop professional skills that would help her launch several successful online businesses down the road! Welcome back to the BiggerPockets Money podcast ! Jo Franco is an entrepreneur , YouTuber , podcast host , and digital nomad with multiple income streams . Born to undocumented immigrants, Jo didn’t have much growing up other than her family and a chance to pursue the American Dream, but what she lacked in money and resources , she made up for in pure work ethic . Throughout her teens and twenties, Jo worked all kinds of jobs , side hustles , gigs , and internships that allowed her to save money and even travel the world for FREE. Since then, Jo has had her own Netflix show , built a successful YouTube channel , and launched her own journaling company. In this episode, she shares exactly how she made all of this happen, the keys to her success, and important money management tips for entrepreneurs. She also talks about the biggest mistake she has made in her career to date: hiring the wrong people ! In This Episode We Cover The high-income skills you NEED to become a successful entrepreneur How to become a digital nomad (and travel the world for FREE ) Reducing your financial risk by keeping your expenses down The true value of unpaid internships (and how to make the most of them!) Crucial money management tips for all entrepreneurs How to save money WITHOUT the consistency of a W2 paycheck How to get the highest return on your investment in people And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Our 24 Money Tips for 2024: Part 1 Part 2 Part 3 Part 4 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-495 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 19, 2024

Want to learn how to buy a house in 2024? Whether you have outstanding credit or your score could use a little work, there are different ways to buy. In this episode, we’ll lay out your best options and provide actionable steps you can take to boost your credit score in the meantime! Welcome back to the BiggerPockets Money podcast ! Today, Mindy and Kyle are fielding some of your biggest money questions. Beyond buying a home , you’ll learn how to use your home equity to fund your new business idea. Have you run into some “extra” cash recently? We share investing strategies that will allow you to “hack” tax brackets and position yourself to retire early . This year, it’s crucial that you get on the same page with your partner , financially. Mindy and Kyle talk about the tough but essential “meetings” you should be having about your budget . Finally, is there ever a time when it makes sense to buy a depreciating asset like a brand-new car ? Our hosts’ answer might surprise you! If you want Mindy and Kyle to answer a money question, you can submit a question here or post it in the Money Facebook Group ! In This Episode We Cover How to buy a house in 2024 with less-than-perfect credit What you MUST know before entering a home equity agreement The BEST ways to fund your new business idea How to buy a brand-new car and stay on track for FIRE How to invest “extra” money and “hack” your tax bracket to owe less The finance “meetings” you NEED to have with your partner And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment When to Buy New vs. Used and is That Car Repair Worth the Cash The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Playing with FIRE (Financial Independence, Retire Early) with Scott Rieckens Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together Grab Your Copy of “Playing with FIRE” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-494 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 18, 2024

Looking to be a better investor in 2024? A few simple adjustments could help your money work much harder for you this year, and our hosts are here to lend a hand! In part three of our four-part money tips series to kick off 2024, Mindy and Kyle offer some top-notch advice on how to invest your money this year. You’ll learn about the importance of tracking your finances year-round, savvy retirement planning , and, if you’re a real estate investor , putting some of your “lazy” equity to better use! Beyond investing, our hosts provide several money hacks that will help you chip away at your expenses this year—whether it’s taking advantage of autopay or annual-pay discounts or pivoting to a low-cost phone plan . Finally, they discuss how spending money can actually propel you toward your FIRE goal ! In This Episode We Cover How to be a better investor in 2024 and beyond Finding the perfect method to track your finances year-round Paying a fraction of your current phone bill by switching to a cheaper plan Saving money on bills with autopay and annual pay options How to spend money , enjoy your life, and still save BIG Getting the highest retirement account benefit by planning contributions Making your money work harder by optimizing your investment portfolio Reinvesting the “lazy” equity in your real estate portfolio And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Part 1 of Our 24 Money Tips for 2024 Check Out Part 2 of Our 24 Money Tips for 2024 Ramit Sethi Revisited: Spend Like Your Life Depends on It Find a Discount Phone Plan: Mint Mobile Visible Click here to check the full show notes: https://www.biggerpockets.com/blog/money-493 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 16, 2024

Everyone tells you you’ll need millions to retire , let alone retire early . You hear it all over mainstream financial media, “ You need FIVE million dollars ” or “Three million dollars is enough, but you have to be frugal!” Even having half a million dollars in investments seems like a lofty goal for most Americans. Are these financial “experts” just out of touch with the everyday person? And if so, is there a way to retire with less than a million dollars? Surprisingly, yes! Wes Moss , certified financial planner, money educator, and author of the best-selling book You Can Retire Sooner Than You Think , is here to show you that retirement isn’t that far away . Through some simple calculations, Wes enlightens us on how many Americans are already in the position to retire and why you don’t need many millions to live a comfortable post-work life. But that’s just the tip of this financial education iceberg. We get into a much deeper discussion with Wes about what a happy retirement really looks like and the key signs that you’ll live a satisfying retirement life. There are two main factors to a happy retirement, and if you haven’t been paying attention to them, you can almost guarantee you WON’T enjoy financial freedom when you achieve it. So, if you want a happier, healthier, wealthier, and longer retirement, stick around! In This Episode We Cover The two most crucial factors of having a happy retirement (it’s NOT money) Why you DON’T need to be a millionaire to retire or retire early The wave of “unretired” and why those over fifty-five are going back into the workforce Why eighty percent of Americans DON’T like their job and how this is hurting retirement investing The multiple streams of income you need to retire on your terms Social security , pensions , and other retirement income many Americans forget about in their calculations And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More! Motley Fool: The Retirement Planning Roadmap: 401(k)s, Real Estate, Bonds & More Michael Kitces: Does the 4% Rule Hold During 2022’s Stock Market Crash? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-492 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 12, 2024

Do you dream of hitting financial independence before the age of fifty, forty, or even thirty ? In this episode, we’re joined by two of the SheeksFreaks community’s finest—a pair of scrappy entrepreneurs who decided to skip college and pursue a much faster path to financial freedom . First up, we chat with Adrian Zapata , a twenty-two-year-old serial entrepreneur who now owns multiple thriving seasonal businesses . During the spring, summer, and fall months, Adrian delivers lawn care and tree trimming services to the locals of San Antonio, Texas. But, once the holiday season rolls around, that’s when the real cash cow takes over: a Christmas lights installation business that brings in a whopping $115,000 in only two months ! Next, Javier Leyva shares how he was able to achieve financial independence by just twenty-six years old despite his underprivileged upbringing. After performing his own cost-benefit analysis, Javier determined that getting a traditional bachelor’s degree wasn’t the right path for him. Instead, he joined the workforce and took actionable steps toward FI —doubling down on saving money , finding a higher-paying job , and increasing his income with the house hacking strategy! In This Episode We Cover Two unique ways to achieve financial independence before the age of 30 How to boost your income with the house hacking strategy The HUGE revenue potential of building a seasonal business The case for SKIPPING college and choosing the straight path to FI Why you NEED to plug into a personal finance community (and stay accountable!) Why financial education —NOT a college degree—is the key to financial freedom And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Is 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 Cooper 20 Year-Old Minimum Wage Marine with $850K in Real Estate Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Hear Our Last Episode with the SheeksFreaks Success Stories Join the SheeksFreaks Community Click here to check the full show notes: https://www.biggerpockets.com/blog/money-491 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 11, 2024

With a few money tips for 2024 , you could take your savings to a new level this year. From investment fees to utilities , there are all kinds of everyday expenses that you might not have thought to slash! Welcome back to the BiggerPockets Money podcast ! In part two of our money tips series, Mindy and Kyle go over some of the best and easiest ways to save money . If you haven’t shopped around for insurance in the last year, chances are you’re paying too much! We talk about how finding a broker can help you out in a big way. We also recommend several home upgrades —such as installing LED bulbs, adding insulation to your attic, and investing in low-flow showerheads—that could help you save a fortune on your energy bill. You’ll find out that even something as simple as stashing your tax refund in a savings account could make a huge difference! In This Episode We Cover How to find out if you’re spending too much on investment fees The energy-efficient home upgrades you NEED to make in 2024 How to save a fortune on your electric bill by insulating your attic The SMART way to use your tax refund this year Why you NEED to shop for insurance every six months (and find a broker !) Protecting your family’s financial future before you pass away And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Part 1 of Our 24 Money Tips for 2024 How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future Organize Your Family’s Most Important Information with the Family Emergency Binder Click here to check the full show notes: https://www.biggerpockets.com/blog/money-490 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 9, 2024

You probably already know who Humphrey Yang is, and even if you don’t, there’s a good chance you’ve seen one of his YouTube , TikTok , or Instagram videos. A few years ago, Humphrey’s internet presence was almost non-existent. He was living off savings, trying to find a business that would hit traction, until one day, he started posting financial content online . Within thirty days, he had a six-figure follower count . But this wasn’t by luck or accident; it was by design. Humphrey knew that to start any successful business , it would take testing—a lot of testing. So, he set out to test content that not many other people were making, showing anyone and everyone on the internet what not to buy, the best ways to invest , and how they, too, could become wealthy , or at least not end up broke. But Humphrey was ONLY able to do this after saving up a significant amount of money from past jobs, going extremely frugal , and realizing that he needed to do whatever it took to work for himself. And if you’re struggling to find your path and feel like being an entrepreneur is what you’re meant to do, Humphrey can help! In this episode, he’ll show you EXACTLY how he “tested” his way to wealth , made financial and entrepreneurial “hypotheses,” and grew an online following to over a million people in just a few years. In This Episode We Cover The benefits of extreme frugality and how to save six figures on an average salary Starting your own business and how to “test" whether it’ll stick Going viral online in only a month and how to find your niche with customers/viewers Why you MUST fail at multiple businesses before you find success Using your “unfair” advantage to get ahead in whatever industry you’re in And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab Your Copy of “Set for Life” Starting Successful Businesses with NO Industry Experience 10 Tips For Leaving Your 9-5 and Adjusting to Life as an Entrepreneur The #1 Wealth Killer No One Talks About Click here to check the full show notes: https://www.biggerpockets.com/blog/money-489 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 5, 2024

Today, we’re going to show you how to pay off credit card debt FAST . It isn’t glamorous, and it won’t be easy, but if you can do it, an entire world of wealth-building , opportunity, and financial freedom awaits . So, if you’ve got thousands in credit card and consumer debt and are tired of feeling shackled to failing finances, get ready to take some notes— this is what it takes to become debt-free! Brittney Reynolds found herself like many Americans: out of money, maxed out on credit cards, living well above her means , and having no financial independence . She was going on vacations she couldn’t afford, renting in a high-cost-of-living area, seeing her debt climb with every swipe, but realizing too late how much of a problem it was. By the time Brittney faced reality, her credit card debt had ballooned to $36,000 . But, instead of ignoring it, she made some drastic life changes. Now, only a few months into her debt payoff journey, Brittney has already paid off $12,000 in credit card debt, with plans to be entirely debt-free by the start of the summer . How will she pay off such a massive amount of debt in under a year? Stick around to hear her strategy; if you’re in a situation like her, you too could be debt-free faster than you think ! In This Episode We Cover How to pay off credit card debt FAST , no matter how big your balance is Building wealth as a complete beginner and how to invest when starting from zero The simple ways that we overspend without even realizing it How not having enough savings can leave you vulnerable in life One move that will help Brittney pay off her debt in record time Whether to invest, save, do both, or neither while paying off debt And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How to Pay Down Bad Debt—Fast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-488 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 4, 2024

If you’re after the best money tips for 2024 , we’ve got you covered! Every dollar counts when it comes to improving your finances , and our hosts are offering some invaluable end-of-year advice to help you do just that. In part one of this four-part series, Mindy and Kyle will help you prepare for 2024 with money reviews , money dates , and home improvement project planning. Of course, your credit score plays a key role in your financial journey , so we will show you how to keep an eye on it and view your latest credit report for free. Do you have unnecessary subscriptions that eat away at your bank account balance each month? We have a tool that allows you to cancel them automatically . Finally, does someone OWE you money ? You’ve got to try the secret hack we use to find and claim free money each year! In This Episode We Cover The end-of-year money review you MUST have in 2024 Why you NEED to plan regular money dates with your partner Saving money when planning home improvement projects The secret tool we use to cancel unwanted subscriptions (without doing a thing!) Keeping your credit in check with free credit reports How to claim the FREE money you’re owed (but didn’t know about!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple All the Money Hacks We WISH We Had Known About Check Your Credit Report for FREE: FreeCreditReport.com AnnualCreditReport.com Get Expiring Debit Cards for Your Subscriptions with Privacy Click here to check the full show notes: https://www.biggerpockets.com/blog/money-487 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 2, 2024

JL Collins is one of the most respected authors in the financial independence community. His book, The Simple Path to Wealth , became the FIRE movement bible, giving clear, concise, easy-to-follow, and often unbelievably simple advice on achieving financial independence and retiring early. One of the most striking lessons from the book? You DON’T need to be rich to retire early or build wealth . Whether you make $40K or $400K per year, you can start building your financial freedom TODAY. Since its publication, The Simple Path to Wealth has inspired millions of people to find financial freedom, and many who have achieved financial independence or are well on their way have been in contact with JL. In his new book “ Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence?And How to Join Them ,” JL shares stories of the rich, poor, and even bankrupt readers who were able to turn their lives around and find financial freedom, no matter their circumstance. So, if you’ve been telling yourself that you CAN’T retire early because of a low paycheck, dire financial situation, or expensive lifestyle, think again . In this episode, JL will show you EXACTLY why YOU can be rich IF you follow some simple steps on the path to financial independence! In This Episode We Cover The simple, repeatable path to wealth that ANYONE can follow to become rich How to achieve your huge retirement goals even when starting from zero Why financial independence is NOT just for the rich and already wealthy The lifestyle “trap” that will stop you from ever achieving FIRE The problem with the 4% rule and why you CANNOT trust it for a happy retirement How to build wealth when everything (and we mean EVERYTHING) goes wrong And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Hear Our Past Episodes with JL Episode 20 Episode 116 Episode 285 Learn More from JL How Has The 4% Rule Held Up Since The Tech Bubble And The 2008 Financial Crisis? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-486 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 29, 2023

Everyone wants to know how to get rich. And here’s the truth: getting rich might be much easier than you think . While most people would assume the wealthy grind their way to success, this isn’t always the case. In fact, rich people are FAR lazier than you think , and we’re not saying that in a bad way. Rich people make money while they sleep , so they don’t HAVE to work harder every day. Want to know how you can do the same? Vivian Tu , AKA “ Your Rich BFF ,” will show you how! Vivian grew up with super-saver immigrant parents who taught her the value of money. When she went off to college, she realized a whole new world of wealth existed—this was only multiplied when she became a Wall Street trader . Vivian saw the fancy suits, the designer bags, and the jewel-studded bracelets and realized that these “rich” people were doing something most people didn’t know about. After her friends and coworkers wouldn’t stop asking her for financial advice, she decided to take her knowledge to the masses. In her new book, “ Rich AF: The Winning Money Mindset That Will Change Your Life ,” Vivian details what the rich do that you (probably) don’t . These habits of the wealthy can change your life and upgrade you from the position you’re in now. In today’s episode, we talk about the tools you can use to get rich , why you’re playing real-life Monopoly all wrong, and how rich people think to build wealth even when they’re not working. In This Episode We Cover Habits of the rich that most Americans have no idea about Why you need to STOP saving money and start doing this instead Financial literacy for all and how to start learning the money game even if you think it’s too late Asking for raises , job hopping, and how to start getting paid what you deserve The ONE place you should put your cash that could be making you extra money every month And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Hear Our Last Interview with Vivian on Money and Relationships 5 Habits of the Wealthy That Helped Them Get Rich Click here to check the full show notes: https://www.biggerpockets.com/blog/money-485 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 26, 2023

Ho ho ho! We hope you had a holly, jolly, frugal, and festive holiday season. With the BiggerPockets elves off tinkering to make even greater shows for next year, we bring you one of our FAVORITE episodes for an encore! In this show, you'll hear about two VERY late starters who were able to reach retirement right on time! If you think it's too late to retire, think again! ______ Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility. Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty . Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away , a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account. If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero , the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track! In This Episode We Cover How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s Lifestyle creep and why a high income is dangerous for most Americans How to reverse your “spend first, save last” mindset and start investing for your future The “wake-up call” that caused Becky and Bill to change their financial mindset Whether or not it’s ever “too late” to retire (and what to do if you’re there) Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s Why you should NEVER buy a boat And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab Scott’s Book, “Set for Life” Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-484 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 22, 2023

At twenty-nine years old, Andy Johnson had achieved lean FIRE . He had enough to survive but not enough to make his future family comfortably financially free. All he needed to do was work a little longer , make a bit more money, and intensely invest. That plan went out the window when Andy woke up one day, unable to return to work . The high levels of stress and constant demand from clients got to him. He quit his high-paying job with no plan. Over the next year, Andy did something incredible . Even without a steady paycheck, he built a massive real estate portfolio in just ten months , bolstered his family’s investments, and now, a few years later, in his mid-thirties, has achieved true financial independence . How did he do it in such a short amount of time WITHOUT a job? His method is one only the savviest of investors would have thought of. In this episode, you’ll hear how Andy bought twenty-one rental properties in under a year, paid just $1,500 in taxes on a $200,000 gain, and was able to move to a more expensive area, retire part-time (by choice) , and reach ultimate financial freedom . If you’re stressed at your job and looking for a way out while keeping your investments and bank account intact, this episode is for you! In This Episode We Cover Quitting your job with NO plan and how to ensure you always have the ability to walk away How Andy bought over twenty rental units in just ten months Avoiding capital gains tax and how to legally lower your taxes DRAMATICALLY Using real estate leverage to get rich and the right way to analyze a rental property Long-distance real estate investing and how to get connected to the best agents, property managers, and contractors in the area The “part-time jobs” Andy is taking up in retirement (even though he doesn’t have to) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Turning 9-to-5 Burnout into 24 Doors (in a Year and a Half!) What to Do Before You Quit the High-Pay & Benefits of Corporate World Physician on FIRE’s Tax Loss Harvesting Blogs: Top 5 Tax Loss Harvesting Tips Tax Loss Harvesting with Vanguard Click here to check the full show notes: https://www.biggerpockets.com/blog/money-483 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 19, 2023

How do you turn a TINY side hustle into a full-on income stream ? Even more, how do you make your side hustle a multimillion-dollar business that employs dozens of people and gives you the financial freedom to do what YOU’RE passionate about? Today, we chat with Mari Llewelyn , founder of Bloom Nutrition, about her incredible journey of weight loss, financial literacy , starting a side hustle, and growing a HUGE business. Mari’s entrepreneurial journey started long before she decided to make supplements. One day, she woke up and realized she had hit rock bottom . She was the heaviest she had ever been , had no money to her name , zero autonomy, and close-to-no willpower to pick herself back up. After growing tired of relying on her parents for money in college, she decided to get a job at the front desk of a gym . She was making money, and things were starting to improve, but there was one big hurdle left: the weight. In this episode, Mari talks about her incredible journey to losing ninety pounds , how she started selling five-dollar workout programs for extra cash, and her explosive social media growth that allowed her to build a multimillion-dollar business before age thirty! In This Episode We Cover Building money skills after being raised in a household where finances are “taboo” How to pick yourself up when you’ve hit “rock bottom” financially and emotionally Turning your social media followers into loyal customers when you start a business Starting tiny side hustles and the EASY way Mari made her first self-employed dollars Paid ads, marketing your product , and the one thing that helped Mari’s business explode Developing products and how to know you’ve made something that customers will love And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Building a Massively Profitable Business Around Your Passions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-482 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 15, 2023

Most people know that investing in real estate is one of the best ways to reach financial independence , but very few ever take action. Once today’s guest discovered the potential of real estate, however, it became his obsession . Despite starting out on a low military salary, he built a million-dollar net worth in just THREE YEARS ! In this episode, we’re catching up with entrepreneur , investor , and repeat guest Jabbar Adesada . Since we last spoke with Jabbar, he has only doubled down on his real estate dream and journey to financial freedom —dabbling in several different investing strategies and teaming up with a partner to get more deals done. Today, Jabbar owns a slew of short-term rentals and long-term rentals , has completed several BRRRR projects (Buy, Rehab, Rent, Refinance, Repeat), and has more than a dozen construction projects in the works. If you want to reach your FIRE goal as soon as possible, tune in to hear how Jabbar used real estate to expedite his journey. He shares how he was able to save up for a down payment with a low income , get his first home loan with almost no credit history , and rapidly increase his income ! In This Episode We Cover Reaching financial independence by investing in real estate How Jabbar built a million-dollar net worth in only THREE years Combining multiple real estate investing strategies within your portfolio How to choose the perfect real estate market to invest in Finding a partner and building out your real estate network And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab Your Copy of “First to a Million” by Dan Cheeks 20-Year-Old Minimum Wage Marine with $850k in Real Estate Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings Click here to check the full show notes: https://www.biggerpockets.com/blog/money-481 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 13, 2023

This eighteen and twenty-two year old are on track to reach financial freedom by the age of thirty . And if you think that you can’t make big money moves because you don’t have the experience, resources, or income to build wealth, think again. These two young adults are on the path to making millions in their lifetime , and if you’re in your late teens or twenties or have children or grandchildren who are, THIS is the episode to watch. First, we talk to Gloria Stonelake , an eighteen-year-old who runs a social media marketing agency on track to bring in six figures in income a year . She’s still technically a high school student but spends almost all her time working on her business, learning leadership, and getting leads for her clients. She ditched the traditional route of getting a diploma , a degree , and THEN a job and skipped right to the money-making part. She has some incredible advice for ANYONE who wants to start their own business, no matter your age! Next, Ben Carver joins us to talk about his high school house-flipping side hustle , how he became a real estate agent before getting his college degree , and the newest house hack he’s set to buy at just twenty-two years old! By thirty, both Ben and Gloria should be financially free, and if you want to hit FIRE in your 30s, 40s, 50s, or 60s, these wunderkinds are two to watch! In This Episode We Cover How to build a six-figure business , no matter your age or experience level Why ditching the college degree may be a smart move for entrepreneurial teens and twenty-year-olds Why your financial background does NOT determine whether or not you’ll hit FIRE Entrepreneurial tips to take and challenges you must prepare for to succeed How to live for free and start building a real estate portfolio EARLY in life The one piece of advice Mindy and Scott wish they could give their younger selves And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Make an Extra $100/Day with These Work-From-Home Side Hustles Is It Time to Give Up on Financial Independence? (Mad Fientist) Join the Sheeks Freaks Click here to check the full show notes: https://www.biggerpockets.com/blog/money-480 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 12, 2023

Don’t strive to become rich . Instead, become a “quiet” millionaire like Tae Kim , the “ Financial Tortoise .” You’ve seen the flashy cars, fancy champagne, and private jets of the online financial “gurus.” Then, like clockwork, you see these same people lose their wealth , go bankrupt, or disappear from the online world entirely. What happened to them, and where did all the “riches” go? In today’s show, we talk to Tae about the slow, steady, unsexy way to build wealth and become a millionaire that most Americans will never understand. It’s far less risky than gambling your money away, day trading, or going high-leverage on risky real estate. Instead, you can sleep like a baby every night , knowing you have hundreds of thousands in the bank , millions in investments, and enough money to chase your dreams IF you follow Tae’s advice. Tae’s path to wealth wasn’t complicated, but he did make a handful of money mistakes you won’t want to repeat. After paying off over six figures in debt , Tae now serves as the financial hero we need but don’t deserve, teaching EVERYONE why the slow, quiet way to wealth is the smartest, most sustainable way to truly become “rich.” If you want to quit your job, do what you love, and live every day on YOUR schedule, stick around! In This Episode We Cover The “quiet” millionaire and why you want to be wealthy, NOT rich Money mistakes that you should avoid at ALL costs when on the journey to financial independence How much money you should have in the bank BEFORE you quit your job Why so many financial “gurus” go broke within a few years of acquiring their wealth How to define your “enough” so you don’t end up working your life away Tae’s unbelievably simple investment advice for those just starting out And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment 10 Life & Money Lessons From Broke Financial Gurus Click here to check the full show notes: https://www.biggerpockets.com/blog/money-479 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 8, 2023

Are you sitting on an amazing business idea ? Knowing how to get money to start a business is a critical first step to getting your concept off the ground. While there are all kinds of funding options, you may be able to get FREE money with a grant . That’s exactly what today’s guests did! Welcome back to the BiggerPockets Money podcast ! Today, we’re chatting with Cheryl Edmundson and Erin Jacobsen from Inclusive GameWerks —a fledgling business that has developed an inclusive pinball controller for people with disabilities . After building the first prototype for a close friend, they realized the device’s incredible potential. So, they went right to work—fine-tuning the design, structuring their business , and, of course, looking for ways to fund their new venture . Before long, they had landed a ten-thousand-dollar grant to get their operation up and running! If you’ve got an entrepreneurial spirit and a great business idea, this is an episode you won’t want to miss! Tune in as Cheryl and Erin show you how to launch a business alongside your nine-to-five job, find your lane in an established market, and get FREE money for your business! In This Episode We Cover How to get FREE money to start your new business How to find, apply, and get approved for a business grant Using grant money appropriately within a for-profit business The best ways to structure your new business Building a business without leaving your nine-to-five Driving your business forward through the power of networking And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Building a Massively Profitable Business Around Your Passions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-478 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 6, 2023

With 2024 right around the corner, it’s time for a final year-end tax planning push! There are all kinds of ways to pay less to the IRS , and today’s guest is here to help you save as much money as possible ! Welcome back to the BiggerPockets Money podcast ! Today, we’re joined by certified public accountant and financial planner Sean Mullaney . In this episode, Sean delivers a thorough breakdown of everything you should be doing to lower your tax burden for not only 2023 but also over your entire lifetime . While there are many moves you can make before this year’s filing deadline , you don’t have to make them all at once. Sean shares how most tax moves fall into one of three “buckets” —moves that should be handled urgently , by year-end , or in early 2024 . Whether you’re rushing to tie up loose ends in 2023 or looking to maximize retirement savings , Sean offers a variety of helpful tax tips for those in different phases of life. You’ll learn how to reap the tax benefits of donor-advised funds , how to time a Roth conversion , and how to avoid giving the IRS a large interest-free loan ! In This Episode We Cover Tax moves to make immediately, by year-end, and in early 2024 New tax-saving strategies to start implementing next year Lowering your total lifetime tax burden with the Roth conversion strategy How to get a tax deduction and avoid capital gains tax with a donor-advised fund The BEST retirement accounts for entrepreneurs and self-employed individuals How to choose the perfect health insurance plan for you in 2024 And So Much More! DISCLAIMER : "The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Scott, Mindy, BiggerPockets, and the BiggerPockets Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services." Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment What You Need to Do NOW to Pay Fewer Taxes in 2024 I’m Over Paying Taxes, So Here’s How I Plan to Significantly (and Legally) Lower My Liability The FI Tax Guy Click here to check the full show notes: https://www.biggerpockets.com/blog/money-477 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 5, 2023

Nasty Gal went from an eBay side hustle to a business doing $100M in sales in under a decade. Behind it was the most famous “ Girlboss ” in America, Sophia Amoruso . She had no business experience , management training, leadership coaching, background in logistics, business financials, or running an online shop. Somehow, she built a business to heights few entrepreneurs ever reach, owning an extremely profitable clothing empire and finding herself on the cover of Forbes . But then, Nasty Gal went bankrupt . What happened? Sophia joins us on the show today to explain it all. She’ll share her full financial story , which included watching her parents go bankrupt , eventually selling her business, and seeing it suffer the same fate. From entrepreneurial mistakes to risks Sophia took that led her to massive financial success , Sophia has seen both success and failure, and she has priceless insight to offer any aspiring entrepreneur or investor. If you want to build a business, invest in one, or start a profitable side hustle , Sophia can help. She’ll also uncover what led to Nasty Gal’s downfall , the pressure “Girlboss” put on her, and why growing too fast can kill your financial future . In This Episode We Cover How Sophia turned a thrifting side hustle into a nine-figure business Hiring your first employee and why you DON’T want to over-scale your side hustle Venture capital, investing in businesses , and when you should give up equity Going bankrupt and rebuilding yourself after a financial failure What Sophia is investing in NOW that’s helping her build even greater wealth Advice for new entrepreneurs and anyone who wants to sell online And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Here’s What It Takes to Succeed as an Entrepreneur Building a Massively Profitable Business Around Your Passions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-476 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 1, 2023

You want to know how to get rich . But you probably don’t want to deal with the tenants, toilets, trash, and constant headaches of investing in real estate . And even as the world’s biggest resource for real estate investors, we get it. The landlord lifestyle isn’t for everyone. Thankfully, real estate isn’t the ONLY way to get rich . There are five other time-tested ways to build wealth that don’t involve 2 A.M. tenant phone calls. In today’s show, Mindy and Scott tag team the five best ways to build wealth without ever buying a rental property . These methods work for almost anyone , no matter how much (or how little) money you make or have in the bank. Some of these methods are more passive than others, requiring just minutes a month to start building wealth , while others can explode your income but require much more time. But we’re not just giving you some experimental investment methods to try. Both Mindy and Scott have used most, if not all, of these methods to become rich themselves , and if you incorporate ANY of these methods into your life in 2024, there’s a good chance by this time next year, you could be way wealthier! In This Episode We Cover The five ways to get rich WITHOUT investing in real estate The four “levers” of wealth you can pull to level up your financial lifestyle “Boring” businesses and HUGE investment opportunities for those in their 20s, 30s, or 40s Job hopping and why you could be underpaid and overworked at your current role The investment accounts that can expedite your path to becoming a millionaire The super passive investment anyone can use to build massive wealth in the background And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Past Episodes Mentioned in Today’s Show Index Funds Financial Mechanic David Greene (1st Episode) David Greene “Boring” Businesses Liquor Store Investment Franchising Side Hustles Nick Loper (Side Hustle Nation) Loan Signing Side Hustle Click here to check the full show notes: https://www.biggerpockets.com/blog/money-475 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 29, 2023

Deep in the forest, a secret financial independence summer camp is being held. Multiple times a year, all across the country, millionaires , financial freedom achievers, and those still on or just starting their FIRE journey meet up for a weekend like no other . Those who have achieved FIRE in their 30s, 40s, and 50s give advice, tips, and tactics to those who want to leave their jobs behind and see what a life of financial freedom feels like. It’s such a can’t-miss event that Mindy and Scott are regulars there too! Of course, we’re talking about CampFI , where you can roast marshmallows, talk about Roths, scheme with other investors on the best way to make millions, or simply meet the financial independence heroes you’ve only seen online . Throughout the year, these camps are held in every corner of the country, and today, you’ll get to hear exactly what happens around the campFIre. For that, we brought on CampFI founder Stephen Baughier to tell us more about this exclusive financial independence experience and his own journey to FI. After a tough wake-up call in his mid-30s , Stephen made it his goal to reach financial freedom, but not on the fast-paced schedule most FIRE chasers think of. Hear how Stephen was able to downsize his life, cut his spending, and have ultimate time freedom without having to work his tail off! In This Episode We Cover The one thing that made Stephen reevaluate his financial decisions in life Downsizing, cutting spending, and how to reach financial freedom faster Advice from millionaires and those who’ve already achieved FIRE CampFI costs , activities, events, and why you MUST attend Why you can (and SHOULD) slow down your path to FIRE Scott’s accidental run-in with a fireside cult -like chanting circle And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Past Episodes Mentioned in Today’s Show: Doug Nordman Mr. Money Mustache CampFI Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-474 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 28, 2023

The 2023 holiday shopping season is here, and you know what that means… gifts , trips , and LOTS of spending . If you love the holiday season but are more into frugal festivities, we have just the episode for you. Whether you're a budget-conscious stocking stuffer or a buy-everyone-an-iPhone gift giver, we've got some simple tips that'll help you save hundreds or thousands this holiday season. To help us build out our list of holiday hacks , we brought on Chris Hutchins from the All the Hacks podcast to give us his best tips for staying on budget this holiday season. From saving hundreds of dollars per person per flight to crazy cash-back browser extensions, how to buy fewer gifts while making everyone happy, and the best board game ever, Chris shares his favorite ways to spend less during the season and his listeners' favorite frugal gifts . Even if you're not much of a holly, jolly, merry type of person, Chris drops some incredible cost-saving knowledge YOU can use at ANY time of the year to keep thousands of more dollars in your pocket! In This Episode We Cover How to save hundreds of dollars on your holiday flights with this one timing hack Why fewer gifts can lead to happier holidays (and how to convince your family of it) Crazy cash-back opportunities and sites that'll reward you for gift-giving How to save 30%-40% on home renovations and repairs using this one coupon website The gifts you can and should buy used (NO ONE will notice) Chris' 2023 holiday gift guide for the frugal gift giver And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment All The Hacks Podcast Give the Gift of Wealth-Building Knowledge with BiggerPockets' Books All the Money Hacks We WISH We Had Known About Cashback Monitor Cooking at Home Crown & Paw (Pet Portraits) DeleteMe Die with Zero Google Flights Google Shopping I Will Teach You To Be Rich Keepa Mercari Outlive Rakuten Saven Deal (Coupons TopCashback Whiskey River Soap Grab Chris’ 2023 Holiday Gift Guide Click here to check the full show notes: https://www.biggerpockets.com/blog/money-473 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 24, 2023

Happy Thanksgiving! This Turkey Day, we're giving you an encore of one of our favorite episodes on the money hacks EVERYONE should know about! This was one of our top shows of last year and will teach you how to save better, spend less, and travel for CHEAP! Enjoy! ______ Travel hacks, spending hacks, medical hacks . If there’s one thing that Chris Hutchins has learned from hosting the All the Hacks podcast, it’s that everything is negotiable. You can travel to over sixty countries for (almost) free , outsource your cooking at a reasonable rate and even get free money once forgotten. Chris should know—he’s done all this and more as he works to optimize every aspect of his life, both financially and personally! Chris was hacking at a very young age. In high school, he made a fake magazine so he could score free press passes to concerts . When he was away at boarding school, he would buy whole pizzas and sell them by the slice just to afford a few slices of his own. Then, later when he quit his job to travel the world, Chris and his partner hit over sixty countries, using credit card points to globetrott from South Africa to Singapore! Now, as a father, Chris is more concerned about hacking his time . He’s got kids to take care of and doesn’t want to waste a second of his day that could be spent planning for, or playing with, his children. In today’s episode, you’ll hear some of the most insane life hacks , from hiring a personal chef for a fraction of the cost to getting free champagne at any hotel stay and even snagging twenty to thirty percent off of your dream vacation villa . These hacks work (we tried them in real-time), and you may need a pen and paper to write them all down! In This Episode We Cover Credit card points , travel hacking, and how to get flights for free (or at a steep discount) Outsourcing and delegating everything so you spend more of your time with those who are most important Simple principles for an optimized life and why conventional wisdom is usually out of whack How to get deep discounts off of vacation properties during your next big trip Why you should NEVER cancel a flight until twelve hours before takeoff Where to find “unclaimed money” you never knew you had (we found some ourselves!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment All The Hacks Podcast Apps Mentioned in This Episode: CardPointers Paprika FancyHands Google Flights AutoSlash Amazon Smile Library Extension Cash Back Monitor SavenDeals DeleteMe Click here to check the full show notes: https://www.biggerpockets.com/blog/money-472 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 21, 2023

Building wealth , saving money , getting rich —it’s much more straightforward than most people think. You don’t need to be a financial expert or millionaire to know what you should do with your money. But if you’ve found yourself in a spot where saving and investing just isn’t happening or you want to build wealth but don’t know where to start, we’ve got the perfect guest for you! Tiffany Aliche , AKA “ The Budgetnista ,” is on track to help more than 300,000 people start their journey to financial freedom with her Live Richer Challenge, following the same steps she took to get out of over $30,000 in credit card debt , fix her trashed credit score, and save and invest her way to serious wealth. In today’s show, Tiffany will talk about the ten steps you can take to go from money mayhem to net worth nirvana so you can build generational wealth, achieve financial freedom , and leave a legacy for your family. If you liked today’s episode, grab a copy of Tiffany’s Made Whole financial workbook that’ll help you get good with money no matter where you’re starting! In This Episode We Cover The ten steps that’ll take you from broke to building a financial legacy Why you’re budgeting all wrong and the right way to make sure you’re not overspending The EASIEST way to save money every month that will grow your bank account without you even noticing it The different methods to get out of debt and which one makes most the sense for your situation How to take your credit score from the 500s to the 800s with some super simple hacks The one thing you can do right now to start building your retirement nest egg And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment From Financially Perfect to Rock Bottom (and Back Again) How to Teach Your Children About Money Tiffany Aliche’s 10 Financial Components to Become ‘Financially Whole’ Join the Live Richer Challenge! Click here to check the full show notes: https://www.biggerpockets.com/blog/money-471 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 17, 2023

Want to know how to make $100 a day the easy way? We’ve got the queen of side hustles , Jackie Mitchell , on the show to share the most legit, low-effort, flexible side hustles you can try today to start making money tomorrow. Jackie challenged herself to make $100 per day for the next 100 days as she and her husband work to save up a down payment for their first house . She’s documented her entire journey on social media to show the side hustles that are (and aren’t) worth the work. From study groups to surveys , meal-prepping for others, training AI chatbots , and playing piano at events, Jackie has tried dozens of different side hustles so you don’t have to. In today’s show, she shares the best side hustles where you can make up to thirty dollars an hour working entirely from home , the side hustles that trick you into thinking you’re making more money, and how you could start making THOUSANDS more a month while working a few hours extra every day. If you’re trying to save up for a down payment like Jackie, ditch some debt , or want a little extra in the bank, these side hustles could be your first step toward financial freedom . Stick around because Jackie will tell you which side hustles could boost your bank account! In This Episode We Cover How to make an extra $100 per day with simple side hustles that DON’T require experience The one side hustle Jackie comes back to that offers consistent work and high pay Which side hustles are NOT worth the money and take FAR longer than you think Taxes, 1099s, and how to keep track of your income and expenses when making extra money “Body mirroring” and how Jackie stays super efficient when doing side work And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap The Most Efficient Path to Financial Freedom With Justin From Saving Sherpa Taking Command of Your Finances by Understanding (& Controlling) Money with Joe Saul-Sehy Side Hustle Websites from This Show Data Annotation Prolific Remotasks Swagbucks Beer Money Subreddit Click here to check the full show notes: https://www.biggerpockets.com/blog/money-470 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 15, 2023

Building wealth is about to become more challenging than ever before . High interest rates make many rental properties cash-flow-less, the economy could enter a recession , and many investors could lose their shirts . In times of extreme economic uncertainty, only the financially fit will be able to keep, protect, and build wealth . So, in today’s episode, we’re giving you the steps you need to not only survive but thrive in ANY economy. Who are these steps coming from? David Greene , the waiter turned multi-million dollar property investor who is not only the industry’s leader in real estate investing but one of the most financially savvy people on the planet. When the gurus go left, David goes right, which is how he’s been able to hold on to his wealth EVEN during economic turbulence . Today, David will go over the Pillars of Wealth (also the name of his new book) that you must start building NOW if you want your wealth to last . David even gives some rare commentary on the MOST critical thing you can do to reach financial freedom faster and make more money (hint: it’s not investing in real estate ). In This Episode We Cover The three unignorable pillars of wealth that will make you rich BIG shifts in the economy and what happens when this game of “musical chairs” comes to an end When to NOT invest in real estate and whether or not 2024 is FAR riskier than before The EASIEST way to boost your bank account WITHOUT making more money What to do TODAY to ensure you keep your job, get raises, and grow your income And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Pick Up “Pillars of Wealth” and Other Best-Selling David Greene Books Hear David on The “BiggerPockets Real Estate” Podcast BiggerPockets Forums How to Become an “Overnight” Success in 10 Short Years with David Greene Bootcamps Click here to check the full show notes: https://www.biggerpockets.com/blog/money-469 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 13, 2023

Bar Rescue host Jon Taffer has spent more than a decade finding the most disgusting, poorly-run, money-hemorrhaging bars in America and turning debt-ridden dumps into successful money-making businesses . How does he do it? In today’s show, this hospitality, restaurant, and bar legend will uncover the ONLY reason why businesses fail and the “secret recipe” for a successful entrepreneur . And even if you don’t own a business or don’t plan on owning one, Jon drops some knowledge that cannot be missed and could turn WHATEVER you’re struggling with in life into a smooth path to success . Jon talks about the over two hundred bars and businesses he’s saved , the biggest mistake the owners are making , and how to get out of business debt if your business is in WAY too deep. Lastly, Jon talks about what makes a successful entrepreneur and gives his most crucial advice for those who are about to launch or have plans to launch a business . Trust us, Jon’s advice could save your entire business! In This Episode We Cover The number one reason why businesses fail and what their owners should do NOW Taking responsibility and why your excuses are STOPPING you from achieving your dreams How Jon and the Bar Rescue team complete bar renovations in just thirty-six hours (seriously!) Screaming, yelling, crying , and how Jon breaks through to failing business owners The “secret recipe” for a successful entrepreneur and Jon’s biggest piece of advice in 2024 And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment The Main Reason Most Businesses Fail and How to Avoid It Grab Jon’s Books Click here to check the full show notes: https://www.biggerpockets.com/blog/money-468 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 10, 2023

Switching jobs is a HUGE career decision that impacts not only your finances but also your schedule , quality of life , and more. When is changing jobs the right move, and what are the different factors at play? Today, our hosts will show you what to do when faced with such a big decision! Welcome back to the BiggerPockets Money podcast ! In this episode, Mindy and Kyle are fielding some of your top questions. In addition to changing jobs , they discuss 401(k) investing strategies —including how to handle accounts from previous employers and how to set up your own solo 401(k) ! They also talk about what to expect as a first-time landlord and all of the different tax benefits and liabilities that come along with the job. Plus, what you should do if your tax professional makes a dreaded error . Finally, they offer some timely investing advice that will help you navigate the current economic climate . Amidst inflation and high mortgage rates , should you invest in the stock market , pay off your debts , or go another route entirely? Stay tuned to find out! If you want Mindy and Kyle to answer a money question, you can submit a question here or post it in the Money Facebook Group ! In This Episode We Cover Leaving your job for a higher-paying one (and when it’s best to stay put!) How to handle your old 401(k) accounts and set up a solo 401(k) Tax benefits and liabilities you MUST know as a first-time landlord What to do when your tax professional makes a COSTLY error Investing in the stock market versus paying off debt (and how to get the best rate of return) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment What to Do Before You Quit the High-Pay & Benefits of Corporate World Finance Friday: I Want to Cash Out My 401k Early, Should I? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-467 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 6, 2023

If you haven’t started your retirement planning yet , you’re not out of luck. Whether you’re in your twenties, thirties, forties, fifties, or sixties, there’s still time to get enough into your accounts so you can walk away from work and live life on your schedule. So, even if you’re starting late, fret not because today, we’ll walk through everything you need to know to get your retirement planning in gear! To help, The Motley Fool’s Robert Brokamp is joining us on the show! Robert, like many of us, started looking into investing when he was too broke to afford what he needed. After researching index funds, compound interest , and basic investing , Robert thought, “ Why isn’t everyone taught this? ” This question inevitably led him to become a CFP (certified financial planner), join The Motley Fool , run the popular “ Rule Your Retirement ” service, and contribute to the Motley Fool Money podcast. Robert has been helping people reach their retirement goals for decades, and today, he’s here to help you do the same. This money masterclass will go through all aspects of retirement planning , from 401(k) contributions to individual stock vs. index fund investing , when annuities and bonds make sense for your portfolio, the future of social security , and why you may want to start spending MORE money before you retire. In This Episode We Cover Retirement planning 101 and how to get on track even if you haven’t started investing The good, bad, and ugly 401(k)s and how to know which one YOUR company has Individual stock investing vs. index funds for a faster-growing retirement portfolio Inflation -adjusted investments , annuities, and when buying bonds makes sense The BIGGEST regret retirees have once they’re able to leave work The EXACT portfolio Mindy and Scott would build for an ample retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Bill Bengen (4% Rule) FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement by Mark Trautman Learn More from Robert The Motley Fool The Motley Fool Money Podcast Rule Your Retirement Extraordinary Popular Delusions and The Madness of Crowds Immediate Annuities J.P. Morgan’s Guide to Retirement Open Social Security Retirement Planning Module TIPS Watch TreasuryDirect Click here to check the full show notes: https://www.biggerpockets.com/blog/money-466 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 3, 2023

When people hear the term “ passive income ,” their minds usually flash to real estate investing . But, taking on real estate debt may not be the best option for you—especially if you have a high-risk financial portfolio . Instead, you might be better off starting a side hustle that brings in extra dough without huge startup costs or a massive time commitment! Kayla is a healthcare sales professional who has just bought her first property —a beautiful townhouse that she plans to house hack with a couple of friends. Although she was able to get a loan with a low interest rate from a private lender , there are several risks involved that keep Kayla awake at night. With a hard deadline to refinance the mortgage in five years and a potential recession looming , Kayla must reassess her five-year plan and determine the most viable path to financial freedom . Fortunately, Scott and Mindy are here to help her out! If you’re feeling a little uneasy about 2024’s recession risk , you won’t want to miss out on the many nuggets of wisdom shared in this episode. You’ll learn the best ways to offset a high-risk portfolio , the importance of building your cash position in case of emergency, and how to supplement your W2 salary with REAL passive income ! In This Episode We Cover How to offset high levels of risk in your financial portfolio Supplementing your W2 earnings with passive income opportunities Side hustle ideas you can start with a few hundred dollars (or less!) How to get a low-interest mortgage in today’s housing market Subsidizing your mortgage payment by house hacking The emergency fund you NEED on hand for a worst-case scenario And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Choosing Side Hustles (& Happiness!) Over Full-Time Employment Making Money From a Legitimate Side Hustle With Mark Wills More Money in Less Time: How to Start a Profitable Side Hustle Click here to check the full show notes: https://www.biggerpockets.com/blog/money-465 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 1, 2023

HGTV’s Heather and Tarek El Moussa have built an empire that any entrepreneur would be jealous of. They’ve collectively flipped over a thousand homes , started syndications with tens of millions of dollars invested, have a TV show that rakes in money for them to flip more houses, AND they do it all while raising a family . And while they’ve created the life they’ve always dreamed of, some unintended side effects have recently emerged that make things less-than-glamorous. We’ll touch on the recent “drama” in today’s episode, but before we do, Heather and Tarek break down precisely what they did to build the business they own today. And if you’ve ever thought of flipping houses before, Tarek gives invaluable advice on finding deals, hiring (and firing) contractors , why he’s spending more money than EVER before on renovations , and how you too can build a multi-million dollar house flipping business . But that’s not all. After a recent slew of negative press , Tarek finally breaks the silence on a recent deal gone wrong and gives the story none of the news outlets would share on how he’s handling a barrage of tenant complaints, online harassment , and even death threats . In This Episode We Cover How the El Moussas flipped over one THOUSAND homes across California Finding house flipping deals and how to see the “potential” in a hideous home Wholesaling real estate and why Tarek was forced to stop flipping Why Tarek sees “rough times” ahead and how YOU must pivot if you invest On-air “drama,” how much of it is real and raw, and the effects it has on Heather and Tarek Tarek’s recent deal gone wrong and how he’s doing everything he can to make it right And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Hear Tarek on the “BiggerPockets Real Estate” Podcast Flipping Houses: How to Get Started and Everything You Should Know Click here to check the full show notes: https://www.biggerpockets.com/blog/money-464 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 30, 2023

Teaching your kids about money is one of the most CRUCIAL parts of parenting . So why do so many Americans completely neglect financial literacy for kids ? Is it too awkward of a subject? Do parents feel like they don’t even grasp personal finances themselves? What happens if YOUR kid goes into the world with zero money mastery? If you have children, grandchildren, nieces, nephews, or loved ones with kids, THIS is what you MUST teach them. Instead of Mindy and Scott telling you what they taught their kids, Katie Trautman comes on the show to share what her FIRE father taught her about money . You may recognize Katie’s name; her father, Mark, was on the show just a few months ago . Mark was able to retire at age fifty, get Katie through college debt-free , and travel to his heart’s desire. He taught Katie some crucial personal finance lessons many of us never learned. From saving to spending, investing, retirement accounts, and more, Katie goes through some of the top lessons her father taught her about finances before she left the house. Katie is about to start her first full-time job, and with a healthy emergency reserve , full retirement accounts, and the right money mindset, she’ll show you how she plans to retire earlier than her father even though she JUST started working. In This Episode We Cover Financial lessons you MUST teach your children before it’s too late How to fund your child’s college through tax-advantaged investing accounts Allowances and how to entice your child to save more than they spend The “20%” rule that Katie has ALWAYS followed to set herself up for financial success Why your kids SHOULD know how much money you make, save, and spend The one thing Katie wishes she could change about growing up in a FI family And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement with Mark Trautman Tracy Coenen (Forensic Accountant) Part 1 Tracy Coenen (Forensic Accountant) Part 2 5 Ways to Teach Your Kids About Finance & Investing Click here to check the full show notes: https://www.biggerpockets.com/blog/money-463 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 27, 2023

Want to reach FIRE long before you’re sixty-five? If you make a decent income, invest diligently, and watch your spending, you STILL could fall into the “trap” most FIRE-chasers find themselves in. By making one BIG mistake, you could be accidentally forcing yourself to work for years or decades longer to finally retire, even if you’ve reached your FIRE number! What “trap” are we referring to, and how do you ensure you’ll hit FIRE on your schedule? Stick around to find out! Today, we talk to Chris , who works in medical sales and makes an income anyone would be happy to have. He lives in a high-cost-of-living area with a million-dollar home, expensive property and state taxes, and high expenses . But he still saves a solid amount of income every month. What’s he doing with his extra cash? Investing in index funds , generously donating, and… saving to buy into a franchise? This franchise investment could make Chris millions , but there are a few red flags that Mindy and Scott can’t ignore. With a substantial initial investment and a partnership that could be tested at any point, Chris wants to know the best place to deploy his ample capital . Does he go head-first into the franchise , stick with index funds , or build robust retirement accounts ? And with a FIRE timeline of ten years or less , how does he ensure he'll have enough money to support his lifestyle? In This Episode We Cover The common FIRE “trap” that could force you to work for far longer at your job Investing in retirement vs. after-tax brokerage accounts and which to focus on for FIRE How to access retirement funds even earlier if you decide to retire early Investing in a franchise and what you MUST know before you put your money into one The perfect FIRE portfolio and how to allocate your investments to support your early retirement lifestyle Building/buying your forever home and when to put it off to invest And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Accessing Retirement Funds Before Age 59½ with The Mad Fientist Franchises 101: How to Find, Fund, and Profit from Owning a Franchise How to Access Retirement Funds Early Click here to check the full show notes: https://www.biggerpockets.com/blog/money-462 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 23, 2023

You want to retire , but you’ve got credit debt, auto loans , and student loans . It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way? Seth Godwin was fired from his job while holding $30,000 in credit card debt . He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free , increase his credit score by hundreds of points , and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans , realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away. Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards —but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you , how to escape credit card debt confidently, what to do now that student loans are resuming , and why you SHOULDN’T trade in your old car . In This Episode We Cover The common auto loan scams that trick you into spending FAR more than you should Why you should NEVER trade in a “negative equity” car to upgrade The best car makes to buy (and two that rarely break down) How to crawl yourself out of credit card debt and come out with a 700/800 credit score How much money Seth makes on TikTok every month (it’s WILD!) Student loan resumption and whether college is worth the increase in salary And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Is College Worth It (Part1) Is College Worth It (Part 2) Liz Frugalwoods Tinian Crawford Side Hustle Resources: Side Hustle Nation Budgets Are Sexy Click here to check the full show notes: https://www.biggerpockets.com/blog/money-461 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 20, 2023

Will the housing market crash ? If you’re like most Americans, the economy is starting to feel a bit unsettling. But, with so many homeowners locked into low mortgage rates or owning their homes outright, is there even a possibility of a housing crash, regardless of whether a recession does happen? The answer isn’t as straightforward as most people think , and if you don’t know the facts, you could get caught off guard. Mindy and Scott are back to answer YOUR money questions. This time, we’re taking questions from our Facebook Group, and MANY have to do with mortgage rates , home sales, and a potential crash . First, we answer what could cause a housing market crash in the near future. Then, a listener asks whether or not they should sell their home to pay off credit card debt . An investor wants to know if paying off their mortgage early beats the stock market , and a divorcee seeks to sell her home because of “bad juju.” The problem? She’s got a killer mortgage rate. Finally, we’ll debate stocks vs. real estate as the best path to FIRE ! Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group , or click here to submit your question on our next Q&A episode! In This Episode We Cover Could the housing market crash? And if so, which areas will be most affected? Crazy credit card debt and whether selling your home is worth being debt-free Should you stay in a house you hate just because you have a low rate? When leaving your business to go back to a W2 makes sense Paying off your mortgage early vs. investing in stocks when rates are sky-high The fastest path to financial freedom and whether stocks vs. real estate gets you there sooner And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Money and Relationships: How to Have “The Talk” Before It’s Too Late w/Vivian Tu Seriously—Why Hasn’t the Housing Market Crashed Yet? Should You Pay Off Your Mortgage Early or Invest? I Will Teach You To Be Rich Episode 80 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-460 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 16, 2023

Marriage and money are known for mixing like oil and water, but a little financial knowledge will allow you to navigate these sensitive issues with confidence. Today’s guest is an expert on this front and is here to equip you with some future-saving finance tips ! Welcome back to the BiggerPockets Money podcast ! In this episode, we’re joined by Tracy Coenen , a forensic accountant who specializes in unearthing money shenanigans in marriages . On most days, Tracy works closely with spouses who suspect financial infidelity or that their partner is making financial arrangements in preparation for a divorce . This is a vulnerable position for any partner to be in, but with Tracy in their corner, they can better handle their finances and weather the storm. Whether you’re single , preparing for marriage , or filing for divorce , this episode is loaded with all kinds of personal finance tips that will help you protect your financial future . Tracy shares why it’s critical for all couples to draft up prenuptial agreements before getting married, the biggest warning signs of financial infidelity in a partner , and when you might need to hire a forensic accountant to assist with your marital money problems . Stay tuned until the very end to hear about some of the wildest cases Tracy has worked on over the years! In This Episode We Cover Common marriage and money-related stressors that contribute to divorce When to hire a forensic accountant for your marital money issues The biggest warning signs of financial infidelity or divorce planning Why you and your partner NEED a prenuptial agreement before getting married Keeping legal costs under control during the divorce process How a couple’s finances and assets are typically divided in a divorce And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment What Out for These Financial Infidelity “Red Flags” in Your Marriage w/ Tracy Coenen Why You’re (Probably) Wrong About Prenups w/ Aaron Thomas Money and Relationships: How to Have “The Talk” Before It’s Too Late w/ Vivian Tu Getting Financially “Naked” with Your Significant Other w/ Erin Lowry Connect with Tracy and Get $100 Off Your Divorce Money Guide Click here to check the full show notes: https://www.biggerpockets.com/blog/money-459 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 13, 2023

What if one part-time side hustle could replace your entire income ? Even better, what if you could keep your full-time job and spend a few hours a week making thousands extra a month , raking in cash, and reaching financial freedom faster ? If you’re today’s guest, Ryan , then this is the situation you find yourself in. Don’t know which super lucrative side hustle we’re talking about? Stick around because you may have never thought of it before. Ryan works full-time as a registered nurse in one of the most expensive areas of the country, Northern California. He’s made some ingenious money moves that allowed him to quadruple his income in just four years and live close to free every month in his own house. But, with a baby on the way , Ryan’s lucrative house hacking lifestyle may be coming to a close, and he’s debating what to do next. Should he pay off student loans, buy another home for his new family, stay in his current property , or expand his successful side hustle ? The good thing is that any of these moves could make Ryan richer, but he’ll be strapped for time with a sixty-hour-per-week working schedule and a newborn requiring constant attention. So, what’s the best money move to make for his future family? And should he go all-in on this wild side hustle that could make him even more than his job? In This Episode We Cover Ryan’s unbelievably profitable side hustle that almost anyone can start NOW House hacking 101 and how to live-mortgage free every month When paying off debt DOESN’T make sense (and what you should do with the money instead) Investing in real estate vs. your side hustle and why mortgage rates have changed the game Buying businesses from retiring baby boomers and the HUGE opportunities out there How Ryan quadrupled his salary in just four years (without burning out!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire Leila and Alex Hormozi’s Unbelievably Simple Investing Advice Codie Sanchez: These “Boring Businesses” Will Make You Rich How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles Passive Income, Aggressive Retirement Click here to check the full show notes: https://www.biggerpockets.com/blog/money-458 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 9, 2023

Vivian Tu , AKA “ Your Rich BFF ,” is the internet’s expert on money and personal finance . She was doing schoolyard trades before she worked on Wall Street, and now, as the host of Networth and Chill , she talks about the much more profound aspects of finances. Stuff like love, marriage, happiness , and when to ditch another date with someone who could put you in financial ruin. Americans tend to think with their hearts and less with their heads when finding love. The problem with that logic? Money is usually the single-largest reason for divorce , so if your partner doesn’t have their money right, your relationship could be rocky. So, how do you know from the jump if someone is financially savvy enough to build your life with ? And, if you already have a partner, what do you do if they’re not in the financial spot you need them to be in? In this episode, Vivian walks through the financial red flags you should look for on a first date , questions to ask to see how a potential partner is doing financially, the BIGGEST money mistake in relationships , and how to start financial planning together so you can live a happier, healthier, and wealthier life. In This Episode We Cover The biggest money mistake that most couples make (and how to fix it NOW) Money questions to ask on a first date (they won’t know you’re asking about money...) The mandatory “ money date ” that Vivian and her partner regularly have Make a change or break up? What to do when your partner isn’t on the same financial path as you Financial planning as a couple and accomplishing your biggest financial goals together And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Amanda's Instagram Amanda's Website Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment 16 Money Skills They Didn’t Teach You in High School Divorce: The Biggest Marriage and Money Mistakes to Avoid Smart Money Mamas’ Emergency Binder Click here to check the full show notes: https://www.biggerpockets.com/blog/money-457 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 6, 2023

Many real estate syndications are facing absolute failure in 2023 . But, even if you aren’t investing in any, this could be a learning experience like no other to help you build your wealth in the future. If you’ve never heard of a real estate syndication before, here’s a quick summary: a real estate syndication is where an “operator” raises money from a group of investors to buy a large commercial property, often an apartment complex, self-storage facility, or housing community. Over the past ten years, these investments have boasted massive profits, but everything is about to change. Real estate syndications face obstacles like they never have before. Rising interest rates and vacancies , a backlog of evictions , plummeting prices , and inexperienced operators who have NEVER been in a down market. These failed deals could lead to opportunities for you to invest at a massive margin , but how do you know which deal is worth putting money into? J Scott , world-famous investor, flipper, syndicator, and author, is on the show to explain exactly what to look for in a syndication , whether investing now is the right move to make, and what to know before investing in a syndication. The right syndication can make you hundreds of thousands in a completely hands-off, passive investment. The wrong syndication can tank your entire net worth. How do you know which is which? Tune in! In This Episode We Cover Syndication investing explained and whether putting money into this “passive” investment is worth it The commercial real estate crash and why property values are plummeting Massive economic headwinds syndicators face in 2023 and why many won’t survive The danger of “floating rates” and why many syndicators could be forced to sell Accredited vs. non- accredited investors and who should consider syndication investing The most critical question you should ask ANY syndicator And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab the Best-Selling Real Estate Books by J Scott Syndications: Everything You Need to Know BEFORE You Invest The Biggest Crash Imaginable is Coming For Commercial Assets REITs: How to Make Real Estate Money WITHOUT Owning Rentals w/Jussi Askola Click here to check the full show notes: https://www.biggerpockets.com/blog/money-456 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 2, 2023

Want passive income ? Well, DON’T invest in rental properties. Buy REITs (real estate investment trusts) instead. Yes, you read that right. Although rental properties are a phenomenal way to build wealth and cash flow and pay fewer taxes on your income, they aren’t the most “passive” type of investment around. Between the 2 AM tenant phone calls, leaky toilets, evictions, and common headaches of owning a house, rental properties might not be worth the extra income for most Americans. But REITs probably are. REITs are traded on the stock market just like your favorite index fund. The difference between REITs and traditional stocks? REITs let you buy a share in a large landlord company , which passes their income down to you via dividends and often an appreciating share price. And now, as many commercial real estate values are dumping, top REITs could be selling at a HUGE discount . So, how do you start investing in them? We brought Jussi Askola on to help. Jussi runs Leonberg Capital, where he consults with some of the largest REITs in the world. He also writes the “ High Yield Landlord ” newsletter for Seeking Alpha and is arguably the world’s most up-to-date REIT expert. In today’s episode, Jussi gives you a top-to-bottom breakdown of REIT investing , who should (and shouldn’t) invest in them, how to know whether one is worth buying, and why rentals PALE in comparison to the passive income REITs provide . In This Episode We Cover REITs vs. rental properties and why one beats the other on profit and passive income potential How to make TRULY passive income by investing in REITs today Private vs. public REITs and which are safer, easier to exit, and provide better returns The MASSIVE REIT discount in today’s stock market and which companies are worth investing in REIT industries to avoid in 2023 that may continue to see their prices drop And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Connect with Scott on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Passive Income (Without the Properties!) by Investing in REITs w/Matt Argersinger What Are REITs And How Can You Invest In Them? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-455 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 29, 2023

Tyler and Jenna need to know how to retire in ten years or less so they can spend less time working and more time with their family. The problem? They’re spending more than $10,000 monthly in expenses, and even with a high salary, that hurts their bottom line. But, a bigger problem to take care of is the six-figure savings sitting in their bank account, not bringing them any closer to becoming financially free . So, what should they do next? Today, Mindy is joined by her husband, Carl , as these lucrative lovebirds advise a young couple who just had their first child and are looking to speed up their early retirement timeline . Tyler works in finance, taking home a stable income, and Jenna runs her own business that’s still expanding. They want to increase their incomes , invest more, and move closer to early retirement, so where do they start? With three FI-friendly investment options— index funds , short-term rentals, and syndications —Tyler and Jenna can use any (or all) of these to multiply their wealth. But, one of these options poses a substantially bigger risk than they may think , and Mindy and Carl feel that they MUST warn this couple about it before they pull the trigger. If you dream of hitting FI in a decade or less , this episode can help you get there! In This Episode We Cover How to hit financial independence in ten years or less (and what to invest in) Tracking your expenses and categories you may want to cut out of your budget Syndication investing 101 and why now may NOT be the time to invest in passive deals Private money lending and becoming the bank for active real estate investors Buying a short-term renta l and how to ensure it’ll actually turn a profit Index funds for early retirees and the easiest way to make your money grow And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment The Best Alternative Investment No One Knows About Syndications: Everything You Need to Know BEFORE You Invest Making $2,000/Month with Etsy Printables Click here to check the full show notes: https://www.biggerpockets.com/blog/money-454 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 25, 2023

Financial trauma is an extremely common roadblock on the journey to financial freedom . In fact, most people deal with this issue on some level, even if they aren’t aware of it. Whether your trauma patterns stem from your parents’relationship with money or an instance of financial abuse , know that there’s light at the end of the tunnel! Welcome back to the BiggerPockets Money podcast ! Today’s guest is Shannah Game —author, entrepreneur, certified financial planner (CFP) , and host of the Everyone’s Talkin’ Money show . Shannah would be the first to tell you that her relationship with money has been far from perfect. Having grown up in a family where money decisions were always heavily scrutinized , Shannah has worked hard to not only address her own deep-rooted money trauma but also help others overcome similar traumatic patterns in their lives. If your negative experiences with money are preventing you from achieving your financial goals , tune in as Shannah shares her expertise on an issue that is sorely overlooked today. In this episode, you’ll learn how to name and work through your unique money trauma , avoid your biggest money triggers , and get back on the straight and narrow toward financial freedom . You’ll also learn the most common signs of trauma to look for, as well as practical exercises you can use to get your financial fear under control! In This Episode We Cover The most common signs of money trauma to look for in your own life How financial trauma is passed down through multiple generations Two questions you MUST ask to uncover the root cause of money trauma Working through money trauma patterns to reach your financial goals Exercises to practice when experiencing a traumatic money-related event Why you NEED to talk about finances with close friends and family members And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How to Use Your Financial Fear to Build Wealth Better w/Farnoosh Torabi Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry Download Shannah’s FREE Guide, “10 Money Questions to Ask Yourself Right Now” Tune in to the “Everyone’s Talkin’ Money” podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-453 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 22, 2023

If you’re new to personal finance, investment accounts can seem complicated. The terms, the lingo— HSA, Roth, IRA, 401(k) —these may seem like letters in an arbitrary order, but using these retirement and investment accounts can help you reach financial freedom faster , pay WAY less in taxes , and maximize your money even while you’re asleep. So, how do you get started? Tune in; we’ll show you how! Joining us is early-retired CFP (Certified Financial Planner) Kyle Mast to walk through each retirement, investment, and savings account you MUST have on your road to FIRE . In today’s episode, we’ll touch on the common accounts you’ve heard of, like the 401(k) and IRA, as well as some lesser-known investing and savings accounts that can help your money grow faster than you thought possible. And whether you’re just starting your retirement journey in your 40s, 50s, or 60s, or you’re a twinkly-eyed twenty-something-year-old ready for compound interest to run its course, you’ll get EVERYTHING you need to know about investing and retirement accounts from this episode. In This Episode We Cover Retirement accounts explained and how to lower your taxes with 401(k)s and Traditional IRAs The “triple-tax benefit” account that most Americans don’t even know exists How to turn taxable income into tax-free charitable contributions in retirement The savings account that will pay you solid interest JUST to park your money What to do if you’re a high-income earner and don’t qualify for tax-advantaged accounts Highly-advantaged niche retirement accounts like the 401a and 457(b) that you might have access to And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant Starting From $0 at Age 35 as a Teacher and Becoming ‘The Millionaire Educator’ Click here to check the full show notes: https://www.biggerpockets.com/blog/money-452 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 18, 2023

This “ financial order of operations ” could be your ticket to financial freedom . If most Americans followed these steps, they would find themselves debt-free , with full retirement accounts, passive income , and “wealth-accelerating” investments that only top-income earners can access. But you don’t need to make hundreds of thousands of dollars a year to follow this “ Stairway to Wealth ”; you just need to follow these steps! Andrew Giancola from The Personal Finance Podcast built the “Stairway to Wealth” after realizing that the common wealth-building plans, like Dave Ramsey’s “ Baby Steps ,” wouldn’t fit most people’s lifestyles. Instead, Andrew worked to develop a system that almost anyone could use , one that was tailored to TODAY’s financial environment and gave people more of a choice when it came to their investments . Following this nine-step plan , you can go from low cash and high debt to debt-free , financially safe and secure, and invested for your future. Whether you’re starting on step one or step nine, this type of financial framework can make financial independence and early retirement MUCH easier. In This Episode We Cover The “Stairway to Wealth” financial order of operations ANYONE can use to build wealth Emergency reserves and why the “$1,000 standard" amount ISN’T enough Roth IRAs, 401(k)s, and which retirement accounts to invest in Paying off debt and which interest rate is worth tackling first The “wealth accelerators” that boast massive returns but with higher risk The “super retirement account” that most Americans don’t know about And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Learn from Other Real Estate Investors on the BiggerPockets Forums Start Your Real Estate Investing Journey with the “BiggerPockets Real Estate” Podcast Are Dave Ramsey’s 7 Baby Steps Overrated Master Money The Personal Finance Podcast The “Stairway to Wealth” Andrew on BiggerPockets Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 15, 2023

The fear of Job loss has become real for most Americans. And if you’re falling into the “ middle-class trap ,” a sudden loss of income could be even more severe. After the recent tech layoffs of 2022 and 2023, businesses outside of the Silicon Valley bubble are starting to feel the effects of higher interest rates and lower consumer spending. But what happens if YOU’RE the one who’s getting laid off? Will you be able to pay the bills? How much of a severance package can you expect? And what moves should you make NOW to get ahead? Mindy and Scott are taking questions directly from listeners to put YOU in the best financial position possible . On this show, you’ll learn what to do AS SOON as you hear about layoffs in your company, how much you could get paid for severance , and why you CAN NOT rely on unemployment for everything. Next, we hear from a high-income earner who can’t get out of debt and is stuck in the “ middle-class trap .” For those with too much cash on their hands, Mindy and Scott get into investing in syndications, plus what to do if your house bills are slowly eating you alive. Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group , or click here to submit your question on our next Q&A episode! In This Episode We Cover What to do if you get laid off and how to start making income ASAP Severance packages and questions you NEED to ask your employer if you lose your job The “middle class trap” that high-income earners get stuck in Syndication investing 101 and when to RUN away from a potential investment What to do if you’ve " bought too much house” and payments are putting pressure on your finances Unemployment income and why you CAN’T rely on it to pay for your life Why EVERYONE needs a side hustle to survive (yes, even YOU!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Syndications: Everything You Need to Know BEFORE You Invest Want More Syndication Info? Email Scott Check Out Mindy’s ENTIRE 2022 Budget Surviving a Layoff: What HR Wants You to Know Click here to check the full show notes: https://www.biggerpockets.com/blog/money-450 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 11, 2023

People spend much of their lives grinding to Coast FI , but the truth is that you’re only ever one big financial swing from achieving your FI goals much faster. Despite starting out with very little, today’s guest was able to break the cycle and reach her Coast FI goal in just four years . In this episode, she shares the blueprint for her “overnight” success! Welcome back to the BiggerPockets Money podcast ! Today, we’re speaking with finance guru and real estate investor Amberly Grant . Amberly didn’t come from wealth. Growing up, her family never owned a home or had enough money to afford simple repairs. But, at fifteen, she discovered the book The Wealthy Barber , which ignited her love for finance . After several failed business ventures and a late start to college, Amberly discovered the power of real estate investing in 2019. House hacking covered her mortgage each month, and keeping her expenses down allowed her to save most of her income and buy more properties . In this episode, Amberly demonstrates just how quickly things can swing in your favor with a little financial knowledge and hard work . Comfortably Coast FI , Amberly now works from home , manages her real estate portfolio on the side, and spearheads FinTalks —a segment of the FIRE community that discusses important finance topics each week. Tune in to learn how she doubled her W2 income , saved eighty thousand dollars in one year , and made her husband wife-FI ! In This Episode We Cover How to fast-track your journey to financial independence Reaching Coast FI in as little as four years with real estate Eliminating your mortgage payment through the power of house hacking Increasing your income through W2 raises and HUGE property cash flow Reducing your monthly expenses and supercharging your savings And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How This Teacher Squashed $20K in Credit Card Debt and Hit Coast FI by 32 w/Yanely Espinal Join the FinTalks Community Today Click here to check the full show notes: https://www.biggerpockets.com/blog/money-449 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 8, 2023

Want to know how to invest $10K , $25K , $50K , or even $100K ? The average American household has $41,600 saved . While that’s a decent chunk of cash, it’s not working very hard for you by sitting in a savings account , is it? Fortunately, there are all types of ways to invest that money and grow your nest egg much faster! Welcome back to the BiggerPockets Money podcast ! In this “sequel” to our $100-$5,000 episode , we’re looking at ways to invest a much larger amount of money— $10,000-$100,000 . Scott and Mindy are joined by guest hosts Kyle Mast and James Dainard , who share their own expertise on where to allocate your capital. Even with the diverse perspectives, all of our hosts agree: don’t just sink your money into your primary residence or fancy car and call yourself a millionaire ! The moves you make today could determine your financial future . Stay tuned as our hosts offer active and passive investing ideas to consider, depending on your risk tolerance . You’ll also learn how to get one-hundred percent financing for real estate deals , ways to build (or buy!) a profitable business , and essential tax planning tips at various income levels ! In This Episode We Cover The best ways to invest with $10,000 , $25,000 , $50,000 , or $100,000 Active and passive investment opportunities at every level How to build a nest egg that allows you to live off passive income in retirement Getting one-hundred percent financing for a house flip through hard money and private money How to start and build a profitable business with zero startup costs Strategic tax planning tips to consider at different income levels And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Kyle’s Website Clarity Financial Kyle’s Twitter James on BiggerPockets James's Website Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment The Beginner’s Guide to Investing (Start with Just $100!) Codie Sanchez: These “Boring Businesses” Will Make You Rich How to Build Yourself a 6-Figure Income Stream Click here to check the full show notes: https://www.biggerpockets.com/blog/money-448 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 4, 2023

Financial fear is… a good thing!? Fear is an uncomfortable feeling we often try to ignore or suppress. But what if, like other emotions, it exists for a specific purpose? What if following it could help you avoid deathly decisions ? Today’s guest is here to set the record straight on this very basic yet misunderstood human emotion we call fear. Welcome back to the BiggerPockets Money podcast! In this episode, we’re speaking with leading personal finance expert and host of the So Money podcast , Farnoosh Torabi . Ahead of the release of her new book, A Healthy State of Panic , we discuss the emotion at its center—one that is so often intertwined with money: fear . There are all kinds of financial fears that cripple people today—the fear of a stock market crash , of losing their job in a recession , or of running out of money in retirement . Farnoosh is here to tell you that fear isn’t a bad thing. In fact, it’s often the catalyst for a brighter financial future . If you struggle with a particular money-related fear , guess what? You’re in good company! We all deal with fear on some level—especially when our finances are involved. Tune in to hear Farnoosh talk about the nine most common“flavors” of fear that people face. She also discusses practical ways to leverage fear and gain wisdom in return. Finally, she talks about how working through fear can help you practice gratitude in your life! In This Episode We Cover Leveraging the fear in your life to glean new financial wisdom The nine most common “flavors” of financial fear that hold people back The importance of education in helping you process your financial fears Confronting fear today to prevent financial loss in the future How to live “fearlessly” with a healthy amount of fear in your life Using fear to practice gratitude for what you have And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan Grab Your Copy of Farnoosh’s Latest Book, “A Healthy State of Panic” “So Money” Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-447 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 1, 2023

The FIRE community is notorious for chasing early retirement at all costs. Many search for creative ways to earn more money and spend less of it , only to end up hating the journey. If you’ve ever felt burnt out or discouraged on the road to FIRE , you’re in for a real treat with today’s episode! Welcome back to the BiggerPockets Money podcast ! Today, we’re joined by Mark Trautman from Mark’s Money Mind . Early on, Mark decided that he was going to live life on his own terms. So, he and his wife worked their way out of debt and adopted the motto, “ Make some, save and invest, and live on the rest. ” After maximizing their 401(k) contributions , investing their money in other retirement accounts , and diligently saving each month , Mark and his wife were able to retire by the time he reached age fifty . We wish Mark’s story ended there. A few years later, however, his life was turned upside down after the death of his wife . While grieving the loss, Mark needed to adjust how he used his nest egg going forward. By implementing smart Roth conversion strategies and opening a “fun bucket” account , Mark was able to not only minimize his tax liability but also find new ways to enjoy retirement . Stick around for a true masterclass on how to relish the journey to FIRE ! In This Episode We Cover How to enjoy the journey toward financial independence and early retirement The financial implications you face after the death of a spouse Reducing your lifetime tax liability with Roth conversion strategies The “fun bucket” strategy you NEED to implement in retirement How to start teaching financial independence to your children TODAY And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders Take Mark’s FREE 7-Week Financial Literacy Course Click here to check the full show notes: https://www.biggerpockets.com/blog/money-446 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 28, 2023

Travel hacking allows you to see the world for less than you spend at home. That’s right. If you took your rent or mortgage payment in the US and traded it for traveling abroad, you could live off far less money and do far more than you do back in the States. But you’ll need to know how to work the system before you take off on your flight, or else you might come home happy and full but broke. Matthew Kepnes , better known online as Nomadic Matt , made travel his full-time job, documenting how much he spent, saved, and enjoyed along the way. Matt has spent more time outside the US than most Americans will in their lives —and he has some secrets to share. Matt goes over EXACTLY how to start travel hacking , from credit cards to cheap activities , hostels, hotels, and horror stories you should try to avoid. Matt also shares why so many Americans spend WAY too much money when they’re abroad and what you can do to make your trip last FAR longer IF you follow a few essential tips. So, if you want to finally take the year off and wander around Europe, Southeast Asia, or Central America but don’t think you have the funds to do so, Matt is here to prove you wrong. In This Episode We Cover The most cost-effective way to travel and why you MUST “travel like you live” Why smart spenders MUST get a travel rewards credit card NOW Geographic arbitrage and the cheapest countries/areas to stay in for weeks (or months!) Hostel horror stories and why it ISN’T all partying and bunk beds Free activities you can do in ANY city and where to find them Matt’s top travel websites and apps to find hotel and flight deals for cheap And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How to Earn Free Vacations With Travel Rewards Credit Cards Click here to check the full show notes: https://www.biggerpockets.com/blog/money-445 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 25, 2023

Financial advisors are supposed to look after your money , but sometimes, their profits come first. We’ve had many questions about which type of financial advisors to use , which aren’t worth the fee, and whether you even need one in the first place . On this Finance Friday episode, Mindy and Scott are taking questions directly from listeners like you, and one of the top ones finally answers the question: what are these “fees” financial advisors are charging me!? You’ve got money questions. Scott and Mindy have answers. In this episode, they’ll touch on topics like which type of financial advisor to hire , whether cashing out your 401(k) early is ever worth it, what to do when your bank messed up your interest rate , when (and when not) to use LLCs for real estate investing , and how to start investing in stocks when you’ve only got $1,000! Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group , or click here to submit your question on our next Q&A episode! In This Episode We Cover How to start investing in the stock market with $1,000 (or less!) Rental property LLCs and why you’re probably wrong about “tax write-offs” Financial advisor fees and the ONLY type of financial advisor we’d recommend Cashing out your 401(k) early when you need to pay off credit card debt Return on equity explained and signs it’s time to sell/refinance a property And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Register for an Upcoming InvestHER Event Money Moment Hear Our Last Q&A Episode The Simple Path to Wealth—Index Funds Explained with JL Collins The Simple Path to Wealth (Book) Work with a Fee-ONLY Financial Advisor Click here to check the full show notes: https://www.biggerpockets.com/blog/money-444 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 21, 2023

A “ wife-FI ,” semi-retired finance blogger ? It sounds like an exciting life, but what does it entail? Today’s guest didn’t arrive here overnight and doesn’t recommend it for everyone. What he does recommend, however, is identifying the type of financial independence you want and then working hard to achieve it! Welcome back to the BiggerPockets Money podcast ! Today, we’re chatting with J Money , one of the pioneering finance bloggers who started his journey toward financial freedom back in 2007. After catching the personal finance bug , J decided to document his progress on his blog Budgets Are Sexy . After selling the blog to The Motley Fool and buying it back a few years later, J now blogs for fun, spends time with his three kids, and otherwise goes with the flow. In this episode, J shares about the “ wife-FI ” lifestyle and how he invests his money for the long haul . He also opens up about his recent autoimmune disease diagnosis and how it affects his family’s finances today. As always, Scott and Mindy are here to tackle all kinds of financial topics —including the debate between renting and home ownership , paying off your home versus keeping a home loan , and how to invest amid a potential economic downturn ! In This Episode We Cover A typical “day in the life” of a semi-retired finance blogger The pros and cons of owning versus renting your home When it makes sense to pay off your home or keep a mortgage Where to invest your money in a shaky economy Budgeting for monthly expenses and medical costs on one income And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPocket Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Join The Real Estate InvestHER Community on Facebook Money Moment How to Get Rich Slowly and Retire Earlier Than Most with a Modest Portfolio Budgets Really ARE Sexy! With J. Money Click here to check the full show notes: https://www.biggerpockets.com/blog/money-443 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 18, 2023

Knowing how to budget is one thing. Knowing how to budget for a pricey pregnancy and future family is another. So, how do you smoothly go from a couple used to saving thousands of dollars every month to a family with a slew of new costs added to the budget ? First, let’s look at what you’re making, what you’re keeping, and what you MUST have on hand to safely raise a family. We’ll be doing precisely that with today’s guest John . John and his wife make a sizable income and keep a strict budget with modest expenses. They’re saving a serious amount of money every month, but there’s one massive expense that’s about to be added to their budget . John and his wife have to go the surrogacy route for their first two children, and the price tag isn’t cheap. With a six-figure cost PER successful surrogacy , John wants to know how to balance his budget with his high student loans about to kick back in. He also wants to invest but knows that could put his surrogacy savings at risk. Even if you’re not going the surrogacy route, this episode is CRUCIAL for any new parent—especially those that still want to achieve FI earlier in life! In This Episode We Cover Budgeting for your future family and how to make sure your savings stay risk-free Surrogacy, expensive pregnancies , and unexpected costs you may have to pay Student loan debt and how to plan for payments once the pause is over The BEST savings account to stick your money into today Active investing vs. passive investing and why rental properties aren’t for everyone And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPocket Grab Scott’s Book, “Set for Life” Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plans Hear James on the “On the Market” Podcast Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Federal Student Loan Forgiveness Update: What Happens Now? Budgeting for a Baby: The Costs EVERY New Parent Should Expect Click here to check the full show notes: https://www.biggerpockets.com/blog/money-442 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 14, 2023

Foreclosure can be a sensitive topic. After the embarrassment of falling behind on payments , there’s the fear of losing your home and having no place to live . Rather than preying on someone who feels helpless, there are ways for investors to profit while also helping the distressed seller . In this episode, we’re chatting with guest and long-time friend Laura Morby . As the daughter of a general contractor and a licensed agent by twenty-two years old , Laura was destined for a long career in real estate . Little did she know that her start as a hustling real estate agent would land her in the top 0.05% and help her become a full-time investor ! Foreclosure is an issue that resonates deeply with Laura, as her father was foreclosed on after the impact of the 2008 housing market crash . Her message to homeowners? Avoid the foreclosure auction at all costs . As for investors, don’t rush into a short sale ! There are all kinds of creative financing solutions that can ingratiate you with the seller and help you reach a win-win deal. Join Laura, Scott, and guest host James Dainard as they discuss the biggest pain points homeowners face today, current foreclosure rates amid a looming recession , and how to properly vet a real estate agent before working together! In This Episode We Cover Creative financing options for homeowners facing foreclosure How investors can provide a valuable service to distressed homeowners The current foreclosure market and how investors are being affected The most common pain points homeowners face in foreclosure Costly pitfalls to avoid when selling a pre-foreclosed property Four questions you MUST ask a real estate agent before working together And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Hear James on the “On the Market” Podcast Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment How to Buy a Foreclosure: A Guide for Finding & Landing Foreclosed Deals 6 Tips on Investing in Foreclosures for First Timers Click here to check the full show notes: https://www.biggerpockets.com/blog/money-441 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 11, 2023

As an investor, it’s easy to become fixated on cash flow , much like today’s guest at the start of his real estate journey. After realizing he was “ house poor ” with a mortgage payment larger than he could afford, Eric Garber stumbled upon house hacking . He rented out his basement and used the extra money to pay off his house early . With proof of concept for his newfound house hacking strategy and income from a stable W2 job , everything was going great. Then Eric’s world came crashing down when his marriage ended and his employer froze his pension plan . Without a prenuptial agreement , his financial fate was left to the state court system . Losing more than half of the assets he had worked tirelessly to grow, Eric found himself back at square one. This time, he was going to do things differently. Rather than pouring his time, energy, and money into paying off his real estate and living off the cash flow , Eric realized the opportunity that could be had by accessing his equity and putting it to work —a revelation that will allow him to retire early , despite the curveballs life has thrown his way. If you think getting a prenup is “planning for divorce,” you’ll want to hear what Eric has to share in this episode of the BiggerPockets Money podcast. Beyond offering practical financial tips you can put into practice before getting married , he talks about the paradigm shift that allowed him to unlock wealth. He also discusses the investing strategy that allows him to earn truly “passive” income — syndication deals ! In This Episode We Cover Why you NEED a prenuptial agreement to protect your financial future One of the most “passive” ways to invest in real estate Weathering economic downturns by diversifying your investment portfolio How to do your homework when analyzing a syndication deal Key financial tips to consider before you get married And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Why You’re (Probably) Wrong About Prenups ROE over ROI and Why Your “Cash Flow” Number Is Deceiving Syndications: Everything You Need to Know BEFORE You Invest Click here to check the full show notes: https://www.biggerpockets.com/blog/money-440 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 7, 2023

What should you do if you suspect financial infidelity from a partner? Money is a taboo subject in many marriages, and it doesn’t help that some spouses take a hands-off approach to personal finance . As you might imagine, this can quickly lead to one partner taking advantage of the other. Today’s guest is helping people save their nest eggs by uncovering and proving financial infidelity. Welcome back to another episode of the BiggerPockets Money podcast ! Today, we’re joined by Tracy Coenen , a veteran forensic accountant who investigates fraud , hidden money , and other money “shenanigans” in marriages. Most often, Tracy helps spouses navigate finances during a divorce when emotions are already running high and both parties feel overwhelmed. Whether you need help unearthing hidden money or getting on the same page with your spouse , this episode is loaded with all kinds of helpful tips, tricks, and resources that will help you get a better handle on your finances . Join Tracy, Mindy, and guest host, Amanda Wolfe , as they discuss the biggest financial “red flags” in a marriage, things to include in a prenuptial agreement , and why the weekly money check-in is so important! In This Episode We Cover What to do if you suspect financial infidelity in your marriage The “ fraud snowball ” and how to stop it in its tracks How to uncover hidden money, secret accounts, and secret spending Why you NEED to form the habit of discussing finances with your spouse The importance of prenuptial agreements (and what you should include!) Tips and resources to help you keep a closer eye on your finances And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Amanda's Instagram Amanda's Website Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Money Moment Why You’re (Probably) Wrong About Prenups Money Dates, Prenups, & Combining Finances Visit Tracy’s Website for More Helpful Resources Click here to check the full show notes: https://www.biggerpockets.com/blog/money-439 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 4, 2023

Only have $100 – $5,000 but want to know how to invest it wisely ? No amount is too small to start building smart money habits today. While some asset classes may not be viable for you just yet, there are still all kinds of ways to invest with a modest amount of money . Making the most of what you have now can set you up for a bright financial future . In this episode of the BiggerPockets Money podcast , Scott and Mindy have brought in reinforcements to discuss the best ways for beginners to invest a small amount of money—whether it’s $5,000 or as little as $100. With four unique perspectives on investing, you’ll find that there are several ways to make your money work harder for you . There is one common message, however: educate yourself and take action ! Not everyone has a large nest egg to throw around. In fact, most Americans live paycheck to paycheck. If you don’t have much money to spare, this is the episode for you. You’ll learn about the investing order of operations , different types of retirement accounts and how they work, and ways to purchase real estate with no money down ! In This Episode We Cover The best ways to invest with $100, $500, $1,000, $2,500, or $5,000 How to buy real estate with ZERO money down Different types of retirement accounts to add to your portfolio Maximizing your 401(k) contributions for a HUGE return on investment Leveraging debt to fast-track your investing journey And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Amanda's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Money Moment Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan Check Your USDA Loan Eligibility Click here to check the full show notes: https://www.biggerpockets.com/blog/money-438 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 2, 2023

Wedding costs have been slowly growing over the past few decades. But recently, after a wild 2020, 2021, and 2022 wedding season, the average wedding cost has hit heights that most Americans simply can’t afford . But what can you do? Cancel your wedding and go straight to the courthouse? While this isn’t a bad option for some, most couples tying the knot want something their friends and family will remember for years. So, here’s how to do it on a budget! We brought expert event planner and fundraiser AJ Williams on the show to go over what’s worth it, what’s not, and what couples should spend the MOST money on when planning their special day. Whether you’re getting married at home, stateside, or abroad, there are a few specific expenses of a wedding that you should never skip out on and some that could put you in a tough financial bind . With flowers, DJs, photography, and catering, which deserves a spot in your ceremony? AJ will also go over how much a wedding costs on average , what the elite pay for their ceremonies and parties (you won’t believe the number), and the top wedding myths that could cost you. In This Episode We Cover The average wedding cost in America and why prices have recently been rising What to cut and what to keep during your wedding day Budgeting for your wedding and how much of a buffer you REALLY need Common wedding cost myths and tips to save you THOUSANDS Non-negotiables when planning your wedding and what is worth paying extra for And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Amanda's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment How to Financially Thrive in Marriage (Even if You or Your Partner is In Debt! AJ's Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-437 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 31, 2023

“ Get rich slowly ” is a concept that most people in the FIRE community can get behind. “ Time off ,” on the other hand, seems to go against the idea of grinding to financial independence now and waiting until later in life to enjoy the spoils. Today’s guest is bucking this trend—using his financial freedom to support a “retired” lifestyle that includes traveling the world , discovering new hobbies, and learning new skills! Welcome back to the BiggerPockets Money podcast ! Today, we’re speaking with J.D. Roth , founder of the personal finance blog, Get Rich Slowly . Initially launched to document his quest out of debt, this popular blog helped J.D. fast-track his journey toward financial independence . He now considers himself “retired,” although the more risk-averse person might say it’s a little too soon. If you’ve ever considered taking some time away from work but fear you don’t have the nest egg to support it, this is the episode you need to hear! J.D. tackles a handful of issues that FI-focused individuals don’t always touch on—including the importance of mental health and using a “mini” retirement to decompress . He also talks about why he’s not worried about his modest portfolio and shares the three five-year plans you need to prepare for any curveball life might throw in your direction! In This Episode We Cover How to implement a “mini” retirement on your journey to FIRE Prioritizing your mental health in a fast-paced, work-first culture How to take time off from work without blowing your nest egg A day in the life of someone who is taking a year off from working Important tips for saving more money and retiring even earlier And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Finance Friday: How Sabbaticals Make You Happier, Healthier, and Wealthier Click here to check the full show notes: https://www.biggerpockets.com/blog/money-436 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 28, 2023

Is early retirement healthcare crushing your budget? Are you tired of getting your standard two percent raise every year? What do you do when a “friend” borrows money and never pays you back ? Some personal finance questions aren’t easily answered online. Instead, you need time-tested money experts to give their takes on the best moves to make. And in today’s episode, Mindy and Scott will do just that, taking questions from BiggerPockets Money listeners and answering them so you can reach financial freedom faster . This time, we’ve got a couple of uncomfortable positions you probably wouldn’t want to be in. One listener has a friend who asked for a loan and then almost immediately stopped paying , with the “friend” never to be seen again. Another question concerns a parent wanting to be paid back for student loans they took out in their name. Mindy and Scott then share a creative way to pay off credit card debt and give options on the BEST place to find post-retirement (but pre-sixty-five years old) healthcare . Finally, Scott puts on his CEO hat and shows you exactly how to ask for a raise ! Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group , or click here to submit your question on our next Q&A episode! In This Episode We Cover What to do when someone owes you money (and WON’T pay it back) Student debt and whether or not you’re responsible for the loans your parents took out Early retirement health insurance and how to find affordable coverage before Medicare kicks in Knowing your market value and what to do when your employer can’t pay you more How to ask for a raise and the easiest way to identify whether you’re “essential” or not Creative ways to pay off your credit card debt when interest rates are high And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Millennial Revolution Part 1 Millennial Revolution Part 2 Erin Lowry on Asking for a Raise 18 Options for Healthcare in Early Retirement with Lynn Frair How to Ask for a Raise (and Actually Get It!) w/Kassandra Dasent Submit your question for our next Q&A episode Click here to check the full show notes: https://www.biggerpockets.com/blog/money-435 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 24, 2023

The last time Ramit Sethi was on the show, tears were shed, money fears were exposed, and Mindy was forced to take a hard look at her financial habits. Now, Ramit is back, as we revisit some of the critical moments of Mindy and her husband Carl’s interview on Ramit’s show, I Will Teach You To Be Rich . In this episode, Mindy challenges the FIRE frugality she’s been stuck on for so long and discovers why more money isn’t always a good thing. If you’ve ever had a money struggle, whether too much or too little in the bank, Ramit is who you should listen to. His advice goes far beyond the regular “save more than you spend, invest the rest” type of advice you constantly hear from frugal podcasters. Instead, Ramit wants you to maximize your happiness and make the most out of life while not struggling to survive. In short, Ramit wants you to live a rich life, not a frugal one . If you struggle to spend , pinch pennies, or are dead set on reaching FIRE as fast as possible, this episode is for you. Carl, Mindy, and Scott will go over the common misconceptions about money , debunk the “wasteful” spending myth, explain why you should die with zero , and critique the flaws of the FIRE community . In This Episode We Cover Why the FIRE movement is wrong and getting rich should NOT be the goal What to do when you have lots of money but no time to spend it How to “ Die With Zero ” and enjoy your wealth while you’re still here The “what if I run out” fear and how to get over the dread of overspending Testing your spending and why you NEED to book that trip you’ve been thinking of Building a rich life and how to make the most of it with the money you have And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Mile High FI Podcast 1,500 Days to Freedom Carl's Email Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together Mr. Money Mustache on Life After FI: The Truth About Retiring Early in Your 30s Hear Mindy and Carl on “I Will Teach You To Be Rich” My Death March to Financial Independence Click here to check the full show notes: https://www.biggerpockets.com/blog/money-433 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 21, 2023

Terrified of running out of money in retirement ? Countless people share the same fear. With so much recent discourse surrounding inflation and a looming recession , you may have a tighter grip on your money than usual. Today’s guest is here to help cool some of your concerns. In this episode of the BiggerPockets Money podcast, we’re joined by David Stein from Money for the Rest of Us , who believes there are reasons to be optimistic about the economy and even more reasons to stay on the straight and narrow when it comes to investing. If you’re easily overwhelmed by the thought of investing or choosing the right asset classes , David’s message is clear: investing doesn’t need to be difficult . There are plenty of tools the average person can use to invest, grow their nest egg , and have enough money for retirement . Don’t let fear stop you from putting your money to work ! Whether you’re a novice or long-time investor, you’re in for a treat with today’s episode. Tune in as David addresses several issues—including the current state of the economy , whether we should brace for a recession , and the markets he’s investing in. He also talks about the benefit of steering clear of individual stocks in lieu of ETFs and index funds , as well as when it might be smart to buy an immediate annuity ! In This Episode We Cover The four-percent rule and how to avoid running out of money in retirement How current returns on real estate compare to those of other asset classes The benefit of buying exchange-traded funds (ETFs) and index funds in lieu of individual stocks Diversifying your investment portfolio to include non-U.S. markets Three important principles to focus on when deciding where to invest Buying annuities to lock in an additional income stream during retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Choosing the Right Investment Type for Your Goals with David Stein Check Out the Latest Five-Year TIPS at TreasuryDirect Click here to check the full show notes: https://www.biggerpockets.com/blog/money-432 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 17, 2023

The gender investing gap is real, but it’s not due to women lacking capital. More often than not, women are saving their money rather than investing in real estate and allowing it to grow. As successful women in real estate , today’s guests are here to break down the reasons for this investing gap and how we can work together to close it. In this episode of the BiggerPockets Money podcast, we’re joined by none other than Liz Faircloth and Andresa Guidelli , co-hosts of our sister show, The Real Estate InvestHER Show . Like many novice investors, Liz and Andresa both discovered their love for real estate shortly after reading Robert Kiyosaki’s Rich Dad Poor Dad . Years later, both have amassed their own large portfolios and are committed to helping more women dive into the world of real estate investing . Regardless of gender, there’s something for everyone to take away from this episode. Liz and Andresa share about the unique challenges women investors face today, building your real estate network , and how to find your investing partner . They also deliver some actionable next steps for women who are hesitant to invest, as well as some tips for men who want to be allies for women investors ! In This Episode We Cover The global economic impact of women investing their capital The unique advantages and disadvantages women face when investing How to be an ally for women investors in your sphere of influence Actionable next steps for women looking to invest in real estate The importance of community when getting into real estate How to find the perfect partner for your real estate investments And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event Money Moment Download the FREE Partnership Question Guide Click here to check the full show notes: https://www.biggerpockets.com/blog/money-431 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 14, 2023

Want to cut your electric bill in HALF? A few secret yet simple hacks can save you hundreds, if not THOUSANDS, on your utility bills. And with energy prices almost double where they were just a few years back, everyone is antsy about turning on their air conditioners, even if you feel like you’re about to melt. Thankfully, we’ve got Larry and Hope Ware , also known as “ Under the Median ,” to show us EXACTLY how they lowered their electric bill by making some simple money moves. Larry and Hope have been long-time frugalists. A few years into dating, they realized they were flat broke and had to make a tough choice: put their future family first or keep spending without second thoughts. They chose the frugal path to financial independence and, as a result, raised four children on a $40,000/year salary, becoming completely debt-free in the process. Larry and Hope know how to run a budget, and saving money is their sport of choice. In this episode, Larry and Hope will unpack one of their most astonishing financial accomplishments of late; cutting their electricity bill in half . Through some utility-bill digging and kilowatt-testing, Larry and Hope have built a list of tips that could help you lower your utility bills to levels you may have never seen before . Want in on this money-saving cheat code? Tune in! In This Episode We Cover How to cut your electricity bill in half , EVEN if you live in a sweltering climate Building your “Bare Bones Budget” and prioritizing where money is best spent The “big green pile of cash” trap that you CAN’T fall into The BIGGEST mistake most people make when budgeting “ Vampire energy ” and how unused appliances could be stealing your cash And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Kyle’s Website Clarity Financial Kyle’s Twitter Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Mindy’s 2022 Live Spending Tracker and Budget The Stupid-Simple Budgeting Trick I’m Using to Stop Blowing 5 Figures a Month The Cheapest Way to Lower Your AC Bill This Summer We Cut Our Electric Bill in Half in About 6 Weeks Click here to check the full show notes: https://www.biggerpockets.com/blog/money-430 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 13, 2023

First-time home buyer? After this episode, you’ll see the house-hunting process in an entirely new light. Throw out the granite countertops and exposed beams you’ve always dreamed of because making an emotion-first home-buying decision could ruin your financial future . If you’re trying to build wealth , you’ll want to follow Scott Trench’s home-buying checklist , which may show that renting is the best money move you can make. The roles are reversed on today’s show because this ISN’T the BiggerPockets Money podcast; It’s Money Rehab with Nicole Lapin ! Scott recently joined Nicole to talk transparently about the realities of buying your first home. In this show, Scott and Nicole go through why homeownership is falling across the US, whether or not buying in 2023 even makes sense , and why your house ISN’T what you think it is. Plus, if you’ve been debating buying a rental property , Scott has some words of wisdom you MUST take to heart before putting in offers. You’ll also hear why SO many landlords are wrong about LLCs (DO NOT miss this section) and the EXACT steps you should take to put yourself in the best home-buying position possible ! Want to hear more Money Rehab ? Never miss an episode and subscribe to Money Rehab with Nicole Lapin wherever you get your favorite podcasts, or here: https://link.chtbl.com/91jeLu8k In This Episode We Cover Scott Trench’s checklist for the first-time home buyer The “Lock-In Effect” and why homeowners are unable to sell their houses Why your house isn’t the investment that you think it is House hacking , living next to tenants, and the truth about becoming a landlord Whether or not you need an LLC and how having one could actually hurt you The exact process Scott follows before buying any property And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Mindy’s 2022 Live Spending Tracker and Budget Tune into “Money Rehab with Nicole Lapin” Nicole Lapin’s Money Hacks to Rehab Your Finances & Say Goodbye to Bad Debt Click here to check the full show notes: https://www.biggerpockets.com/blog/money-429 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 10, 2023

If you want to retire early , the Mad Fientist is your guide . For over a decade, Brandon , more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest . Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom . And he’s also got a new update that’ll make your early retirement journey smoother. After tinkering with the beloved and rarely challenged 4% rule , Brandon decided it was time to sit down and calculate how much you really need to retire early . For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think . That means your early retirement timeline just got a LOT shorter. In this episode, Brandon will describe why the 4% rule may be a bit too rigid , how to ensure you’ll have enough during early retirement , what to do during a market crash or correction , and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around! In This Episode We Cover Early retirement rules of thumb you MUST know when on the path to FIRE The 4% rule and why you DON’T need to follow it to a tee Retirement withdrawal rules and how much to spend during a crash/correction The skill of spending and what Brandon regrets most from pre-FIRE life Tracking your expenses and why knowing your costs is CRUCIAL to early retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Mindy’s 2022 Live Spending Tracker and Budget Hear Our Past Interviews with The Mad Fientist: Accessing Retirement Funds Before Age 59½ with The Mad Fientist Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders Is It Time to Give Up on Financial Independence? Hear Our Interview with "Just Keep Buying" Author, Nick Maggiulli: The Problem with the 4% Rule (and Why You Could Retire Even Sooner Click here to check the full show notes: https://www.biggerpockets.com/blog/money-428 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 7, 2023

A rental property portfolio can replace your job , give you ultimate financial freedom , and allow you to do what you want when you want. But building this massive passive income stream takes time, and if you stick with it, you’ll be rewarded plentifully like today’s guests, Jennifer and John . After starting with an “average” income , this couple was able to consistently buy cash-flowing rentals with the leftovers from their salaries. They compounded their cash flow to buy even more properties and now sit on around $8,000,000 in real estate . With so much wealth, you’d expect Jennifer and John to be the jet-skiing, vacation-home-buying, luxury car-racing types; but they’re FAR from it. John is still working at his W2 job as Jennifer continues to run her business. They both keep their spending low and live a moderate lifestyle. But, the lack of time freedom and heavy hours of a full-time job is eating away at John. This couple needs to know how they can use their real estate portfolio to retire early . To go through all the rates, rentals, construction costs, and cash-flow-number-crunching is investing expert James Dainard , who joins Scott on a resourceful episode for any real estate investor. James and Scott will review Jennifer and John’s entire portfolio, giving them suggestions on what to sell, keep, and buy instead . By the end of this episode, John and Jennifer have multiple options that could make them MILLIONS in just a few years’ time ! In This Episode We Cover The “rate trap” that stops so many rental property investors from upgrading their portfolios Investing in real estate on an “average” income and why it’s possible for everyone Tapping into equity and the one metric that’ll tell you whether you should keep or sell your property Small multifamily vs. large multifamily and why bigger is usually better ADUs (accessory dwelling units) and how to make instant equity by building one And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Find Investor-Friendly Lenders Join BiggerPockets for FREE Scott's Instagram Connect with James BiggerPockets Watch James on the “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How To Build A Real Estate Portfolio ROE over ROI and Why Your “Cash Flow” Number is Deceiving Click here to check the full show notes: https://www.biggerpockets.com/blog/money-427 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 3, 2023

The Financial Independence, Retire Early movement ( FIRE movement ) is changing. More people are investing, making money, and working from anywhere in the world. Investing education and advice has become easier to access, and self-made millionaires have been created through simple frugality and smart spending. Compared to when the FIRE movement was born, now may be one of the best times in recent history to achieve financial independence . But there’s more than one path to choose from. Happy Financial Independence Day! That’s right; we’re swapping hot dogs for home equity, fireworks for frugality, and a cold one for some cold hard cash because TODAY is a day to celebrate an accomplishment we all hope to achieve! In this special episode, Scott and Mindy fly solo, touching on the history of the FIRE movement , its most prominent figures, and lessons learned on the path to FI . But that’s not all; tell your overspending Uncle to tune in as Scott and Mindy debate some of the most common complaints about the FIRE movement and prove that anyone, in almost any situation, can live life on their terms. So sit back, grab those chips you saved for tomorrow’s barbeque (no one will notice), and get your FIRE started! In This Episode We Cover The financial independence retire early movement (FIRE movement) explained The MULTIPLE paths to early retirement you can take (and which is right for you) FIRE rules you MUST follow that can help ANYONE reach financial freedom What to do once you achieve FIRE and planning for it when you’re on the path Debating the FIRE critics and why you DON’T need to give up everything as you build wealth And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Check Out Mindy’s 2022 Live Spending Tracker and Budget Bill Bengen (The Inventor of the 4% Rule) From Homeless at 14 to Debt-Free Homeowner AFTER Prison Time with Jazmyn Gray How to Change Your Financial Life with a Money “Reset” with Jill Schlesinge Mr. Money Mustache on Life After FI: The Truth About Retiring Early in Your 30s Mr. Money Mustache Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love with The Fioneers Designing a Frugal But Luxurious FI Life by Age 32 Change Your Money Mindset, Change Your Life with Vicki Robin Click here to check the full show notes: https://www.biggerpockets.com/blog/money- Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 30, 2023

If you make the right money moves, financial freedom is only a few years away . You can’t spend your entire paycheck on travel, trips, high rent, or entertainment if you want to retire early and have true time freedom . Matt Amabile realized this earlier than most. At twenty-two years old, Matt wasn’t making much at his job, and living in an expensive area didn’t help. His goal was simple: live for free so he could pocket most of his take-home pay. What happened was even better than he would have expected. With one property purchase, Matt eliminated his rent expense and created a $1,600-a-month passive income stream . This first venture into real estate was challenging, to say the least. From shady contractors to fist fights in a four-unit, a renovation timeline that went much longer than expected, and lockdowns making even simple tasks impossible, Matt hoped the reward was worth the risk on his first property. Spoiler alert: it definitely was. Now, financially free at twenty-six , Matt works when he wants, where he wants, making $6,000 per month in passive income . He did all this in just four years, starting with $10,000, making a median salary. If Matt can do it, with zero experience in real estate investing, what’s stopping you from doing the same? In This Episode We Cover The most underrated real estate strategy that helps you reach financial freedom FAST The 203(k) loan explained and using it to make MASSIVE equity gains on a property Sacrificing luxuries and keeping your expenses low so you can retire early Real estate partnerships and how to buy properties when you don’t have any money The “ BRRRR on training wheels ” that new real estate investors should try Job hopping and how Matt tripled his salary in under five years And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Find Investor-Friendly Lenders Join BiggerPockets for FREE Scott's Instagram Connect with James BiggerPockets Watch James on the “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Click here to check the full show notes: https://www.biggerpockets.com/blog/money-425 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 26, 2023

Coast FI by 32 after racking up $20K in credit card debt only a few years earlier!? However unlikely this turn of events might seem, the truth is that any money story can be turned on its head with a little financial know-how and good money habits . And today’s guest is living proof! Having accumulated $20K in credit card debt by the time she graduated from college, Yanely Espinal wasn’t exactly on the straight and narrow path toward financial freedom . But after reading Suze Orman’s Women & Money , Yanely was inspired to take control of her finances . Within 18 months, she had not only wiped out her debt entirely but also catapulted herself toward financial independence —a goal she would achieve before her 32nd birthday. Yanely has since made it her life mission to champion the financial literacy movement and push for financial education requirements in all states by 2030. Whether you’re at a crossroads in your financial journey , waist-deep in consumer debt , or well on your way to FIRE , there’s something for everyone to take away from Yanely’s story. In this episode, she shares her game plan to getting out of debt , achieving coast FI , and the keys to improving financial literacy in schools . As always, our trusted hosts Mindy and Scott join the conversation to help demystify several money topics—from overcoming generational poverty to creating multiple income streams and more! In This Episode We Cover The dangers of high-interest credit card debt (and how to get rid of it!) How to achieve coast FI as soon as possible and retire comfortably Breaking the cycle of generational poverty in the United States The THREE keys to improving financial literacy in schools What YOU can do to help propel the financial education movement forward And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment From $50K in Debt to Financially Free in 2 Years w/ Lots of Ups & Downs Compound Interest Calculator Grab Your Copy of “Women & Money” by Suze Orman Grab Your Copy of Yanely’s Latest Book, “Mind Your Money” Track Your State’s Movement for Financial Education with the NGPF Bill Tracker MissBeHelpful Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-424 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 23, 2023

Is your W2 job causing you to burn out ? You have dreams of achieving financial independence and retiring early , but the unrelenting demands of your nine-to-five job are causing you to work around the clock and miss precious moments with loved ones. If you’re feeling this way, you’re not alone! Welcome back to another episode of the BiggerPockets Mone y podcast! Today’s guest, Amanda, has spent the last four years grinding toward an early retirement . Although the security of her husband’s reliable W2 income has allowed them to cover all of their expenses , invest in real estate, and grow their nest egg , they are quickly reaching a breaking point. As parents of four young children, they don’t want their busy work lives to keep them from what matters most. Is there a middle ground? If your FIRE journey is causing you to burn the candle at both ends , this is an episode you won’t want to miss! Mindy and our guest co-host, Kyle Mast, share their perspectives on quitting your W2 job , finding work-life balance through real estate , and when it might be time to pump the brakes on your journey toward early retirement ! In This Episode We Cover How to create work-life balance on your journey toward FIRE Leaving the security of a W2 job for the flexibility of real estate The challenges you might face when investing out of state The pros and cons of short-term, mid-term, and long-term rentals (and how to choose!) Using your market’s short-term rental comps to raise or lower your Airbnb rates When to sell an investment property rather than holding on to it And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Kyle’s Website Clarity Financial Kyle’s Twitter Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Hear Our Last Finance Friday Episode with Joe Find Short-Term Rental Comps with AirDNA Click here to check the full show notes: https://www.biggerpockets.com/blog/money-423 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 19, 2023

Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative net worth later in life ? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility. Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty . Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement . Just a few years out from retirement, Bill has millions stashed away , a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account. If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero , the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track! In This Episode We Cover How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s Lifestyle creep and why a high income is dangerous for most Americans How to reverse your “spend first, save last” mindset and start investing for your future The “wake-up call” that caused Becky and Bill to change their financial mindset Whether or not it’s ever “too late” to retire (and what to do if you’re there) Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s Why you should NEVER buy a boat And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-422 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 16, 2023

One of the best ways to boost your earning potential is with multiple income streams . With only so much time to dedicate to each stream, however, how do you maximize your total income without burning out ? Today’s guest, Joe , is no stranger to the time constraints that come with managing multiple streams of income. With THREE promising income streams, he’s got his hands full! At 22, Joe launched an online coaching business that earned almost $30K per month at its peak. Unfortunately, working 90–100 hours each week quickly took its toll on Joe, his relationships, and his overall well-being. Unsure of how to juggle his online business , nine-to-five , and latest endeavor— investing in real estate —Joe now finds himself at a crossroads. Which avenues should he pursue going forward? Which income streams offer the highest earning potential ? Which options afford him the most schedule flexibility ? In this episode of the BiggerPockets Money podcast, you’ll get a full breakdown of Joe’s monthly income and expenses , as well as a glimpse of some of his long-term financial goals —including how he plans to revamp his online business , make real estate his next side hustle , and retire early . With help from Mindy and guest co-host Kyle Mast, Joe weighs the pros and cons of each income stream and gets a clearer vision of how to optimize his total income going forward! In This Episode We Cover Maximizing your earning potential without sacrificing work-life balance How to avoid burnout when scaling a profitable side hustle The importance of time management when you have multiple income streams What you need to know before you start investing in real estate How to use other income streams to fund your real estate investments What it really takes to retire early in your 40s And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Kyle’s Website Clarity Financial Kyle’s Twitter Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Financial Freedom Through Multiple Streams of Income Building 61 Passive Streams of Income with Pat Hiban Click here to check the full show notes: https://www.biggerpockets.com/blog/money-421 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 12, 2023

Turning a man cave into a “money cave” Airbnb making thousands of extra dollars a month ? It doesn’t get more house-hackable than this! Ron Curtis was able to pick up his first home in a pricey area for only a few thousand dollars. But how he funded his “money cave” is even more impressive. Within just hours, Ron was able to get $20K to renovate and rehab his basement unit, turning a few thousand dollars into two fully-furnished units and a house hack that pays his mortgage for him . Want to hear how he did it? Tune in! Ron is a serial entrepreneur. If it makes money, Ron has tried it. From renting cars on Turo to managing Airbnbs , starting his own credit repair and financial coaching consultancy , and turning his primary residence into a cash-flowing short-term rental , Ron isn’t messing around. He does all this while still having a typical W2 job , allowing him to save almost all the income he collects so that he can invest even faster. But, just five years ago, Ron was in a different financial state. After blowing five figures on travel, trips, and going out , Ron took a step back and looked at all the credit card debt he racked up. Thanks to a helpful coworker, he was able to pay it off without succumbing to twenty-plus percent interest rates. Ron used this same strategy to help his friends pay off their debt and eventually start coaching. Now, running multiple cash-flowing businesses , Ron has side hustles that outpace most people’s nine-to-five. So how does he do it all with just twenty-four hours in the day? He’ll share his secrets in this episode! In This Episode We Cover The two easiest ways to escape credit card debt (and which one Ron recommends) Low money down real estate loans and the mortgage programs you MUST know about Starting your side hustles and the true cost of building a business Short-term rental house hacking and turning spare space into extra cash Outsourcing and delegating using VAs (virtual assistants) so you DON’T have to work for your business Business credit cards and using yours to buy assets that will make you richer And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Connect with James BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Click here to check the full show notes: https://www.biggerpockets.com/blog/money-420 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 9, 2023

Side income streams are your way out of breaking even every month . If you’re like most Americans and find your savings stagnating, without much room for growth, it might be time to look at opportunities outside your nine-to-five . This is exactly what today’s guest, Liz , did by becoming a real estate agent and growing her seasonal business. But, Liz is in one of the northernmost states, where winters are harsh and home sales halt once the snow falls. Liz wants to grow her real estate agent side income into a full-blown business, but how can she do so when half of the year is too cold to show houses? If you have seasonal income or an infrequent side hustle to help pay your bills , this is an episode for you! Mindy and Scott will walk through how Liz, or any other entrepreneur, can use the sunny season to grow their businesses to new heights, strengthen their savings, and invest the rest so early retirement isn’t just some far-off dream. Liz also needs to know where her money is best put to use . With a serious cash cushion, she’s debating whether or not having a large amount of cash is worth the financial stability or if investing it for passive income is a better option. With her own primary residence coming close to closing, what should Liz do with her hard-earned cash? In This Episode We Cover How to turn a seasonal income stream into a full-time business that pays your yearly salary What to do when you’re breaking even every month (EVEN with low expenses) Becoming a real estate agent and how to find leads in untraditional ways Cash reserves and where to invest your money when you have too much REITs (real estate investment trusts) vs. index funds and which makes more passive income When to pay off debt vs. keeping cash in a high-yield savings account And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Fire by 45 Investment Plan Grab “6 Steps to 7 Figures” Read More About REITs Click here to check the full show notes: https://www.biggerpockets.com/blog/money-419 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 5, 2023

An online side hustle that replaces your $100K salary in year one!? It sounds like an impossible feat, but today’s guest was able to achieve this by launching an unusual ecommerce business— allowing his wife to quit her job and stay at home with their kids full-time! Welcome back to another episode of the BiggerPockets Money podcast! Today, we’re chatting with Steve Chou , a serial entrepreneur , ecommerce influencer , and founder of MyWifeQuitHerJob.com. When Steve’s wife became pregnant with their first child, he was faced with the challenge of finding a side hustle that could replace his wife’s 9-5 income . Of course, living in Silicon Valley isn’t cheap, and replacing a $100K salary is much easier said than done. Despite these hurdles, Steve was able to turn one brilliant idea into a profitable business that has managed to grow every year since 2007. If you’ve always wanted to start your own side hustle but are unsure where to begin, this episode is for aspiring entrepreneurs like you! Tune in to hear Steve share about the humble beginnings of his handkerchief side hustle , how to find ecommerce success in 2023, and achieving financial freedom without burning out . As always, Mindy and Scott bring their own financial expertise to the table and deliver some timely wisdom! In This Episode We Cover Why you NEED a side hustle to make life-changing money How to launch a successful ecommerce business in 2023 Building a business with the goal of replacing your 9-5 salary Staying relevant, outlasting AI, and achieving longevity in your business How to arrive at “enough” so that you enjoy financial freedom without burning out The best ways to protect your business against intellectual property (IP) theft And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Grab Your Copy of “Set for Life: An All-Out Approach to Early Financial Freedom The Most Profitable Skill to Learn (From a $200M+ VC Investor) Pre-order The Family First Entrepreneur and Get $690 in FREE Bonuses Learn How to Start a Thriving Ecommerce Business Bumblebee Linens Click here to check the full show notes: https://www.biggerpockets.com/blog/money-418 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 2, 2023

Pet insurance probably isn’t a top priority for you right now. Your budget might have health, car, and home insurance , but pet insurance? Is it really worth the cost? Today we talk to David , an engineer and part-time wilderness trip guide , who was hit with an astonishing amount of vet bills after his beloved four-legged friend, Blaze , was diagnosed with Lymphoma . This unexpected bill damaged David and his wife’s investing plans, but not all hope is lost. If you have a dog, cat, rabbit, lizard, or other non-human friend (sorry, your kids don't count) living at home, this is an episode for you! We’ll get into the nitty-gritty of what happens when your pet has an unexpected medical diagnosis , leaving you with a mortgage-sized bill to pay every month. While many of us have animal companions that make our life whole, few realize the cost of paying for treatment when a life-threatening disease comes into play. You’ll hear about the pros and cons of pet insurance , whether or not it’s actually worth it, and the hard choices you may have to make when adopting or purchasing a pet . But it’s not all bones and hairballs in this episode. Our guest David also has some exciting news about a six-figure business he and his wife are building. With David’s wife itching to start taking this income stream to new heights, David is debating whether or not giving up one of their stable incomes is worth the hit to their retirement accounts . Thankfully, Mindy and Scott find a workaround to keep them in a FIRE -first position! In This Episode We Cover The true cost of a sick pet and how to deal with six-figure vet bills Pet insurance pros and cons and what to look for when choosing a policy Serious side hustles and how to turn yours into a six-figure income stream Keeping your stable job vs. following your passion and starting a business Why reaching financial independence fast IS NOT for everyone (and what to do instead) Cash reserves and why keeping your expenses low will help you deal with medical emergencies Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Take a Trip with Blaze Adventure Tours Pet Insurance Links: Healthypaws Trupanion Mid-Atlantic Federal Credit Union HELOCs Click here to check the full show notes: https://www.biggerpockets.com/blog/money-417 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 29, 2023

Want to replace your nine-to-five ? You'll need to know how to buy a business . And while you may think that you need to be some high-level executive or business-building savant, the reality is that TONS of profitable businesses are selling for pennies on the dollar , just waiting for you to come in, scoop them up, and start making six (or even seven) figures without doing all the work. This is the EXACT strategy that Codie Sanchez used to leave her high-paid banking career to make millions running so-called “boring” businesses. Whether it’s a laundromat , landscaping service, or law firm , businesses are up for sale without you even knowing it. You DON’T need to be an industry expert to get in on any of these deals. Many of the businesses that Codie has bought have been outside of her core competency. She’s gotten so good at business-buying that Codie now helps other want-to-be entrepreneurs get out of their jobs and into businesses that’ll help them build wealth . Codie’s ten simple steps to business buying can help ANYONE buy, build, and profit from a “boring” business. Codie breaks down exactly why she left the big paychecks behind to start buying businesses, the repeatable steps to acquiring and growing a business , which business you should be looking for, and five to NEVER buy . You’ll also hear how she funds these business purchases and what to do AFTER buying a business that massively multiplies revenue and makes you millions ! In This Episode We Cover The “boring” businesses that can replace your salary and make you a millionaire How to buy a business from start to finish and five business types you MUST avoid Jobs vs. businesses and how to ensure you buy cash flow , not another nine-to-five Codie’s buy box and EXACTLY what she looks for when acquiring a business Where to find funding for business purchases (and which sellers will offer you financing) Hiring, firing, and becoming the CEO of your first business And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Hear Past BiggerPockets Episodes with Codie: The Cash-Flow Boosting Businesses that Savvy Real Estate Investors Own The MOST Profitable Skill to Learn (From a $200M+ VC Investor) How to Buy Yourself a 6-Figure Income Stream w/Tim Delaney Click here to check the full show notes: https://www.biggerpockets.com/blog/money-416 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 26, 2023

Retirement is always some far-off goal. When you’re older and much more wealthy, you can live the golden years of your life without a care in the world. The problem? None of us know how much time we have left , how healthy we’ll be as we age, and whether or not these years are the best we’ll ever get. So, why wait to retire in your sixties when it’s possible to retire in your twenties, thirties, forties, or fifties? If you had the choice to live your ideal life NOW , wouldn’t you choose to do so? On this Finance Friday episode, we talk to Sara , who had a recent wake-up call about waiting for retirement. While on a casual run, Sara suffered sudden cardiac arrest, prompting her to be put into a medically-induced coma . Without any signs of something like this happening, Sara started to ask whether or not she was living her life to the best of her ability and if waiting for retirement age was worth the risk. With six figures in student debt from her husband but solid salaries to support their low-cost-of-living lifestyle , Sara wants to know how she can transition to part-time work while still saving and investing for early retirement . Thanks to smart decisions Sara has made, she’s in a phenomenal position to take her foot off the gas, but how can she do so without sacrificing her future? In This Episode We Cover Student loans and whether to pay off debt or invest for early retirement Switching from full-time work to part-time hours while keeping benefits and saving your sanity Planning your “ideal life” and why waiting until traditional retirement age could be a big mistake Cash reserves and how much you should have when planning to leave a full-time salary Building your investment plan based on what you (and your partner) really want out of life And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan How to Retire Early (From Someone Who Did at Age 27) Should You Pay Off Debt or Invest? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-415 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 22, 2023

Wish you had a few money hacks to help with things like getting out of debt , finding the right assets to invest in , and growing your nest egg ? The average person may not even know where to start! Today’s guest is using her platform to help simplify money concepts and improve financial literacy at a time when it is sorely lacking. Welcome back to another edition of the BiggerPockets Money podcast! Today, we’re joined by Nicole Lapin , founder of the Money News Network, host of Money Rehab with Nicole Lapin , and author of multiple New York Times and Wall Street Journal bestselling books, including Rich Bitch , Boss Bitch , Miss Independent , and Becoming Super Woman . Born into a first-generation American family, Nicole lacked financial literacy early on in life and was easily intimidated by financial concepts . Only after learning the language of money was she able to take control of her finances and pay off the consumer debt she had accumulated. In this episode, Nicole spills some of the top money hacks she has learned over the past 20 years. Wherever you are in your financial journey —whether it’s neck-deep in consumer debt or well on your way towards achieving financial independence and retiring early —you won’t want to miss what Mindy, Scott, and Nicole have to share about investing in today’s climate, assessing your risk tolerance , and making the most out of your money! In This Episode We Cover Money hacks for investing and rehabbing your personal finances Two methods of getting out (and staying out) of consumer debt How to create a “spending” plan using the “three E’s” Living below your means to fast-track your journey towards financial freedom How to assess your risk tolerance and find the right assets to invest in An alternative to financial independence, retire early (that could allow you to “retire” even sooner! ) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment The Pillars of FI: Designing the Life You Want 12 Things to Give Up to Become Debt-Free This Year Click here to check the full show notes: https://www.biggerpockets.com/blog/money-414 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 19, 2023

Early retirement is possible for almost anyone, no matter where you start or how much you make. If you can sacrifice and save more than you spend , there’s a good chance you could retire years or even decades earlier than the rest. In fact, you can retire early on a median income salary without any retirement savings to start with …but you’ll need to do one crucial thing. As you’ll see from today’s guests, David and Danielle , one smart purchase may have set them up for life! We’re back with another Finance Friday , where we talk to David and Danielle, two median-income earners trying to figure out the right path to early retirement . After Danielle’s sales-based burnout , the couple has been surviving with just one income , cutting it close every month. But, with a return to work on the calendar for Danielle, the chances of financial freedom are looking bright . But where do they go from here? With David and Danielle’s real estate dreams, Scott and Mindy come up with a handful of ways that this couple could use their primary residence to bolster their chances of early retirement and allow them to save a significant amount of money every month. So if you feel like you’re starting over on the path to FIRE and don’t know which move is right, this is an episode for you! In This Episode We Cover How to use your home to retire early and start investing Grocery shopping, food bills , and how to stop eating your money every month Legal fees and accounting for lawyer bills during an ongoing dispute House hacking and living for free while renting out spare space Assumable loans and upgrading your property when you have LOTS of equity And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment House Hacking: A Beginners Guide to Living for Free Grocery Shopping Got a Hold on Your Wallet? Check Out These Episodes: Cutting Your Grocery Bill in Half The Most Efficient Path to Financial Freedom Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Click here to check the full show notes: https://www.biggerpockets.com/blog/money-413 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 15, 2023

While the job of a full-time content creator might seem glamorous from the outside looking in, make no mistake—there’s plenty of work involved, and it’s not always easy to get your business off the ground . Our next guest spent years building up her content creation platform while continuing to work her nine-to-five tech job before she made her first six figures ! Welcome back to another episode of the BiggerPockets Money podcast! Today, Scott and Amanda are joined by Gabrielle Judge , a content creator and emerging thought leader for the Gen Z workforce . Gabrielle is helping to usher in the next phase of work-life balance with “quiet quitting” —an oft-misunderstood concept that has less to do with being lazy and much more to do with assessing your return on investment (ROI) at work and creating space for your other goals and passions . Whether you’re interested in content creation or tired of working for “the man,” you won’t want to miss out on all that Gabrielle has to share. She offers a handful of top tips on how to cultivate a side hustle so that it one day becomes a full-time job—including credit card stacking to access a large line of credit for new business ventures , becoming a hard money lender , and using Chat GPT to help you leave your current job and land your next one faster! In This Episode We Cover The real meaning of “quiet quitting” and how to set boundaries at work Growing a side hustle and turning it into your full-time job Viewing yourself as a business and evaluating your ROI at work Credit card stacking to access a large, unsecured line of credit How to become a bank for someone else through hard money lending Leveraging Chat GPT to streamline the job application process and get a bigger paycheck And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Amanda's Instagram Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Real Estate Rookie Podcast Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets She Wolf of Wall Street Website 10 Tips For Leaving Your 9-5 and Adjusting to Life as an Entrepreneur How to Start a Profitable Side Hustle Start Credit Card Stacking with Fund&Grow Click here to check the full show notes: https://www.biggerpockets.com/blog/money-411 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

May 12, 2023

A debt-free homeowner with an emergency fund and a keen eye for personal finance? A few years ago, Jazmyn Gray wouldn’t have dreamed that’s how her life turned out . From a young age, Jazmyn was thrown into drug addiction, homelessness, a life of crime , and later, prison time . She was a teenage mother whose silver lining was running a successful business until she was robbed, abused, and pushed into relapsing . But that’s not Jazmyn’s whole story. Through some entrepreneurial pursuits behind bars and putting her finances first, Jazmyn has had an almost unbelievable path to recovery . Even after her time in prison, Jazmyn was forced to pay restitution and other debts she had piled up before her incarceration. However, through a chance meeting with none other than our own Scott Trench, Jazmyn was given the master plan she needed to rebuild her financial position , even when the odds were stacked against her. Now, in a completely different position than she was in just a few years ago, Jazmyn is ready to tell her whole story, not only to provide hope to those that need it but give actionable steps to improving your financial life . You’ll hear how she built a six-figure business within a few months , how she recently bought a house with a record low interest rate , the debt snowball method she used to become debt-free faster than most Americans, and how she’s using her rough road to help others build their own wealth. In This Episode We Cover Hitting financial rock bottom and starting your journey when you have nothing Building a six-figure business and what caused Jazmyn to give up hers Homelessness, drug addiction , and fighting to survive as a teenager The “debt snowball” method Jazmyn used to pay off her debt in record time Buying your first home and how to do so only a few years after being dead broke Jazmyn’s easily-repeatable advice for ANYONE starting their financial journey And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Real Estate Rookie Podcast Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes 12 Things to Give Up to Become Debt-Free This Year Get Involved with CrossPurpose Click here to check the full show notes: https://www.biggerpockets.com/blog/money-410 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

May 8, 2023

As a first-time home buyer , you may be struggling to make a move. And who can blame you? In 2023, with high mortgage rates and stiff competition , more and more would-be home buyers are staying put as renters—but this could be a big mistake. Even Jay Papasan , executive at Keller Williams and bestselling author , wishes he made his first home purchase faster. It wasn’t until Jay was thirty that he finally pulled the trigger on purchasing a property. He had just moved to Austin, Texas, and bought the worst property in the best neighborhood he could find. Now, a good twenty years later, this property alone has made Jay close to a million dollars , and he thinks today’s homebuyers could be in the same position. So, how do you build wealth when buying your first property ? In this episode, Jay walks through what first-time home buyers should be looking for when scouting out houses, the telltale signs of a great (and not-so-great) real estate agent , simple improvements you can make to increase property value dramatically , and what to do with today’s high mortgage rates . Jay also includes a little-known way to lower your mortgage rate on your next home, so you can pay less and profit more when you move out! In This Episode We Cover Why you should NEVER sell your first home (and what you should do instead) How to lower your mortgage rate WITHOUT increasing your cost to close Signs of a great agent and the MOST important trait they must have Easy improvements that will shoot up your home’s value Tracking your net worth and why you MUST know your personal profit and loss Housing horror stories and whether or not your agent needs to tell you about the ghost haunting your kitchen And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Real Estate Rookie Podcast Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Grab the First-Time Home Buyer Book Bundle and Use Code “BPKELLER” at Checkout Putting Yourself in the Best Financial Position as a First Time Home Buyer Big Goals? Here’s How to Get Your Spouse or Partner on Board Becoming a Millionaire Real Estate Investor How to Manage Your Time Like a Millionaire Click here to check the full show notes: https://www.biggerpockets.com/blog/money-409 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

May 5, 2023

Early retirement is the holy grail of financial freedom. With a large enough nest egg, you no longer have to work , giving you the time to spend with your family and friends or do whatever you want. The problem? Hitting financial independence is much easier than most FIRE -chasers think , and achieving their biggest goal comes with unintended consequences. The fact of the matter is, retiring early is a hard choice , and it’s NOT as simple as walking away from your job. Today, we talk to Phil , who’s bringing in a large salary and doing a job he loves but wants to take more time off work to be around his growing family . Phil has reached financial freedom. He has plenty of money in his retirement accounts, a short-term rental property portfolio paying him a median-income salary, and lots of cash on hand in case he runs out. He’s also got a job that makes him a stellar salary and has the flexibility to allow him to increase or decrease his shifts as he sees fit. Phil has done it. He’s found financial freedom and built a fortress of assets to hold up his lifestyle for the rest of his life. But, the idea of walking away from work is stopping him from taking the time off that he needs. With such high pay and work that gives him meaning, how can Phil slowly start stepping away from work without sacrificing his identity or ability to help others? This is a struggle for many who have hit financial independence, and you, too, may face the same dilemma in the not-so-distant future! In This Episode We Cover Building multiple income streams so you can reach financial freedom faster Giving up the high-pay of a skilled job to spend more time with your family When to pay off your properties and whether living mortgage-free is worth it Transitioning out of a career and why stepping away from work is more complicated than it seems Building your ideal post-FI life (even if that means working!) The “ middle-class trap ” and why over-investing in retirement could be a mistake And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Real Estate Rookie Podcast Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Mr. Money Mustache on Life After FI: The Truth About Retiring Early How to Avoid the “Middle Class Trap” When Building Wealth The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G Grab Your Copy of “Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life Click here to check the full show notes: https://www.biggerpockets.com/blog/money-408 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

May 1, 2023

Think it might be too late for you to enjoy the spoils of real estate investing ? Well, you’d be wrong! Regardless of age, background, or financial circumstances, it’s never too late to switch careers and become a real estate investor . Just ask today’s guest! In this edition of the BiggerPockets Money podcast, we’re joined by Evan Miller , who was a bright-eyed, bushy-tailed US Air Force cadet when he first took an interest in real estate. It wasn’t long before his childhood dream of becoming a pilot was ousted by the entrepreneurial pull of building his own real estate empire . Although his journey included a stint in intelligence and a pit stop as a certified financial planner , Evan has managed to create a portfolio of eight properties over the last eight years. In today’s episode, Evan shares his entire story from start to finish, including his frugal upbringing, his time at the academy, and his journey towards becoming a full-time real estate investor . As always, our trusted hosts Mindy and Scott are along for the ride. Tune in as we demystify a handful of money-related topics—qualifying for real estate professional status (REPS) and its enormous tax benefits , finding exclusive deals through assumable loans , and flipping houses for a profit —even in a bad housing market! In This Episode We Cover How to seamlessly transition from your current vocation to a career in real estate The value of frontloading depreciation when building your real estate portfolio Assumable loans and how to find HUGE deals in military markets How to flip houses at a profit in a volatile housing market Real estate professional status (REPS) tax benefits (and how to qualify!) The opportunities that come from surrounding yourself with other real estate investors And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Real Estate Rookie Podcast Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Episode 217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time Grab “The Book on Investing in Real Estate with No (and Low) Money Down Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS Year-End Tax Tips and How to Owe Even Less in 2023 Try the BiggerPockets Calculators: Mortgages Rental Calculator Rental Estimator Click here to check the full show notes: https://www.biggerpockets.com/blog/money-407 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 28, 2023

The road to early retirement isn’t easy. Once you become dead-set on finding financial freedom , your entire world turns upside down. For many of us, this means spending as little as possible, ditching takeout, saying goodbye to expensive events, and becoming a frugal hermit in our own financially-focused worlds. But, this can lead to serious burnout since a life without fun is a hard life to live. Today, we talk to Sam , who’s feeling his own type of frugal fatigue . Sam was blindsided by a sudden divorce , separating him from his daughter and prompting him to restart his career. He went the unconventional route, getting his pilot’s license and slowly building up his income. But, switching from stay-at-home dad to breadwinner in an instant left a mental mark on Sam. As a result, he’s kept an extremely lean budget , even as his income has grown into six figures. He’s doing a phenomenal job on the path to early retirement , but with time freedom in sight, Sam is still struggling to live life in the present moment instead of always focusing on the future. In this Finance Friday episode, Mindy and Scott walk through paying off unconventional student debt , building a financial runway, the difference between being frugal and cheap, and whether house hacking vs. renting is the right move in this housing market. They’ll also chat over employee stock purchase programs and investing for early retirement, all while making dozens of pilot puns along the way! In This Episode We Cover Investing for early retirement and what to focus on to hit financial freedom Being frugal vs. cheap and whether your FIRE obsession is making life harder Student loan debt and when selling investments makes sense House hacking and using extra space in your home to make more money Building your “financial runway” and when it’s time to reallocate your investment portfolio Employee stock purchase programs and the GUARANTEED profit you’ll make And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom How to Get to Early Retirement Even Faster Click here to check the full show notes: https://www.biggerpockets.com/blog/money-406 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 26, 2023

Healthy meals that taste great AND save you money ? Surely, you can’t have all three! Today’s guest would beg to differ. After deciding roughly six years ago to embrace a healthy lifestyle , she made it her personal mission to find clean recipes that were equally affordable and flavorful. Today, she saves roughly $150 - $200 on her grocery bill each week ! Welcome to a special bonus episode of the BiggerPockets Money podcast. Today, our hosts Mindy and Scott pick the brain of Jenn Lueke , a food blogger who teaches people how to curb their monthly food spend and prepare healthy, craveable dishes that keep food exciting. Have you always wanted to improve your diet without breaking the bank or spending countless hours in the kitchen ? Do you wish that healthy choices tasted a little better ? Tune in as Jenn talks about how she plans and preps all of her meals ahead of time, sticks to a tight grocery budget even amidst inflation or an economic downturn , and keeps all of her food organized in a one-bedroom apartment. You’ll even learn about her top budget-saving foods, go-to one-pan recipes, and favorite places to shop! In This Episode We Cover How to save on your grocery bill ($150 or more!) each week The best ways to optimize food storage with limited space Finding easy, cheap, and healthy recipes that become household staples How to plan and prep meals for HUGE time savings When to buy organic produce instead of conventional Shopping seasonally to take advantage of lower prices (and fresher produce!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 24, 2023

The formula to build wealth isn’t complicated. Most American millionaires have figured it out, and you might have as well. It’s safe to say that almost every wealthy American has followed these three steps that lead to a life of riches . If you follow the same path, you, too, can end up with financial independence , early retirement , and generational wealth that will propel your family forward. But, even though these steps are simple, most Americans can’t or won’t follow them. Joining us in the fight to help every American reach financial freedom are Brian Preston and Bo Hanson from The Money Guy Show . Brian and Bo both boast numerous financial acronyms after their names. As licensed financial professionals (CPAs, CFPs, PFSs, CFAs), it’s fair to say that they know their way around a portfolio. They’ve been helping their clients and podcast listeners build wealth no matter what stage of life they’re in. And their newest study on millionaires has illuminated some surprising takeaways. In today’s show, Brian and Bo break down EXACTLY what millionaires are doing that average Americans aren’t , the three core principles you MUST follow to build wealth, diversification vs. concentration, and whether or not real estate should be a part of your portfolio. So whether you just got your first job, are nearing retirement, or hover somewhere in between, Brian and Bo give actionable advice you can take away to not only build wealth but keep it for generations to come! In This Episode We Cover The three core principles you MUST follow to build wealth and become a millionaire Self-made riches and the surprising facts about starting from SCRATCH How to protect your generational wealth after you’ve made it Why those that reach financial independence rarely choose to retire early Diversification and whether your business, home, or stock portfolio owns too much of your wealth The right way to invest in real estate for early retirement (and when it’s TOO risky) Rising interest rates and how this will affect those pursuing financial independence And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Listen to “The Money Guy Show” Download the Financial Order of Operations Work with Brian and Bo Click here to check the full show notes: https://www.biggerpockets.com/blog/money-404 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 21, 2023

Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents , switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice? On this Finance Friday , we talk to Patrick , who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate , as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about. But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies , HELOC s (home equity lines of credit), car loans , and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family! In This Episode We Cover Student loan debt and what you MUST do to become debt-free Whole life insurance policies and whether they’re worth the high monthly premiums The true cost of college and what to know BEFORE you finance your degree Rental property headaches and when real estate investing may NOT be the right move Ditching dual income to become a stay-at-home parent and who is in the position to do so Reaching financial freedom as a new parent and the sacrifices you MUST make to retire early And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought Is 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 Cooper Should You Pay Down Student Debt or Start Investing? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-403 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 17, 2023

Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor , you need top-notch tax advice if you hope to reap the best tax savings when filing—legally, of course. And that’s exactly what we’ve got for you today! Welcome back to another episode of the BiggerPockets Money podcast . Ahead of this year’s tax deadline , we’ve brought in reinforcements to answer all of your burning tax questions. Today’s guests are Kyle Mast , fee-only certified financial planner (CFP) and real estate investor, and Natalie Kolodij , real estate tax strategist and IRS enrolled agent. In this episode, they use their collective tax expertise and perspectives to tackle a handful of key topics. Ever wondered whether there are different tax benefits when buying a property in cash rather than via a traditional home loan ? If you’re in a partnership on a short-term rental property , how do you claim depreciation ? What is a cost segregation study , and when should you do one instead of taking depreciation deductions over the normal timeline? As always, our trusted host Mindy chimes in with some important nuggets to help make your journey toward financial freedom that much easier (while owing less to Uncle Sam)! In This Episode We Cover Tax benefits of buying a property in cash versus getting a loan The “2-out-of-5-year” rule that allows you to avoid HUGE capital gains taxes How to claim depreciation deductions in an investing partnership The pros and cons of cost segregation studies and normal depreciation deductions Why you NEED to hire a real estate tax strategist (and how to find one!) How to set up your business entity for the best real estate tax savings And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Connect with Mindy on BiggerPockets Mindy's Twitter Kyle’s Website Clarity Financial Kyle’s Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Get Tax Professional Recommendations from Other Investors The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of Year-End Tax Tips and How to Owe Even Less in 2023 2023 Real Estate Taxes: Write-Offs, Loopholes, and How to Pay Less Next Year Click here to check the full show notes: https://www.biggerpockets.com/blog/money-402 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 14, 2023

How important are beneficiary designations ? What happens if you die without a will ? What are intestate succession laws ? Death is a subject that most people want to avoid, especially when it intersects with finances. Unfortunately, these are necessary questions to ask, as your legacy is at stake, and taking just a few hours to plan could save your family thousands of hours after you pass. When guest and long-time friend Renee received the call that her husband of nine years had passed unexpectedly , she was left to deal with not only her own grief but also the financial implications of her husband’s death. While the two had discussed death and finances on multiple occasions, little did they know that a common financial error would create a logistical nightmare—one that would lead to ongoing legal battles and fractured relationships . In today’s episode, Renee joins us to tell her story and stress the importance of planning for the unexpected . We cover things like beneficiary designations , wills , living trusts , and intestate succession laws . Renee also shares the three steps you MUST take to avoid having a post-passing financial nightmare. As always, our hosts Mindy and Scott are here to share some invaluable advice you won’t want to miss! In This Episode We Cover How a few hours of end-of-life planning could save your next of kin thousands of hours Why beneficiary designations are king for all financial assets Intestate succession laws and what happens when you die without a will When others may have a legal claim to assets over a spouse How relationships are impacted by the financial implications of your passing The three steps you MUST take to get your assets in order before you die And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Getting Financially “Naked” with Your Significant Other — With Erin Lowry from Broke Millennial (Episode #24) Estate Planning, Wills, and What to Do NOW to Protect Your Heirs w/Jordan Klint (Episode #395) Get Your Family Emergency Binder The Easiest Way to Create a Will Click here to check the full show notes: https://www.biggerpockets.com/blog/money-401 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 10, 2023

Being able to retire early is a blessing and a curse. When you first start working a job, all you can think of is escaping your everyday responsibilities. The mind-numbing tasks, the early mornings, late nights, horrible bosses—it all adds up. But, you then find the “ financial independence , retire early movement (FIRE),” and almost overnight, you decide that your future will be dedicated to setting yourself financially free. You develop skills that help you make more at your job, feeding into bigger, better investments. And as a result, you end up being in a better position, at a more respectable job, earning more than you thought possible, and enjoying the challenge of everyday work. This is precisely what happened to your hosts, Mindy Jensen and Scott Trench . Both started at jobs they didn’t love, wanting to be financially free. Through hard work and skill-building, Mindy and Scott were brought together, prompting them to start the BiggerPockets Money Podcast and build a company they both love. Now financially free, Mindy and Scott refuse to retire early for a good reason . In this special four-hundredth episode, Mindy and Scott share their money stories , how they found the FIRE movement, what they did with their money, and why they choose to work , even though they don’t have to. If you want to know the real reason behind Scott and Mindy’s skyrocketing success , stick around because their stories are much more repeatable than you may think. In This Episode We Cover The origins of the BiggerPockets Money Podcast and how risky investing prompted a powerful podcast The index fund vs. individual stock-picking debate and why Mindy started to shift her portfolio How Mindy and Scott found the FIRE movement and how they both quickly reached financial independence Becoming a CEO and why Scott’s “don’t ask for a raise ” philosophy paid off BIG time Choosing to work instead of retiring early and why a meaningful livelihood beats a relaxing early retirement The simple but profound moves Scott made to triple his net worth in just a few years And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Connect with James Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Mr. Money Mustache's article 1,500 Days Breaking the Taboo of Talking About Money with Friends, Family, and Bosses How to Change Your Financial Life with a Money “Reset” Margin Loans: Low-Interest Lending or Risky Rates? Mindy's First Episode: Jump Starting Your Early FI Plans by Live-in Flipping Scott’s First Episode: An All-Out Approach to Financial Independence at an Early Age Click here to check the full show notes: https://www.biggerpockets.com/blog/money-400 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 7, 2023

Want to retire early in your 30s ? Early retirement may be closer than you think. With smart money moves, intelligent investments, and the ability to save more than you spend, you could trade forty-hour work weeks for full days with your family . But, before you do, you’ll need to set yourself up with some killer cash flow, so your assets can pay for your lifestyle while you sit back and enjoy ultimate time freedom. This is exactly what Jenny Bayless did over the past ten years. After college, Jenny was able to score a well-paying job but realized only a few months in that the “work for forty years, retire at sixty-five” plan wasn’t worth the grind. So, she started aggressively saving, doing whatever she could to get into her first property . From there, she stumbled upon the BRRRR strategy of real estate investing , allowing her to recycle her cash to buy more properties in far less time than it took to save up for a down payment. In this episode, Jenny explains precisely how this method led her to financial freedom , what FIRE-chasers in 2023 can do to retire even earlier , and why EVERYONE should have a financial exit plan, no matter how much they love their work. Jenny’s repeatable system to financial freedom through real estate isn’t as complicated as you might think, and she gives three crucial tips that, when followed, will lead to FIRE even faster! In This Episode We Cover How to retire in ten years (or less!) by using the BRRRR investing method Leaving your W2 and how to know it’s the right time to walk away from a paycheck Three tips ANYONE can follow to hit financial freedom faster “Failing forward” and why those that make mistakes are the ones who get ahead Cash-out refinances and how to recycle your down payment funds to buy more property Life after FIRE and why you’re still allowed to make money even when retired early And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Connect with James Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Money Moment Meet Scott and James at BPCon2023 Grab The Book on “Investing in Real Estate with No (and Low) Money Down” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-399 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 3, 2023

For so long, early retirement has been THE goal of those chasing financial independence . Can you imagine waking up with unlimited time, not having to work, and reporting to no one but yourself? Now imagine that day in and day out. Before long, the luster of never working gets to you, and that's because if you've achieved financial independence, the regular type of "retirement" just won't work . But what if you could restart your career, do something you REALLY cared about , or build your dream business? Jill Schlesinger , author of The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life , has redefined what FIRE should mean. Instead of financial independence, retire early, she's opting for financial independence, new endeavor . Now, those skills you've been building for decades can be put to good use, working how much you want, for who you want, and doing what you want. But what if you're not at financial independence yet? What if you're stuck feeling miserable in a job, slogging your way to retirement? Jill suggests performing a "money reset." Through a five-step system, you'll see where you stand financially, what's important to you, and how to change your life entirely so you can stop doing what you must and start doing what you love. Whether you're retired, retired early, on the path to FI, or don't know where to start, Jill's money thoughts will rock your financial world. In This Episode We Cover Why you (probably) AREN'T pursuing your dreams , and whether money is REALLY the issue Resetting your career and why it's a smart move to make MULTIPLE times in life The FINE alternative to the FIRE movement , and why working after early retirement is a blessing, not a curse The 'Fabulous Five" that will give you an overall picture of your financial health and money wealth How to perform a "money reset" no matter what stage you're at in life (or how much money you have) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Henry's BiggerPockets Profile Henry's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! On The Market Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Click here to check the full show notes: https://www.biggerpockets.com/blog/money-398 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 31, 2023

Financial freedom allows you to do what you want, when you want, and with who you want. But it’s not just for lounging in hammocks or jet-setting around the world. When tragedy strikes, a sudden loss occurs , and you need time to spend with your family , friends, and loved ones, financial freedom becomes the bedrock of what helps you recover. This is why the option to retire early is so crucial for the everyday American; you never know when you’ll need to take some time for yourself. Jordan Klint , former guest on episode sixty-three , achieved financial freedom at a surprisingly young age, with five children to boot! His time freedom and ability to live on his terms was an added bonus the last time we talked to him, but now, we understand that it was necessary for Jordan to keep sane during the past year. Jordan’s family went through a significant tragedy, resulting in the loss of not one but multiple relatives all at once. This was an incredibly hard time for Jordan and his family but has allowed him to reflect on what FIRE-chasers need to do to ensure their families are protected when they pass. While this episode does bring up some difficult points, it’s full of extremely useful tips that Jordan used to get his family’s finances together. We get into estate planning , why you need a will , life insurance , car insurance, and the “emergency binder” that EVERYONE should have. Don’t wait until the unexpected happens. If you’re building wealth, you NEED to put these plans in place. In This Episode We Cover Estate planning 101 and why trusts, wills, and other documents can protect your family’s wealth Self-care, mental health , and why investing in your friends is so important Life insurance and why buying a policy is crucial for family members who rely on you Financial planners and how to use their expertise to help you structure an after-passing plan Early retirement and how Jordan was able to take time to recover and recharge Jordan’s post-retirement portfolio and how he’s spending his days after reaching financial freedom And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Hear Our Last Episode with Jordan Everything You Need to Know BEFORE You Invest in Syndications Grab the “Emergency Binder” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-397 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 27, 2023

You want to retire early , but odds are, you think that you can’t. Whether it’s a high-stress job , a business that requires your full attention , or just the belief that you MUST be working, most Americans don’t think they can regain their time freedom . But most people don’t know about “ lifestyle investing .” Instead of trying to be the wealthiest investor with the biggest house, fastest car, and most money in the bank, lifestyle investing asks, “ what do you TRULY need to be financially free?” And there’s no one better to answer this question than Justin Donald , author of The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom . Justin redefined what it means to be rich by focusing on time, not money, as the most important metric . He went from working as a stressed-out business owner to having complete time and financial freedom simply by putting the lifestyle he wanted before everything else. And he has a lot to teach those of us that have yet to hit financial independence . Today, Justin will define some of his cash flow commandments , explain why passive income is the most essential investment you can make, and detail how to start living a proactive, not reactive, lifestyle. No matter where you’re at financially, this shift in understanding will help you build the life you love, WITHOUT creating more tasks for yourself to take care of! In This Episode We Cover Lifestyle investing explained, and why time freedom is far more important than money How to find out whether you run your business or your business runs you The ten commandments of passive cash flow and where to find it Real estate investing and other income streams EVERYONE should know about Diversification vs. concentration and which builds wealth faster De-risking your investments and how to get money out of any deal your enter And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Jamil's Profile Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment 12 Ways To Make Passive Income From Real Estate Investing Click here to check the full show notes: https://www.biggerpockets.com/blog/money-396 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 24, 2023

Want to hit FIRE ? You’ll need a smart side hustle . We’re talking about income-doubling, cash-printing, serious side businesses that will allow you to leave your job and grow a substantial income stream, so you can invest the rest and reach the early retirement you’ve dreamed of . And for today’s guest, Alex , this is exactly the goal. Alex left college and went straight into the corporate world, only to realize that her potential wasn’t being met and there were alternative income goldmines that she could be chasing. So, she got her real estate license as a side hustle, helping buyers and sellers get into and out of homes. Her commissions boosted her income to unforeseen amounts , and now, Alex is sitting on a stack of cash that could help launch her to financial independence. But, even now, with a better job and a serious side hustle , Alex wants to venture deeper into the entrepreneurial realm. The next big dream? Becoming a financial coach for those that want to be in her position. But, before she starts, Alex needs help figuring out what to do with the savings account she’s been diligently growing. Should she use it to put twenty percent down on a house hack that would limit her living expenses? Or, is there a savvier, more creative way to finance her next property that could put Alex in a FAR better position? If you’re trying to hit FI before, after, or at forty-five , this episode is one you can’t afford to miss! In This Episode We Cover Starting your side hustle and boosting your income by turning extra time into money Creative financing and how to buy your first property at a rock-bottom mortgage rate How to know if you have too much cash (and what to do with it) HSAs, IRAs, 401ks, and other retirement accounts you should be throwing cash at Becoming a real estate agent and whether or not it’s worth it for the commission checks Designing the perfect portfolio for early retirement (even if you’re just getting started) House hacking and how to use your primary residence to generate passive income And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street Click here to check the full show notes: https://www.biggerpockets.com/blog/money-395 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 20, 2023

Retirement investing , bad debt, backdoor Roth IRAs, bonds, and starting a business . If you’re just beginning your personal finance journey, this can all seem a bit complicated. Where do you invest first? What should you do with extra cash? And how do you know a financial fiduciary is genuinely looking out for your best interest? Don’t worry; you don’t need all the answers. Just tune in, and listen to what financial expert Amanda Wolfe and Certified Financial Planner Kyle Mast have to say. It’s been a few months since we spoke to our go-to money experts. But we’ve been receiving a ton of finance FAQs in our Facebook group. So, we rounded up some of the best and got Amanda and Kyle’s take live on this episode. First, we’ll go over when to pay off bad debt when starting a business and what a “no money down” business really means. Then, Amanda and Kyle give their strong stances on if bond investing makes sense for the average FIRE -chaser. You’ll also hear the OPTIMAL way to set up your retirement investing , which accounts are worth hitting first, and the financial order of operations you should follow to optimize your retirement planning. And try not to send your financial advisor this episode because we’ll be discussing when an advisor is and isn’t worth the money and why a commission-based fee structure could be a big red flag when deciding who to invest with. All this (and much more) is coming up in this episode! In This Episode We Cover The exact way to invest for retirement and which accounts deserve your cash the most The backdoor Roth IRA explained and how to invest a MASSIVE amount in one of the most tax-advantaged retirement accounts Whether you should pay off bad debt BEFORE starting your own small business Investing in bonds and why this “safe” investment might not be worth the lost profit HSAs (health savings accounts) and when to get reimbursed for past medical purchases Fee-only vs. commission-based financial advisors and why the two are DRAMATICALLY different And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget She Wolf of Wall Street Website How MLMs and Pyramid Schemes Trap Average Americans Amanda’s Past Episodes: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes Kyle's Past Episodes: A Personal Finance Masterclass Retirement Planning During (and After) the Coronavirus with Kyle Mast How to Find the Best Possible Certified Financial Planner Click here to check the full show notes: https://www.biggerpockets.com/blog/money-394 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 17, 2023

Both SVB ( Silicon Valley Bank ) and Signature Bank have crashed and burned dramatically over the past week. What once was a few large customers making withdrawals quickly turned into a bank run of epic proportions . Within just a few days, SVB went from one of the largest banks in the United States to one of the biggest bank failures in the nation’s history . But what led to such a fast-paced collapse, and are more banks on the chopping block? You don’t need to be an expert economist to understand what happened at SVB and Signature Bank this week. But you will want to hear Dave Meyer’s take on what could come next . With bailouts back on the table, many Americans fear we’re on the edge of a total financial collapse , mirroring what unfolded in 2008. With more and more Americans going on cash grabs, trying to keep their wealth safe from the “domino effect” of bank failures , what should everyday investors prepare for? More specifically, for our beloved real estate investors, how could SVB’s failure affect the housing market? Will the Federal Reserve finally be forced to end its aggressive rate hikes ? Could money flood into real estate as hard assets become more attractive? Stick around as Dave explains this week’s wild events and what it could mean for the future of the US economy . In This Episode We Cover SVB’s (Silicon Valley Bank) collapse explained and why it failed so fast The bank run “domino effect” that could put other intuitions at risk Why a “bailout” happened so quickly , and whether customer funds were secured Bond yields and why making long-term investments was a risky bet for SVB The future of mortgage rates and how SVB’s failure could lead to fewer rate hikes The psychology behind a bank failure and how it affects the entire economy And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding BiggerPockets Bootcamps Join BiggerPockets for FREE Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Dave’s BiggerPockets Profile Dave’s Instagram How Did A $200B+ Bank Collapse In 48 Hours? Is Real Estate Going To Be Impacted? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-393 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 13, 2023

Kevin O’Leary (AKA Mr. Wonderful ) might be the world’s favorite (and most outspoken) investor. You’ve probably seen him on Shark Tank , where he’s doing deals with startups, putting overconfident entrepreneurs in their place, and often making boring products into billion-dollar companies. Kevin has the Midas touch, or at least it seems that way on television. Still, he doesn’t shy away from mentioning failures and the enormous lessons he’s learned that eventually led him to make hundreds of millions of dollars . But before Kevin was Mr. Wonderful, he was just Kevin, the local ice cream scooper who learned a hard lesson about being an employee . After college, Kevin started a production business, which eventually led him to create The Learning Company, a $4.2 billion business that allowed Kevin to enter into a new stage of wealth. Since then, he’s been aggressively investing in (and building) private companies inside and out of Shark Tank . And after investing so heavily and working so hard, Kevin knows EXACTLY what makes a company (and investment) succeed or fail . Today, we get a glimpse inside Kevin’s personal investment portfolio , the three things he thinks EVERY entrepreneur should have to make it big, and why diversification is one of the most CRUCIAL ways to build and protect your wealth. You’ll also hear how to invest in startups like Kevin does, why Kevin makes big bets on women entrepreneurs, and how he’s investing during today’s recessionary environment . In This Episode We Cover Kevin’s investment portfolio exposed and which assets he’s all-in on The difference between an entrepreneur and an employee and why Kevin only worked one job Why you MUST start tracking your income and expenses unless you want to remain broke The three things EVERY investor/entrepreneur needs to make it big Why building a portfolio beats investing in single stocks, companies, or ideas The government program that could pay you hundreds of thousands if you own a business How to start investing in startups and small businesses like Kevin does on Shark Tank And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment 3 Rules for Crushing It in Business Here’s What It Takes to Succeed as an Entrepreneur Click here to check the full show notes: https://www.biggerpockets.com/blog/money- Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 10, 2023

Your small business could be the key to financial independence , early retirement , and more income than your W2 is paying you. But, most small business owners don’t understand the best way to grow their income stream. With a DIY mentality, you could be stuck doing the skilled work, answering the emails, picking up phone calls, bookkeeping, and spinning ten plates at the same time while your business fails to grow. Instead, you must step out of the “solopreneur” role and into the “business owner” mindset that can help you quickly make a six-figure income while working for yourself . Today’s guest Amy took a big risk, leaving her job to start her physical therapy practice . She’s been slowly building up her income to a stable monthly amount but wants to spend more time on money-making activities in her business and less on administrative work that she could easily hire out. With a few quick calculations, Scott and Mindy devise a scalable way for Amy to start bringing in six figures while outsourcing all the work she doesn’t love . And even though Amy wants to make more income, she’s not obsessed with hitting FIRE fast. Instead, she wants a slow path to FI , one where she can focus on raising her son, spending time with her family, and helping the patients that need it most. So if you’re stuck in a small business or side hustle that takes too much time while making too little, stick around for some stellar advice from Scott and Mindy! In This Episode We Cover The slow path to financial freedom and why you DON’T need to race to retire early Small businesses, side hustles, and when it’s worth quitting your job to pursue your passion Outsourcing and how to take the most menial tasks off your plate so you can focus on making more money Websites, referrals, and other marketing tactics to bring in new business Auto loans and the “gray area” of interest rates that EVERY listener should be careful of Unit economics 101 and what all solopreneurs need to do to grow a full-on business And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment How to Outsource Your Way to Multiple Streams of Income The 3 Main Stages of Scaling Your Small Business Buying and Growing a Small Business With Little to No Risk 21 Ideas for Part-Time Gigs & Side Hustles Click here to check the full show notes: https://www.biggerpockets.com/blog/money-391 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 6, 2023

Is whole life insurance a scam or a worthwhile investment? You may have heard us talk about whole life insurance before, but we’d bet we’re not the only ones mentioning it to you. Your financial advisor, business partner , parents, or fellow investors could have also let you in on the “amazing benefits” that only whole life insurance can provide . But how much of this is fact, and how much is fiction? And, if whole life insurance is such a bulletproof investment , why not buy a policy right now instead of investing for retirement ? We brought on Dr. Jim Dahle , better known as, The White Coat Investor , to explain the truth behind the whole life insurance system and whether or not it really is a scam. Jim started his financial education during his medical school residency after realizing that almost every financial professional was trying to take advantage of him . Whether it was a real estate agent, financial advisor, or accountant, Jim felt like he couldn’t hold his own when in casual conversation with them. So, he beefed up his knowledge of investing and finance and started The White Coat Investor to help doctors, just like him, make sense of their cents. Early in his investing career, Jim spent over seven years paying into a high-priced whole life insurance policy, only to realize that he made a negative return . Now, he’s here to educate EVERY investor on what whole life insurance really is, who truly needs it, and the MASSIVE commissions salespeople make when selling you a policy . If you have whole life insurance, you NEED to hear this. And if you don’t, you’ll now understand why it’s pushed so hard on everyday Americans. In This Episode We Cover Whole life insurance explained, and the real benefit of having a policy Term life insurance vs. whole life insurance and which is better bang for your buck Sales commission schemes and why whole life insurance policies are so expensive The situations when a whole life insurance policy makes sense (and when it DOES NOT) The “infinite banking” illusion and why this capital-raising tactic isn’t as clever as it seems Rebuttals to make next time your financial advisor pushes a policy on you Fee-based vs. fee-only financial advisors and which have your best interest at heart And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To) Why All Real Estate Investors Should Have Solid Life Insurance Coverage Click here to check the full show notes: https://www.biggerpockets.com/blog/money-390 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 3, 2023

Doubling your net worth in only a year ? Seems impossible, right? Is making such massive money moves during a down market even realistic? If you think it can’t be done, tune in, and you’ll hear exactly how repeat guest Yourri Dessureault did it. Yourri’s name may sound familiar; we talked to him back on BiggerPockets Money episode 236 , where he spoke about trying to achieve a massive $7,000,000 retirement goal while making $120K per year. But, a lot has changed in seventeen-or-so months. Yourri has returned with a much bigger paycheck , a ten-unit real estate portfolio , and a net worth that dwarfs what he presented in 2021. So, how did he make such big moves, and what was the catalyst for him to get on the financial freedom fast track ? Over the past year, Yourri has been extremely disciplined with his finances, looking at every dollar he had and asking whether or not it was doing the best it could. As a result, he’s decided to sell off some significant stock holdings , put his Bitcoin mining on pause, and go headfirst into the world of real estate investing . Now, with nine rental properties out of state, Yourri is starting to build an outsourced team that can work to help his wealth grow while he spearheads an effort to fund bigger, better deals. Through intelligent networking, Yourri found a “golden goose,” slowly feeding him real estate deals that’ll make him rich in no time. If you want to repeat Yourri’s almost unbelievable system for building wealth quickly , you’ll need to tune in! In This Episode We Cover Why Yourri said “bye-bye” to Bitcoin and hello to real estate investing How to get a raise at work and taking on more responsibility for a much larger paycheck Out-of-state real estate investing and using it to buy cheap houses with phenomenal cash flow Financing your rental properties and what to do when no one will fund your mortgage Selling stocks and when it’s time to trade passive investing for active income Traditional 401(k)s vs. Roth 401(k)s and which to pick when you’re in a high tax bracket And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Finance Friday: Enjoy Life Before FI with Simple Investing Strategies Your Step-by-Step Guide to Buying Out-of-State Investment Properties Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-389 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 27, 2023

Twitter’s massive layoffs affected the tech industry more than people think. For years, tech stocks ran with enormous valuations, with over-inflated workforces of employees getting paid six-figure salaries with even more impressive bonus packages. This wasn’t sustainable by any means, and as a new type of CEO steps in, tech companies are looking to get leaner, more operationally efficient, and return to their startup-like roots. But how does this reforming tech market affect the US economy ? We brought on Aman Verjee , founder of Practical Venture Capital, to explain what’s happening in Silicon Valley and what it means for your finances . Aman has worked in the tech sector for almost as long as it’s been relevant. From PayPal to eBay , Sonos , and more, Aman has been on the ground floor of some of the most promising tech companies, helping them operate with leaner teams while bringing in bigger revenues . And as an industry expert, Aman isn’t surprised or disappointed by the recent tech layoffs . He touches on why these layoffs aren’t what most people think , how they could affect the overall economy, what CEOs need to know to survive this market, and what everyday investors should look at BEFORE buying tech stocks . Aman’s practical advice is CRUCIAL for anyone investing. And as the stock market becomes more and more tech-centered, knowing some of this information could help you make FAR more lucrative decisions on which companies you’re rooting for. In This Episode We Cover Tech layoffs in 2023 and why the number of employees being cut isn’t what it seems Twitter’s “warning shot” that sent other CEOs into an efficiency-first mode Work-from-home culture and whether or not a return to the office is happening What to look for in a tech company that’s about to IPO and telltale signs of solid growth Investing in public markets and why Warren Buffet ’s super simple advice still applies What business owners should know when trying to grow and scale their small businesses And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Annual Event 2022 - Peter Zeihan Presentation Silicon Valley Investors Club Finance Friday: First Down Market? Here’s How to Stop Stressing Surviving a Layoff: What HR Wants You to Know? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-388 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 24, 2023

Most people assume that buying rental properties is only for those making six-figure salaries. How can the average American afford the sizeable down payment and high interest rates of today’s housing market? Let us introduce you to Tiffany , a twenty-three-year-old from Colorado who’s using her $41,000 salary to build wealth at an early age. Tiffany is doing this all while bringing in just a few thousand dollars a month without a four-year degree. She’s ready to buy her second property this year but wants to speed up her timeline. With a smaller salary, Tiffany has had to be smart with her expenses. She’s already house hacking , allowing her to wipe out a significant portion of her mortgage. She also has side hustles and keeps her costs low to save as much as she can every month. But, with years of experience in her social media management job , she could be leaving money on the table by not job hopping to greener pastures with bigger paychecks. This could make a HUGE difference on her bottom line every month. Tiffany is also debating whether a college degree is worth it as she looks to bring home a business degree. With “YouTube University” and numerous free and low-cost education platforms online, Tiffany doesn’t know whether a college degree is what it once was and wants to be sure the investment she’s making will pay dividends, not just present her with a glorified piece of paper. So, if you’re starting your investing journey or want to invest on a lower income, this is the episode for you! In This Episode We Cover House hacking explained and how you can live mortgage-free by renting out extra rooms Raises, boosting your income , and when to leave your job for a higher-paying employer The 203(k) loan and using it to “live in BRRRR ” your way to a significant real estate portfolio The ROI of college and whether or not a degree is even worth the effort in 2023 401(k) matching and how having an employer with benefits can be a BIG boost to your wealth Starting your side hustle and turning your skills into income by sacrificing a few hours a week And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment House Hacking 101: What It Is and How to Get Started Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”: Click here to check the full show notes: https://www.biggerpockets.com/blog/money-387 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 20, 2023

Look up any “ how to retire early ” guide online, and you’ll see some basic information: invest in your 401(k), take advantage of your employer match, buy real estate, and invest the rest in index funds. While this type of advice is by no means wrong, it’s geared almost entirely toward W2 workers with consistent income and a full stack of benefits. Those waiting tables , bartending , or doing any other service industry work don’t fall into the “predictable income” category, so they often get left behind when spreading the word about building wealth . We wanted to fill the informational gap and give service industry workers EVERYTHING they need to know to turn tips into early retirement . The perfect person to teach us all about it? Barbara Sloan ! She’s the author of Tipped : The life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals . In it, she teaches those working for tips how to turn their inconsistent (and frequently non-taxed) income into a portfolio that will make them set for life . Barbara walks through her money story, from getting deep into debt , moving to New York City with just $700, working at bars and Wall Street , and how she turned a fluctuating income into financial independence . She gives actionable advice on how ANY service industry worker can start saving , set up an emergency fund , and build wealth , even if they’re not making a high income. She also explains why tip work like bartending and serving makes the ultimate retirement plan for those that have already hit FI! In This Episode We Cover How to reach financial independence even when working for tips or on a low income Why reporting income for taxes is a MASSIVE benefit when building wealth Building “buffers” and how to set yourself up for time off (even if you’re not getting paid for it) Health insurance , retirement accounts , and how service-industry workers can get on par with W2 worker benefits Building a budget and why tracking your expenses is CRUCIAL on a fluctuating income The busiest times for tipping work and how to make the MOST money during every off-season And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Share your Money Moment How to Become an “Overnight” Success in 10 Short Years with David Greene Finance Friday: How to Get to Early Retirement Even Faster Tipped Finance Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-386 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 17, 2023

Your home equity could be the secret sauce to earlier retirement . With so many homeowners and rental property investors across the nation sitting on hundreds of thousands in home equity , one asks, “what if you used this trapped equity to build wealth ?” And although most homeowners won’t want to sell their primary residences, refinance into higher mortgage rates, or risk taking out a high-priced HELOC, rental property owners are in the perfect position to use their massive equity positions to upgrade to bigger, better investments. We brought on Chris Lopez , Denver-based investor and agent, to explain. Chris has been able to build a sizable real estate portfolio quite quickly , but even he admits to starting a little later. After working most of his career as an internet marketer turned day trader, Chris gave it all up to go head-first into real estate as an investor-friendly agent and investor. And, as a Denver investor, he’s seen homes he bought just a few years ago EXPLODE in value , and many other investors feel the same. So, if you’re in Austin, Boise, Raleigh, Phoenix, or any other real estate boom markets , it can seem as if you’re sitting on a pile of wealth that can’t be touched. But you’d be wrong. In this episode, Chris walks through how homeowners and real estate investors can unlock the “trapped” equity in their homes. He goes through when to buy, sell, or refi and how to use the BiggerPockets Rental Property Calculator to decide the best move. Chris knows that not every property is worth selling/upgrading, but if you trade a few lackluster properties for cash-flowing ones, you could reach your retirement goals YEARS faster , with more money coming in and less stress. So, want to unlock your home’s equity and speed up your path to early retirement ? Stick around! In This Episode We Cover Home equity explained and how to use it to build wealth even faster When to buy, sell, or refinance and how to calculate the best option for you Cap rates and using this simple metric to decide whether a rental property is worth keeping HELOCs (home equity lines of credit) and which banks will offer them on rental properties Chris’ five-step framework to reassess and upgrade your rental portfolio When to cash-out refinance and whether or not doing so makes sense with today’s high interest rates And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: Living Paycheck-to-Paycheck with 9 Rental Properties Chris Lopez Profile Click here to check the full show notes: https://www.biggerpockets.com/blog/money-385 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 13, 2023

Every entrepreneur wants to build a nine-figure business . Even a million dollars in revenue seems like a dream to the everyday American. So how did a Red Robin waiter , making five-dollar tips, leave college to start one of the fastest-growing real estate businesses in the country ? Even better, how did he do it multiple times, creating not one, not two, but a group of entrepreneurial endeavors that casually bring in over nine figures each year ? If you want to hear his system to success, you’ll have to stick around. James Dainard didn’t know much about real estate before college. After his roommate (and now business partner) started door knocking for local wholesalers , James decided to give it a try. He was miserable at it, barely getting a single deal done before leaving college. But, when offered a cushy six-figure salary , James declined , knowing that there were still riches to be made in real estate, but only if he worked smart. Fast-forward fifteen years and James owns a slew of real estate-related companies. From a luxury house flipping business to hard money lending , a successful brokerage, a real estate development firm, and more, James didn’t just master one business—he mastered anything he could get his hands on. The best part? You can do this too! James drops some time-tested gems on starting, building, and scaling a business that will allow you to grow at an almost unbelievable rate like he did. In This Episode We Cover Why James declined a $200K salary (out of college) to make a business-bet on himself Door knocking , wholesaling , and the BEST ways to make money as a college student Frugality , keeping expenses low, and the massive benefit of reinvesting every dollar you have Hard money lending , real estate syndications , and other highly-profitable businesses most investors are unaware of Structuring your team and how to scale your business even if you don’t have leadership experience The struggles of being a CEO and what to do when your strategy isn’t working Why every business needs a “quarterback” and a “coach” to succeed And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget On The Market Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio How to Become an “Overnight” Success in 10 Short Years with David Greene Click here to check the full show notes: https://www.biggerpockets.com/blog/money-384 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 10, 2023

Knowing how to build business credit could be the difference between starting your dream business or waiting on the sidelines. And while most people think that building business credit requires years of income, million-dollar revenue, or a personal connection with your local bank, Jack McColl is here to tell you otherwise. Jack has been able to unlock half a million dollars in business credit in record time through a simple system. He did this using means that EVERYONE has access to and is here today to teach you how to do the same . Jack is a credit master, knowing the ins and outs of every credit score rating, travel credit card , business credit card, line of credit, and everything in between. He teaches some basic techniques in today’s show about how you can get your personal credit score to 700+ quickly and then use that to grow your business credit profile, allowing you to access 0% interest credit cards that can jumpstart your business when you’re low on cash. And even if you aren’t planning on building a business anytime soon, Jack’s tips will help you get a better credit card , a lower mortgage rate , and easier access to lines of credit. Jack also touches on the exact steps you need to follow to reach an 850 credit score and why the “no credit, no debt” line of thinking will hurt you later in life. He shares the best banks to get business credit from , which cards will help your score the most, and why you should always open a checking account BEFORE asking for a business line of credit. If you want to boost your score, build a business, or just travel for free using points, stick around for this episode. In This Episode We Cover How Jack scaled from $0 to $500K in business credit (and how you can too) FICO vs. VantageScore and which credit score is the most important Personal vs. business credit and how the two impact each other 0% interest credit cards and how to unlock them by building your business credit Boosting your credit limits and the three cards to apply for to boost your credit profile Lines of credit, SBA loans , and other options business owners have to draw funds from Credit card hacking and how to use travel point cards to globetrot for free! And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Money Moment Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget My Score IQ CreditKarma Click here to check the full show notes: https://www.biggerpockets.com/blog/money-383 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 6, 2023

What if you won the HGTV Dream Home ? If you’ve heard of the sweepstakes before, you know what it feels like to watch the walkthroughs, read about the top-tier renovations , and imagine yourself soaking in the bliss of winning a mansion, tucked away in some of America’s most serene areas . But this dream may never come to fruition because the reality of winning the HGTV Dream Home is much different than most people think. To explain, we brought on CPA and tax expert Amanda Han . Amanda admits that even though she threw her name in for the Dream Home drawing, she has some reservations about winning. While HGTV promises a multi-million dollar mansion in the mountains of Colorado , the reality is far from a turnkey option. With so many winners either choosing to sell the home or take the cash prize , one wonders, “ what really happens when you win? ” If you decide to keep the home, you better have mountains of cash available to pay for it because this prize is far from free . But even if you don’t, you aren't entirely out of luck. Amanda highlights a few strategies that one lucky winner can use to keep the home , how to dodge an almost unbelievable tax burden , what to do if you opt for cash, and whether turning the Dream Home into a rental property makes more financial sense. We hope you win, and if you do, please send a housewarming party invitation to BiggerPockets at 3344 Walnut Street, Denver, CO 80205! In This Episode We Cover The 2023 HGTV Dream Home and why it’s a perfect Colorado wilderness getaway The MASSIVE tax implications of winning a sweepstakes and what you can expect to owe Taking the cash prize option and why this may be a better bet than keeping the home Tax saving strategies that can help you owe even less to the IRS How much you need to make to afford the upkeep on this $2M+ mansion Donating the Dream Home to charity and whether you’ll still owe taxes after Real estate professional status , depreciation, and turning the Dream Home into a rental for ongoing cash flow And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-382 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 3, 2023

Knowing how to build wealth may come as a given for most investors. Buy assets, hold on to them, profit, and repeat. While this formula may seem simplistic at first glance, the emotional side behind investing is something rarely ever talked about. For those just starting to build wealth, wanting to become financially free, it can be anxiety-provoking to sacrifice most of your money for a single investment that could profit or end up failing. Rookie real estate investors constantly feel this fear before doing their first deal . But what about the fear of never moving forward? Tamar Hermes grew up without much money , and for most of her life, she never felt she deserved to have a financial surplus. For Tamar, money was something tied to guilt , but she knew to become a self-made millionaire, she’d need to change her mindset. Now, she’s helping other investors, many of whom relate to Tamar’s “starting from zero" story, get their start by building passive-income -producing empires. If you want to repeat Tamar’s path, you’ll have to stick around! In this episode, Tamar breaks down the simple ways anyone can start building wealth in 2023 . She also hits on breaking past financial fear , building your money mindset , and why big goals should always be done in small steps , so you can hit your milestones faster than you think. 2023 is your year, and this is the best way to get started! Tackle your 2023 goals with the help of BiggerPockets Pro ! Sign up and use code “MONEYSHOW23” for a special discount! In This Episode We Cover Overcoming money fears and why so many of us don’t think we deserve wealth Knowing your “worst-case scenario” and how it can set you free when investing 2023 goals and how to turn yours into bite-sized steps you can accomplish every day Becoming the person you need to be to build wealth in 2023 What to do when your social circle/partner disagrees with your financially-free dreams Pushing through “the grind” and why sacrifice is a prerequisite for success Scott and Mindy’s simple 2023 steps that you can use to get on the right financial footing for this year And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-381 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 30, 2023

The 2023 tech layoffs have already begun to make the 2022 tech layoffs look like small-scale firings. What started as a few large companies firing unneeded hires quickly ramped up to an industry-wide cost-cutting exercise as hundreds of thousands of employees were forced to walk away from their stable salaries , free lunches, and healthcare. With tech companies being some of the most generous in terms of compensation, it makes sense that these would be the first businesses to force mass layoffs. But what about those of us who aren’t in tech? Or those that are in tech but still have a job? Tara Pramme joins us as a human resource expert , explaining exactly why layoffs are happening now , who will be most affected, what to do if you’re let go, and getting back into the job market. Tara knows how hard layoffs can be, especially for those with families to feed or work visas that only last as long as they’re employed. She knows precisely which document means what, what you should know before signing layoff contracts , what you can expect as severance , and how to keep yourself mentally stable during this challenging period. With large-scale layoffs looking to last for at least the near future, Tara wants to ensure you’re ready for whatever happens next. You’ll also hear about the common warning signs that a layoff is about to happen , why you should NEVER post negatively online after a firing, and what to do on your last day at work. We hope a layoff never happens to you, but if it does, this episode will leave you prepared to bounce back stronger than ever! In This Episode We Cover The 2023 tech layoffs explained and why so many companies are letting employees go Common warning signs that a layoff is heading your way Who is first to be fired when a layoff is announced, and how to tell if your company is planning one Severance packages , non-disparagement agreements, and how to avoid your final paycheck getting taken away Healthcare , COBRA, and how to make sure you’re insured when you lose your job Getting back into the job market and why it’s never too early to update your resume The “why” behind layoffs and how companies choose to cut staff And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Silicon Valley Investors Club Click here to check the full show notes: https://www.biggerpockets.com/blog/money-380 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 27, 2023

For the entry-level worker, employee stock options may seem completely foreign. But for most tech workers, this is commonplace and can be highly lucrative if understood correctly . In short, employee stock options, employee stock purchase plans ( ESPP s), and restricted stock units ( RSU s) all give an employee far more upside (and downside) than a traditional salary . As a result, you’re trading steady take-home pay for the potential to own company stock shares that could be valued at even more when you decide to sell. But is this gamble ever worth it? JT , long-time tech worker, has spent most of his life tinkering away as an engineer at some of the biggest companies in computing . He’s no stranger to the world of stock-based compensation and knows it can be worth the lack of salary if done correctly. In this episode, JT gives a complete overview of what stock-based compensation means, the three different types of stock you’ll be offered, and how this type of payout compares to a regular salary. He also goes in-depth on timing the sale of your stocks , the tax traps that could cost you thousands, and how to create a plan that lets you profit when getting paid in shares. If you ever foresee yourself working at a startup, tech company, or publicly-traded conglomerate, you MUST know what these types of compensation mean. Or, you’ll risk losing the real reward of a stock-based salary. In This Episode We Cover Stock-based compensation explained and why companies would rather pay shares than a salary ESPPs, RSUs, stock options , and the different ways you could get paid at a tech company When to sell your company shares and tax tips that can stop you from owning a big IRS bill Who is eligible to be paid in stock , and whether or not entry-level workers can get access The stock-payout schedule and when employees can expect to receive full compensation for years of company loyalty JT’s stock-selling strategy and whether he chooses to sell or hold on to company stock And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-379 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 25, 2023

“ What to do if you win the lottery ." This question is getting more online searches than ever before. But what would you do? The wheels start turning as soon as those lucky numbers get picked. You stare down at your ticket in disbelief. Then, you make sure to match the ticket in your hand to the numbers on the screen. You could be staring at a million or billion-dollar prize , and for a second, most of your financial worries start to slip away , soon to be replaced by a new set of challenges. How will you manage it? How much will you owe back in taxes? Should you take the annual payouts or the lump sum? A better question is, “how do I redeem this thing!?” The lottery is played by millions across the United States, hoping to get their hands on the winning prize. But how does the lottery work? Where does the money you spend on a ticket go? And do you really have a chance of ever winning? Carolyn Becker from the California State Lottery knows more than most. She’s been working with lottery agencies for years, making sure that winners are genuine players and ensuring that a percentage of the lottery profits go to good causes within the Golden State. She outlines exactly how the lottery works , how the winning numbers are chosen, the philanthropic side of buying a ticket , and what to do when you win millions or billions of dollars at once. She also drops some tips on better ways to play the lottery and why there’s a higher chance of you winning than you think . So, if you’re buying a ticket in hopes of a billion-dollar jackpot, Carolyn’s advice could help! In This Episode We Cover The history of the lottery and using ticket sales to fund philanthropic causes Why Mega Millions and Powerball jackpots are hitting the billion-dollar mark The actual odds of winning the lottery and the chance of you getting a cash prize Interest rates and the Federal Reserve ’s effect on lottery jackpots What to do if you win the lottery and why a financial advisor should be your first hire The “lottery curse” and why so many winners blow their money after hitting a big win And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Megamillions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-378 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 23, 2023

Mr. Money Mustache is the internet’s poster child for early retirement. At age thirty, Pete Adeney was able to leave a lucrative job as a software engineer to focus on building a financially free life. He brought the FIRE movement to the mainstream by teaching others online how simple spending skills could allow them to quit their corporate jobs , keep more money while working less, and live a life centered around passion, not a paycheck. His popular blog has garnered millions of visits, as early versions of himself flock to the financially-freeing wisdom so rarely talked about in average American society. Pete has been retired for nearly twenty years now, meaning he’s been FIRE more than double the amount of time he spent in the working world. So, how does he spend his days? What keeps him going? Does he still have enough money? And how can someone repeat his system ? Scott and Mindy spend this episode asking the “life after FI” questions, so you can know exactly what you’re getting into when you retire early . Pete’s answers shed light on often untouched topics that most of the money community can’t answer. We’ll go deep into planning for financial independence , developing “ spending skills ” that can bring early retirement decades sooner, and the right way to quit your job and wean off work. Pete also shows what the day in the life of an early retiree looks like and how today’s stock market crash has affected his portfolio. Want to retire early? Strap in—we’ve got the man who brought FI to the masses on today’s show! In This Episode We Cover Pete’s repeatable plan for FI and the simple steps that can lead to financial freedom Quitting your 9-5 and why leaving work all at once could be a big mistake Why most early retirees never touch their nest egg (and why you probably won't either) Whether or not early retirement truly lives up to the hype The 2022 stock market crash and how it’s affected Pete’s portfolio and investing mentality Stocks vs. bonds and why someone who’s chasing early retirement should choose one over the other And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Mr. Money Mustache The Surprising (Scientific) Truth Behind What Makes You Successful Multpl.com Cfiresim calculator Early Retirement Extreme Click here to check the full show notes: https://www.biggerpockets.com/blog/money-377 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 20, 2023

Margin loans could be the sneakiest way to snag a low-interest rate loan in today’s Fed-influenced environment. What most investors don’t know is that you can use your stock portfolio as collateral to get massively discounted lending , but it comes with considerable risk. Carl and Mindy Jensen used this type of lending to buy their most recent real estate purchase, a medium-term rental renovation project in the same neighborhood as their primary residence. At the time, Carl could get an interest rate so attractive that it was almost impossible to pass up . We’re talking about mortgage-sized loans with less than 2% interest! This seemed like a steal at the time, but as the market started to tank and big tech stocks like Tesla took a tumble , Carl and Mindy’s margin loan began getting hit. They faced a tough decision: either get liquidated and lose much of their stock portfolio or come up with the difference themselves. In this episode, you’ll hear exactly how Carl and Mindy grew their stock portfolio to multiple millions in worth, the mistakes they made along the way, why they took out a margin loan, and whether or not they’d do it again. If you’ve got a sizable stock portfolio but don’t know how to get funding for your real estate deal, stick around! Margin loans could be an option for you, but you’ll need to know how to work them first. In This Episode We Cover Margin loans explained and the risk that comes with a low-interest rate loan Investing in tech stocks and whether or not they’re worth it now that stock valuations are down Index fund investing and why single stock-picking may be riskier than you think What getting a “margin call” means , and what to do when your stock values drop HELOC s (home equity lines of credit) and using them as a safety net for paying off debt Carl and Mindy’s new medium-term rental and whether the headache was worth the new house And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Mile High FI Podcast 1,500 Days to Freedom Carl's Email Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: My Home Renovation Put Me in a HELOC Hole Click here to check the full show notes: https://www.biggerpockets.com/blog/money-376 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 18, 2023

Cryptocurrency is dead in the mind of most investors. What started as an awe-inspiring investment reaching massive multiples in just months , quickly became a subject of contention within the investing community. Some more traditional investors called cryptocurrency an outright fraud , while others claimed it was the final puzzle piece in the battle for a stable fiat currency. Now, with many crypto prices down, is there any reason to invest? For long-time listeners of the BiggerPockets Money Podcast , you’ll know that hosts Scott and Mindy don’t have a terribly favorable view of cryptocurrency. Not because they think it’s illegitimate, but because of its massive volatility that has borderline bankrupted many inexperienced investors . We wanted a deeper insight into why cryptocurrency could be worth investing in , so we brought Laura Shin onto the show. Laura is host of the Unchained podcast , where she updates the crypto community on the latest news stories, price action, and more. Laura is an agnostic crypto investor with a level-headed view of the benefits and risks of investing in this volatile asset. She gives us a masterclass on the current state of cryptocurrency , the history of Bitcoin , why assets like Ethereum may be more valuable, and why exchanges like FTX are not to be trusted. In This Episode We Cover The history of cryptocurrency and how Bitcoin started a worldwide craze Ethereum vs. Bitcoin and why “ultra-sound” money could beat the rest The “crypto winter” and whether or not now is a buying opportunity for investors Money crypto vs. tech crypto and why there may be more than one coin left standing FTX, fraud, and how crypto exchanges can lose your coins , and the best way to protect yourself And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: First Down Market? Here’s How to Stop Stressing Unchained podcast Bitcoin: Investing Fad or Final Bullet to Fiat Currency? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-375 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 16, 2023

Private equity is a term often left undefined. Ask most people if they’ve heard of private equity, and they’ll say yes. But ask them to explain what it is or how it works, and most Americans will struggle to come up with even a sentence. The industry of private equity investing is shrouded in mystery , but it probably shouldn’t be. If you know what private equity is and how to invest in it, you could take home passive income that beats the stock market and real estate investing with none of the headaches or short-term panic of either. This simple-to-understand but constantly overcomplicated industry could make you better returns, with far less work , investing in businesses you already know and trust. This is precisely what Sachin Khajuria ’s book, Two and Twenty: How the Masters of Private Equity Always Win , is all about. As a former partner at one of the world’s largest alternative asset firms with over two decades of experience, Sachin can explain the ins and outs of private equity better than anyone. Sachin will demystify the often shadowy world of private equity in this episode. He explains why it’s such a lucrative business and how it’s coming close to matching the same firepower as the public markets many of us invest in. With potential returns far higher than traditional assets, Sachin makes a strong case for why you should be looking into private equity now before the masses find out about it and flood the market. In This Episode We Cover Private equity explained and the simple yet highly profitable business model behind it The two and twenty rule and why private equity firms are designed to maximize your money Private equity returns and whether or not the high profits are worth the long time horizon The “unloved” businesses that have seen massive growth thanks to private equity Rising interest rates and how this could affect the value of private equity investments The businesses you already buy from that are owned by private equity How to find and invest in private equity even if you’re not a mega-millionaire And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-374 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 13, 2023

Mastering personal finance is one of the most important things anyone can do. If you know where your money is coming from, where it’s going, and how to make more of it, you can retire comfortably , retire early , or have less financial anxiety at the end of the day. But, the world of personal finance can be complicated for beginners. With so many spreadsheets, calculators, money methods, and mistakes to avoid , where does someone just getting started go to understand the basics ? We brought Scott and Mindy , our two masters of money, on for a solo show where they walk through some of the top tips in personal finance . They’ll touch on budgeting , saving , and expense tracking so you can know the ins and outs of your finances with far less effort than ever before. You’ll also hear about the different methods for paying off debt , good debt vs. bad debt explained, and the right way to think about interest rates . Finally, Scott and Mindy will go over investments, when the right time to invest is, how to prioritize what to invest in , and when you’re ready to invest in real estate. No matter where you’re at on the personal finance spectrum, investing or not, debt-free or full of debt, this episode can help you prioritize the dollars and cents in your life so you can reach financial freedom faster . And if you still don’t know where to start, stick around, as this episode is chock full of links to debt payoff methods , investment plans , budgeting examples , and more to help you on your journey! In This Episode We Cover Personal expenses vs. business expenses and why you should never mix the two Expenses explained and what does (and definitely does NOT) count in your budget The two skills every investor or business owner needs to succeed The different ways to pay off debt and how to know whether your interest rate is too high Good debt vs. bad debt and why many investors are choosing to hold on to low-interest loans The right and wrong way to use a HELOC (home equity line of credit) when investing in real estate How to prioritize your investments and building a personalized investment plan that will help you build wealth And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: My Home Renovation Put Me in a HELOC Hole The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Finance Friday: Got Extra Cash? Here’s the Investment Plan for You Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan Rookie Podcast Episode 200: Scott Trench’s 10-Step Checklist to Buy Your First Rental Property Rookie Readiness Checklist Scott Trench's Investment Investment Philosophy Worksheet Click here to check the full show notes: https://www.biggerpockets.com/blog/money-373 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 11, 2023

Want to buy a business ? If so, you’ll need franchises explained . At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesses are up for sale that have proven track records and could put profits into your pocket faster than starting your own business . But first, you’ll need to make sure you’re ready to own and run a franchise, as it’s not always the passive income stream investors believe it to be. When done right, franchises offer an almost irresistible offer to young entrepreneurs or those trying to escape the corporate ladder . You can trade in your soul-sucking nine-to-five , receive top-tier support and training, and get paid a salary , all while your business grows in the background. But before you start window shopping for which hair salon, water restoration, or pool cleaning business you want to own, you’ll need to talk to someone like Greg Mohr , author of Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth . Greg acts as a franchise consultant , helping match potential franchisees to a parent company that works best for their schedule, goals, and income-earning potential . You may think you know how a franchise works, what type you’d like to buy, and how much money you would make, but Greg’s in-depth, multiple-decade-long knowledge may tell you otherwise. So, if you want to run a business but don’t know where to start , Greg may be the perfect person to turn to. In This Episode We Cover The history of franchises and why buying a business often beats building one The true profits of running a franchise and how much an owner can expect to make How much franchise consultants cost (much less than you’d think), and why you need one Most common franchise mistakes to avoid and why you should never look at JUST the franchise fee Funding a franchise and how to use retirement accounts, HELOC s, and more to buy businesses Business partnerships and who should join forces to buy a franchise together And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The Benefits of Franchising vs. Starting a Business from Scratch Click here to check the full show notes: https://www.biggerpockets.com/blog/money-372 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 9, 2023

Asking for Bitcoin explained is like asking how a rocket works; it's a little complex. A digital currency is valued at a certain amount of dollars (or euros, yen, etc.) and is used to pay for goods or exchange for other currencies. That makes sense. But things can get complicated as we go deeper into Bitcoin and the blockchain . There's no need to get overwhelmed; we brought Saifedean Ammous , economist and author of The Bitcoin Standard , onto the show to explain. Saifedean, like many investors, was skeptical of Bitcoin at first . He thought it was merely a fad that would pass away in a few years. But, after researching the history of money, the rise and fall of fiat currencies , and the standard that Bitcoin was built on, Saifedean changed his tone. Now, he's a huge proponent of this new "digital gold" and has spent years of his life warning others of fiat currency's faults and the opportunity behind Bitcoin itself. In today's episode, Saifedean explains what Bitcoin is , how it works, why the blockchain is needed, and why saving money isn't enough in today's fiat inflationary environment. You'll also hear why "hard money" like Bitcoin beats "easy money" like the American dollar and why the latest cryptocurrency crash isn't as bad as mainstream economists think. So if you've thought of snagging a bit of Bitcoin, this is the best place to start. In This Episode We Cover The history of money , fiat currencies, why rare, hard money is always the most safe The dangers of easy money , debasing currency, and the fallacy of required inflation How Bitcoin solves the fiat problem and why it can never be inflated or over-printed The blockchain explained and why it works for Bitcoin and not other applications like real estate Cryptocurrency's latest crash and why fluctuating Bitcoin prices are more typical than they seem Whether to bet on businesses, real estate, Bitcoin, or all three when investing And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-371 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 6, 2023

How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars , today’s guest Chris expanded his pressure washing, Christmas light-hanging, gutter-cleaning operation into a profitable business with multiple employees and a stacked schedule. But, as Chris has started to expand, he’s seen his persona l profits decline , so should he outsource less so he can keep more of the revenue he’s working hard to bring in? Welcome back to another Finance Friday episode, where we talk to Chris, a twenty-six-year-old entrepreneur learning to navigate profits, payroll, customer acquisition, and more in his pressure washing business. Chris found an interesting niche to serve; older communities in his home state of California. He’s been able to build a brand, grow his business, and have a Rolodex full of repeat clients, but he still doesn’t know the best way to scale . Not only that, Chris also started investing in real estate , with a cash-flowing house hack allowing him to eliminate his housing costs . Chris wants to know the best way to expand his business while still retaining his high margins, what type of healthcare plan he should be on now that he’s twenty-six, when he should look to buy another house hack, and how to keep investing. Chris is on a bright path already, but with a few tweaks, he could be financially free in only a few more years! In This Episode We Cover How to build a business that will gross six figures even if you have no entrepreneurial experience Payroll, employees, and how to outsource more of your work so you can focus on expanding Turning a service-based business into a profitable, repeatable empire House hacking explained and using it to reduce your cost of living significantly Healthcare for entrepreneurs and why the HSA is the “ultimate retirement account” Growing your business so you can reach financial freedom even faster And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: Tips to Build a House Hack STACK in Your 20s Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl The House Hacking Strategy with Craig Curelop Click here to check the full show notes: https://www.biggerpockets.com/blog/money-370 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 4, 2023

Multi-level marketing companies ( MLMs ) operate in secrecy . They don’t want you to know where the products are coming from, how they’re being sold, who’s making a profit, and how the business works. They only want you to buy . Buy this starter kit, host that party, convince your friends and join the cult —sorry, the “club.” Operating in darkness is how these pyramid schemes build their membership count, branch into new cities, and keep average Americans in debt but still chasing an empty dream. So how did MLMs even come to be , and if they’re so blatantly nefarious, why hasn’t the government permanently shut them down? To answer these questions and many more, we brought on Jenner Furst , director of LuLaRich , the documentary that exposes the multi-billion dollar MLM empire, LuLaRoe. Jenner has worked tirelessly to uncover how these entities exist, what causes them to become so cult-like, and how unassuming Americans can fall prey to their money-making traps. We also talk about the hierarchy of pyramid schemes , the culture inside of one, and the uneven pay structure that falsely tricks new members into believing they can strike it rich . You’ll learn about the history of MLMs , the so-called “Amway Rules,” and how snake oil salespeople have used social media to grow their empires to even greater heights. In This Episode We Cover The history of pyramid schemes and MLMs and how they become popularized in America MLMs vs. pyramid schemes and the loose differences between these two types of businesses The cult-like culture that exists inside an MLM and the blatant red flags that stick out The false pay structure of MLMs and how they artificially promise returns that are impossible to achieve How social media and live posts caused the MLM fire to grow even faster How pyramid schemes play to people’s fears and desperations to get them to join And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-369 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 2, 2023

Lynne Twist ’s The Soul of Money sparked a conversation we needed to have. It didn’t make people think “how do I make more money,” instead it asked, “ what world am I making with the money I have? ” For decades, Lynne has been fundraising for charities and causes around the globe. From ending world hunger to fighting for the climate , she’s made sure that her dollars are best put to use, helping the most people she can with the money she makes. Lynne’s rock-solid financial sense came from an unusual background. Her mother was raised well-off, but her family’s wealth came crashing down when they were forced to flee the home abroad they had made for themselves. Then, when Lynne’s father died, her mother became increasingly frugal, but for a good reason . Lynne’s mother wanted to use her money to give, not get, making every cent count in the budget. Later in life, Lynne and her husband lost a massive portion of their wealth , forcing her to ask the question—why pursue riches in the first place? On today’s show, we have a lively discussion on the toxic money culture that has enveloped American society, why financial independence is worth pursuing, and what those with much can do to help those with so little. Lynne’s take on wealth-building opens up a refreshing debate among early retirees and forces you to ask “why” instead of “how” when it comes to making money. Tune in, and be sure to check out Lynne’s new book, Living a Committed Life ! In This Episode We Cover The “soul” of money and the scarcity belief that is causing society’s financial anxiety When is “enough” and how making less but giving more makes you richer The importance of self-sufficiency and why chasing financial freedom is always a worthwhile goal Learning to forgive yourself for money mistakes and why losing wealth isn’t always a bad thing Fighting world hunger and how Lynne is using her voice to tackle huge global issues Lynne’s brand new book, Living a Committed Life ! And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The Soul of Money Pacha Mama Alliance The Hunger Project Click here to check the full show notes: https://www.biggerpockets.com/blog/money-368 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 30, 2022

Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who could have assumed otherwise from someone like Parker? He’s a financial analyst who made an intelligent move from expensive Boston to sunny Tampa to house hack for the first time with one of his best friends. He’s making some impressive moves at a young age, but he still has questions about what to do next. Although Parker is thankful for buying the house hack, he doesn’t know what he should do after he moves out. Does he sell the property, keep it as a rental , transfer it into an LLC, or go back to renting as he saves up enough money for the next house hack? He also has some very pressing capital expenditures on his mind, like a new roof, HVAC , and other large system replacements that could cost him and his house-hacking partner tens of thousands out of pocket. These replacements won’t be cheap, but they could help improve the property before he potentially sells. And like most FIRE-minded twenty-something-year-olds, Parker needs to know where the highest ROI for him is. Does he continue to save up to buy another house hack , or should he be contributing to his tax-advantaged Roth, HSA, and 401(k) accounts? Plus, with such an unbelievably lucrative side hustle like couch flipping, how much time should he put into building this income-replacing revenue stream ? Parker is on a great path, but with guidance from Mindy and Scott, he could reach financial independence even faster! In This Episode We Cover House hacking explained and the benefits of building a house hack stack early on When to transfer an investment property into an LLC (and whether it’s even worth it) How to calculate cash flow on an investment property to ensure you’re turning a profit The “shotgun” clause every investor should sign when partnering on a deal Couch flipping and how this side hustle can make you thousands every month Capital expenditures and how to estimate your costs for big future repairs And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-367 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 26, 2022

Financial independence means something different to everyone. For some, it means having enough to not worry about being laid off. For others, it could mean making more money to buy a yacht, but for Ali and Josh (TheFICouple) , financial independence means more time together, growing a family , and a community that helps others reach their highest potential. Just four years ago, Ali and Josh were strapped with six figures worth of debt , living paycheck to paycheck , struggling to survive. Now, they’re financially independent, working their jobs just two days a week, and spending the rest of the time building a better life for their future child. Ali and Josh are tenacious savers and investors , but they weren’t always like this. They were used to spending everything they made, scared to look at their bank accounts, and hoping that the future would somehow become brighter. Once they took the financial blinders off, Ali and Josh saw that the only way to build their ideal life was to deal with their financial hardships head-on . From there, they house hacked , heavily invested , paid off debt , and began publicly posting their wins, and losses , on social media under the @TheFiCouple handle. They’ve gone from surviving to thriving , and this episode hints at just a portion of what Ali and Josh are building. With a baby on the way, they’ve become even more aggressive with growing their online brand, their real estate portfolio, and their investment accounts. If you want to repeat the four-year path to FI like Ali and Josh, tune in! In This Episode We Cover Paying off over six figures of student debt and the beauty behind taking small steps Seller financing real estate and using it to buy properties without the big banks Quitting full-time work and still saving over eighty percent of your income Growing your online brand and building a community that’ll push you to new heights Why building a massive real estate portfolio isn’t what it’s all cracked up to be Tips for those that are still in debt or just starting in their investing journey And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Amanda's Instagram She Wolf of Wall Street Website From Fired to FI Couple in 2 Years with Josh and Ali Budgeting for a Baby: The Costs EVERY New Parent Should Expect Click here to check the full show notes: https://www.biggerpockets.com/blog/money-366 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 23, 2022

Don’t know how to become a millionaire ? There’s a pretty simple formula for seven-figure wealth that the average American doesn’t know about. It isn’t complicated, but it does take a fair amount of time to come to fruition. If you follow the same strategy, regardless of where you’re starting right now, you too could become a millionaire in under ten years . This wealth-building formula is exactly what today’s guest, Remy , is looking for. Remy is doing his mid-twenties the right way. He’s got a great income , contributes heavily to investing , and already has six figures in equity thanks to buying his home two years ago. He’s made moves that many young investors would envy, but he wants to go even further over the next ten years. Remy is looking to become “real estate ready” in 2023 , meaning he needs to be in a favorable position to start building his rental property portfolio so he can have a million dollars of real estate by the time he turns thirty-five . The plan is simple for Remy, but he’ll need to make some serious tradeoffs. Is more real estate worth forsaking his growing retirement accounts ? Should he slash his emergency fund to pile more fuel onto the FIRE? And where can he cut his budget so he’s saving as much cash as possible, ready to invest in the next great deal that comes his way? If you want to get real estate ready like Remy, stick around! In This Episode We Cover How to invest more when you’re financially treading water every month Why requoting your car insurance after a certain age could save you thousands Real estate vs. retirement investing and which one is worth a bigger contribution Renting vs. selling your primary residence and when freeing up cash is the right move to make Emergency reserves and the certain situation when Scott and Mindy are against them Why retirement accounts can be a “trap” for the investor who wants to retire early And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-365 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 19, 2022

Everyone makes financial mistakes , even those that we trust with money the most. Rachel “Money Honey” Richards to many people online is the epitome of someone who has their finances locked down. She grew a massive real estate portfolio in her twenties, hit financial freedom before thirty , and has written bestselling books that others use to increase their financial acumen. And although Rachel still is a financially free money nerd like no other, her recent divorce changed most of what she knew. Through a few simple mistakes, Rachel’s recent divorce dragged on longer, cost more , and left more up to chance than she would have liked. After going through the pain, struggles, and anxiety of leaving the marriage, Rachel wants everyone, whether single, dating or married, to not make the same mistakes she made . These mistakes are often small, and can be easily overlooked, but making them could be deadly to your finances and allow an unplanned divorce to bury you. But this isn’t all advice on what to do before or during a divorce. Rachel shares personal advice on red flags you should look for when starting a relationship, how to separate your finances so you keep what is yours, and why overlooking a prenup can be one of the worst moves to make when starting your marriage. No one plans for a divorce, and Rachel didn’t as well. So happily ever after or not, these life-saving moves are ones you should be thinking about making. In This Episode We Cover The “ misaligned vision ” that led to Rachel and her ex-husband’s divorce Red flags to watch out for and an instant sign that a relationship may not work out Losing 50% of your real estate portfolio to divorce and how to protect against it happening again What most couples get wrong about marital assets and how they’ll get split during a divorce Rachel’s four biggest money mistakes that you should NEVER make when married The trust cost of divorce and how much Rachel had to pay to separate And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen Why You’re (Probably) Wrong About Prenups Click here to check the full show notes: https://www.biggerpockets.com/blog/money-364 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 16, 2022

Once you know how to save money , you can start stacking those savings to buy real estate and businesses or invest in long-term wealth-building investment accounts. But, without a steady stream of savings coming in, you're treading water, and one emergency expense could completely blow you off course . In a high-cost-of-living area like Washington, DC., this can seem even harder as rent, gas, and going out prices are far above the national average. But, there are some surefire ways to save (and make) more every month. On this Finance Friday episode, we talk to Richard , a government tech worker who makes a great salary but could potentially be bringing in much more. Richard’s dream of being the Presiden t naturally led him to real estate investing, and now he’s focused on building bigger, stronger, and smarter income streams so he has ultimate time freedom (and a high net worth) in the next few decades. But even with his tech salary, Richard struggles to save every month , with random expenses knocking him out as soon as they arise. Mindy and Scott go through Richard’s income and expenses as well as his debts, much of which are forgivable student loans . Richard debates whether sticking with his perk-heavy government job is worth the pay difference he could gain in the private sector. And whether or not buying cash-flowing businesses is a smart move, especially for someone without much savings. If you’ve struggled to boost your bank account, this episode may hit close to home! In This Episode We Cover Public student loan forgiveness and the “trap” many government workers find themselves in Emergency funds , safety reserves , and how to build one from scratch When to change jobs for more pay vs. when to keep big benefits, but a lower salary How to budget and the better way to track your expenses if you struggle to save Buying a business and what it takes for first-time entrepreneurs Creating a vivid vision of what your life, job, and business will look like in five to ten years And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-363 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 12, 2022

A financial plan puts you on the path to long-term wealth and a life rich in time freedom . So why don’t most Americans have one? Everyday workers are often so focused on paying bills and having a sliver of time to relax that they completely forget the whole reason many of us work—to one day do what we want, when we want, with who we want . So, if you’ve been on the grind, making money, wanting to build wealth, but don’t know where to start, this is the episode for you. In it, Scott Trench walks through his “investment philosophy,” a simple, customizable plan that has allowed him to build wealth at record speed all in less than ten years. This document can be used by anyone in any position no matter how much you have invested or saved up. Once written, this simple financial plan gives you laser-focus on building wealth, so market crashes or corrections become a buying opportunity and slow months/years are something to cherish, not worry over. Scott and Mindy walk through this document piece by piece, giving you the exact answers you need to build your investment plan today . Although this document may sound simple, it’s what will define your life’s effort for the foreseeable future and give you the structure you need to accomplish massive wealth-building goals that may have seemed almost impossible before! Get the Personal Investment Philosophy Template Here! In This Episode We Cover Why creating a financial plan/ investment philosophy is so crucial when building wealth Goal setting and discovering the principles of investing that you follow How to set your “ target state ” and what to do after you’ve achieved your biggest goals How to choose which asset classes to invest in (even if you’re brand new to investing) Emergency funds , safety reserves, and when or when not to keep a large cash position The three steps you can do TODAY that will fast-track your wealth -building And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Get the Personal Investment Philosophy Template Here! Finance Friday: First Down Market? Here’s How to Stop Stressing The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Click here to check the full show notes: https://www.biggerpockets.com/blog/money-362 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 9, 2022

Retirement planning is something best started early on. The more time you give yourself to invest, the faster your accounts can grow, giving you early financial independence well before the age of sixty-five. But what are the two best ways to do this? On one hand, you’ve got cash-flowing rentals that appreciate while giving you freedom-enabling income with long-term wealth growth. On the other hand, you’ve got passive retirement accounts , many of which can save you boatloads on taxes and grow discreetly in the background while you work away. It’s hard to say which is a better bet, so why not do both? Today’s guest Benjamin is feeling a little under-diversified after heavily investing in real estate , but without much in his retirement accounts. Benjamin is well versed in the pros and cons of pre and post-tax retirement investing, but with a high income, he’s worried that he may have already reached the income cap for his Roth IRA . Thankfully, he’s unlocked the “holy grail” of retirement accounts, one that will skyrocket his retirement quicker than he thinks. But before all of this is done, Benjamin and his partner need to build their investment plan . This will help them stay the course when life events come up, allowing them to still retire rich , hopefully in less than a decade. If you want to build your own investment plan , we highly recommend using the one from our own Scott Trench! In This Episode We Cover Paying off six figures of student debt and using the extra income to invest heavily House hacking and using primary residences to build wealth Roth IRA investing and what to do if you’ve hit the income limit The best way to invest in your retirement with stocks and index funds The right way to do diversification and safely building wealth at a young age Speeding up your path to financial independence with rental property investing And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Fidelity Investments Click here to check the full show notes: https://www.biggerpockets.com/blog/money-361 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 5, 2022

If you talk about how to avoid taxes , most people will think you’re doing something fishy in the eyes of the IRS. Very few know you can use the tax code to massively lower your year-end burden , all while making an ordinary income. Real estate investors have been doing this for years, using so-called “ tax cheat codes ” like depreciation and cost segregation studies to write off massive paper losses on their taxes. But how do they do it , and if you’re an investor, can you do the same? Natalie Kolodij , IRS Enrolled Agent, works exclusively with real estate investors to lower their taxes as much as legally possible . She knows the tricks of the trade that allow investors to not only pay less at the end of the year but grow their businesses more efficiently so financial freedom comes even faster! Natalie is also an active real estate investor and part of the FIRE movement , so if there’s one person who knows the right tax moves to make, it’s her! Natalie gives us a masterclass on how investors can lower their 2022 taxes as the year comes to an end, how to set yourself up for a successful 2023 , and the massive real estate tax write-offs you should be utilizing. She also touches on how much CPAs and tax preparers can cost , when to start strategizing your taxes, backdoor Roths , and how to legally pay your children tax-free income so they get a boost on their financial future. In This Episode We Cover Year-end tax tips to lower your 2022 taxes as much as possible When to hire a CPA or tax preparer (and how much they’ll cost you) 2023 tax deductions for real estate investors and what you should take advantage of NOW How to get your children investing early with tax-free income from your business The biggest tax mistakes that investors make and why you may be overpaying in taxes Cost segregation studies, bonus depreciation , and how to cancel out the capital gains of a home sale And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Choosing the Right Tax Professional for YOUR Specific Needs BiggerPockets Money Bonus Episode: CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package Landlord Tax Loopholes That’ll Help You Pay ZERO Taxes in 2022 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-360 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 2, 2022

The house hack strategy doesn’t always run smoothly. Turning an old home into a modern, rentable masterpiece takes money—especially if you’re doing a big renovation. One of the easiest ways to get the rehab funds you need? A home equity line of credit ( HELOC ) . But, when used incorrectly, a HELOC’s adjustable interest rate can bury any chance you have at cash flowing , no matter how great of a mortgage rate you get. Welcome back to another Finance Friday episode! This time around, we’re tackling a rental property problem that is plaguing today’s guest, Josh . Josh has made some sound financial moves by having a stable income , a great side hustle , and his newest house hack . But, to maximize this house hack’s return on investment, Josh was forced to expand and convert many portions of his newly bought, hundred-and-fifty-year-old home. This forced his budget to shoot up higher than he was expecting . Now, he’s trying to figure out the best move as he manages his debt spread across his mortgage, a high-interest HELOC, a family loan, and more. Josh is poised to continue investing in real estate even after this intensive experience. He wants advice from veteran landlords Mindy and Scott on what his next move should be, how he can best capitalize on his remodeled home , and when he might be able to buy the next house hack. If you’re looking to reach financial freedom using real estate like Josh is, this episode is for you! In This Episode We Cover The house hack strategy and why it’s a phenomenal way for new investors to build wealth Home equity lines of credit (HELOCs) and when using this type of debt makes sense Home renovation budgeting and what to expect when doing an entire house remodel Velocity banking and why this form of leverage isn’t a smart move to make now When to sell a rental property and when to keep a cash-flowing investment The medium-term rental strategy and how to get higher rents for the same room or unit And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-359 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 29, 2022

For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time , to charities and causes that help collectively make the world a better place. Whether it’s a little or a lot, we’re encouraged to give what we can to bridge the gap between those that have so little and many of us that have so much. But how do you know a charity or organization is using your donation accordingly? How can you spot-check to see if your dollars are being used for those in dire need? We brought on Elie Hassenfeld , GiveWell co-founder and CEO, to help us navigate the tricky subject of giving to worthwhile charities . Elie knows a thing or two about validating which charities are worth donating to. At GiveWell, he spends his days researching thousands of charities for hundreds of millions of donatable dollars , helping those of us that are too busy to find a home for the donations that we are willing to give. In just six tips, Elie will give you the framework for finding a worthwhile charity or organization to give to, so you know that your dollar is being stretched the farthest it can. We also touch on whether or not high administration costs are a red flag , whether it's better to give goods rather than money , and how to truly measure an organization's impact to see how many lives they’re saving or improving with each dollar donated. If you're still on the fence about where to give this Giving Tuesday, head over to GiveWell.org to know your dollar is making a difference! In This Episode We Cover Why donating overseas has much more of an economic impact than domestic donations How GiveWell validates the charities they approve and how to do the same in your local area Top tips for finding a charity that will use your dollar for its highest use Red flags to watch out for when researching charities and organizations GiveWell’s past mistakes and how they’re using them to grow a better organization Top charities that both GiveWell and BiggerPockets recommend donating to (like CrossPurpose !) And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Give Well Click here to check the full show notes: https://www.biggerpockets.com/blog/money-358 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 28, 2022

The cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars . But is this figure accurate? Could kids actually cost far less than this, or does a few hundred thousand barely even scratch the service? What should new parents know before they bring home their first bundle of joy, and i s financial independence even worth pursuing while raising a kid , let alone a few? We brought in the Investor Mama , Jen Narciso , who is not only raising kids but also chasing financial independence and running her own podcast. Jen speaks to mothers all around the world who not only want the best for their children's futures but their finances as well. And, as someone raising two young children, she knows how much kids truly cost between the car seats, formula, dance classes, doctors' bills, and everything in between. And, with Scott as a new dad, he’s got some serious questions to ask about how he can best raise his own daughter on a budget without sacrificing any quality of life in the process. Jen talks through the surprise expenses that most new parents overlook, how to save money on some of the most expensive items you need, the cost of child care and how to make it affordable, and whether to invest for your child’s future or your future retirement! In This Episode We Cover The average annual cost of raising a child and why it’s not what you’d expect Common child care costs and innovative ways to significantly lower your spending Surprise expenses you should prepare for and why you always need an emergency fund Money tips for new parents and how to sleep soundly even if you’re not financially free yet Roth IRA investing for your child and how to fast-track them to financial freedom even earlier Medical costs of having a child from delivery to regular doctors visits And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Toysrus InvestorMama Podcast 4 Ways Real Estate Can Help Offset the Staggering Cost of Having Kids Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 25, 2022

Tech stocks were slam dunk investments for the past decade. No matter what you invested in—Google, Facebook, Amazon, or even some obscure AI toaster company—you probably made decent returns . But, after years of continuous economic growth and massive government stimulus , tech stocks are finally starting to get shaky . The problem? New investors like Zoe have huge paper losses on their dashboards. But is this worth worrying over? Zoe is an ideal investor. At just twenty-four , she already has close to six-figure wealth , with a house hack , a respectable retirement portfolio , and a solid income every month. She’s making the right moves but feels like some of her most recent choices haven’t hit the mark . She dabbled in stock picking as her income went up, investing in some of the biggest names in tech over the past few years. Her house hack, which is almost letting her live for free, was bought at the top of the market with an average interest rate. Zoe needs to know what to do next. Should she sell her tech stocks and invest the money into index funds where she can let it ride? Should she buy a new house hack that allows her to live for free instead of at a discount? And where should she put the thousands of dollars she’s saving every month to ensure her a life of financial freedom in the near future? Zoe has some enviable problems, and on this Finance Friday , we’ll be solving them! In This Episode We Cover The 2022 stock market crash and whether selling and cutting your losses is a smart idea The right way to invest in tech stocks and how to get educated on stock picking House hacking and how deals that aren’t “home runs” can still be huge winners Getting paid to learn about real estate and using your downtime to boost your financial knowledge FHA loans , conventional loans, USDA loans, and other ways to fund a property purchase for low money down The right moves to make in your early twenties and why Zoe is a role model for new graduates And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The 4 Steps to Financial Freedom and Debt-Free Wealth Is Now the Time to Buy as The Housing Market Starts to Dip? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-356 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 21, 2022

Travel hacks, spending hacks, medical hacks . If there’s one thing that Chris Hutchins has learned from hosting the All the Hacks podcast, it’s that everything is negotiable. You can travel to over sixty countries for (almost) free , outsource your cooking at a reasonable rate and even get free money once forgotten. Chris should know—he’s done all this and more as he works to optimize every aspect of his life, both financially and personally! Chris was hacking at a very young age. In high school, he made a fake magazine so he could score free press passes to concerts . When he was away at boarding school, he would buy whole pizzas and sell them by the slice just to afford a few slices of his own. Then, later when he quit his job to travel the world, Chris and his partner hit over sixty countries, using credit card points to globetrott from South Africa to Singapore! Now, as a father, Chris is more concerned about hacking his time . He’s got kids to take care of and doesn’t want to waste a second of his day that could be spent planning for, or playing with, his children. In today’s episode, you’ll hear some of the most insane life hacks , from hiring a personal chef for a fraction of the cost to getting free champagne at any hotel stay and even snagging twenty to thirty percent off of your dream vacation villa . These hacks work (we tried them in real-time), and you may need a pen and paper to write them all down! In This Episode We Cover Credit card points , travel hacking, and how to get flights for free (or at a steep discount) Outsourcing and delegating everything so you spend more of your time with those who are most important Simple principles for an optimized life and why conventional wisdom is usually out of whack How to get deep discounts off of vacation properties during your next big trip Why you should NEVER cancel a flight until twelve hours before takeoff Where to find “unclaimed money” you never knew you had (we found some ourselves!) And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget All The Hacks Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-355 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 18, 2022

You’re one bad real estate investment away from being cash flow-poor and debt-rich . That’s right, not every investment property works out, and when leveraged the wrong way, a single property could put your financial future on the wrong track . While it’s easy to watch social media real estate investors flaunt their infinite cash flow and no money down tricks, buying profitable real estate is a little harder than it seems. Today’s guest, Shane , finds himself in this position, as an over-leveraged investment is causing him to hemorrhage cash . Welcome back to another episode of Finance Friday , where hosts Mindy and Scott bring financial suggestions, no matter how extreme, to guests in many different situations. This week, Shane walks through his numbers, and from the start, Scott picks up on a big problem . Shane and his partner bring in a solid amount of income, but it’s slowly slipping out of their accounts every month as an overleveraged short-term rental property and high consumer debt eats away at their respectable income. This isn’t an easy position to dig yourself out of, and Scott has some serious suggestions for Shane that could flip his financial position 180 degrees . But, doing so will require Shane to make drastic moves that will force him to reevaluate his relationships with spending and debt. While this “rip off the band-aid” type approach can be painful at first, it could save Shane years' worth of time on his path to real estate riches. In This Episode We Cover Staying away from consumer debt and how it can destroy your financial position Real estate leverage and why too much of it can cause you to have negative cash flow Sacrificing subscriptions , eating out , and other spending categories that may be tanking your budget Having a money date with your partner or spouse to get on the same financial footing The biggest moves to make if you’re serious about getting out of debt and on the path to financial freedom Budget busters and how to build a more sustainable pattern of spending And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Designing a Frugal But Luxurious FI Life by Age 32 Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap BudgetBytes.com The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Click here to check the full show notes: https://www.biggerpockets.com/blog/money-354 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 14, 2022

What should retirement planning look like? How can I invest if I am still paying off student loan debt ? What makes a perfectly diversified portfolio ? And when is the right time to pay off my rental properties ? We went to the BiggerPockets Money Facebook Group to ask what you would like to know from a money expert. And thankfully, we found a couple of them who are friends of the show. Amanda Wolfe and Kyle Mast are here to answer some of your most-asked money questions! Amanda Wolfe was recently a guest on the BiggerPockets Money Podcast , sharing her story of reaching financial freedom after going through serious financial struggles and childhood poverty. Kyle Mast , Certified Financial Planner, has recently “retired” after helping his clients reach their financial goals with minimal stress and maximum freedom . They’re helping Mindy on today’s show to take questions directly from listeners about everything ranging from real estate to retirement planning and never feeling like you have enough. If you’ve struggled not knowing how to pay down debt , how much cash to have on hand, or are having a mental block when switching from saving to spending mode , this episode could alleviate your worries. If you’d like to get more connected with the BiggerPockets Money community and potentially get your questions answered on a future show, be sure to join the BiggerPockets Money Facebook Group ! In This Episode We Cover How to invest while paying down student loan debt , or any other debt for that matter Transitioning from saver to spender when you have enough to finally retire Real estate vs. index funds and which is more optimal for a post-retirement portfolio Roadblocks on the way to financial freedom and why you DON’T need retirement accounts to invest for retirement What a diversified portfolio looks like (it’s much simpler than you think) Money moves to make if you don’t have much cash, but do have consistent income And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Episode 200 Special: A Personal Finance Masterclass with Kyle Mast How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast She Wolf of Wall Street Website From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street Click here to check the full show notes: https://www.biggerpockets.com/blog/money-353 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 11, 2022

With so much going on—a recession , rampant inflation , rising interest rates —overcoming your money fears can be more challenging than ever before. The world is changing, and many of us feel like we’re being swept along with it. Our dollars are worth less , our retirement accounts have fallen sharply, and our cash is wasting away. What should we do when it feels like every financial move has a benefit and drawback attached to it? Should we even be making moves right now? Don’t get overwhelmed with financial anxiety because today we’re bringing you an episode full of financial fixes for the everyday investor! We posted on the BiggerPockets Money Facebook Group a few months back, asking you which money fears keep you up at night. Now, we’ve got answers! Back on the show are J Scott and Kyle Mast ! They join Mindy in giving solutions to your greatest financial fears . J and Kyle give suggestions on topics ranging from rising home prices and the inability to become a homeowner to being nervous about how inflation is eating away at the dollar. We also touch on the age-old question of whether or not we’re doing enough right now to set us up for retirement and how a recession could affect our hard-earned assets . J, Kyle, and Mindy all give their suggestions on these situations and spill some of their own financial fears to show you that even the experts still worry like everyone else. In This Episode We Cover Our biggest financial fears and what we’re doing to mitigate them in turbulent times Growing up with very little and why the “never enough” mentality always lingers Why buying a home isn’t your only option for building wealth in this market Setting yourself up for a plentiful retirement even if you got a late start Whether or not keeping a large cash position is a smart move to make Changing jobs to get more personal time and when flexibility trumps finances Inflation , interest rates, and how to stay sane during a recession And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter J’s BiggerPockets Profile J’s Personal Website Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple 7 Tips for Successfully Investing in ANY Market Condition With J Scott Syndications: Everything You Need to Know BEFORE You Invest Episode 200 Special: A Personal Finance Masterclass with Kyle Mast How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast BiggerPockets FIRE Planning Worksheet Click here to check the full show notes: https://www.biggerpockets.com/blog/money-352 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 7, 2022

Stock market crashes aren't good news for anyone. For retirees though, this dip in prices can feel like a death wish, as active income is no longer an option. Have the hopes and dreams of financial flexibility gone out the window? Or is a market crash like we're experiencing today just a small blip on a retiree's radar? Pairing this with inflation , how will someone who has just retired make it? We’ve got Michael Kitces , retirement planning expert and financial genius with enough acronyms coming after his name to spell out the alphabet, on the show to answer whether or not retirees are in trouble . Michael has advised his clients for decades on the right way to save and invest for retirement. He’s been a proponent of the 4% rule and was bold enough to hold his claim even during the flash crash of 2020. But, with such high inflation and stark drops in equity values, does he still agree with his past predictions? Michael takes us on a trip down memory lane, visiting some of the worst financial crises in American history , showing how they compare to today. He also proposes that holding large amounts of cash , even during high inflationary times, isn’t the worst move to make, and whether or not he’s still investing as the market finds its bottom. If you’re worried about retiring during times like today, this is the man to listen to! In This Episode We Cover The 4% rule explained and whether this sage retirement advice still holds up How past retirees fared during high inflation , low growth time periods Which types of market crashes can be “dangerous” to retirees (and who should be worried) Why some of the brightest minds in personal finance are clinging to cash Purchasing power and how withdrawal rates are affected by high inflation The smartest move to make if you’re worried your retirement savings aren’t enough And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Buckingham Wealth Partners Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More! Original Article from the Journal Of Financial Planning, October 1994 Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Click here to check the full show notes: https://www.biggerpockets.com/blog/money-351 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 4, 2022

Margin loans , medium-term rentals , and potential mortgage rate mistakes summarize what Carl and Mindy have been up to over the past couple of months. It’s been a minute since we’ve checked in on the ever-frugal Jensen family. But they’ve been gone for a good reason. Back at the start of the summer, Carl and Mindy decided that they were finished with rehabbing and big fixer-upper projects. Then they found the perfect opportunity , waiting just a few doors down from them. So, they jumped at the chance to make another deal work. But Carl and Mindy did this type of deal in a peculiar way. Not only did they find it off-market , but they also funded it without a mortgage . Don’t get too excited—Carl and Mindy didn’t drop hundreds of thousands in cash just to buy one house. But, they did use another form of financing that most real estate investors aren’t aware of— margin loans . These types of stock portfolio-leveraged loans can come with unbelievably low interest rates . But, when equity values start to drop, so too can your safety when you use this type of financing. But it’s not all about property purchasing on this episode of Mindy & Carl’s Budget Review . The duo also talks about why their expense tracking has fallen off and how not knowing your expenses can cause far bigger problems than you’d think. They also touch on the medium-term rental strategy and how you can use it to get far higher rents with very little turnover in almost any of your rental properties! If this strategy interests you, we highly recommend grabbing the new book, 30-Day Stay . In This Episode We Cover Budgeting mistakes and how easy it is to get off track when you don’t know what you’re spending on Carl and Mindy’s newest fixer-upper , medium-term rental property purchase Using margin loans (stock loans) to fund your real estate deals When it makes sense to use a variable loan over a traditional fixed-rate mortgage How to profitably provide housing for those that have been affected by natural disasters The easiest way to get caught for mortgage fraud (and go to prison!) And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Mile High FI Podcast 1,500 Days to Freedom Carl's Email Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Spending Categories to Cut During a Downturn | Mindy & Carl’s Budget Review Click here to check the full show notes: https://www.biggerpockets.com/blog/money-350 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 31, 2022

The new vs. used car debate has been going on for as long as automobiles have existed. For almost the entirety of time when cars were being bought and sold, it seemed like a responsible, frugal decision to buy used , save up some money, and take the repairs with the deal. But inflation has changed this debate in 2022 (and beyond). Used car prices are high—sometimes even higher than new cars—prompting shoppers to reconsider what makes the most financial sense . In the first half of this show, we talk to Liz Frugalwoods , financial blogger and borderline professional at buying and selling cars. She recently made the bold decision to buy new —a shock to many of her readers. How could Liz, a financial independence expert, do something as careless as buying a brand- new car ? Had she given up on the path to frugality ? Not exactly. Liz shares some good reasons why buying new instead of used makes more sense , especially today. To close out the episode, we bring on local mechanic Jesse Johnson , who gives a brief masterclass on buying, selling, and maintaining cars . As a mechanic with decades of experience, he knows exactly what car owners do to slowly destroy their daily drivers. He also knows how to get the most bang for your buck and when it’s the right time to sell that clunker sitting in your driveway . In This Episode We Cover The reasoning (and math) behind buying a new car vs. buying a used car Taxes, registration, fees , and other trade-offs when buying new vs. used The most important questions to ask yourself when shopping for a vehicle Tips when selling a used car and the #1 thing to NEVER do What parts of a car are worth repairing and which can wait How to find a great mechanic in your area and get a free car wash Trade-in tips and what to know to get the most out of a dealer And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram The “Mile High FI” Podcast 1,500 Days to Freedom 1500 Days YouTube Channel Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Frugalwoods - Financial Independence and Simple Living Why We Bought a New Car Click here to check the full show notes: https://www.biggerpockets.com/blog/money-349 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 28, 2022

Unless you’re a money nerd, knowing how to start investing from scratch isn’t as easy as it seems. With so many options out there and the economy faltering , how do beginners avoid getting burnt? Is something like real estate investing out of reach for new investors in times like today? These questions become even more complicated if you’re like today’s guest, Steven . Steven recently became debt-free (woohoo!) after paying off six figures worth of combined student, auto, and credit card debt. But because he’s been so focused on paying off debt, investing isn’t coming easy to him . With a baby on the way , he wants to be sure he’s making the smartest moves possible to put himself, his wife, and his child in a position to succeed. But real estate investing, stocks, and other assets aren’t his only worry. With two job offers on the table , both with separate benefits and drawbacks, Steven is suffering from analysis paralysis , unsure how to move forward. Should he take the job with higher pay and remote flexibility or go with the lower-paid job that offers career growth potential? Thankfully, with Scott out on dad duty, Mindy doesn't have to serve as the lone suggester. Joining her on this episode is J Scott , experienced investor, father, and author of the newest book, Real Estate by the Numbers ! In This Episode We Cover Paying off $100K in debt and how today’s guest did it in just three years Finding your financial tribe by attending meetups, joining Facebook groups, and connecting on the BiggerPockets forums Flexibility vs. finances in a job and which is more important for a new parent? Eating out expenses and how investing a few meals’ worth of expenses could change your child's future How to start investing as a beginner and the dangers in diversifying for those who want to build wealth Side hustles , moving to inexpensive areas, and more financial tradeoffs for a flexible lifestyle And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter J’s BiggerPockets Profile J’s Personal Website Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple 7 Tips for Successfully Investing in ANY Market Condition With J Scott Dave Ramsey Solutions ChooseFi Podcast Our Phantastic Life Youtube Channel Click here to check the full show notes: https://www.biggerpockets.com/blog/money-348 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 24, 2022

Dollar-cost averaging —you may have heard the term before, but maybe not its implications. According to Nick Maggiulli , it’s probably the easiest way to get rich with stocks, real estate, or really anything else. But what about buying the dip? Wouldn’t investing at historic lows be the wisest move to make when the markets take a tumble? Surprisingly, no! Don’t believe us? Listen on! Nick’s investing theory is simple. But, the math backs it up. Doing less will make you more money—much more money. In his book, Just Keep Buying , Nick lays down the time-tested, proven ways to build wealth without being an expert day trader, cryptocurrency coder, or stressed-out landlord. This simple system of investing will allow you to build an almost unspendable nest egg without being glued to the market charts and graphs all day long. But maybe stocks aren’t your thing. Maybe you're chasing hundred-millionaire status? Don’t worry, Nick also gives his take on achieving monumental money goals without following the same path as everyone else. No matter where you’re at in life, this is an investing lesson worth learning as early as possible! In This Episode We Cover Dollar-cost averaging vs. buying the dip and which will make you more in the long run How to invest with a falling stock market , high interest rates, and higher bond yields Individual stocks vs. index funds and who should pick which type of investment Cryptocurrency , NFTs, and investing in alternative assets The downside of diversification and why it won’t help you build a big portfolio Why even billionaires don’t feel like they’re rich enough And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Click here to check the full show notes: https://www.biggerpockets.com/blog/money-347 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 21, 2022

Taking a sabbatical from work requires a few things: time , money , and the willpower to do some soul-searching. Most people think that they can’t take any more than two weeks of the year off work . They rack up excuses, blaming timing, too many projects, and everything in between. But what if taking a sabbatical, gap year, or any other type of long-ish break was the key to building wealth faster and being a happier , healthier you ? Today’s guest Cindy , left a high-paid, stable job to take some much-needed time off. And after doing so, she’s urging you to do the same. Cindy, like most Americans, hasn’t taken time off since starting her working career . Besides the regular vacations and holidays, there never seemed like a good time for Cindy to take a break, recollect, and ask herself what she truly wanted. After taking a mini-sabbatical , she built up the courage to leave her job and hop off the grid for a bit. Surprisingly, Cindy’s net worth didn’t dwindle during her time off—it grew! This positive push from the markets and her newfound clarity allowed her to discover new passions , try self-employment , and later snag a much better job while continuing to work towards early retirement . If you’ve been debating taking some time off, this episode will give you all the tips you need to do so! In This Episode We Cover Building your list of “ alternative careers ” to widen your job possibilities Branching out far beyond your job title and doing more than what your degree is in How to sample a sabbatical to see whether or not you could handle the real thing Quitting your job during turbulent times and how to temporarily prepare for life without work Funding life with a job and what to do before you quit Planning out your passions so your sabbatical isn’t put to waste How employers look at applicants who just took a sabbatical (it’s not what you think!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money- Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 17, 2022

We know financial freedom is possible for those in their 20s and 30s, just starting their careers, without children and serious financial obligations . But what about those getting started on their journey in their 40s and 50s? What about the stories of those who’ve had lifelong debt, went through a financially destructive divorce , or didn’t know early retirement was an option? Monica Scudieri , author of Grab Your Slice of Financial Independence , wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt , get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same. After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digging herself out of debt , building up a cash-flowing rental property portfolio , and financially optimizing her life in every way she could. Now, she’s financially free, coaching others on how they can do the same! In This Episode We Cover Financial red flags to look out for when dating (and what to do if you spot them) Budgeting , tracking your expenses, and the smarter way to ensure you’re not overspending Having the “ money conversation ” with your partner or spouse before it’s too late Downsizing and ignoring lifestyle creep even if your partner can’t Building a small rental property portfolio and the huge benefits of investing early Side hustles and doing whatever you can to get out of consumer debt Why the Honda Civic remains the FIRE movement’s vehicle of choice And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-345 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 14, 2022

Everything you’ve been hearing about social security is a lie . For years, mainstream media and many financial figureheads have said that social security is on a fast track to bankruptcy , with no money left over for Americans when they grow old. But what if we told you that wasn’t true? What if you knew that social security would be there for you when you retire, even if you’ve just started working? Today’s guest, national social security advisor and expert Jeremy Keil , explains the basics of social security and teaches you how to maximize your benefits . One of the biggest misconceptions about social security is that you have no control over it. The truth is, you control your social security more than the government does. How long you work, when you file, and how you educate yourself are all in your control . While these things may seem insignificant, they could all affect your social security by thousands . If you play your cards right, social security could be the biggest asset of your life. Jeremy makes a strong argument that social security is the cheapest insurance you might get . In fact, it’s too good of a deal . The original purpose of social security was to help impoverished elderly Americans, so people with a lower income get more from social security. But, that doesn’t mean you’ll be stuck with pennies if you have a higher income. Social security is the “deal of a lifetime” since it lasts your lifetime, grows with inflation , and has no commissions. Can you think of a better investment than that? In This Episode We Cover Social security misconceptions and the truth about social security and whether or not it’s going bankrupt The history of social security and its original purpose for Americans How social security gets calculated and how the number of years you work can significantly affect your monthly social security payment How and when to file social security to maximize your retirement savings Survivors benefits, joint life expectancy, and how to file social security as a couple The break-even point and how to get “the eight percent guarantee” And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Keil Financial Partners Retirement Revealed Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-344 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 10, 2022

The 2022 housing market doesn’t make a whole lot of sense. At the start of the year, competition was fierce, with bidding wars on every home and lines out the door just to view an open house. Now, in quarter three of this year, interest rates have hit decade-long highs, buyers are more in control, and days on market are starting to creep back up. As a homeowner, investor, or renter, you need to know what's on the horizon so you can build wealth while others run for the hills. Joining us today are James Dainard, Jamil Damji, and Kathy Fettke, a gaggle of real estate veterans and the expert guests on BiggerPockets’ On the Market podcast. They’ve seen up markets, down markets, and confusing markets like today. As investors who touch almost all corners of the United States, with different areas of expertise, they bring the facts on what’s happening in today’s housing market. We talk about interest rate updates, when the “ inventory crisis ” will end, why demand has taken a nosedive, and whether or not it’s still a good time to buy real estate. We also talk about the state of the economy, inflation, and how the Federal Reserve may be working to put us into another recession. This up-to-date episode will give you everything you need to make smart buying or selling decisions in today’s housing market. In This Episode We Cover Why interest rates are up and what it means for the housing market Whether or not the Federal Reserve is trying to cause a real estate correction When and where you can expect price drops and how long they’ll last Is now still a good time to buy real estate (investments AND primary residences) Adjustable-rate mortgages (ARMs) and why they’re worthwhile in times like today The housing inventory crisis and how Millennial demand drove up prices And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget On the Market Podcast RealWealth Website Jamil's Instagram James Instagram Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 7, 2022

Financial independence isn’t for everyone. That comes as a surprise for most of us within the personal finance community. Whether we like it or not, the “ save, invest, and grind ” until you can retire early lifestyle isn't a commonly accepted one. But what happens when your partner is the one who doesn’t agree? What steps can you take to help them see why early retirement is such a crucial piece of your life? This is just one of the topics we touch on with today’s guest, Mark . Mark is in a great position, and he’s already financially free . But, he doesn’t know what to do next, how to optimize his portfolio, and whether or not he’s making the right moves. With a blend of stocks, bonds, and real estate, Mark has a million-dollar diverse portfolio , but where can he tighten it up? And, if he’s able to do so, how does he get his wife on board? This episode serves as a reminder that even when all the hard work pays off, there is still a life to live. If you’ve spent years, or decades, grinding to finally reach a comfortable position in life, it’s necessary to know how to use that time once you have it . Do you keep stacking up investments so your children are ensured a comfortable life, or do you take some time for yourself, chase after your own dreams, and live a life you would love to live? In This Episode We Cover Why cutting down your expenses remains one of the fastest ways to hit financial independence Recalculating your rental property profits and making sure your cash flow is correct Turnkey rentals and using them as a low-stress way to quickly build a profitable portfolio Selling off investments to pay for your lifestyle and the risk of doing so Combining finances as a couple and how to propose the idea to a not-so-convinced spouse Defining your goals and drafting your “vision” that’ll help you make the right steps to achieve ultimate freedom And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets FIRE Planning Worksheet The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Click here to check the full show notes: https://www.biggerpockets.com/blog/money-342 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 3, 2022

Katie Gatti Tassin from Money with Katie had her “ financial awakening ” earlier than most. She saw the middle-class wealth trap of working, spending, and repeating for what it really was. This cash-gobbling cycle is one that many Americans fall into, but once you see the light, it’s hard not to almost automatically do better. And that’s what Katie did, trading twenty-dollar daily lunches and “hot girl expenses” for more saving, investing, and skyrocketing net worth . Through a few short years of self-education , Katie was able to more than double her income , build profitable side businesses, and have a master-like grip on her finances. She’s become an expert in retirement investing , passive income , and saving simply through reading blog posts, listening to podcasts, and starting something of her own. This, coming from someone who just a few years ago had less than $500 to their name. Katie walks through what spurred her “financial awakening” and how sharing the same thought process could activate your own. She also touches on financial myths that the middle class commonly falls into, the great Roth vs. 401(k) debate, and why lifestyle creep isn’t such a bad thing. She’s proof that you can turn your entire financial situation around in only a few short years, and if she could do it, why can’t you? In This Episode We Cover The “financial awakening” that’ll have you saving more and spending less Financial “ truths ” that could destroy your wealth if you follow them Self-education and the best personal finance podcasts and blogs and you should tune into Retirement investing and whether it makes sense to invest pre-tax or post-tax Starting side hustles and job hopping to more than double your salary The bright side of lifestyle creep and using it as a reward for your hard work And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: I Want to Cash Out My 401k Early, Should Mr. Money Mustache The Shockingly Simple Math Behind Early Retirements The Money With Katie Podcast Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 30, 2022

Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in-law suite brings in enough cash flow for many to pay off a sizable amount of their mortgage . One such investor is Allen , who turned his low-interest rate primary residence into a lucrative short-term rental in the Portland, Maine area. Allen is a vacation rental house hacker , leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move. With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you . Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose . In This Episode We Cover When is the right time to buy real estate and how high- interest rates hurt your chances of getting a good deal Limiting your monthly spending and taking advantage of earning a high income Short-term rental house hacking and using it to cover most of your living expenses Stocks vs. real estate investing and when it’s the right time to choose one over the other Aggressive debt payoff and how to know whether an interest rate is too high Credit score tips and the factors that make yours go up and down And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Airbnb Finance Friday: Self-Employed Income and Short-Term Rental Investing Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Click here to check the full show notes: https://www.biggerpockets.com/blog/money-340 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 26, 2022

Everyone knows that real estate agent commissions are hefty . Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollars really went. It’s not hard for a new agent in today’s world to lock in six-figures worth of real estate commissions within their first few years. But, not many agents, even uber-experienced ones, have been able to hit what Pat Hiban has. Pat was one of the first “billion-dollar” real estate agents . Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent! But how did Pat, a sociology major without any connection to real estate , reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors , you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today! In This Episode We Cover Everything you ever wanted to know about real estate agent commissions and broker splits Why so many new real estate agents fail during their first few years Leveraging out your work, hiring employees, and scaling a business instead of building a job Real estate investing basics and the downsides of taking too much depreciation Quitting a lucrative career and the financial moves to make that ensure a successful transition The six steps to reaching seven figures for real estate agents (and any other entrepreneur!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-339 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 23, 2022

Student loan debt —the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable. Today’s guests, James and Bianca , have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years . Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation , these student loans have loomed over them and kept them from true financial freedom. Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too! In This Episode We Cover Living on less than half of your income and how to maximize your unused funds Income-based repayment plans and determining the best loan payoff plan for you Reallocating your portfolio and finding creative ways to pay off your debt Time management and how to know when you should outsource or delegate tasks Preparing for a career shift and how to create a solid financial foundation Getting into a debt-free mindset and finding financial independence even faster And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets FIRE Planning Worksheet Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke Click here to check the full show notes: https://www.biggerpockets.com/blog/money-338 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 19, 2022

College isn’t the only option after high school . In fact, it’s not even the best option . Typically, twenty-two-year-olds fresh out of college are launched into the workforce with a lot of debt and little life experience. So how do you enter the workforce debt-free with life experience ? Join the military. Today’s guest, David Pere , is a financially free veteran with 100 rental units , all thanks to his time in the military. He enlisted fresh out of high school in 2008. While he did the usual “stupid young guy stuff” for a few years, once he read Rich Dad Poor Dad in 2015, he decided to get serious about financial freedom . After thirteen years of active duty, in 2021 he was honorably discharged with a net worth of a million dollars . The military offers various benefits, from the ability to learn trades to getting life experience to its financial advantages . As a service member, you are in an ideal position to become financially free. Your housing and food get paid for , and you have access to government-backed savings plans and loans . You also get tuition assistance for yourself and your family. With all the support and benefits the military provides, you can start building the life you always dreamed of straight out of high school. In This Episode We Cover Why the military may be the best option straight out of high school The various opportunities to start a career through the military The GI Bill vs. tuition assistance and how to make sure you qualify The tangible and intangible skills you learn in the military and how they translate into the workforce The VA Loan , qualifications, and how to get rich with it via house hacks The TSP and the SDP and how to use them to grow your wealth faster And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The (Almost) Guaranteed Way to 31x Your Investments DIY Your Way to FI with Tinian Crawford Click here to check the full show notes: https://www.biggerpockets.com/blog/money-337 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 16, 2022

Becoming a millionaire by 30 is almost every 20-or-something-year-old’s dream. But what if you want to go even further? Instead of seven-figure net worth, what about an eight-figure net worth ? Would this be enough to make your wildest dreams come true, or is planning for ultra-wealthy status a wasted pursuit, as most people could easily retire early with just a few million? The question we’re trying to ask is, how much is enough? It’s not Scott and Mindy asking this question, it’s today’s guest, Travis . You could call Travis an overachiever, although he doesn’t have the ego to fit that title. Travis has built close to a million dollars in net worth, with $10,000 of monthly passive income in just four years . He’s done this while working a full-time job and spending just $2,000 a month. If we could give a “You Did It, You Won the Money Show!” award, Travis would be first in line. But Travis is struggling to get his goals aligned with his portfolio . He set a lofty eight-figure goal for retirement, but with his rock-bottom spending rate, is this dollar figure even worth the work? Travis also wants to pose the stocks vs. real estate question, as he’s almost entirely invested in rental properties with very little left in retirement accounts or any stock accounts in general. So what is Travis’ next move? Quit the job, load up on stocks, or keep doing what he’s been doing? In This Episode We Cover Using the BRRRR strategy to grow a large rental portfolio in very little time Hitting millionaire status by your thirties through smart spending and consistent investing When to quit your W2 and pursue entrepreneurial pursuits full-time Stocks vs. real estate and loading up your Roth, 401K, and other retirement accounts Goal setting and when to take a step back from building wealth CapEx calculations, cash reserves, and prepaying your mortgage And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets FIRE Planning Worksheet Ready to Retire: The Ultimate Pre-Retirement Checklist Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Episode 200 Special: A Personal Finance Masterclass with Kyle Mast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-336 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 12, 2022

What do timing the market and a circle have in common? There’s no point , literally and figuratively. Some people would like to have you think they’ve cracked the code and there’s some secret formula. There’s not. They may have been able to “ time the market ” once or twice, but they probably can’t repeat it multiple times. Being correct for the wrong reasons isn’t repeatable , and with the market being so arbitrary, timing it correctly for the right reasons is unlikely. Despite this, there’s still a way to have enormous success while realizing great returns in the stock market , and today’s guest, Jesse Cramer , explains that. In Jesse’s article, The Near-Zero Benefit from Timing the Market , he tells the story of three investors. All three investors have different experiences “timing” the market, and while they all have different outcomes, it’s not the outcome you’d expect. While you can’t time the market, time in the market can be just as lucrative . If you let your money compound interest over time, you’d be surprised at how much more you can earn by simply leaving your money alone. In This Episode We Cover Time in the market vs. timing of the market and which one wins over decades The unpredictability of the market and how to combat it Advice for new investors on how to manage emotions while investing The benefits of reinvesting your dividends and letting your investments compound The importance of self-education and how to use it as insurance when investing The history of the stock market and its overall growth And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Mile High FI Podcast 1,500 Days to Freedom Coronavirus: Is It Time to Give Up on Financial Independence? The Near-Zero Benefit from Timing the Market BestInterest Blog Click here to check the full show notes: https://www.biggerpockets.com/blog/money-335 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 9, 2022

If someone told you that financial freedom could be achieved by traveling the world , you probably wouldn’t believe them. How can going on a work vacation to Europe make you richer? Surprisingly, doing this can help cut years off your retirement horizon , allowing you to save more, spend less, and invest for your future faster than ever before. Don’t believe it’s possible? Scott and Mindy prove the profits behind doing so in this Finance Friday episode! Today we’re talking to James , who is inches away from retirement. He has only a few years left before he can sail off into the sunset, but James wants to know how he can reach his goals even faster . He keeps his spending low, continuously invests, and has a remote work position, allowing him to work wherever he wants. He dreams of living in other areas of the United States but wants to ensure he has enough money to do so. His highest monthly cost? Housing! Like most Americans, a majority of James’ spending is for the roof over his head, but could geographic arbitrage turn his travel plans into a seriously profitable excursion? For those who are trying to hit FI, are close to FI, or simply want to spend more time enjoying life abroad , this episode is for you! In This Episode We Cover Calculating your FI number and getting to early retirement faster Defining your retirement goals and knowing what you want to do and where you want to be The 4% rule and whether or not it holds up as stock values have taken a tumble Geographic arbitrage and using it to reduce your largest monthly cost Coast FI and why a more gradual retirement option may work for you The five questions every investor should ask themselves when planning for retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Ready to Retire: The Ultimate Pre-Retirement Checklist BiggerPockets FIRE Planning Worksheet Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together Networthify Cfiresim Simulator Click here to check the full show notes: https://www.biggerpockets.com/blog/money-334 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 5, 2022

In the early retirement movement, becoming a millionaire is a crucial part of the financial path. While everyone has different spending habits, the first million will allow you to start pivoting so you can make choices for your enjoyment, not just for the sake of money. But when is it too late to start making these moves? Is there a certain point where early retirement, or retirement at all, is off the table? If you think so, listen to today’s episode with Courtney Robinson . Courtney was raised frugal , and unlike most, she never strayed off that path. Buying old cars, eating at home, and seeing matinee movies were the norm for her, but this began to get harder and harder as her family grew. Courtney was raising four children on her own, making only $15,000 per year , with multiple debts to pay off. But now, only ten years later, she’s a millionaire with equity, retirement investments, a large cash reserve, and multiple rental properties. How did she make the switch in the “late period” of her life ? Courtney goes over the details that led her and her husband out of bankruptcy , into investing , and eventually to millionaire status. By no means was this an easy or quick journey, but Courtney serves as living proof that even if you’re in your forties or fifties, you still have plenty of time to build a strong financial foundation , and maybe retire early! In This Episode We Cover Early frugality and the long-term benefits of teaching your children to save Living off of $15,000 per year and how to intelligently increase your yearly income Bankruptcy , debt payoff , and differentiating the “needs” from the “wants” in your life Paying off your mortgage and living for “free” in just a few years Calculating your FI number and making sure your investments match what you’ll need Emergency funds , cash reserves, and how much to keep in each account And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Dave Ramsey Solutions Early Retirement by 30 with $20K/Month in (Actually) Passive Income Finance Friday: How to Get to Early Retirement Even Faster Click here to check the full show notes: https://www.biggerpockets.com/blog/money-333 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 2, 2022

Having shared finances , for most couples, is an automatic thing to do once married or after being together for many years. It seems natural to want to combine income, expenses, and investments all in one big pot. This was the norm for most couples over the past hundred years, but as technology has made individual accounts more defined, some couples are finding freedom in keeping their finances separate from their relationship. We thought we’d put this theory to the test by having Doug Cunnington and Carl Jensen , hosts of the Mile High FI podcast, on the show. Doug and his wife have separate finances , Carl (Mindy’s husband) has completely combined their cash flow , and David Pere (our trusted military millionaire) has walked the tightrope between combined and separate finances with his wife. But which couple is fairing the best? Unfortunately, we will not be having a couple vs. couple cage match?—but we will discuss the pros and cons of each strategy . Carl, David, and Doug all bring up interesting, and often emotional , arguments as to why they think their money-splitting strategy works best for their specific relationship. If you’re currently in a relationship, married, or about to be wed, this may be a crucial topic worth exploring before your spouse spends $50,000+ on an impulse Tesla order! In This Episode We Cover Three couples with three different ways of splitting finances How to combine monthly cash flow so that bills are paid The bright side of prenuptial agreements and why every married couple should have one Respecting your partner's money mindset by building a spouse-specific system for the two of you Saving for your child's college and whether or not higher education is worth it as college becomes increasingly optional Advice for couples who will (or already) combine their finances and investing And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Mile High FI Podcast 1,500 Days to Freedom Why You’re (Probably) Wrong About Prenups Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 29, 2022

How would a six-figure side hustle change your financial picture? Think of the possibilities—being able to travel, becoming debt-free, or even buying your dream home. For most Americans, income is capped at what you make through a salary. There isn’t enough time, creativity, or energy left at the end of the day to make more. But, one specific subset of employees does have an upper hand that most people overlook— teachers . With a sizable summer break , teachers can make more than many others, even with their median incomes. Someone who took full advantage of this lucrative scheduling was Skyler . Skyler was raised in a very frugal household, resorting to food stamps and government subsidies at times. But Skyler was poised to turn a hard past into hard assets and later , financial freedom . He used financial aid to heavily discount his college tuition, rent-hacked (sometimes for free) into his mid-twenties, and thought of every decision as a return on investment . As he slowly whittled down the debt he had accumulated through school, real estate caught his eye. Skyler not only began selling homes on the side as an agent but performing live in flips during the off-season of his teaching career. This skyrocketed his net worth , debt payoff schedule, and timeline to financial freedom. He’s made so many wise moves that Skyler will soon be saving eighty percent of his income all while living for free abroad! In This Episode We Cover Turning frugality into financial success through smart money-saving moves Student loan payoff and using the “debt snowball method” to become debt-free faster Live in flips and how to make six-figure, tax-free wealth through this lucrative side-hustle The true price of adopting a child in the US and why it’s something worth saving up for Making the most of your median-income job by building wealth in the background Geographic arbitrage and living for free (and tax-free!) in other parts of the world And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget How to Create Financial Security (From Scratch!) and Become “Set for Life” Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 26, 2022

You’ve heard of money hacks before, but probably not like this. For the teenagers and parents of teenagers listening, this episode will give you everything you need to make yourself, or your child, financially successful, straight out of high school . Most parents think that a strong financial foundation is built through allowances, debit cards, and making their child get an after-school job. While none of that is bad advice, it doesn’t leave the teenager with a sense of financial security or knowledge of how to manage money . Thankfully, the Sheek Freak himself, Dan Sheeks , is back on the show to give his “ ultimate teen money hack for parents .” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path . This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independence , responsibility , and the ability to save and invest for a better future . But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too! In This Episode We Cover The “ultimate teen money hack” every parent should try with their high-schooler Teen debit cards, credit cards , and building up basic frugality Teaching your teen to “ pay yourself first ” through strategic spending and investing Letting your child make mistakes now, so they don’t make life-long mistakes later The perfect age to implement this strategy and when it matters most Common questions your teen may ask and getting them excited about money management And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Mile High FI Podcast 1,500 Days to Freedom Escaping The Rat Race Before Your First Job w/ Dan Sheeks Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 22, 2022

Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought, or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future. But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty , going long stretches of time without food, clean clothes, a shower , or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again. But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot! In This Episode We Cover Escaping childhood poverty through basic financial education DIY financial literacy by asking questions others are too intimidated to 401ks, Roth IRAs, HSAs, and other tax-advantaged investing accounts Tweaking your “money mindset” to place yourself on the path to building wealth Amanda’s biggest financial mistake that, once corrected, increased her income two-fold Building your emergency reserves and using them to catapult your investments And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget XY Planning Advisor Fidelity Investments She Wolf of Wall Street Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-329 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 19, 2022

For average investors, private money lending has been mentally squared away as “something mega-wealthy people do.” Most investors will write off lending money because they think they lack the experience or funds to do a successful deal. But what if we told you private money lending requires less money than you thought , that it’s almost completely passive, and that today’s high-interest-rate environment may be the perfect time to start ? Alex Breshears and Beth Johnson are graciously coming in as our private money messiahs, teaching us all how easy (and lucrative) it is to be a private money lender . They’ve been lending for years, not only to supplement their real estate portfolios but often to outright replace them. Private money is far more passive and flexible than performing a flip or BRRRR yourself, and almost anyone (and yes, we mean anyone) can do it in one way or another. It’s such a good way to make more money that Alex and Beth wrote the new BiggerPockets book, Lend to Live , on this exact subject. But before you print off business cards that say “private money expert” under your name, listen to what Alex and Beth have to say. They drop some valuable gems on who should (and shouldn’t) be a private money lender , how to protect yourself when you lend , points, rates, and fees you can charge , and building a pool of borrowers you can trust. If you’re anything like Scott and Mindy, then there’s a good chance you’ll walk away from this episode far more interested in private money than before! In This Episode We Cover How any investor can become a private money lender and build a pool of borrowers Why 2022 presents an interesting opportunity for new private money lenders Points, rates, laws , and setting up your private money structure Building the perfect private money team that can protect you on any deal The insane returns lenders get when doing different types of deals Betting on the “jockey” vs. the "horse” when vetting a potential borrower Private lending red flags that new lenders can easily fall prey to And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Loans Gone Wild: Turning a Private Loan Into a Profitable Flip After Foreclosure Private Money: What the Experts Warn Against Before You Lend (Or Borrow!) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-328 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 15, 2022

A stock market crash looks like bad news. The world is ending and everything is down. There won’t be any more profits to take…until the stock market gets back on track, which it always does. We’re not kidding— take a look at the past hundred years of total stock market performance and you’ll see something not-so-shocking. The stock market always finds a way to head back up, even after massive crashes like the great depression and great recession. You don't need to trust David and Mindy on this, instead, trust a stock investing expert like Brian Feroldi . Brian wrote the book on why the stock market always goes up, appropriately titled, Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren't . Brian uses this book to educate, inform, and enhance investors’ abilities to invest without stress, headache, or anxiety about future prices. In this episode, Brian demystifies the calculations behind investing in the stock market . From price to earnings ratios to company valuations, and why individual stock picking only makes sense if you’re the right type of person. He also hints at a “multimillion-dollar mistake” some investors are making when investing for retirement . Simply hearing his warning could save you millions of dollars in the future! In This Episode We Cover Why stock market crashes shouldn’t scare the average investor What causes the stock market to go up in the long-term, even with short-term dips Price to earnings ratios explained and using them to value companies before you buy How long you should hold stocks and why consistent trading could cost you more than you think The 4% rule and how the gold standard of retirement calculations is holding up in 2022 Avoiding the “multimillion-dollar mistake” many investors are making And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Why You’re (Probably) Wrong About Prenups Click here to check the full show notes: https://www.biggerpockets.com/blog/money-327 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 12, 2022

The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats , trains horses , and buys rentals in cash . Before you get squeamish, this isn’t a show about flipping rats for profit . But, it is a show about horse training, unique investments, and how to ease off the gas when building wealth. Even if you’re far from your FI number , thinking about this concept will help you tremendously once you’ve retired. Alexis and Max have an interesting situation, and they aren’t your everyday workers. Both of them work out in the field, up against the elements, making some serious money to help train horses . Max was a self-taught trainer who built an impressive resume while only in his teenage years. He has a passion for finding, training, and flipping horses that will one day be champions. This is his life’s work and it’s allowed him to charge a pretty hefty price tag. But, the couple hasn’t just been investing in horses. They also have nine paid-off rental properties , subsidizing the entirety of their monthly spending. But, even with their high net worth, they’re struggling to feel comfortable with their financial situation. They’d like to buy a house of their own , take a break from work, and allow themselves more time freedom . But do they really need more money, or do they simply need to rethink their already solid situation? In This Episode We Cover Flipping horses and the astounding money this unique investment can make Rental property investing and why being debt-free isn’t such a bad thing Sheltering business taxes so you can keep more income at the end of the year When to use leverage to buy real estate vs. buying rentals in cash What to do with your “ lazy money ” even if you’ve already hit financial freedom Getting clear on your financial goals so you can work less and enjoy your wealth And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast Episode 200 Special: A Personal Finance Masterclass with Kyle Mast XY Planning Advisor Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Click here to check the full show notes: https://www.biggerpockets.com/blog/money-326 Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 8, 2022

Buying a business may sound out of your element. Stocks are one thing, and real estate is another, but what about buying businesses? Isn’t business buying something reserved for large companies, wealthy entrepreneurs, or seriously experienced store owners? Funnily enough, the business of buying businesses may be one of the most overlooked, yet most profitable ways to make more money , work less, and retire richer. Don’t believe us? Just listen to Tim Delaney . Tim did not take the standard wealth-building route. He was making just over $2,000 per year while working in the Peace Corps after college. From there, he was hired on by other non-profits when the opportunity to buy a business fell into his lap . It didn’t require a ton of money, but it did require some sweat equity and a fair amount of time. While he didn’t end up taking the first opportunity that came his way, he did end up buying a business shortly after. And if you like hops-laden libations as much as Mindy and Scott, you’ll love hearing about Tim’s business. Tim invested in a local liquor store that had almost zero technological improvements . No point of sale system, no running inventory, and a cash register that was appropriate for the 1950s, not the 2010s. Tim saw an opportunity , and with the right upgrades, he was able to turn this into a full-fledged business with multiple employees , hundreds of thousands in profit , and the best part of all, a 10-hour per week work schedule for Tim . Today you’ll hear exactly how Tim did it, how much money it took, and how you can repeat the process. In This Episode We Cover Living frugally even when making very little and how your savings can catapult your wealth How to buy a business and what it takes to turn an outdated trade around What types of opportunities to look for when shopping for a business to buy SBA loans , seller financing , and how to finance a small business with very little down Hiring, firing, and how to keep a passionate staff paid and happy with work Commercial real estate investing and turning profits into property And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Business Analyzer Spreadsheet Alternative Investments: How to Determine Which Option(s) Are Right For You Click here to check the full show notes: https://www.biggerpockets.com/blog/money-325 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 5, 2022

What is a millionaire ? By definition, someone who has a million dollars or more in net worth. But what do you think of when we say “millionaire”? Are you picturing sports cars, expensive vacations, big houses ? The reality is that most millionaires are people just like you and me , living in regular homes, still attending their jobs, and trying their hardest to budget. Being a millionaire doesn’t mean you’ve “made it,” but it does mean you’re on the fast track to building wealth. Gracie is a millionaire, but she doesn’t feel like it. When she discovered financial freedom , she set an impressive goal to hit millionaire status by the time she and her husband hit their mid-30s . They worked hard, were diligent savers, and ended up hitting that goal right on time, but it came with a lot less flexibility than they had hoped . While Gracie was able to quit her job, her husband wasn’t able to, and even as he brings in a great salary, the family still is close to breaking even every month on their budget. But Gracie isn’t doing anything wrong. She’s got a tame budget, regularly reviews her spending, and knows that something has to change if she wants to reach the life of financial freedom she had been promised. So what should she do, change her assets , completely revamp her budget , or move to a lower cost of living area to increase her monthly cash flow ? Scott and Mindy give Gracie some good advice that will most likely apply to you, even if you’re not a millionaire yet. In This Episode We Cover Coast FI and using it as an alternative to traditional financial independence Budgeting, expense tracking, and knowing where your monthly income is going Pivoting to part-time when trying to slowly leave a job you don’t love Increasing your “ financial flexibility ” without sacrificing a ton of time Budgeting red flags and where most families fail in saving money Whether or not being heavy in retirement funds is a wise move in early retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Check Out Mindy’s 2022 Live Spending Tracker and Budget 3 Degrees, Debt Free, and “Coasting” to Financial Independence Finance Friday: How to Get to Early Retirement Even Faster Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 1, 2022

Coast FI is an interesting concept. Unfortunately, to much of Mindy’s surprise, “coast FI” doesn’t mean having enough money to live by the coast. But, just like living down by the beach, the coast FI lifestyle is far more enjoyable than most . We constantly hear from online personal finance bloggers about how you need to save as much as you can, eat at home every night, and never take a vacation. While this does allow you to hit financial independence faster , it makes the journey a highly stressful one at worst and a barely bearable one at best. What about a different way to reach financial independence? What about still eating out and taking trips , all while working to retire early ? This is the path that Jessica from The Fioneers has chosen to take. She and her husband learned about the financial independence movement while they were making just $30,000 per year combined. As their income grew, so did their savings rate. But, Jessica realized that the stress of climbing the corporate ladder wasn’t worth it when she ended up taking a six-month mental health break from her work. Jessica never ended up going back to work, but she did start working for herself. Now, she’s on the path to coast FI, or as she also likes to call it, “ slow FI .” She still takes trips and lives comfortably, but she does so with full autonomy of her time and a plan to retire in her early 50s. She is living proof that you don’t need to burn yourself out to hit financial freedom , and you definitely don’t need to do so just to reach retirement. In This Episode We Cover Coast FI explained and how it’s a far more enjoyable alternative to standard financial independence Saving and investing even while making a below-median income salary Resisting lifestyle creep and how to use pay raises to increase your net worth The danger of going “too fast to FI” and how retiring too early can be a detriment Part-time jobs, side hustles , and other ways that you can make more apart from your W2 Spending money to “escape” and how quitting a stressful job could save you more money And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget David on BiggerPockets David’s Site From Military to Millionaire Change Your Money Mindset, Change Your Life with Vicki Robin Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 29, 2022

Rental property cash flow is one of the most important metrics to calculate when analyzing real estate. Your cash flow not only helps you make a little extra money every month but also keeps your property afloat during months of heavy expenses or when large repairs need to take place. If you don’t do the correct cash flow calculations, you could find yourself with a cash-hemorrhaging property . This is why running (and re-running) your “ true cash flow ” number is so important. It’s also what Pam , today’s guest, might need to do to figure out which rentals to sell and which to keep in her portfolio. Pam owns nine rental properties , which is doubly impressive since she declared bankruptcy just a decade ago . She’s been able to rebuild a financial position that many would envy. And even though Pam and her husband make a great income, they’re struggling to figure out where it’s going every month. As six-figure earners, they’re barely breaking even on some months and overspending on others. Is Pam being too relaxed with some of her budget categories, or is there another cash flow leak coming from somewhere she isn’t looking? Scott and Mindy go through Pam’s current financial situation and quite quickly come up with a solution that could save her thousands every month. In This Episode We Cover How to calculate “true cash flow” for your rental properties so you know what actually comes in every month Selling vs. refinancing vs. holding and which choice to pick for which property Why so many six-figure earners feel like they’re living paycheck to paycheck Capital expenditure (CapEx) costs and why every rental property investor must anticipate them Climbing out of bankruptcy and finding financial success after starting from zero Using private money lending to grow a rental portfolio quickly And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: How to Get to Early Retirement Even Faster Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 25, 2022

Living paycheck to paycheck isn’t sustainable. But, if you’re in this position, you already know that. The stress of always worrying about bills , scrounging for money, and never really feeling security can eat away at you. This is how Anthony Michael felt, but surprisingly, he wasn’t making a small amount of money. He and his wife were making six figures, but only saving around $200/month . This was far less than Anthony was comfortable with, so he sat down, crunched the numbers, and started taking drastic actions. After he was able to increase his savings rate tenfold , he knew the extra money he was bringing in needed to be deployed. He started listening to The BiggerPockets Real Estate Podcast , read Rich Dad Poor Dad , and saw that house flipping could be his way to real estate riches. He found a partner, picked an area to invest in, and since then has made flipping homes his top money-marker. Anthony’s story didn’t always go to plan. He had house flipping budget busters that forced him to use much of his emergency savings, a “partner” who ran off with thousands of dollars , and other fumbles along the way. But, all these mistakes lead to Anthony being in the position he is in today, and maybe you can avoid some of his pricey mistakes simply by hearing his story. In This Episode We Cover How lowering your expenses is a faster way to save than increasing your income Flipping products online and choosing side hustles that can quickly bring in some cash House flipping and how (when done right) it can be a killer side hustle for new investors The “BRRRRbnb” short-term rental bringing in over $500 per night Real estate partnerships and what to look out for before you start sending money Credit card debt and how to use it the right way when investing in real estate And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget David on BiggerPockets David’s Site From Military to Millionaire Airbnb PropStream MLS Bonds: The Perfect Inflation Hedge (with One BIG Caveat) Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Click here to check the full show notes: https://www.biggerpockets.com/blog/money-321 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 22, 2022

Retirement strategies range from simple index fund investing all the way to full-on real estate development deals. What works for some investors won’t work for others. What’s most important to you is knowing what will or won’t work for your lifestyle . Some workers can easily do a couple of fix and flips on the side to generate income, while you may have a sixty-hour workweek, without a lot of free time to start investing in more intense asset classes. Chris feels just like this. As a working professional with a hectic schedule , he's concerned that he can’t participate in more “active” income-generating projects like real estate investing . He's been grinding for decades , making decent money but funneling much of it to pay off expensive student loan bills. When his wife sold her business , an unexpected windfall profit resulted, leaving the couple with more options than they thought. Now they want to “back into retirement” as easily as possible, while still making wealth-building moves. What’s the best option for them? Stocks, real estate, or focusing on work so they can build a large cash reserve? While Scott and Mindy can’t answer this question for him, Chris is presented with a few good options that’ll help him become a multimillionaire in only a few short years. In This Episode We Cover Buying and selling a business , plus some lucrative exit options for when you decide to sell Short-term rental investing and why big profits usually come with big-time commitments The “perfect” retirement portfolio and how to build your assets around your lifestyle Planning for your child’s college and how to invest risk-free while taking tax-advantages Whether to invest in pre or post-tax retirement accounts when you’re coming close to retirement age Serious side hustles that’ll help you achieve the “four-week work year” And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: How to Get to Early Retirement Even Faster The “Perfect” Investment Portfolio for Early Retirement w/Ask The Money Coach Bonds: The Perfect Inflation Hedge (with One BIG Caveat) Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 18, 2022

Your financial freedom journey won’t look like anyone else’s. It’s your future, your passion, and your life on the line when trying to hit financial independence. But what are we missing out on during the journey? Are we mindlessly walking towards a “ money mirage ” where everything in life is perfect and happiness is always abundant, simply because we have more money? Or, is the end of the financial independence journey far less satisfying than it’s hyped up to be? Doc G , from The Earn & Invest podcast , knows about regret. When he’s not recording episodes about residual income, he’s helping hospice patients who are months, weeks, or even days away from life’s end. He knows what it looks like when someone harbors regret about what they should have done. So many of our greatest regret s are caused by not knowing what we truly want to do. The question is, do you know what will actually make you happy? It’s okay if you can’t answer that question right away. In Doc G’s newest book Taking Stock : A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life , he gives a concoction of stories, exercises, and thought-provoking metaphors to help you not only reach FI but do so regret-free . In This Episode We Cover Why stepping away from a high-paying career could make financial freedom easier for you Finding what you truly want out of life and how to do so before it’s too late The “mirage of money” that financial independence chasers can’t get enough of Why the “death march to FI” is rarely worth it and what to do if you’re on that path The “three brothers” story that will have you rethinking how you want to reach early retirement What hospice patients regretted most and their advice for those who are healthy And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Life After FIRE – Case Studies with Scott, Whitney Hansen, and Doc G Earn and Invest Podcast Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 15, 2022

The “semi-retired” lifestyle seems to go against everything early retirement chasers have been taught. For years, it’s been pushed into our brains that “retirement” is one stark event. You retire once, do what you want for the rest of time, and that’s that. But life doesn’t always go that way. Today’s guest Amanda has spent the past two decades raising children, working , and focusing on getting an advanced degree. Now, with extra money coming in she’s finally in the position to invest . Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts , saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it. Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement . In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life ? In This Episode We Cover After-tax vs. pre-tax investment accounts and which to prioritize for early retirement Pensions and whether or not they’re worth working at the same job for HSA vs. FSA investing and how to maximize your tax-advantaged healthcare accounts Index fund investing and how to aggressively invest without making things complicated The four levers of financial independence and which to pull when you don’t have many assets And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: How to Get to Early Retirement Even Faster Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 11, 2022

Early retirement is something people in their forties and fifties do, right? It would seem almost impossible for someone to retire in their mid/late twenties or early thirties without a large inheritance or winning the lottery. Today you’ll meet the woman who did the impossible— Rachel “Money Honey” Richards . Her voice may sound familiar as not so long ago Rachel was a guest on The BiggerPockets Real Estate Podcast where she talked about retiring in just two years thanks to “aggressive” real estate investing. This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income , much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college . She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be. Fast forward a few years and Rachel has a strong real estate portfolio , bestselling financial literacy books , an exclusive mastermind and coaching program , as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here. In This Episode We Cover Using your age as a benefit and how to get around clients/customers judging you by your youth Where to find the most cash-flowing real estate deals that no one else knows about Living frugally as you make more money and resisting lifestyle creep at all costs The multitude of passive income streams almost anyone can create Selling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to be Imposter syndrome and why self-doubt could be costing you tens of thousands And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards MoneyHoney Website Download Rachel's "Passive Income Starter Kit" Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 8, 2022

When building your budget , do you have a line designated for “ economic downturn ” or “ high inflation ?” Probably not. Many financial freaks like Carl and Mindy Jensen don’t prepare for economic anomalies like rampant inflation or double-digit stock market losses . And like most Americans, they’re finding it hard to not spend more money every month. Carl and Mindy understand this, but can't seem to rein in their rebellious budget . This month was their most expensive month ever . And even though these expenses were planned, they nonetheless stung when reviewing them later. But even without these accounted expenses, Carl and Mindy have noticed the cost of goods going up while their stock portfolio continues to drop. If you’re worried about high inflation, rising home prices, food prices , and everything in between, this is a great time to make the needed adjustments to your budget. This will save you not only a bunch of time but also stress when seeing shockingly high prices for everyday things. Even financially free couples like Carl and Mindy need to reassess, and you may want to as well! In This Episode We Cover Mindy’s most expensive month ever recorded and why you should never books flights a month in advance Categories you can cut when an economic downturn hits so you (and your family) stay safe Why saving is more special when you can truly enjoy the things you’re spending on Rethinking early retirement and why now may not be the best time to leave the workforce Budgeting, expense tracking, and keeping an eye on your overspending (before it gets out of hand) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding BiggerPockets Events Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 1500 Days 1500 Days YouTube Channel Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 4, 2022

Passive income and credit scores . While they don't entirely rely on each other, having good credit does allow you to build passive income streams far faster . Andrew Brazell learned this the hard way, but thankfully profited big time by making some needed changes. Less than a decade or so ago, Andrew was living in a rat-infested apartment , riddled with credit card and student loan debt, spending all of his money every month. He felt financially hopeless until he struck up a conversation with his Rugby teammate, and BiggerPockets CEO, Scott Trench. Scott personally helped Andrew dig himself out of a debt hole , start house hacking , and get well on his way to financial freedom. From there, Andrew understood the formula—save your money, buy income-producing assets, and repeat until financially free. Andrew took this lesson to heart, and shortly after paying off his debt, began rental arbitraging his apartment , helping him eliminate his cost of living. That’s when he met Haley Ferguson , his future wife, and a soon-to-be top short-term rental host. The duo saved their money and bought their first house hack property. And, because of smart landlording, they were able to bring in more than double their mortgage payment in rent alone, allowing them to live at a profit. Now, they’re well on their way to buying even more properties, helping them go from financial fiasco to financial freedom , and finally financial abundance. In This Episode We Cover How to save money every month so you can pay off debt, invest, or just have peace of mind House hacking, rental arbitrage, and other ways you can eliminate your cost of living Reducing your credit card, medical, or other debts by making a simple phone call Lifestyle creep and why every financial freedom chaser should resist it Vacation rental investing and the massive profits that come with it Purchasing properties with the VA loan and using low down payment loans to scale your real estate portfolio And So Much More Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Biggerpockets Bookstore Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets How to Create Financial Security (From Scratch!) and Become “Set for Life” 300 Doors, 100% Creative Financing with Pace Morby Airbnb Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 1, 2022

Those searching how to retire early usually come away with one conclusion—you have to make much, much more money. Most financial independence pursuers think that a large salary or enormous sum of assets is what will bring them closer to FI. Fortunately for you, that isn’t always the case, and you’ll see exactly why when we talk to today’s Finance Friday guest, Rebecca . Rebecca makes a great salary. Actually, she makes two great salaries, working at her government job during the day and her technical writing job at night . She’s pulling in six figures, owns her own home, and splits expenses with her boyfriend. But she’s struggling to put together a passive income portfolio that will give her a good amount of monthly income when she decides to leave work. So what’s the missing piece in this passive income puzzle? Scott and Mindy sift through Rebecca’s finances and find some strikingly simple ways that she (and all of you) can save money every month and get to financial freedom decades in advance . This strategy isn’t hard, but it will take a little bit of willpower to get done. Thankfully, even those FIRE movement and financial freedom chasers who aren’t die-hard FI fanatics can still take these lessons to heart. In This Episode We Cover Building a passive income plan that can carry you along in early retirement Budgeting and expense tracking that can save you hundreds (or thousands) a month Emergency funds and “ financial runway ” that’ll give you more choices in life When luxury spending (pool cleaners, house cleaners, etc.) is acceptable House hacking and how to build wealth all while lowering your housing costs The “true value” of your retirement pension and why it may not be worth the extra years of service And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Amazon Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 27, 2022

Early retirement is one of those common personal finance topics that always comes up on the show. It’s arguably the most talked-about subject in our Facebook group and is a common theme among guests on the show. But what does a time-tested, well-respected financial journalist and coach think about retiring early? What does the “perfect” early retirement plan look like if you’re starting from scratch? Today we’re joined by Ask The Money Coach ’s Lynnette Khalfani-Cox , who is used to getting personal finance questions thrown at her all day long. She’s dug deep into everything surrounding investing and early retirement . From stocks to I Bonds , to real estate investing and cryptocurrency —if you’re interested in building (and maintaining) wealth, Lynnette’s website and books have something that will help you on your benjamin-stacking journey. Mindy and Scott take some of the top investing, saving, and retirement questions from the BiggerPockets Money Facebook Group and ask Lynnette her opinion on them. Hear answers to top questions like when to invest and when to pay off debt, what makes the “perfect” portfolio, how to stop saving and start spending when you retire, and whether to invest for retirement or start a business . In This Episode We Cover The debt payoff schedule you should follow if you want to invest while shedding consumer debt I Bonds explained and how to get around the $10,000 personal purchase limit Transitioning from “save mode” to “spend mode” when you’ve hit your retirement goal How to introduce others to personal finance (without it sounding like a lecture) What to do before you start a business and getting your personal finances in order Why younger generations of investors are choosing more “risky” investment options And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Biggerpockets Bookstore Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Fueling Early Retirement at 36 with Just 4 Rental Properties Investopedia Stock Simulator Money Coach University Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 24, 2022

“Buy now, pay later” companies have been around for decades, but not in the form they take today. You may have noticed that when you check out from an online store, a little prompt asks you if you want to purchase your goods for just “four easy payments of…” It seems like a good deal, doesn’t it? You can buy the same goods, for less, today, with no interest payments! Before you add those shoes to your cart, think twice before selecting the “buy now, pay later” option. Alexi Horowitz-Ghazi , NPR reporter and host of Planet Money , was interested in how this type of interest-free internet shopping is affecting consumers. Through his research, he found numerous examples of online shoppers overspending, getting into debt, and not knowing their total purchase price. The ease of paying just a fourth of a product’s price and getting it delivered in days became too much for many consumers to resist. And now, they’re paying the price. If you don’t want to fall prey to this type of split-up pricing, you’ll want to hear what Alexi, David, and Mindy have to say. Using this type of “interest-free” credit could put your financial freedom in jeopardy —and no one wants to trade early retirement for a new swimsuit. In This Episode We Cover The “buy now, pay later” programs and how they target online shoppers How buying now and paying later could affect your credit score in the long run What happens when shoppers can’t pay their future installment loans? Why US legislators are taking “buy now, pay later” companies to court The marketing tactics used by these companies to get you to spend more at checkout Why saving now and buying later will help your future finances And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 20, 2022

What's stopping you from becoming debt-free ? Everyone’s answers will vary, but one truth remains the same—excessive debt can prevent you from living the life you deserve. Today’s guest, Joe Bussey , took control of his life once he decided to pay off his $220,000 worth of debt and build a “financial runway” he could rely on. Joe's debt accumulated as he did what everyone in his life told him to. He was in pursuit of a college education when his life took a series of unexpected and unfortunate twists and turns . It all started when he got robbed at gunpoint for all the money he saved for college. From there, he had to start from scratch to save up for school. He had to work several jobs, once working five jobs at a time , to keep up with rent and student loan payments. He then went back to schoo l to pursue a better career but ended up in school for five more years —forcing him to take out even more student loans . By the time he graduated, he was $220,000 in debt. After graduation, Joe was only making $1,000 a month and eventually fell into a deep depression . It was then Joe decided he needed a change, so he wrote out all his worries and came to one conclusion— they were financial problems . After doing some research, Joe came across BiggerPockets and Set for Life . He read the book cover to cover in one day, and a light bulb went off. After reading the book, Joe took control of his finances, saving up $25,000 in his bank account while paying off $100,000 in just fourteen months ! In This Episode We Cover Financial runways and how to create financial security from scratch How to become “set for life” and the actionable steps you can take to start your journey to financial freedom Living off less than half your income and the importance of earning more and spending less Using your Roth IRA to maximize retirement savings and find financial peace The benefits of paying off student loans now and how to refinance them And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets How to Become an “Overnight” Success in 10 Short Years with David Greene Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 17, 2022

Retirement investing is a crucial part of planning for financial freedom . While early retirement is a status that almost everyone would love to achieve, the second-best thing is standard retirement, where you can use your smart investments to make the later years of your life that much easier. But, oftentimes those who are born with a strong work ethic don’t know when the right time to ease off retirement investing is. In some cases, even intelligent investors can find themselves with a lot of retirement income that can’t be touched until decades later. Jill is trying to end up with a future of financial flexibility . She wants to be able to travel the world with her family, leave her W2 job (if she feels like it), and invest more in assets that give her the power of choice today. She has a very good income, impressive retirement accounts, and wants to take her first step into real estate investing . She’s planning on turning her primary residence into a short-term rental, while her family moves into the live in flip she’s buying next. This rental property income should give her and her family a cushion of passive income to rely on, but she’ll need much more than this to become truly financially free. Scott and Mindy debate the “invest for later” vs. “invest for now” frames of mind, tackling which one will work best for Jill in her high-income but low passive cash flow situation. In This Episode We Cover How to get over your fear of debt when investing in real estate Why you may want to sell your primary residence instead of rent it out (once you move) Avoiding capital gains taxes and taking home a BIG profit when selling a primary residence Building equity and net worth through simple cosmetic live in flips Achieving financial flexibility and how overinvesting in retirement can hurt you in the short-run The Rule of 72 and using it to quickly calculate how much you’ll have in retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page ! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 13, 2022

I Bonds , and treasury bonds in general, have always been thought of as the “retiree's investment choice.” For those that have a short time horizon on investments, bonds have made perfect sense. With a guaranteed return , there isn’t a lot to risk for someone close to retirement age who simply wants to watch their investments stabilize—not grow or decline. And in today’s high- inflation environment , more and more individuals are realizing how worthwhile bonds are, especially as their traditional assets start to nosedive . Neither Mindy nor Scott have heavy allocations in the bond market, so to understand these interesting assets a bit more they invited Shane Shepherd , Assistant Professor at USC’s School of Business , to the show. Shane has seen a recent pique in interest from his students in a few certain subjects— inflation, rising interest rates , and bonds . It seems like even the young generation of investors want to safely store their cash during pre-recession markets. But, does Shane think that I Bonds are a smarter way to save? If stock market slumps are starting to hit your portfolio hard, this may be the perfect episode to listen to. Shane describes exactly why so many Americans are investing in I Bonds while also explaining who should not contemplate investing in something as stable as bonds. His advice could help you keep pace with inflation or buy killer deals in the coming months! In This Episode We Cover I Bonds explained and how they can help you minimize the effects inflation has on your portfolio Nominal yield vs. real yield and why you must understand the difference before you invest What happens to bonds if the US enters into an deflationary period Who should (and more importantly shouldn’t) start investing in bonds The downside of diversifying and why bonds are a safe, but static investment How taking on real estate debt could beat bond rates while building wealth for you And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Coronavirus: Is It Time to Give Up on Financial Independence? Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 10, 2022

Many FIRE chasers want to know how to stop overspending . But maybe the solution to overspending is simply knowing about it in the first place. For many Americans, credit card debt , exuberant living , and buying more than what they need are ongoing problems. And even for money masters like Carl and Mindy Jensen, it’s no different. As two leaders in the personal finance space, they understand why people overspend and how to stop it . But, as they’ve found out this year, giving advice can be easier than putting it into practice. As many listeners know, Carl and Mindy have been publicly tracking their household spending . They’ve tried their hardest to stay within the limits they set for themselves, but some months' bills creep up on you more than others. In this monthly budget review , Carl and Mindy talk about why they’ve overspent, how to become more “money conscious ”, and how to stop yourself from living a “ money rich, lifestyle poor ” life. Editorial Correction: On a previous episode of the "BiggerPockets Money" podcast, we stated that gains in a 529 Plan account would be forfeited if not used for educational expenses. This is incorrect and we apologize for the mistake. If you’d like to know more about the 529 Plan rules and regulations, please visit this blog post . Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing! In This Episode We Cover How to budget and expense track the right way (stay up to date on your inputs!) Umbrella insurance and how to get better insurance coverage for even less Why many millionaires choose not to use a budget Carl and Mindy’s newest live in flip project purchase May’s budget busters and how buying quality goods can save you more in the long run How to stay “money conscious” while living a proactive (not reactive) life And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 529 Plan Rules - Nerdwallet article Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again 1500 Days 1500 Days YouTube Channel Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 6, 2022

Want to work less and make more ? With a forty-hour workweek, it seems hard to imagine a reality where you can do less but still get the same results. How can you fit an entire week’s worth of work into only one day ’s working hours? Jason Wojo and Peter Kolat , hosts of The Lifeonaire Show , argue that it’s easier than you think to cut out much of your workday, enjoy your life more, and reach financial freedom faster . Both Jason and Peter grew up in troubling financial environments— raised in households where fighting about money was the norm . As Jason and Peter grew up, took on careers, got married, and had families, they saw themselves falling into the same traps as their parents —taking on debt , overspending , and working far more than they had liked. After hitting “rock bottom”, they decided to take a step in the right direction and change their financial future. With the help of a financially-free “ vision ”, Jason and Peter now live lives almost unrecognizable to their pasts. They now help others find their passions , chase their dreams, and achieve financial freedom with ease . So, if you’re tired of the grind, the stress, and the financial anxiety, you may want to consider becoming a “Lifeonaire” like Jason and Peter. Links from the Show Why healthy finances are key to keeping a family (and marriage) in-tact Hitting “rock bottom” and climbing out of credit card and consumer debt Building a rental property portfolio debt-free and how you can do it too The four core tenants of money philosophy and why everything starts with your “vision” The 80/20 Rule and why working less can help you make more money Calculating the cost of financial freedom and why it’s probably less than you think And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets How to Get Financial Freedom So You Can Do What You’re Meant to Do Lifeonaire Website Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 3, 2022

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’re looking 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 Cover How to manage emergency funds and safety reserves when self-employed Retirement accounts vs. rental property investing and which is best for early FI Saving for your child’s college and why a 529 plan may limit your child’s future choices Self-employed health insurance and whether or not getting a job is worth the lucrative benefits The 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 goals And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Is 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 Cooper 529 Plan Rules - Nerdwallet article Learn more about your ad choices. Visit megaphone.fm/adchoices

May 30, 2022

Before you quit your job , you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business . As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business . This is doubly true if you’re like Daniella Flores from I Like to Dabble , who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life , so she can avoid the instant shock of being an overnight entrepreneur. Daniella has some helpful tips for anyone who thinks their time at a job is close to the end . She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom . In This Episode We Cover The importance of having a side hustle (especially when you’ve been working for a while) Job hopping and negotiating more than just salary at your new or current job Prioritizing yourself in your company and the downside of saying “yes” too often Building a stable reserve fund so you can quit with confidence Self-Directed 401k and other retirement options that self-employed individuals have Self-employed health insurance and how to keep your benefits as you step away from full-time work And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Connect with David Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets I Like to Dabble Learn more about your ad choices. Visit megaphone.fm/adchoices

May 27, 2022

It’s a strange time for student debt . On one hand, many college graduates are electing not to pay their student loans while they sit in forbearance . On the other, some debtors are choosing to take advantage of the zero-percent interest period as a way for them to pay down their loans faster . While neither of those choices is inherently wrong, they may also not be right. Today’s guest, Colton , finds himself in this position with a good $300,000 worth of student debt . This number encompasses both Colton and his wife’s student loan payments. A good portion of their loans can be forgiven over twenty years , so which loan balance should he handle first? Thankfully, with Colton’s sizable take-home pay, he has options that many wouldn’t think of. Scott and Mindy debate on whether or not paying off debt early , waiting for forgiveness, or investing instead would be the best course of action for Colton. Regardless of whether you have student debt, a car loan, a medical loan, or any other type of timely payment due soon, this is a calculation worth performing. Scott and Mindy also take a look at Colton’s diversified portfolio of assets , arguing that diversification could be leading him down a long path to FI , instead of helping him gain financial footing . In This Episode We Cover How over-diversification can set you back from reaching your financial goals Why the “grind to FI” doesn’t have to destroy the life you love Real estate investing as a hedge against large amounts of personal debt Student loan forbearance and forgiveness , plus when to start paying back your loans Private mortgage insurance and the multiple options you have to get rid of it Live in flip tips and how to keep your sanity while renovating your primary residence And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie Learn more about your ad choices. Visit megaphone.fm/adchoices

May 23, 2022

You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group , but rarely do you get preapproval tips straight from a lender themselves . As the housing market stays hot and interest rates continue to rise , it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability , you can get answers directly from the source! Joining us today is Jon Lallande , former mortgage lender , now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays” , and how tax deductions can be dangerous for self-employed professionals. No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal , primary residence, or next investment property! In This Episode We Cover The easiest way to make yourself “attractive” to a lender Lender overlays and how to get around them so you can get preapproved The easiest way to raise your credit score so you can get the best loan possible The upside of PMI (private mortgage insurance) and how to purchase properties with low money down Why many investors put themselves in mortgage fraud territory and how you can stay out of it How to get a mortgage as a self-employed individual and when NOT to take deductions And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn Finance Friday: Should You Pay Off Your Mortgage Early or Invest? Ginnie Mae Website Credit Karma Learn more about your ad choices. Visit megaphone.fm/adchoices

May 20, 2022

Almost every age group wants to know how to retire in ten years . Whether you’re in your teens, your mid-thirties, or your mid-fifties, retirement can seem like an eternity away. Those who retire early and find financial freedom tend to do so through a combination of smart investing, early saving, and a tenacity for budgeting (without giving up everything they love). But what if you don’t have time on your side? What if you’re still paying off debt ? Is it still possible to retire? Thankfully for today’s guest Rik , and all you listeners at home, we can safely say that retirement is in reach, even if you feel like you’re a little off track. Rik has three degrees and as a result, is strapped with some moderate student deb t. He wants to retire in five to ten years and realizes that it will take some work to get him in that position. Thankfully, he has some hands-on real estate investing experience—owning a duplex and performing a live in flip on his primary residence. Rik is more than willing to get his hands dirty in his pursuit of early retirement , whether that means doing remodels himself , limiting his booze budget, or simply living a little leaner. With some smart investments under his belt, he’s been able to set himself up in a good position to take on more projects, have smarter debt , and keep more cash. But, Rik will need to take care of a few things first before he can continue building this retirement runway that’s already underway. In This Episode We Cover Student loan debt forgiveness and how to pay off your debt in the smartest way possible House hacking, live in flipping , and turning your home into a cash-flowing machine or equity check Building a strong cash position /safety reserve and having the funds to invest faster HELOCs (home equity lines of credit) and using them to pay off renovations Whether to r ent or sell a property in these high-interest times Building a retirement nest egg that allows you to travel, take time off of work, and creatively invest And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel MintMobile.com Amazon Prime Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use? Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth Finance Friday: How Do I Get Out Of This Cash Flow Crisis? Learn more about your ad choices. Visit megaphone.fm/adchoices

May 16, 2022

Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it could be the thing that secretly saves your marriage . The everyday American knows very little about the prenuptial agreement and has gotten most of their information from movies, reality TV shows, and hearsay from friends and relatives. We wanted to know the truth about prenups, so we invited attorney Aaron Thomas on the podcast. Aaron Thomas has a wide range of experience in family law , divorce law, and anything that comes from legally joining (or separating) a couple. He knows how difficult divorce cases can be and saw the same mistakes repeated by couples. The lack of communication over finances , minimal planning (if any at all), and wishful thinking led to more and more couples seeking separation shortly after marriage. Now, Aaron and his team work with couples to form strong prenuptial and postnuptial agreements so that they have a rock-solid financial foundation to stand on when dealing with the daily joys and struggles of marriage. Aaron argues that the prenup may be the most important step in mitigating a divorce and that the protection of a prenup goes far beyond wealth. If you never thought about getting a prenup or postnup before, you definitely will after this episode! In This Episode We Cover Prenuptial and postnuptial agreements explained and what they protect Added stipulations in a prenup that most couples don’t know about The optimal way to combine finances as a couple and how to split uneven paychecks How to bring up a prenup or postnup to a partner who’s feeling averse to one The cost of divorce vs. a prenup and why you DON’T want to leave a legal separation up to state laws Which couples shouldn’t look into signing a prenuptial or postnuptial agreement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget ATL Aaron Thomas Law BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry Prenups.com Learn more about your ad choices. Visit megaphone.fm/adchoices

May 13, 2022

You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a far less known type of middle-class trap, the type that keeps your wealth growing but limits the amount of “freedom ” you feel in the process. Oftentimes, savers can find themselves in a position with a big cash surplus but hold tight to it to feel “safe” instead of feeling flexible. Today’s guest, April , falls into this category. She’s done a phenomenal job at building a millionaire life, keeping large cash savings , and diligently investing in retirement accounts . She’s in a favorable position, but it’s not the position she wants to stay in. April wants to feel a true sense of financial flexibility , with the option to leave her job or decrease the amount of time she spends working. But, to do this, she’ll have to confront her limited “cash scarcity” mindset and chase other investing options. Scott and Mindy guide April on exactly how to do this, walking through various types of investment options that she (and you at home) can use to maximize a lifestyle for freedom , not just wealth. Even a financial powerhouse like Mindy struggles with these same issues, and you might too once you hit millionaire status! In This Episode We Cover Whether or not you’re overinvesting in retirement accounts (and how to find out if you are) Converting from a scarcity mindset to money abundant mindset to truly take worthwhile risks Investing in passive income streams like rental properties, syndications, and dividend stocks How much to keep in your cash position and when to start investing your excess capital HELOCs (home equity lines of credit) and how they can combat a low-cash position Whether or not to pay off your mortgage early (or your car loan!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets Money Podcast 243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together BiggerPockets Money Podcast 260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less) BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist Learn more about your ad choices. Visit megaphone.fm/adchoices

May 9, 2022

Budget meals , cheap eats, and deliciously discounted recipes are all in this episode of the BiggerPockets Money Podcast . As many of you financial freedom chasers know, one of the biggest monthly expenses on your budget tends to be food costs . Whether that be going out or grocery shopping to feed yourself, your spouse, your kids, and anyone else in your family— eating well isn’t cheap…or so most people think . Beth Moncel is here to tell you that the preconceived notion of good food = expensive food, isn’t exactly right. Beth started her blog, Budget Bytes , over a decade ago during the great recession, when many families struggled to put food on the table. With a degree in nutrition, Beth knew that she could scientifically design recipes that not only filled up her family but helped her do so on a budget . If you’re constantly going over your food budget , this is the episode to listen to. Beth gives a masterclass on food budget savers vs. sinkers , pantry staples and go-to recipes , meal planning, eating out , and whether or not you should shop on an empty stomach. Prepare to upgrade your dinner time while keeping more cash in your pocket! In This Episode We Cover Common mistakes budgeters make when trying to plan weekly meals The biggest budget busters you’ll find in your local grocery store and what to buy instead Beth’s go-to recipes that also act as pantry clean-out meals for less food waste Meal planning and how to start with simple, filling recipes you won’t get tired of Shopping without coupons and why the best ingredients are often the cheapest Calculating the exact cost of your meals and tweaking recipes for frugal shoppers And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets Money Podcast 251 with Preston Cooper Flipp.com Website BudgetBytes.com Connect with David Learn more about your ad choices. Visit megaphone.fm/adchoices

May 6, 2022

Stock market crashes aren’t common, but when they happen, they often catch you by surprise. Thankfully, we’re not in the middle of a stock market crash, but this current correction or “dip” we’re riding has got some early retirement and FIRE chasers feeling a little anxious. Carl and Mindy Jensen, real estate and index fund investors, have seen a twenty-five percent drop in their portfolio just over the past six months alone. What effect does that have on their future financial plans? Welcome back to this month’s episode of Carl and Mindy’s Spending Summary, where we finally get to see an under budget month! Thanks to some family frugality, Carl and Mindy were able to shop pretty light this April, even while going over budget on some essentials like groceries and medical expenses. This may be the last under budget month for a bit as some upcoming trips may prop up their expenses as we roll into summer. Carl and Mindy have also been keeping an eye on the stock market and how its performance is affecting their portfolio and future retirement plans . When Carl decided to step away from work five years ago, he had the tailwinds of a strong stock market at his back. But, with recent drops in stock valuation, it begs the question: would Carl still be able to retire early if the market conditions mirrored today? In This Episode We Cover The budgeting and expense tracking “slog” that helps you spend less and keep more Expensive summer trips and how to account for future travel in your monthly budget The Nasdaq’s rough month and what to do when stock indexes start to fall The 4% rule and how rough market conditions could hurt your early retirement plans Whether or not you should still retire during a market crash/correction And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Hear Our Interview with 4% Rule Creator, Bill Bengen Michael Kitces’ Interview on FIRE and the 4% Rule The “Mile High FI” Podcast 1,500 Days to Freedom Connect with Carl on BiggerPockets Learn more about your ad choices. Visit megaphone.fm/adchoices

May 2, 2022

The idea of college comes with a lot of questions—but there is one question that isn't usually asked: is college worth the cost ? Most would say yes, but the honest answer is sometimes. Today’s guest, Robert Farrington, the College Investor, answers college questions in a detailed manner to help you make profitable decisions on your higher education choices. Robert goes over how to look at college as a business decision rather than a necessity. A deciding factor in any college decision should be profitability. Is going to college going to make you more valuable in your field? Will the salary you make post-grad outweigh the student loans you took out? What financial resources are available to you to minimize debt and out-of-pocket expenses? How can you leave college debt-free ? When you start asking the right questions, each decision gets easier. And in today’s episode, Robert gives you the right questions to ask. He also goes over different ways to pay for college , including FAFSA, grants, and scholarships, and how each of them work. College requires a lot of informed choices, and this episode contains the knowledge to equip you to make those choices. In This Episode We Cover Looking at college as a business decision and determining whether a college education is financially worth it for you (or your child) How to finance college through loans, grants, financial aid, and scholarships 529 plans explained and why it's an ideal way to save for college Saving yourself by using the “Yes Model” to save for college FAFSA vs. scholarships and how to apply for both Cutting your college expenses in half with government-sponsored programs And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Here's What I Wish Someone Told Me Before I Racked Up $180,000 In Student Loan Debt How To Pay For College How To Save For College Ultimate Guide To Military And VA Education Benefits Taxable Scholarships Check the full show notes here: https://www.biggerpockets.com/blog/money-297 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 29, 2022

Everyone has experienced negative cash flow . If you have a troublesome rental property, you may experience negative cash flow. If you have a low income but an appetite for expensive eateries, you may also experience negative cash flow. But, more common than most, if you’re in the early stages of building your small business, negative cash flow may be a harsh but hard to mitigate reality. Chris is feeling the sting of sinking purse strings every month. At the start of 2020, Chris left his old job as an engineer to start working for himself. He hired a couple of employees and started taking on more and more work. But, he’s spending too much time training his junior engineers and not enough time locking down high-value contracts, leaving him in the red every month. Surprisingly, more business owners face this problem than you would think. Scott puts on his CEO hat to dive deep into the finances of Chris’ business and gives some challenging, yet reasonable, advice on how he can immediately improve his financial situation . With suggestions from both Mindy and Scott, Chris may have a better picture of how he can go from cash flow negative to very comfortable with highly positive cash flow in the near future. You may not be in Chris’ position now, but if you ever plan on starting a business, or have already, this episode is a MUST. In This Episode We Cover Cash savings and why it’s always important to keep a strong safety reserve (especially as a business owner) How to break down your negative cash flow situation to find the most costly expenses Starting a business vs. continuing to work at a job and why entrepreneurs should be prepared for risk (and loss) How to establish whether or not an employee truly brings value to your company KPIs, goals, and getting on the same page with your team and employees Executive assistants and why high per-hour earners may need them the most And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 6 Steps to Improve Your Financial Situation 15 Things Every Newbie Needs to Know About Starting a Business How to Know When to Hire Your First Employee 10 Challenges to Seriously Consider BEFORE Quitting Your Day Job Check the full show notes here: https://www.biggerpockets.com/blog/money-296 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 25, 2022

Early retirement was a goal for today’s guest, Antoinette Munroe, the moment she started making money. Her money journey started in second grade when she sold her Halloween candy for extra cash. By high school, she graduated to selling a wide variety of different things and even started her own distribution network with her cousins at their respective schools. By the time she got to college, her main focus was staying out of trouble, avoiding debt and saving. It wasn’t until her last semester of grad school that she had to take out loans. After graduation, her priorities shifted, and she got a job to pay off her debt. Starting with her first check at her new job, she laid out her budget ABCs. Her ABCs follow a simple principle; automation, balance, and consistency. And after two years, she paid off her $27,000 debt! In 2015 she decided to start looking for a home, and by the end of 2015, she purchased one. She did a complete rehab on the house while also adding an addition in hopes of getting rid of her expenses to achieve her ultimate goal of not having to work. She put the finished addition on Airbnb, and it now cash flows and pays her expenses. After she realizing the power of real estate investing to build net worth and generate wealth, she did this three more times and now owns four cash-flowing properties. She is now retired and lives the free life of leisure she always envisioned for herself. In This Episode We Cover The importance of saving money and the freedom that comes with it How to make an efficient and realistic budget & how to stick with it The Budgeting ABCs & how to simplify your budget (and your life!) Creative financing and using it to buy deals when you don’t have the cash How to create and maintain a cash-flowing asset And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-295 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 22, 2022

Index funds and rental properties are at opposite ends of the investing spectrum. On one side, you have highly diversified, almost entirely passive index funds. On the other, you have cash-flowing, yet far more hands-on, rental properties. Both of these beloved types of investments belong in (almost) every investor's portfolio, but how much should you have of one or the other? Today’s guest Cecilia has built a strong net worth while keeping her income high and expenses low. She bought at the bottom of the market in Southern California, so while home prices rise all around her, she’s sitting comfortably with her rock-bottom mortgage payment. Thanks to all the housing expense-related savings, Cecilia has been able to dump a lot of her extra cash into the stock market. But, she’s longing for a more travel-focused life, where she can take sabbaticals in any corner of the world she chooses. Part of her plan to wealth-gaining greatness is buying a short-term rental in a city she loves, so she can still vacation on the cheap. In order to do this though, she may need to sell off some of her investments or swap her strategy entirely for cash-flowing rental properties in cheaper parts of the United States. Which path will set Cecilia on a fast track to FI? In This Episode We Cover How much to have in your safety reserves and what to do when you have too much cash Index funds vs. rental properties and when to focus on which asset Long-term rentals vs. short-term rentals and the cash flow that comes from both Building the perfect investment plan that will coast you to the life you love Automating your business and spending less time on repeatable tasks Whether or not early mortgage payoff is a good idea in low-interest times And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-294 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 18, 2022

A master’s degree shows quite simply that you’re a master (at least to some extent) in a certain subject. For decades, getting a master’s degree has been seen as a financially savvy move to open you up to higher pay, better job opportunities, and golden networking connections. But times have changed, and as more students see college as an inferior option to working, it begs the question: is a graduate degree worth the price? You can’t know the answer unless you compile tens of thousands of pieces of data. Thankfully, we didn’t have to do that, we just invited Preston Cooper on the show to explain the research he and his team at FREOPP did. You may recognize Preston from his previous episode on the BiggerPockets Money Podcast where he mapped out which undergraduate degrees were worth it. Now, he’s back to show which master’s degrees have the highest (and lowest) ROI. You’ll hear Preston answer questions like when is the right time to go back to school, which master’s degrees are fatal for financial freedom , and how students should go about choosing a degree or a combination of degrees. So, whether you’re pondering going back to school to get a degree in underwater basket weaving, horse training, or law, Preston has the data to help you make that decision! In This Episode We Cover Why different schools can have dramatically different degree ROIs The best (and worst) master’s degrees to pursue How degree combinations can help you make more money in a related career When is the right time to pursue a graduate degree (after college or after working)? The common misconception about MBAs and why most graduate business degrees aren’t worth the cost The future cost of college tuition as admission rates drop and inflation continues to rise And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify , Apple Podcasts , BiggerPockets Hear Our Previous Interview with Preston on Episode 251 Check Out Preston’s Grad Degree and Bachelor Degree Study: More FREOPP Higher Education Resources FREOPP Is A Master’s Degree Worth The Pay Raise? Connect with Dave on BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-293 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 15, 2022

Financial independence is not a new concept to Carl and Mindy Jensen. For as long as they’ve been together, Carl and Mindy have been open and upfront about their financial situations. When they learned about the FIRE movement , they knew they had an all-time goal to hit. Fortunately for them, they hit it earlier than they needed, but has their current spending forced them to recalculate what it takes to hit financial freedom? Welcome back to Carl and Mindy's Spending Summary, or as we’re naming it this month, March Money Madness. Carl and Mindy had a few big-ticket items on this month’s expense tracker, namely things like a lovely trip to Seattle and a brand new couch (Mindy bought something new!?). As the months fly by, Mindy has noticed an “over budget” trend, forcing her to either recalculate her FI number or get back into budget mode. If you’ve gone over budget like Mindy this month, don’t fret! Tracking your expenses and keeping up to date on your budget will still help you achieve the goals you’ve set for yourself. Just be extra mindful in April! In This Episode We Cover Frugal vacations vs. relaxing retreats and how to plan for added travel spending Gas prices, utility bills, and using solar to lower your cost of living The benefits of budgeting and how expense tracking keeps you frugal Having “money respect” for your partner when sharing finances Accounting for big “one-time” purchases like furniture or trips How to save money on next month’s grocery bill (look in your pantry!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Check the full show notes here: https://www.biggerpockets.com/blog/money-292 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 11, 2022

eBay flipping isn’t something new. You’ve probably bought something on eBay that was sold by a reseller. Maybe a type of makeup you liked got discontinued. Maybe your favorite pair of jeans from a nationwide chain suddenly disappeared. For eBay resellers like today's guest, Tom Brickman (The Frugal Gay), it’s all about finding the products that people love but can’t get a hold of anymore. Tom is a master of frugality . Raised by a real estate investor, he knew what cash flow could do to a nine-to-five worker's life. So, at age twenty-one, Tom cashed in some company stock to buy his first multifamily. He inadvertently house hacked and was living in his own place for a whopping $138 per month! From there, he moved from his native Ohio to Texas where he got a full-time job, built his eBay flipping business, and never stopped reinvesting into rentals. As a side-hustle addict, Tom shares numerous stories about how he made (and lost) large sums of money by reselling on eBay. He even bought an entire house on eBay at auction, which came with bullet holes included. Talk about a deal! Now, retired well before sixty-five, Tom lives a life he loves with his partner, thanks to financial frugality! In This Episode We Cover Why frugality at a young age can compound into massive wealth-building benefits ESPP and reinvesting your paycheck so you can use investments to buy cash flow What makes a great eBay flipping product and how to find the best deals around Commercial real estate investing and rehabbing properties for enormous equity gains Buying homes at auction online and why you shouldn’t solely trust the zip code a house is in Paying off credit card debt quickly through hard work and smart money management And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! 5 Frugality Myths Americans Believe That Would Make Ben Franklin Cry A Beginners Guide to Hack Your Housing and Live for Free How to Pay Down Bad Debt—Fast! Check the full show notes here: https://www.biggerpockets.com/blog/money-291 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 8, 2022

Renting vs. buying a home , debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions. In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life! If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel . We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming! In This Episode We Cover The safest investment vehicle in 2022 (and why safest doesn’t always mean best) Whether to pay off student loans or invest in retirement and real estate Which debt to pay off first so you can coast to debt-free freedom Renting vs. buying in today’s hot housing market and how to decide for yourself Funding home renovation projects (even when contractor costs are high!) House hacking and using it to lower your expenses, grow net worth, and build financial runway And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Follow Along Mindy’s Live Budget Tracking BiggerPockets Money Podcast 35 with Craig Curelop (House Hacking) BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans) Does It Make More Sense to Rent or Buy in Today’s Real Estate Market? A Beginners Guide to Hack Your Housing and Live for Free Pay Off Debt or Invest? Check the full show notes here: https://www.biggerpockets.com/blog/money-290 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 4, 2022

Real estate and early retirement go hand in hand. Most people think that it’ll take years (or decades) to build up enough cash flow to simply break even on your monthly expenses (lean FI). Those people probably aren’t thinking as big as today’s guest, Hugh Carnahan, who retired in only three years thanks to speed, diligence, and a courageous amount of risk-taking. You’d probably assume that to retire in three years, Hugh had to be a very financially adept person. Well, you’d be 100% wrong! Hugh struggled for years with his finances and committed almost every cash flow cardinal sin in the book. He made great income, saved almost none of it, then saved way too much of it, and thought that his path to financial freedom was through getting solar panels on his house, NOT buying houses. When a local business owner set him straight, he consumed as much real estate investing content as he could. He listened to the BiggerPockets Real Estate Podcast religiously and after 386 episodes, decided he should invest in real estate . So Hugh went and bought a nice single-family home, right? Nope. He did something much different—and he’s financially free because of it. In This Episode We Cover How to NOT practice the “ pay yourself first ” principle of investing and saving Lifestyle creep and how it can eat away at your wealth, even as a high-earner ESPP programs and the benefits of getting discounted company stock The BRRRR strategy and using it to force equity on your rental properties Commercial and portfolio loans, plus how they differ from residential mortgages How to leverage cash-flowing real estate to hit financial freedom (fast!) And So Much More! Links from the Show Follow Along with Mindy’s 2022 Budget Make Your Own Free Mobile Expense Tracking App in 30 Minutes BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Check the full show notes here: https://www.biggerpockets.com/blog/money-289 Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 1, 2022

Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move. Brandy has multiple streams of income —her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion! Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible. In This Episode We Cover Building wealth after bankruptcy, failed businesses, and financial mistakes Quitting corporate and coming back in a more flexible, entrepreneurial role Short-term rental investing and the big profits (and costs) that come with it What to do if you have too much home equity as part of your net worth? Backdoor Roth IRAs and retirement investing for self-employed individuals Calculating rental property profits and pitting them against other investments And So Much More! Links from the Show: BiggerPockets Money Facebook Group BiggerPockets Forums How I Used Real Estate to Pay for My Newborn Daughter’s College Education Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders Equity Rich and Cash Poor? Calculate Potential Airbnb Earnings on Your Short-Term Rental How I Live Overseas & Still Manage My U.S. Rentals Check the full show notes here: https://www.biggerpockets.com/blog/money-288 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 28, 2022

Do you know how to ask for a raise ? If you’re like most people, you probably think that we’re asking a rhetorical question. If you think it’s as easy as simply walking up to your boss, asking for more money, and leaving, you probably haven’t ever asked for a raise before. Behind every pay raise request is a clammy-handed employee, hoping that they’ve done well enough to justify that salary bump. Maybe you’re nervous to talk to your boss, maybe you feel unprepared, or maybe you just find it hard to talk about money. On today’s show, Kassandra Dasent , program manager and wealth advocate, touches on how every employee can prepare to get the raise they deserve. Despite what most people think, you should NOT prepare for your salary review days before it happens. Kassandra has a simple timeline that allows employees to maximize their raise potential throughout the year. So, when it finally comes time to talk numbers, most of the discussion is already done. This type of strategy has not only helped Kassandra but numerous listeners of the BiggerPockets Money Podcast . But, what if you can’t get a raise? What if your boss says no? What if there’s no budget left for you at the end of the day? Don’t fret, Kassandra lays out the exit strategies you should plan for when career hiccups happen (which they inevitably will). In This Episode We Cover Building your “success folder” and using it as your greatest tool in a salary negotiation Taking initiative on pay raises and not letting your boss control your career Mitigating the fear of talking about money and using your goals to ask for a raise with confidence How job-hopping really looks to employers and how it will dictate your career path Strategizing your raise and negotiating for more than just money How often you should update your resume (even if you’ve been at the same company) And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-287 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 25, 2022

It's not uncommon to have irregular income as a business owner or self-employed individual. But with different amounts of money coming in every month, how can you budget, invest, or plan? Some months you’ll make a killing, while other months may have huge burn rates. How do you gain financial clarity when running multiple businesses with multiple income streams? What about becoming debt-free ? Is it possible with such inconsistent income? This is how Eric Dunn has been feeling lately. After paying off a significant sum of debt, Eric has seen his income slowly rise and needs help ironing out his finances before he can invest in real estate . Eric has numerous businesses that haven’t been given the accounting love they deserve. Not only that, Eric has been trying to get his safety reserve up to hold himself over during the lean months of self-employment. Mindy and Scott work with Eric to build a financial framework that allows him to scale simply and with minimal effort. They also talk through self-employment tax, financial planning, safety reserves, renting vs. buying real estate , and more. If you’re a regular listener, you probably have more than one stream of income (or will in the future) making this advice worth its weight in gold so you don’t make some of the mistakes Eric is trying to avoid! In This Episode We Cover Paying off consumer debt and using it to propel forward your financial position Separating business and personal expenses so tax time is headache-free Financial planning and analysis, plus using it to model and predict future income Self-employment taxes and quarterly tax penalties that you can avoid as an entrepreneur Whether to rent or buy a home in today’s hot housing market (and strategies for both) Why your emergency fund is meant to be spent on the right things And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-286 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 21, 2022

When most people think of JL Collins, they think of smart stock and index fund investing. In his classic, The Simple Path to Wealth , JL lays out the foundational path that investors can follow to secure financial freedom simply, easily, and without a ton of stress. So it may come to many FI chasers’ surprise that JL has written a new book on real estate investing , and not index funds, the stock market, or our current state of high inflation. In, How I Lost Money in Real Estate Before It Was Fashionable , JL lays out, quite candidly, how not to invest in real estate. And before you get mad about that type of advice on a BiggerPockets Podcast, please note that JL isn’t saying to NOT invest in real estate, but to invest in real estate in a smarter way than he did. JL is the first to admit that real estate is a phenomenal way to build wealth, create passive income, and retire early. But, if you haven’t fulfilled your 250+ hours of real estate investing education, you probably shouldn’t be purchasing income properties. In today’s show, you’ll hear JL explicitly list out all the mistakes he made when investing, and how you can mitigate these risks and come out profitable instead! In This Episode We Cover “Stagflation” and how 2022 is looking more and more like 1979’s burdensome economy How following the herd mentality to buy real estate may cost you time and money The biggest home renovation mistakes and how to manage contractors correctly Staying cautious when buying in a hot housing market and making an offer based on the fundamentals of real estate investing Capital gains taxes and preparing for depreciation recapture when selling a property The biggest real estate mistakes rookie investors can avoid when getting started And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-285 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 18, 2022

Travel budgeting, sky-high gas prices, and “free” utilities are coming up in this month’s episode of Carl and Mindy’s Spending Summary. Like many Americans, Carl and Mindy didn’t have the easiest time sticking to their March budget. With rising food, gas, and utility prices, it may seem that your budget is squeezing you more and more as the months go on. This month, Carl and Mindy touch on their biggest budget busters and wins, plus why budgets are meant to be adjusted when life permits. Carl and Mindy have been publicly tracking their budget and have found it to be a little trickier than they originally thought. That being said, both of them agree that if you have the financial means to do something you love, it’s probably worth the extra money for a once-in-a-lifetime experience. If you’ve felt strained while expense tracking and budgeting throughout the start of 2022, just know that two of the most respected voices in the financial space also stumble from time to time. If you make a mistake, overspend, or forget to track your expenses , get back on track, hit your goals, and keep chasing financial freedom ! In This Episode We Cover What happens when a big expense bursts your budget early Optimizing your budget so you have breathing room when prices go up Offsetting your electricity bill with solar and siphoning off some free natural gas Downsizing your costs and reviewing utility bills so you only spend on what you need Travel budgeting and keeping extra money to build life-long memories Conferences where you can find Carl and Mindy in 2022! And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-284 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 14, 2022

Multiple streams of income are a must if you’re trying to hit financial independence, retire early, and have the luxury of time brought back into your life. While most people simply rely on one stream of income, their W2, others want more than one leg to stand on when it comes to their financial wellbeing. How would you feel if every day you had eight (or more) income streams flowing into your bank account? Tiffany Grant from Money Talk with Tiff spent over a decade building the income streams that would eventually set her free from the golden handcuffs of corporate life. But, that road wasn’t made easy for her. Tiffany unexpectedly became a teen mom, forcing her to pivot her journey from aspiring chef to community college business student. Thankfully, her natural knack for anything related to money allowed her to advance quickly through college and later the corporate world. She was making good money, she enjoyed her job, and she was saving almost all of her income. Tiffany knew that her real dream was to own her own business, grow her wealth, and build the life she dreamt of. So, thanks to her smart money management, Tiffany was able to leave corporate, build over eight streams of income with one business, and regain control of her time. If you’re looking to do the same, then definitely don’t skip out on what Tiffany teaches in today’s episode. In This Episode We Cover Building credit at an early age and disputing false claims on your credit report Fighting income/lifestyle creep as soon you begin to make more income Quitting corporate life and having the emergency reserves to support yourself Strategizing your current position so you can make more and work less Building multiple income streams from a single business and how anyone can do it Investing in yourself and doing whatever it takes to stay on the path to financial independence And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-283 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 11, 2022

Passive income is the name of the game when it comes to real estate investing . While equity can help you build wealth, passive income is what can get you on the road to financial independence. But what if you got a late start in your investing career? With so many millionaire twenty-or-something-year-olds on the internet, it seems like you have to start investing at age eighteen to hit financial freedom. This couldn’t be more wrong. Even if you feel like you’re a late bloomer when it comes to investing, you’re probably only a few years away from hitting FI—if you make the right decisions. This is the quandary that today’s guest, Nicole, finds herself in. Nicole has recently gone through a divorce and lost a good chunk of her net worth thanks to it. But, she’s poised on investing in real estate so she can hit financial independence sooner rather than later. Thanks to her service in the military, Nicole has access to the ever-so-helpful VA loan , allowing her to purchase homes with little (or no) down payment. She also has a military pension that will kick in soon, allowing her to mitigate her cost of living even more. So, does Nicole have enough time to build her rental empire and enjoy the Floridian beaches on her time off? In This Episode We Cover Why it’s never too late to start investing for your future Using VA loans to purchase house hack properties with little to no money down Short-term rentals, medium-term rentals, and other rental property strategies Generating more income through side hustles , job-hopping, and more The 2022 housing market and the risks/benefits of buying in today’s hectic atmosphere Whether or not to invest in retirement accounts when your main goal is cash flow And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-282 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 7, 2022

Inflation can be a detriment to any early retirement plan. At first, you may think you only need a certain amount of money to retire, and maybe you’re adjusting for inflation when you do these calculations. But what happens when inflation runs more than triple the average or crosses into double-digit numbers. How does your investment strategy change? How does your “dream retirement” come true when it costs ten percent more than you originally accounted for? These are all questions that average Americans are asking themselves: when can I retire? Can I retire? How can I afford food or gas or pay my bills? Although we can’t solely blame high inflation on the Federal Reserve, we can see how their policies lead to the situation we’re in now. Someone who stood up against the policies of quantitative easing and massive stimulus packages, is former president of the Federal Reserve Bank of Kansas City, Tom Hoenig. Tom was in favor of quantitative easing back at the start of the great recession, but as this power to pump more money into the economy started to get abused, he rallied against the choice of the fed. Today, Mindy and Scott use this episode to ask Tom the hard-hitting questions that average investors want answered so they can make the best financial moves possible while still building wealth . In This Episode We Cover The rampant inflation of the 1980s and how it affects Fed policy to this day Quantitative easing explained and how it artificially inflates asset prices How asset values and price inflation go hand in hand The goal of the Federal Reserve and how many of their policies have backfired Whether or not the 4% rule still stands true in an inflationary environment What a “good” unemployment rate looks like and how it maps the health of the economy How investors can prepare to take advantage of times of economic uncertainty and high inflation And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! What Every Investor Should Understand About Inflation How the Unemployment Rate Affects Us All (Yes, Even the Employed) The Fed’s Doomsday Prophet Has a Dire Warning About Where We’re Headed Tom Hoenig on Wikipedia Check the full show notes here: https://biggerpockets.com/blog/money-281 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 4, 2022

Investing in real estate is a proven way to build wealth, produce more cash flow, and retire early. But, not everyone is cut out to do every type of real estate investing. Some strategies take dramatically more time and effort than others. House hacking may be perfect for investors or couples without kids, live in flips could work best for those with some rehab experience, and BRRRR investing is reserved for those with proven investing experience. While some of these strategies are as simple as buying a house and renting out a side, others require far more of a time commitment—time that many investors, like today’s guest Jeff, may not have. Jeff is already an established investor, currently living in a house hack that’s helping him offset his mortgage. But, he wants to expand into more return-focused real estate like live in flipping and BRRRRing. But, with a high-paying job and lots of money in the bank, Scott and Mindy ask the question, “is real estate investing even worth it for Jeff?” Should he be sticking to stocks or does a labor-intensive rehab clearly outweigh the costs? If you’re wondering whether or not you should choose the real estate investing path to FI, make sure you hear out the arguments in today’s episode. In This Episode We Cover Whether or not PMI (private mortgage insurance) is worth it on a low down payment loan How to make moves to buy a rental property in today’s hot housing market Active income vs. passive income and which yields greater benefit Live in flipping and the benefits of doing your own work on a rehab What to do when you have too much cash on hand in an inflationary environment Rolling over your 401k to maximize your non-taxable retirement income And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 28, 2022

Health insurance for early retirement ? Is that even a thing? If it is, it doesn’t seem self-evident in the United States. For most early retirees within the USA, you have a couple of options for healthcare—make a low enough income to qualify for government-subsidized healthcare or pay an exorbitant amount of money to either buy healthcare upfront or pay out of pocket any time you get sick. But, that’s not a terribly safe way to live, especially when you’re working with a (relatively) fixed income. Throughout their world travels, Amy and Tim from GoWithLess have had to learn this the hard way. They were originally insured on a healthshare plan but found it far riskier than they would have liked. Now, as they travel throughout the United States, Mexico, and the world, they’re making sure they’ve covered all bases so a random surgery or two doesn’t force them back into the working world. Early retirement health insurance is one of the biggest reasons that financial independence -chasers stay at their jobs, so if you’re itching to get your post-work-life travel on, listen to this whole episode. In it, Amy and Tim drop gems about finding health (and auto) insurance when retiring early (or abroad). They also discuss the best questions to ask a healthcare provider or broker, what to look for in a healthcare plan, and how to save money with digital nomad insurance. In This Episode We Cover How Amy and Tim’s post-pandemic travel plans unraveled in 2020 and 2021 House-sitting, dog-sitting, and other ways to creatively lower your travel costs “Quick traveling” and the time/mental energy it takes to be a full-time nomad Roth conversions and using resident-specific tax benefits to convert more The top questions to ask a healthcare broker when choosing health insurance Car insurance as a retiree and how to pay less to be more protected And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 25, 2022

If you want to know how to save money , just look at your expenses. Odds are, if you’re like most people, you aren't budgeting or tracking your expenses to a tee. But there’s no need to be so hard on yourself, even our money mages themselves, Scott Trench and Mindy Jensen don’t always write down every cent spent. That being said, if you’re planning for a big trip, different expenses, or a sudden life change (like leaving your job), there is no better time than NOW to start tracking your expenses. Today’s guest, TJ, knows this all too well. TJ makes a phenomenal income and already has a multi-million dollar net worth. But, he still suffers from money anxiety and not knowing how much he’ll need to step away from full-time work. Not only that, TJ is planning to take his children on a two-year-long expedition around the globe, all while TJ and his wife aren’t bringing in their regular high incomes. But he isn’t just relying on his salary for monthly cash flow. TJ has also invested in rental properties as well as real estate syndications —both of which are providing him thousands a month in passive cash flow. But, after the globe-trotting ends, will TJ have to find himself another job or can he happily ski his way to early retirement upon re-arrival? In This Episode We Cover Retirement accounts , private pensions, and setting your future self up for financial success Cash savings and emergency funds , plus who needs them (and who doesn’t) Rental property investing and real estate syndications for passive cash flow Reducing spending and building a “future budget” that forecasts future spending Money anxiety and how to mitigate it even if you have a high income and net worth The 4% rule and using it to easily map out your date of financial independence And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 21, 2022

“Hustle culture” has been a term for the past decade or so. It somehow became a badge of honor to prove that you’re working the hardest, longest, and most stressful job around. You can handle it, you’re making money, putting in the hours, but what do you have left at the end of the day? This constant grind is what Mindy likes to call the “death race to FI” due to its unnecessary harshness on your free time, relationships, and mental health. Pete McPherson foresaw this “ hustle culture ” taking over his life when he quit his sixty-hour week accounting job and decided to start his own business. This wasn’t the first, or second, or fiftieth time Pete had started a business, and he was driven to never set foot in an office again. He wasn’t making phenomenal money the first year, but he made enough to provide for his family, and that was enough for him. Mindy and guest host Sarah Putt from OT 4 Lyfe talk with Pete about the rarely discussed downsides of chasing early retirement and financial independence . Make no mistake, even if you decided to work twenty hours a week, like Pete, you can still make plenty of money all while being able to watch your favorite movies in the middle of the day or spend time with your kids! In This Episode We Cover The detriment of “hustle culture” and why working hard doesn’t mean burning yourself out The importance of having an available safety reserve in case you get let go from a job Jumping into entrepreneurship and developing the grind to make it work Learning from your mistakes and seeing every failure as a lesson Picking your “good enough” number and living life on your terms Why time freedom is the ultimate goal of FI, not exorbitant wealth And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 18, 2022

Emergency funds, frugal experiments, free photons, and “thoughtful spending” were just a few things that came to light during Carl and Mindy Jensen’s January 2022 budget recap. If you didn’t know already, Mindy has been publicly tracking her expenses and budgeting for BiggerPockets Money listeners (and the world) to see. But of course, as soon as Mindy shared her public budget, things started to go awry. Nothing says “let’s start the month off right” like car repairs , furnace replacements, and sky-high gas prices. But, Mindy isn’t a quitter! Even with some big emergency expenses, she and Carl have managed to stay within budget for most of their costly categories in spite of life's fun financial curveballs. Carl and Mindy discuss their January “frugal experiment” including hotels and air fryers, how “dry January” became “moist January”, and why this financial powerhouse has opted out of the traditional emergency fund . If you’re starting this year with a few budget busters like Carl and Mindy, don’t let it keep you from hitting your overall 2022 spending goals. Track it, stick with it, and shoot for FI! In This Episode We Cover How expense tracking inadvertently stops you from overspending Using money in the most efficient way possible so you can increase your “thoughtful spending” Budgeting wins (and challenges) that Mindy and Carl faced this January Preparing from unexpected budget busters and whether or not an emergency fund is necessary How to allocate large bills throughout the year so you don’t go over budget Splurging on things you truly enjoy while keeping everyday costs as simplistic as possible And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 14, 2022

Lifestyle creep, budget hesitancy, and cash scarcity are problems you’d likely hear from someone just getting into the realm of financial independence /literacy. But, funnily enough, these wealth woes aren’t coming from newbies—they’re coming from two asset-stacking veterans, Mindy Jensen and David Pere from The Military Millionaire Podcast . While on the outside David and Mindy may look like squeaky clean financial figures, they’ve realized recently that they have to tighten up their systems to maximize wealth. Mindy has seen a slow and steady lifestyle creep, and although her income can support her, she still wants to have a strong sense of strategy when it comes to budgeting and expense tracking . David has tried time and time again to budget, but it’s never really gone to plan. He also is feeling a bit stressed at times due to his “ cash poor, asset rich ” lifestyle that has allowed him to build so much wealth. Our two hosts serve as financial therapists for one another other in this episode as they dive deep into how each other can re-strategize their financial situations . Even the gurus don’t always get it right! In This Episode We Cover How to turn budget hesitancy into expense-tracking mastery Stocking up your emergency reserve so you (and your business) can survive life’s hiccups Entrepreneur income and why you should go lean on your business spending, without compromising quality Lifestyle/income creep and how to fight it so you can save and invest more Why everyone (even our money gurus) make mistakes from time to time And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 11, 2022

Rental properties can be a phenomenal second source of income for the majority of us who work at regular jobs. One or two rental property purchases every year or so can slowly, but surely, build a strong foundation for financial independence , sometimes within only a few years. Today’s guest Connor has taken this approach to wealth building and now sits on six rental units, splitting some of the profits with his partners. Connor runs a lot of the operation for these rental properties. He has a background in construction management, making him an integral piece of any future BRRRR , flip, or rehab project he and his partners decide to take on. But, could these real estate partnerships be slowing down his personal wealth growth? And if so, how does he mitigate the risk of being an independent investor in a cash-intensive business? Aside from his real estate portfolio , Connor also wants to simplify his personal portfolio, plan for future baby expenses, maximize his retirement, and get a better handle on his financial situation in total. Scott and Mindy leave Connor with some clear action items that may help him achieve financial freedom in his five to seven-year time horizon! In This Episode We Cover Real estate partnerships and establishing the value that you bring to them Generating more income (and reducing expenses) through live in flips and house hacking Land contracts and seller financing on rental properties that allow you to scale faster Student loan repayment, deferral, and when you should plan on starting up your payments again Shopping for a baby as frugally as you can so you can invest for their future And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 7, 2022

The poverty cycle is a hard one to break out of. For some people, it is near impossible to climb yourself out of the hole that society, family, or unfortunate circumstances have placed you in. But sometimes, through sheer willpower alone, those who break through can crush this cycle and bring their families up with them. Someone who’s done this (and much more), is Dr. David L. Rhoiney from surgiFI. Dr. David is a renowned “robot surgeon”, operating on patients using the finest precision that modern technology has to offer. He holds two degrees, has two homes, and invests heavily. You’re probably assuming he was raised in a family that taught him the worth of hard work, education, and investing early . You wouldn’t be more wrong. Dr. David’s childhood consisted of a combination of living in cars, homeless shelters, sleeping on friend’s couches, and surviving completely on the edge. After being accepted into the US Naval Academy, he knew that he had to do everything he could to never return to that life. He has been told “no” thousands of times, that he wasn’t good enough, didn’t look the part, or simply that he wasn’t worth it. He proved every doubter wrong and has had the last laugh as he and his family now are on the path to a phenomenal financial future . In This Episode We Cover Growing up and poverty and using it as fuel to strive for something greater Why you should always choose the “hard path” and pursue something others would fear Medical student loans and going debt-free through intelligent financial decisions House hacking and using rental properties to propel your net worth higher Affordable housing and what real estate investors can do to help those in need Giving yourself no other choice but to succeed, even when all bets are against you And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 4, 2022

Ahh, the age-old question: pay off your mortgage early or invest? It’s no wonder so many members of the financial independence community have strong feelings about one or the other. With a paid-off mortgage, you’re less in debt, with more free cash to invest or spend on things you love doing. But, there’s another side to that cash flow coin. If you’re paying off your mortgage early, you’ll have less money to invest, leaving you with less compound interest . If you’ve been asking for someone to answer this question for you, be sure to thank today’s guest, Javier. He’s been doing a phenomenal job paying down his mortgage as quickly as he can, especially at such a young age. Javier has a respectable net worth and works not only at his W2 but also as a real estate agent on the side. Javier is struggling to find where to best put his extra $1,300/month once he pays off his primary residence. And while this is a BiggerPockets Podcast episode, Scott and Mindy do not immediately vouch for real estate investing. Instead, they take a look at his overall risk tolerance, personal finance situation, and work backwards from his goals to find what he really wants out of early retirement , instead of just grasping for cash. In This Episode We Cover Setting up your “bare-bones emergency fund ” so you can invest with confidence Whether or not you should pay off your mortgage early When the right time to leave your W2 job is and pursue your side income streams How to pay for healthcare when you’re self-employed or without work subsidies How much to allocate towards taxes per month as a self-employed individual When real estate investing does and does not make sense for your lifestyle And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 31, 2022

You Need a Budget is the expense tracker/budgeter that requires no introduction…but we’ll give it one anyways! In 2004, Jesse Mecham launched this ground-breaking software, allowing money masters and novices alike to easily track their money and plan for a financially stress-free future. Jesse may have been the perfect person to build a product like this—he started tracking his expenses at age sixteen for fun! As Jesse grew older, he continued to track his expenses regularly, allowing him to have a tight hold on his money and fight back the urge to go into debt . When his wife decided to take a backseat on working and have children, Jesse started to work harder at converting YNAB from a simple spreadsheet to a full-blown business. He was so conservative that three years into the business when he was making twice as much as his accountant salary, he continued to reinvest almost every cent of profit so he could have a strong financial foundation behind him. Now, some eighteen years after launching, Jesse still holds the principles that he started YNAB with. He lives a simple lifestyle, enjoying “parlor time” with his seven children, keeping a strong emergency fund , and investing in a very, very conservative manner. Take it from someone like Jesse who has “made it”— budgeting can change your life. In This Episode We Cover Why budgeting and expense tracking are important at an early age How simple expense tracking allows you to save and invest more while starving off debt The four money rules that will change the way you think about your finances Where to keep the money that you’re saving for emergencies, down payments , and more How to know it’s the right time to quit your job and pursue your passions Running your real estate business through YNAB’s intuitive budgeting Why Jesse refuses to invest in high-risk assets while building his business And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 28, 2022

Financial flexibility is one of the hidden stages along the path to financial independence . When you hit financial flexibility, you have far more choices than you did before. You can invest more, spend more, save more, and work less if you choose to do so. But, this type of lifestyle can only be achieved by being mindful and proactive about where your money is going, as today’s guest Kevin, knows very well. Kevin’s story was posted on the BiggerPockets Money Facebook Group , where he relived the horror of his credit card being declined at his girlfriend’s birthday dinner. This struck Kevin, since he made a decent salary and was relatively responsible with his money. He contributed to retirement accounts and kept a lean emergency fund , so where was all his money going? In today’s discovery, Scott and Mindy walk Kevin through which parts of his budget need a tune-up, and whether or not aggressive loan paydown is worth it for optimal financial flexibility. So where can you tweak your budget to maximize flexibility while minimizing credit-card-induced stress? In This Episode We Cover How to pay off bad debt fast and work your way to debt-free status Achieving “financial flexibility” before financial independence and the steps to get there Tracking your expenses and budgeting for spending (every single month!) How to cut food and eating out spending so your stomach and wallet stay happy What to do with extra income once you’ve paid off all your debt The importance of a strong emergency fund and always having a safety reserve And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 24, 2022

Today’s guest, Jennifer Grimson, is a prime example that every problem has a solution. Jennifer has always been a hard worker so she had no problem working through college as she aspired to be a foreign service officer, but her life took a turn when she fell in love and married her (now) ex-husband. Her dynamic with money completely changed as he spent money frivolously while she spent conservatively. When things ended poorly 8 years later he sued her 25 times, not including when he sued her mother and brother, and left her with $500,000 worth of attorney fees. At this point, she was left with nothing and had two children to raise on her own. While most would be completely devastated, Jennifer focused on finding a way out. Jennifer had never been scared of a little hard work so she found a job with a steady paycheck and filed for bankruptcy to help with her attorney fees. She continued to file for bankruptcy and start from scratch until she could build herself back up financially. She was then able to rebuild her credit through various methods and gain financial autonomy. Her overall goal was to experience financial peace— but she didn’t stop there. She started building small pockets of wealth and always had at least three streams of income at all times. Once Jennifer found out about short-term rentals, she saw an opportunity and started buying houses to convert into Airbnb properties and turn a profit. After 4 years she created an astounding $1.4 million in income-producing assets! In This Episode We Cover How to properly intertwine money and romantic relationships (and how to protect your personal wealth) Filing for bankruptcy and how it can be your saving grace from future lawsuits Borrowing against a 401k and investing with retirement funds Rebuilding your credit from scratch (and even bankruptcy!) Short term rentals , passive investments , buying land and other ways to build long-lasting wealth Cost Segregation and how to greatly reduce your tax burden And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 21, 2022

Expats and rental portfolios go together like peanut butter and jelly. It’s no surprise that a fair amount of retired globetrotters owe their freedom to real estate investing . While many real estate investors are looking to retire themselves and their families in the US, today’s guest Paul has other plans. Paul thoroughly enjoys his full-time job in Utah. He gets paid well, has access to some phenomenal benefits, and isn’t planning on quitting anytime soon. That being said, Paul has had the itch to live as an expatriate abroad, hopping from country to country, enjoying world travel. But, in order to do this, Paul has to create an income stream that can support him and his partner along their travels. Of course, as a smart investor, Paul has already been building this extra income in the background. Since starting his rental property investing journey only a year and a half ago, Paul is already at five doors, with a sixth closing soon. He needs to be at ten doors to have enough rental income to cover his expenses in the US, but how much farther could that money go abroad? In This Episode We Cover Why rental properties are perfect for those planning on retiring abroad Keeping your expenses low as your income grows so you can retire early When to transition from traditional retirement accounts to real estate investing Roth conversion ladders and turning pre-tax retirement accounts into post-tax savings Out-of-state investing and leveraging your high income to invest in low-cost areas Using a HELOC (home equity line of credit) to fund real estate purchases And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 17, 2022

Student loan forgiveness was a hot topic during the 2020 election cycle. With so many outstanding student loan payments, will the government step in to wipe out the debt? While many theorize about this, Robert Farrington takes the opposite angle, urging those who have student loans to prepare for repayment, rather than cancellation. This way, even if your student loans get forgiven, you’re put in a financially advantageous spot. Robert runs The College Investor , a website dedicated to investing and personal finance for millennials. It comes as no surprise that the biggest thing on millennials’ minds are student loans, especially after two years of repayment moratoriums. So, how does someone strapped with student loans prepare for repayment, especially when so many variables are up in the air? Well, according to Robert, there are some simple steps you can take to make sure you’re paying on time and with as little stress as possible. Episode note: This episode was recorded prior to the new student loan pause, set to expire on May 1st, 2022. Mindy and Robert record a special intro to update listeners on the new dates set by the Biden Administration. All other topics discussed in the show, especially around repayment strategy, are still viable and accurate for those who have student loans. In This Episode We Cover The most recent student loan repayment moratorium update The difference between federal and private student loans and which are preferable Refinancing your student loans and why most people shouldn’t Student loan forgiveness and whether or not it will come to fruition this year Steps you need to take NOW to ensure you don’t miss a payment or accrue extra interest Which repayment plans work best for your lifestyle and allow you the most financial flexibility And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 14, 2022

Bad debt is more common than it seems. Many people you know have a car loan, personal loan, credit card loan, or some other form of high(er) interest debt. If you find yourself with bad debt, the first thing to do is formulate a plan to get rid of it, unless you want your savings and potential investments to suffer the consequences. Today’s guest, Stephanie is in a financially solid position, but she has some bad debt to take care of. She’s on her way to financial freedom by forty after already owning a home and having some retirement investments growing in the background. But, her $13,000 window loan at ten percent interest is causing leakage of investable cash flow. Yet, Stephanie may be in a better position than she thinks. Since buying her house, she’s seen a big increase in her property value, which may enable her to secure some lower interest financing to pay off her window loan. Scott and Mindy also help Stephanie develop an expense tracking plan, debate whether or not whole life insurance is worth it, and put her in the driver’s seat to become a cash-flowing landlord only a few short years down the road! In This Episode We Cover The importance of tracking your expenses and why every dollar needs its place Good debt vs. bad debt and how to know whether or not an interest rate is too high HELOCs (home equity lines of credit) and using them to pay off bad debt Whole life insurance vs. term life insurance and which makes more sense for you Whether or not that bathroom upgrade will have a positive ROI Becoming a financial expert slowly through podcasts, books, and enjoyable education And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 12, 2022

Home insurance isn’t the sexiest topic, but in the world of financial independence , predictability is quite an attractive trait to have. That’s why money nerds across the world value insurance as a natural hedge against catastrophic wealth-ending disasters. Whether you’re a homeowner, a renter, or a landlord, home insurance could help you rebuild quicker after the unexpected happens. Recently, a large fire broke out around the Denver, Colorado area, affecting families in Mindy’s home city of Longmont. Thankfully, Mindy and her family are safe, but many didn’t share the same fate. Hundreds of households were left without homes, while they watched their old neighborhoods turn to ashes and embers. This prompted Mindy to invite her good friend and insurance expert, Steve Longenecker , onto the show to discuss how you can financially protect your family when disaster strikes. Are you underinsured thanks to rising home prices? How much will your insurance company pay you if your home is destroyed? How are renters protected during natural disasters ? And who should you contact to make a claim? All these questions (and more) are answered in today’s bonus episode of the BiggerPockets Money Podcast . In This Episode We Cover How home price appreciation greatly affects your insurance coverage Checking to make sure you’re not underinsured or overinsured “Binding restrictions” and how insurance companies use them during disasters Tips for homeowners on getting the most appropriate insurance policy for their needs Renters insurance and how renters can stay protected as well How to submit and process a claim with your insurance agent And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 10, 2022

Death and finances can arguably be called the two things that people hate talking about most. Unfortunately, these are two topics that cannot be kept in the dark, as we all must deal with loss, both emotionally and financially over our lifetime. What can the average person do when they’ve just received the heartbreaking news that a loved one has died. Even worse, what if it’s their partner? This almost unimaginable shock came to Allison Nichol Longtin when her husband passed away six years into their marriage. Not only did Allison have to carry the emotional burden of losing her partner, but she also had to deal with the financial fallout of his death. She spent over a year carrying around a portfolio of papers, proving to numerous different entities that she indeed was the new owner of her husband’s accounts. Allison admittedly made some mistakes in not preparing for the unexpected , but she’s since then made a strong case that every couple should do what she overlooked. Today, Mindy and Allison go through the top steps that every couple (married or unmarried) should take in order to keep their financial burden as minimal as possible during an unexpected death. This was a very difficult episode to record (due to the subject matter at hand). We wholeheartedly thank Allison for coming on and giving advice that will benefit every couple listening to this episode. In This Episode We Cover How to prepare for the unexpected death of your spouse or partner The importance of creating a will and estate planning Why having joint bank accounts is an often overlooked financial failsafe Having a plan in place to share passwords and login information for financial accounts Defeating your money anxiety and becoming less avoidant about finances How to have a money date with yourself or your partner And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 7, 2022

“Can I retire yet?” If you’re today’s guest Jenn, then the short answer is a resounding “yes”. And if you aren’t Jenn, you’ll probably want to be in her position upon retirement. Jenn has a lot of income options: a military pension from her spouse, a great full-time income, real estate syndication cash flow, and a LOT of assets. Jenn’s net worth has reached the height of around $4 million, with more than a million alone in retirement accounts. If Jenn is so set, why is she coming on the Money Podcast to talk with Scott and Mindy? Well, Jenn has a pretty large amount of expenses: somewhere in the ballpark of nine thousand dollars a month. She wants to know if she has enough passive income and investable assets to continue living life the way that she sees fit. Her family will also be moving to Europe for the next year or so, making it even more crucial that she has enough to enjoy traveling. This show talks about some pretty high-level concepts specifically around real estate equity and syndications. Even if you’re not an accredited investor, this information will be worth its weight in gold to you as you scale your income and net worth . Soon, you could be in a position just like Jenn! In This Episode We Cover Military pensions and how to value them for retirement Spending less than you earn and joint vs. separate bank accounts for couples Building (and then selling off) a high-value real estate portfolio Investing in real estate syndications and the tax benefits that come with it How to avoid “one more year” syndrome when thinking about retirement Maximizing your portfolio’s income and calculating your return-on-time And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 3, 2022

Most people assume wealth is built from a singular source, but the most successful people have multiple streams of income . 2020 was the year of the side hustle. People started to find ways to monetize their hobbies, create services, and capitalize on their talents. While some people are just now catching on, today’s guest, Jannese Torres-Rodriguez, was ahead of the curve. It all began with a food blog she started for fun that has turned into passive income for her $320,000 salary composed solely from her various “ side hustles ”. Before the start of her money journey, Jannese was on the traditional path to what most would consider the ideal type of success. She not only graduated from college but got her master's in pharmaceuticals and landed a job that led to her dream, a six-figure salary. Despite this, she was still unhappy and soon realized she was unaligned with the power of money. Over time, she made several lifestyle changes and started learning about financial independence . Using what she learned, Jannese finished paying off her $57,000 student loans and became debt-free in February of 2020. After 5+ years of accruing income from her food blog, Jannese discovered she could make her side hustles a full-time business and finally be fulfilled by the work she was doing. She began a podcast about financial independence that aims to help people of color learn more about financial freedom . She also does virtual workshops, digital courses, and brand partnerships as well as several other services that contribute to her salary. Jannese is a perfect example that you don’t have to give up what you love to make money, you just have to capitalize on it. In This Episode We Cover How to find financial independence, even if you’re in a lot of debt How to minimize excessive spending while still enjoying your money Becoming a full-time entrepreneur and managing the struggles of being self-employed Outsourcing work and its importance especially when you’re stretched thin Dealing with Imposter Syndrome and overcoming shyness The value of diversifying your income and why it’s becoming more popular Finding your niche target market , even if you don’t think you have one And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 31, 2021

Mindy may seem like a financial superhero to most listeners of the Money Podcast, but she’s nothing without her financial education inspiring partner, Carl Jensen. Carl is known quite well around the personal finance community as co-host of the Mile High FI podcast and writer over at 1500days.com . Carl and Mindy are just closing in on their twentieth anniversary, so there’s no better occasion to have them both on the show than right now! Surprisingly, Carl and Mindy didn’t talk about money for a significant time once they started dating. Mindy credits her faith in Carl’s money skills by how he acted more than how he spoke. Carl was driving around a used car , he lived in a house he inherited from his grandmother, and he used a coupon on their first date (smart move, Carl). Now as a financial and romantic powerhouse, they both share thoughts on prenuptial agreements , protecting your wealth, 401k investing, and questions to ask a potential partner. Whether you’re single, dating, married, or a money-hoarding hermit, this episode sheds light on twenty years worth of money lessons learned so you can live a happier, more FI-focused life! In This Episode We Cover When a prenup is worth having and whether or not it will protect your wealth The telltale “context clues” of dating someone who has a frugal mindset Frontloading your retirement accounts so you can build wealth faster The importance of tracking your expenses and regularly updating your FI number Margin loans and getting low-interest debt on your stock portfolio When to start talking about money with a potential partner And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 27, 2021

Building wealth takes decades with some serious hard work and many, many mistakes along the way. The problem? Most financial independence chasers see themselves as having to be perfectionists. Every investment must be perfect, every dollar spent housed within a budget, and at no time can money become something fun or playful. Joe Saul-Sehy and Emily Guy Birken rightfully see this type of “serious money attitude” as a mistake that should be avoided at all costs. Every financial guru, expert, or leader in the field has made money mistakes , stressed about money, and finally overcame to accomplish greatness. This is exactly what Joe and Emily want you to accomplish through their new book Stacked: Your Super-Serious Guide to Modern Money Management . Joe and Emily threw out the old-fashioned mentality about money having to be a serious subject. Instead, they littered their new book with humorous anecdotes, financial innuendo, and lessons that will allow you, your child, your spouse, or your best friend to succeed. If you’re tired of stressing about money and want to start stacking it instead, preorder the new book today! In This Episode We Cover Why most personal finance books tend to miss the mark on being entertaining and informative Risk management and how it goes far beyond simply buying insurance The importance of having a financial plan in place NOW before disaster strikes 401ks vs. Roth IRAs and the future tax implications of retirement accounts Tax brackets and the simplicity of calculating yours Why Joe needed to “fire” his own mother from working on his book And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 24, 2021

Stocks vs. real estate is a regular feud among many financially savvy forums on the internet. While some investors love the passive aspect of stocks, other investors love the tax savings and flexibility of real estate . Regardless of your preferred asset, it’s better to stick your hard-earned money in something that makes money for you, instead of spending it or letting it sit. Our guest today, Madison, is having trouble deciding which asset class she and her husband are best suited for. They have high-income jobs, a great net worth for their age, and just moved from the expensive San Francisco Bay Area to far more reasonable Texas. They’ll have a lot more money to stash away without the high rent, gas prices, or child care they had in California. But neither Madison nor her husband have plans to retire early , so should they even plan for early retirement? Scott and Mindy walk Madison through her multiple different investing options, along with giving her the structure to formulate a three, five, and ten-year plan for wealth building and financial freedom. We may hear back from Madison very soon on the progress she’s made! In This Episode We Cover Why relocating to another state can be a massive savings lever Understanding when you want to retire and how your assets play a part in retirement Putting in your “500 hours” to any asset you truly have an interest in Turning your primary residence into a rental property after you upgrade Stock investing vs. real estate and the pros and cons of both Reducing your spending so you can save (and invest) much more And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 20, 2021

If you need pension funds explained, there’s no better person to talk to than the internet’s leading voice on all things pensions and retirement, Grumpus Maximus . After spending twenty or so years in the military, Grumpus began to put his health, happiness, and passions first. Now, retired with plenty of money coming in (thanks to pensions and retirement accounts ), Grumpus spends his time blogging and helping others ask the meaningful question, “is my pension worth it?” Guest co-host Joe Saul-Sehy from the Stacking Benjamins podcast is here to help Mindy tee up some pension-related questions for Grumpus. Whether or not you have a job offering a pension or you’re debating accepting a job with a pension, the research-based questions asked today will help you evaluate whether or not a pension is truly worth it. You’ll hear about the safety of pensions, healthcare-impacted pensions, annuities, and Cost-of-Living Adjustments (COLA) so you can make the best possible decision regarding your (early) retirement plans! In This Episode We Cover “Cashing out” of a pension and what to do with the money Understanding the healthcare implications that come with leaving a pension Which industries have the riskiest pension plans Is an annuity ever worth the fees? Researching your pension and understanding the benefits How to analyze the safety of an organization’s pension plan And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 17, 2021

A common debate in real estate is cash flow vs. appreciation . While some investors rely on their rental property income to reach FI, others argue that appreciation will provide them the equity gain to truly build wealth . You’ll hear this discussion in-depth on today’s episode as guest Jackeline walks Mindy and Scott through her $20,000 rental property in Northern Illinois. Jackeline is already doing well in other aspects of her life. She’s got a high net worth, with fully-funded retirement accounts and a big cash cushion , but she wants to reach FI by 45 so she has the option to retire. One of the best ways to do that? Cash flowing rentals! The only problem is that Jackeline is buying these rentals in a less-than-optimal area. With rentals in C or D-class neighborhoods , you can count on more tenant problems, repairs, and headaches. But, these downsides come with the big upside of higher cash flow . Scott and Mindy both help Jackeline balance the scales on what is most important to her: buying in an appreciating market but using more of her cash or continuing to purchase low-cost, riskier rental properties. In This Episode We Cover Building multiple financial safety nets between retirement accounts, cash, and cash flow Buying rentals in C to D-class neighborhoods and the pros/cons associated with them Properly screening tenants to minimize turnover and maximize ROI Experimenting with different rental property classes to find a strategy that works for you Finding your real estate tribe and networking with others who can help you grow 1031 -ing a property to avoid a tax penalty and grow your real estate portfolio And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 13, 2021

We have a lot of impressive guests on the show, and they just seem to get younger with every new episode. You’ve heard the stories of people in their twenties buying rentals , people in their thirties hitting coast FI, and people in their forties and beyond making many, many millions. But, what about a marine recruit , making a low salary, buying more than $800k in real estate within his second decade on earth? Now that sounds like an interesting story. Jabbar Adesada fits the bill exactly! After moving in with his father, he was given strict instruction to read books like Rich Dad Poor Dad , I Will Teach You To Be Rich , and Automatic Millionaire . Jabbar decided to put down his NBA/med school dreams and open up a brokerage account. Lucky for him, right around the time he started investing was the 2020 stock market crash, giving him all the discount he needed to make his first profits. After running some “when will I be a millionaire?” scenarios, Jabbar realized that real estate, and not the stock market, was the best path to financial independence . Jabbar shares the story of how he was able to find funding, a down payment, and a property that would allow him to house hack, Craige Curelop style. Not only that, Jabbar just closed on a short-term rental in the Smoky Mountains, which puts his real estate portfolio north of $800k! Let’s mention this again: He’s twenty years old! In This Episode We Cover Why early financial education can make or break your child’s path to success The best finance books that you (or your child, cousin, niece, or nephew) should read Why crashes aren’t a sign to panic, but a sign to buy more House hacking at a young age, and how to get pre-approved for loans without an extensive job history Having an “obsessive mindset to be wealthy” and using it to help not only yourself but others Practicing delayed gratification and building a brighter future with each investment And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 10, 2021

There are many ways to fund your nest egg. You could outright save, or you could invest in index funds, rental properties, or short-term rentals like today’s guest, Charlotte from Charlotte. Working as a teacher in one of the lowest-paid states in the US, Charlotte was able to fully replace her teacher’s salary by operating a single short-term rental cabin in Western North Carolina. When she discovered the FIRE Movement only a year ago, she knew that intelligent investments like this could fund the globetrotting adventures she and her husband had plans for. But, with her husband four years away from securing his government pension , Charlotte wants to be absolutely sure that her short-term rentals will be pulling the fiscal weight of word travel when he steps away from his job. Charlotte may be a rookie in the terms of real estate investing, but she’s far from it when it comes to taking actionable steps to ensure phenomenal returns. She’ll be hitting a 100% cash-on-cash return with her newest rental addition! If you have dreams of early retirement through real estate, follow Charlotte’s lead by planning, executing, and financing to FI! In This Episode We Cover The phenomenal returns of short-term rentals and why now may be the best time to invest How to plan for retirement with a pension or predictable income stream Investing in index funds vs. real estate when trying to hit FI Vacation home, second home, and portfolio loans for your next short-term rental Why the high price of STR property management may be worth the peace of mind And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 6, 2021

If you’ve been in the FI community for years, you know the ins and outs of retirement planning, index fund investing , house hacking , and every other money-making opportunity around. But, it’s safe to say that this took you years to figure out, sometimes well into adulthood. What if you were given the same knowledge you have now, but when you were a teenager? Dan Sheeks is trying to do this exactly, by teaching his students about personal finance , saving, investing, and how they can plan for FI. Dan has taken his knowledge of finance, teaching, and working with teens to write First to a Million, a Teenager’s Guide to Achieving Financial Independence . In this book, Dan takes teens on a journey through the four mechanisms of financial independence and teaches them to plan money around what makes them happy. So many teenagers have seen their parents run off to work only to come home exhausted, constantly checking emails, and rarely present with the family. Dan wants to make this all-too-real future a thing of the past for teens who are willing to work hard, be frugal , and practice financial discipline. In This Episode We Cover Why The American Dream may be off-course for modern teens The financial independence “plan of attack” for teens who want to hit FI fast Why happiness should be at the forefront of your financial decisions Whether or not college is still a viable choice for today’s modern working world The importance of having a strong community you can count on And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 3, 2021

We’re back with another Finance Friday Follow-Up! This week, we talk to two past guests and review three life updates. Fabio from episode 174 , Clayton from episode 168 , and Rachael from episode 190 all have life updates for the audience! When we last talked to Fabio, he was starting to expand his real estate empire . Since the market has been so hot, he has had to pivot his strategy towards what works best for him in the long term. With a few years of military service left, Fabio wants to wind down his more active income and pursue more passive income streams, while still including real estate and stocks/ index funds in the mix! Clayton shared with us on his solo episode how lucrative living on the road can be. Since then, his girlfriend has turned into his fiancé, he’s been offered a very large pay raise , and he has scaled his real estate portfolio with one more house hack. He also gets to take his foot off the literal gas pedal since he’ll be transitioning into a more stay-at-home role. Rachael wasn’t able to be here for a video interview but sent Mindy an update on her overall financial situation. Since we last talked, Rachael realized that house hacking wouldn’t be exactly the right fit for her family. Thankfully, she’ll be closing on a new home closer to her children. Rachael also found herself in a particularly scary financial and medical situation since we last talked, something that you’ll hear about in-depth on a new episode in the coming months! In This Episode We Cover When is the right time to sell a property , especially in a hot seller’s market? Paying off high-interest debt so you can reach financial independence faster The importance of budgeting and expense tracking so you don’t impulse buy ESPPs (employee stock purchase plans), HSA (health savings accounts), and other lucrative investing options Sharing the financial knowledge with your significant other in case of an emergency And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 29, 2021

On the last day of a semester in college, Adam Zaleski’s geology professor dropped a bomb on his class: the professor was worth a staggering $10,000,000! The reason for telling the students about his net worth wasn’t to impress but to make the case that exponential growth is more likely than most people think. This taught Adam that he needed to choose a profession he enjoyed so he could continue to work, invest, and grow his wealth exponentially , just like his professor. Adam did just that, and now, he’s a millionaire professor, working a casual thirty hours per week, doing what he loves! Adam knew from the beginning it was more important to make long-lasting, intelligent financial decisions , instead of chasing after a bigger salary. He did this right out of college, taking a serious pay cut to live in a state with far cheaper housing, allowing him to house hack , build wealth, and reach financial freedom. Now, Adam is looking to expand his real estate empire a little further, without having to sacrifice a large amount of time to do so. If you’re interested in partnering up with Adam or looking to chat about long-distance real estate investing, market analysis, or the best surf spots in Kauai, shoot Adam a message on BiggerPockets ! In This Episode We Cover Why lifestyle choices are important when choosing your job, house, and investments Understanding the value that comes with exponential wealth growth House hacking and analyzing real estate markets with the most growth opportunity Buying rentals in places you love, so you can write off the trip! Scheduling your rent raises so you keep up with market cash flow The most important financial lessons of your 20s, 30s, and 40s And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 26, 2021

It takes a leap of faith to leave a W2 job and wander through the hills and valleys of self-employment. With the right skill set, time management , and perseverance, you can come out more profitable (and happier) than you were originally at your old job. But, once you succeed, it may be hard to slow down the self-employment train, and your side-gig could become a full-on business, with the need for employees. TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee . Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation? Scott and Mindy have both spent time outsourcing and hiring before. They help TJ develop a roadmap to getting her first hire on board while keeping crucial revenue in the business. This episode also dives into self-employed health insurance , project management, and hiring a junior position that can grow into a senior in little time. In This Episode We Cover Why it’s imperative to keep your costs low while trying to run a business What to do once you’ve hit your max capacity for work at your business Whether or not now is the time for you to hire your first employee Fully mapping out the cost of a full-time vs. part-time worker on your team Putting together a business plan that allows you to forecast your business’s future Health insurance while self-employed and why an HSA plan may be your best bet And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 22, 2021

Is college worth it? For the first time in history, we may have a definitive answer to whether or not your specific degree and school choice provides a positive ROI. We know that ROI isn’t the only thing that matters when choosing a degree, but when looking at higher education through a financial independence lens, it’s definitely the highest value. Looking through census, employment, and Department of Education data is number crunching crusader, Preston Cooper . Preston and his team over at The Foundation for Research on Equal Opportunity put together the most extensive research on college degree ROI ever created. Preston’s findings allow you to parse through over 30,000 degrees and school choices so you (or your child) can make the best decision on where to get a bachelor's degree. Preston discusses the discrepancies between nonprofit and for-profit university degrees, whether or not high-cost schools equal a higher payday through life, and why even going to Harvard doesn’t secure a high ROI. Want to know the true value of your degree? Tune in and check out Preston’s full study ! In This Episode We Cover How much you could benefit, in general, from getting an undergraduate degree The degrees that have the highest lifetime ROI Degrees that offer little-to-no or negative financial benefit Whether investing in real estate or a college degree is more worth it The biggest criticisms of Preston’s study and how he combats them Dave, Mindy, and Scott’s ROI on their respective degrees And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 19, 2021

Everyone knows that tech salaries tend to be on the higher end. In tech, you could be working as an engineer, programmer, or statistician, like today’s guest Matthew. But, Matthew never planned to go to school for this type of work. Half a decade ago, Matthew was wearing a chef’s apron, working forty to sixty-hour weeks, making slightly above minimum wage . He loved the work (and the food) but realized he couldn’t keep living with the long hours, low wages, and high stress. Mathew went back to school to study statistics and landed a job in tech, which he’s just recently moved on from, and accepted a far higher salary. This all sounds like good news, so what exactly is Matthew having trouble with? After maxing out many of his retirement accounts , Matthew is wondering where else he should be putting his money. He’s already saving a significant amount every month, thanks to his frugal lifestyle, but wants to be sure he’s standing on a strong financial foundation. Should he look into rental properties , taxable brokerage accounts, or higher-risk assets like tech stocks and crypto ? If you’re lucky enough to have a little extra change left over at the end of every month, you may be in Matthew’s position too! In This Episode We Cover Changing careers even after you’ve been working in the industry for years What to do if you’re young and don’t know which field to study Keeping your expenses low , regardless of how well your job pays Starting side businesses that can help you float expenses Investing in after-tax retirement accounts vs. investing in post-tax retirement accounts Live in flip tips from the master herself ( Mindy Jensen ) Calculating out your estimated retirement nest egg using the ‘Rule of 72’ And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 15, 2021

You’ve heard the old statistic “ nine out of ten businesses fail ”, but why is that? If there are so many people willing to risk their livelihood to pursue a great idea, why do so many end up broke and back at a job? Gabe Nelson , certified financial planner and business advisor, has an idea. Gabe advises many business owners and solopreneurs through building their businesses with maximum cash flow and minimum time commitment. A couple of decades ago, Gabe was in the position many entrepreneurs are in today. He was working seven days a week, almost living at the office, doing anything he could to build his business . Once his daughter was born, he knew he had to take a step back from the seven-day workweek. Then, his second and third daughter were born, forcing him to automate, delegate, and eliminate every unnecessary task on his plate. Now, with a thriving firm, Gabe knows what does (and doesn’t) work for solopreneurs, and the systems they need to implement now to secure a happy life tomorrow. In This Episode We Cover The #1 thing you should do before you start a business or side hustle Keeping your relationships healthy while working long hours at your business Outsourcing when you’re ready and growing a self-operating team Laying the groundwork of communication between you and your partner Managing cash flow in your business and keeping a healthy safety reserve Trusting the “whispers” that your gut tells you about your business And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 12, 2021

Your late 20s through early 30s can be a financially troubling part of life. You aren’t making the most money you ever will, but you’re tackling big expenses. A wedding, a down payment , and trying to max out retirement accounts can put you in a financial tizzy. But, it doesn’t have to be so complicated, especially if you stick to a scalable investment strategy. Today’s guest Louise is in this position. She recently changed employers and found herself with a big uptick in monthly income. She has plans on the horizon to marry her girlfriend but knows this will come at the cost of many thousands of dollars (rings, dresses, etc.) She’s also looking at buying a primary residence, but is already familiar with the home buying experience (she has two rentals!) Louise has a plan to hit FI (or at least coast FI) by age 40 and wants to know the best way to optimize her finances to do so. Scott and Mindy have a healthy debate over 401ks, Roth IRAs, refinancing rental properties , and combining finances as partners, in order to get Louise in the best position possible to tackle her financial goals. In This Episode We Cover Why switching jobs may be the ultimate hack to getting a better salary Whether you should max out your Roth, 401k, Roth 401k, or HSA Getting a cash-out-refinance instead of stockpiling cash Whether or not paying off a rental property mortgage is a good idea Renting vs. buying when living in an expensive market Combining finances as a couple and having the ever-important “money date” And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 8, 2021

There are few people on this earth that can make Mindy laugh as much as Alex Felice . He’s been around the block with BiggerPockets a few times, appearing on episode 301 of the BiggerPockets Real Estate Podcast . Alex has a growing rental property portfolio, a flipping business, and is a professional photographer/videographer. But, beneath his success, was thirty-one years of financial struggle . Alex was taught financial skills growing up. The only problem: he didn’t listen to any of the advice he was given. He joined the Army without any skills, and as soon as he got out, he immediately bought a new car with a high monthly payment. He then was hit with a DUI, forcing him to really think what his life would turn out like unless he made a change. He needed cash flow but didn’t want to go out and get another job, so he settled on investing in real estate. It was important for Alex to have a “get rich slowly” type asset, one with stability that could take care of him well into retirement. Now, he’s amassed an impressive portfolio, with some large commercial deals and flips on the side. Alex spends his days investing, working on his skills, traveling, and really doing whatever he wants! In This Episode We Cover Why self-sustainability is more important than a big paycheck Using “radical responsibility” to mold your perfect life and never falling into the “it will be okay” trap Buying foreclosures and BRRRR ing properties to minimize cash needed for investing Having control over your money so you have ultimate financial freedom Why you MUST surround yourself with like-minded, successful individuals Focusing on your passions (regardless of whether they pay well or not) And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 5, 2021

“Should I cash out my 401k?” That’s a question you never want to ask in an online financial independence forum. It’s been a well-known rule to never cash out retirement accounts due to withdrawal penalties, tax implications, and the possibility of throwing away your retirement plans. But, what if you had a substantially larger amount in real estate and other assets, what would you think then? Kate is in this exact predicament and has done a phenomenal job at growing her wealth over the past decade. Kate and her husband have acquired $1.8 million in rental properties , bringing in gross rents of over $10,000 per month! She’s currently sitting on half a million dollars in rental property debt and is wondering whether cashing out her 401k to pay off the debt would make sense. Because Kate is in such a high cash flow position, she may be asking a question that’s not so obvious. Mindy and Scott spend time walking through calculations that allow Kate to visualize what her life would look like with paid-off rentals as opposed to a fully-funded 401k account. In This Episode We Cover Why a mentor can help spur you onto to make better, more aggressive investing decisions Moving to a different part of the country to take advantage of higher salaries How to calculate whether or not you should withdraw your 401k funds Switching your job to a more flexible schedule without giving up your salary Travel hacking and using credit card points to pay for your vacations The benefit of using financing to buy your primary residence or rental properties And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 1, 2021

Brad Finn was raised with a strong work ethic that follows him to this day. He always knew he should be working hard, and that’s exactly what he did. Brad worked throughout high school, college, and started multiple businesses in adulthood. While his work ethic was strong, his financial skills were lacking. When Brad went to college, he remembers using almost a third of his student loans on partying alone. Fast forward to his mid-thirties, Brad is waking up in a beautiful house, with two nice cars in the driveway, a great income, a new business, and a negative net worth . It wasn’t until Brad allowed himself to look at the true number behind his net worth that he realized something needed to change. Fortunately, his wife had been slowly, but surely, trying to tell Brad that they had to make that change. The day Brad’s first child was born, he and his wife were debt-free . This didn’t come easy, especially since they were facing close to $190,000 in debt. They tracked their spending and realized they spent close to $20,000 in two months, solely on eating out . They dialed it in, worked side jobs to boost their savings rates, and rewarded themselves when they hit milestones. Now their net worth is growing fast, and they’re locked in on investing. In This Episode We Cover Calculating how much you need in student loans and taking out that exact amount How to continue your debt payoff journey without getting discouraged Rewarding yourself for big milestones , even if it will set you back a small amount Talking to your partner about money and asking their opinion on strategies Raising your budget on things that matter while lowering it on things that don’t Retirement plans for government workers, like 403b and 457 plans Understanding that the long journey to financial freedom is worth it And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 29, 2021

Retirement planning can be complicated when you have so many options to choose from. Do you stick with the Roth IRA, the 401k, the Roth 401k, your employee pension plan , or solely invest in stocks and real estate? With all these different types of accounts and their numerous benefits and drawbacks, it’s easy to get stuck financially stalling. One person who has been able to optimize his retirement plans, is Matt, pilot and soon-to-be captain, delivering cargo around the United States. Matt bought a home in high- appreciation St. Petersburg Florida, where his home has already gained a fair amount of equity. Although he loves the ability to rent out his home and create cash flow , Matt doesn’t like staying on dry land for too long. He’s going to captain his own home; living in a houseboat and renting out his primary residence to lower his living costs even more. Matt talks through questions he has about his 401k, Roth 401k, Roth IRA , and other retirement accounts. Even though Matt feels he could be optimizing his finances for faster retirement, both Mindy and Scott agree: if he keeps doing what he’s doing, he’ll reach his fifty-year-old retirement goal, without any change to his current lifestyle. In This Episode We Cover Deciding between the 401k, Roth IRA, Roth 401k, and other retirement accounts House hacking and taking advantage of low-interest, owner-occupied loans Whether or not an employee pension should be thought of as a guaranteed retirement Living on a boat to save money on housing costs and maximize cash flow How to plan for retirement when you have an age limit for your job Employee stock purchase plans (ESPPs) and when to invest in one And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 25, 2021

If you’re part of the FI community, you’re probably a saver. Heck, if you’re listening to this podcast you’re probably a saver . While we all are busy optimizing our budget, reinvesting dividends, and contributing to our retirement accounts, do we ever take a step back and ask, “why are we saving so much?” Maybe you have a simplistic answer for this: your kids, your spouse, your “future”. When it comes time to finally reap the rewards of all that saving and investing, we struggle, and often fail to do so. Ramit Sethi , the author of I Will Teach You To Be Rich , has struggled with this in his personal life as well. When he got married, he and his wife spoke about what money meant to them, and they were shocked to have completely different answers. While Ramit loves setting up models and spreadsheets, he also encourages couples to speak about their finances through a shared vision. It isn’t “I’m saving this money so we can be happy”, it’s “WE are saving this money so we can take that camping trip we always dreamed of.” We touch on other topics like joint bank accounts, creating a “worry-free number”, and building a rich life together, as partners. Ramit also gives personal advice to Mindy to help her realize that she has already won the “money game”, even if it doesn’t feel like it at times. In This Episode We Cover Combining finances as a couple and creating a shared vision How much to keep in your personal and joint bank accounts Creating your “worry-free” number that allows you to live life without money stress The “money rules” that Ramit uses in his daily life Getting over your “savings rate obsession” and finding joy in spending Why spending can become painful for those who are on the road to financial independence And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 22, 2021

A few weeks ago, Mindy was asked by a listener of BiggerPockets Money, “when are you going to do a Finance Friday follow-up?” Well, listener, your wish has come true! Today we talk to three past guests of the BiggerPockets Money Show, Sarah from episodes 6 and 178 , Brian from episode 180 , and Erik from episode 170 . In Sarah’s most recent episode, she spoke about having large safety reserves and sinking funds for her new property. Since being on the show, she’s taken time to evaluate how safe she really needs to feel. She’s taken a risk and has started to invest in her first short-term rental, as well as being on the house hunt for her next house-hack property ! Brian had the question we all want to have, “what do I do with all this money?” Since coming on the show, he’s expanded his rental property portfolio, purchasing an off-market five-unit in upstate New York, and a short-term rental in North Carolina. He’s currently looking into syndications to see if that would be another great avenue for his wealth accumulation. Lastly, Erik has returned to the show with more rental units and more cash flow ! He’s been able to pay off his HELOC with a very lucrative refinance, allowing him to buy a new condo that is paying him $400/month after all expenses! He was even able to increase his salary thanks to his employer’s free education program! Make sure you stick around for his bonus tip towards the end of the episode! In This Episode We Cover Why being too conservative with your savings can become a financial detriment Making offers on properties that work for your numbers, even if it means rejection Why short-term rentals are very cash flow heavy investment Telling everyone you know that you’re investing in real estate (to get more deals!) Using a cash-out refinance to pay off old loans like equity lines and HELOCs Taking advantage of employee benefits like free college tuition And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 18, 2021

Amber Porter has one of the most optimized retirement plans we’ve ever seen. Seriously, she could give Mindy and Scott a run for their money! Amber grew up in a neighborhood that was anything but rich. Surprisingly, the wealthier people in her neighborhood were more interested in purchasing nice cars instead of investing, which they told her was essentially gambling. Amber quickly saw past this idea and realized that smart, consistent investing could lead her to many millions of dollars. She worked throughout high school and was able to graduate in only three years. Then, she applied for every scholarship possible and did the same in college, graduating in three years and completely debt-free. Suddenly, the idea of law school came into her head. She studied, passed the entrance exam, and got into a top school. The same school even gave her a twenty-five thousand dollar scholarship every year she attended. After graduating, she started investing heavily, working as much as she could to fund retirement accounts . She started working for the Army on the side, which allowed her to get an even better retirement plan, an army retirement check, and the ability to buy homes with a zero percent down VA loan . If all goes to plan, Amber will be retiring with close to ten million dollars at age fifty! In This Episode We Cover How to graduate from college debt-free by taking advantage of scholarships Graduating early so you can save a year's worth of tuition Working a government job with the benefit of a pension upon retirement Military benefits for homeownership, retirement investing, and more Getting rid of the “investing is gambling” fear many people have Reaching Fat FIRE upon retirement so you can live exactly how you dreamed And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 15, 2021

Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders , investors, and authors, learning about everything from running a business to short-term rental markets , to self-storage , and more. On this live episode, your BiggerPockets Money host, Scott Trench, is joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast , Ashley Kehr and Tony Robinson, hosts of the Real Estate Rookie Podcast , and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast , plus special guest Esther, who has a widely impressive portfolio herself. You’ll hear the hosts talk about topics like how to connect with fellow investors , future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round. If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year ! In This Episode We Cover What’s ‘firing up’ the hosts of the BiggerPockets Podcast Network? What investors can do in today’s market to ensure wealth tomorrow Future trends that allow investors to profitably pivot How BPCon helps connect investors, reshape ideas, and build wealth How do you vet partners before you go in on a deal with them? The top characteristics that contribute to your success as an investor Why you should definitely be at BPCon 2022 And So Much More! Links from the Show: NPR (National Public Radio) Kevin Leahy's BiggerPockets Profile Mark Ferguson's InvestFourMore Wendy Papasan's LinkedIn Profile Noah Evans's LinkedIn Profile Rickey Rodriguez's BiggerPockets Profile Your First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First Deal Joe Asamoah's BiggerPockets Author Profile AJ Osborne's Personal Website Steve Rozenberg's BiggerPockets Profile InvestHer's Partnership Question Guide Meetup Hal Elrod's Personal Website Dave Ramsey's Personal Website Cashflow The Board Game Matt Faircloth's BiggerPockets Author Profile BiggerPockets Calculators The Real Estate InvestHER Community Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 11, 2021

If you and your sweetheart want to get married, rent a truck in a Colorado ski town, and have your dog watched while you’re doing so, Stephanie Warner is the person you should get in touch with. Even though she has a great W2 job, she still hustles hard with her side income work, making enough to pay for her lifestyle while her nine-to-five pays for her future financial freedom. Stephanie had enough money growing up, but she wasn’t given a ton of financial literacy lessons from her parents. Thankfully, her Grandma who loved driving used cars and buying rental properties taught her the importance of being a homeowner and helping those who are in need. Once she left her hometown for college, graduated, and got a job, she moved all over the country doing all different sorts of work. This gave her a diversified education and allowed her to take on challenges that were interesting to her. Now, she shares with BiggerPockets Money listeners how she flipped her financial position , thanks to some very lucrative side hustles! A special thanks to our guest host, Joe Saul-Sehy from Stacking Benjamins , who got so tired of Scott’s puns, he decided to host one of the shows himself. In This Episode We Cover The importance of owning your own home and rental properties Graduating with little-to-no college debt , allowing you to save and invest more Taking on jobs that interest you, instead of ones that solely pay the bill The art of side hustles and making thousands after your nine-to-five Living “paycheck to paycheck” by paying yourself first for investing and saving And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 8, 2021

Over at BiggerPockets, we all have much love and respect for our trusted video editor, Joel Esparza . He brings phenomenal work quality, timing, and communication to every project he’s on, but many of us don’t know his inspiring and truly impressive backstory. Joel is originally from Venezuela, which has experienced rampant inflation over the past decade putting its citizens in economic turmoil. Joel went to school in Argentina and was able to leave without debt thanks to an inheritance left to him . When he migrated back to Venezuela, he was hired as a video editor for an agency making, get this, $20/month. Yes, that’s correct, we’re talking about $240 per YEAR. This was not an uncommon salary for Venezuelans, but through sheer luck, Joel was introduced to some side business that began paying him two to three times the amount he would make in one month, in only two hours. Joel quickly jumped ship as an employee and began building his clientele as a self-employed editor. Now, as the head video editor at BiggerPockets, Joel wants to outsource his business, hire on staff, and move towards more of a leadership role. In This Episode We Cover The massive financial struggles of living in Venezuela during exceedingly high inflation Living as a political refugee in a brand new country on a whole different continent Using freelance work as a way to substantially increase your income Starting partnerships with others in your field who may become competitors Being cognizant of your professional strengths and using them to get more clients Understanding the unit economics behind growing a business and a team And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 4, 2021

It didn’t take Addison Freeman long to realize what worked in school, wouldn’t work in real life. Those who got good grades and followed the standard playbook weren’t rewarded as plentifully on the investing front as they were in the classroom. When Addison realized it would take her over thirty years to hit millionaire status on the conventional track, she knew she needed a change. Addison started to look for, as she likes to call them, “super assets” or assets that grow while putting cash in your hand. She started with a house hack duplex where she was able to pay her mortgage by renting out one side. Then, she started to get into self-storage investing , which is now her husband’s main job. Along the way they tried (and failed) at starting businesses, but never took their foot off the gas on their journey to financial independence . At the age of 26, Addison and her husband are financially independent, sitting on a net worth of over $700,000 with an almost guaranteed chance at being part of the millionaire class very, very soon. In This Episode We Cover Why conventional investing won’t cut it when you’re trying to be a millionaire Buying as many “super assets” as you can while you’re young Starting a small business and the reason that it may (or may not) fail Why self-storage is an excellent industry for real estate investors to get into How commercial real estate is valued and the immense equity you can add to it Living below your means and investing hard for years And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 1, 2021

Strong frugality is hard to come by. Not many people would write off their solar system as a business expense and use bitcoin mining to provide heat to their house , instead of using a space heater. These are just two things that Yourri, an engineer and diversification whiz, has done to make his balance sheet as optimized as possible. Yourri has spent the better part of the last decade at school and was able to graduate with a phenomenal job doing something he loves. He makes $120,000 a year but has a big retirement goal of $7,000,000! While this may seem like a massive number to most, Yourri should be able to hit it with some regular investing due to his age and aggressiveness to invest. But, he’ll need to opt-out of an over-diversified investing strategy if he wants to reach this goal as fast as possible. Passion projects are also a big part of Yourri’s life, as he’d like to rebuild a vintage motorcycle, get his pilot license, and adopt as many dogs in need as he can. He has a calculated outlook on his financial growth, and there’s no doubt he’ll hit his goals! In This Episode We Cover Pursuing high-cost hobbies and understanding that FI isn’t all about saving every penny Whether or not diversification could be slowing down your net worth growth The “golden butterfly” investing ratio that helps mitigate risk when investing Writing off solar systems as a business deduction when in a buy-back program Mining bitcoin for not only extra income but free heat! Whether a 401(k) or a Roth 401(k) is the best option for your retirement And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 27, 2021

High-income earners have a better shot at retiring early than those making a median income. That being said, with more money comes more investing risk. After the great recession, Bob Haines was sitting on a $300,000 loss from leveraging too many properties to flip. This put the possibility of retiring early multiple years behind. But, even with a money mistake as large as Bob’s, he’s been able to retire at age forty-four, a good twenty-one years before the standard retirement age. You could say that Bob’s early retirement sprung from his ability to take risks , leave jobs, and go where the money was. Bob went from making $40,000 a year at his first job to $500,000 less than a decade later. While a $500,000 salary was not the norm for Bob, these frequent career and company jumps allowed him to build up a massive cash position ($250k) and invest for retirement faster. Funnily enough, the first time Bob heard about the FI movement, he quickly calculated his FI number and realized he had already hit it. While he took a couple more years to finally pull the trigger and get over his “one more year” dilemma, Bob and his wife were able to retire in 2018 and 2019, allowing them to travel, spend time with family, and enjoy life at the beach. In This Episode We Cover Why small salary increases can massively change a financial position Calculating your market salary and finding a job that matches it The world of “pre-sales engineering” allows for huge compensation The mistakes you can make when sitting on a large amount of cash Over- leveraging yourself in real estate and biting off more than you can chew How to shake off “one more year syndrome” to enjoy early retirement Fighting lifestyle creep even as your salary expands exponentially And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 24, 2021

A rock-solid financial position consists of a few things: budgeting, expense tracking, living below your means , and making extra income. Once those are accomplished, you’re on track to start investing heavily and financial independence is in sight. This is exactly the position Lynsey (mother to Mindy’s pool boy) is in. Lynsey and her husband bring in a moderate salary from his job and her businesses of jewelry making, relationship counseling, and their garage and basement house hack . For a long time, Lynsey assumed she would never be able to retire, but as her income has grown she’s realized that she not only can retire but retire early . Lynsey has a few key ways she could increase her business revenue: outsourcing, marketing, and scaling. Her husband also has a strong suspicion he’s underpaid, meaning a boost in income could be one ask away for him. The couple also wants to invest in more short-term rentals or buy another house hack property. But, of all the options they’re presented with, which one will push the needle? In This Episode We Cover Creating a “hype folder” so you can painlessly ask for a raise Shopping the sales and feeding a family of five for $700 per month Creative house hacking by renting out basements, garages, and other dwelling areas Using a self-directed 401(k) to invest in real estate and grow retirement savings What to do with a large amount of cash while you’re waiting to invest? Outsourcing repetitive tasks in your business so you can scale And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 20, 2021

Life can be challenging at times. When you think you’re in a stable spot, the universe tends to throw you one (or many) curveballs. In the realm of financial education , the smart early decisions we make can help alleviate the stress of these curveballs. This has happened almost to the tee for today’s guest, Karen Ferrero . Karen grew up in a small town to a middle-class family. She was a first-generation college graduate and worked throughout high school and college . She later took a job and began consulting in the tech world , which offered her a respectable salary. She got married and had two kids with her husband, but shortly after, her husband was paralyzed in a motorcycle accident. Not only that, her son was diagnosed with autism. Now, Karen had to sell her house, find a new accessible one, take her son to therapy every day, and continue working her full-time job. This put her in a sizable debt hole, but through strategic debt payoff and intelligent investing, Karen has come out on top. She still has a very high-paying job, a loving family and some very, very profitable investment accounts for her children that she started decades ago. In This Episode We Cover How to plan for when life changes your course by force The importance of having good insurance when you’re young Why you should always take advantage of the 401(k) match when presented to you Investing as early as you can to capitalize on massive gains Why you should put education accounts in a trust The extra costs that come with taking care of special needs family members And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 17, 2021

Kari and her wife made some big moves over the past few years. They packed up their stuff and left the San Francisco Bay Area for a relocation in the midwest . Unlike the Bay Area, the Midwest has many affordable housing options with plenty of chances to house hack . So, that’s exactly what the couple did! They bought a duplex in rough condition, put in close to $80,000 of renovations, and now get $900 a month from the side they’re renting out. Although this renovation allowed them to live for free, it put a $66,000 hole in their pockets, which they recently just paid off. Without much retirement savings or investments in general (save the house hack), Kari is wondering what she can do to maximize the extra $100,000 in after-tax income she and her wife bring in every year. Should she go the index funds route, buy another rental, or help her wife pursue her dreams by investing in a restaurant? Scott and Mindy give Kari a lot of ideas in this episode, many of which could help you as well! In This Episode We Cover Using “strategic debt” to grow your investments and income Planning your future finances when trying to start a family Investing in your 401(k), Roth IRA , Self-Directed 401(k), and other investment accounts Using the “ Live in Flip ” model to avoid paying capital gain taxes Why you shouldn’t diversify when you are in a low to moderate net worth category And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 13, 2021

Not everyone has the vagabond spirit of those who choose to optionally live out of their cars , trucks, or vans. While this isn’t up Scott and Mindy’s alley, it’s been perfectly fine for today’s guests Tien and Brandon. After deciding to end their lease before a road trip, Tien and Brandon found living in their specialty-built van wasn’t just habitable, but preferable for their lifestyle. This was especially true after paying pricey southern California rent. All this happened after making some impressive financial moves; paying off $50k of loans in eight months, flipping their first house, and buying a small portfolio of duplexes . Tien and Brandon have made a spree of financially intelligent moves, pushing themselves into a high net worth category, all while living in one of the most beautiful places on earth. As of March 2021, Tien and Brandon dismantled their truly remote lifestyle to settle into their first short-term rental house hack. They’ve been pulling in $8,000 a month (yes, a month) from their San Diego Airbnb property, which is not only covering their entire mortgage but paying them some profits to boot! In This Episode We Cover Paying off a large amount of student debt in a short period of time Finding side hustles that can support your saving and investing goals Making a plan to retire early and investing in income streams that will make it a reality Flipping a house without construction or real estate experience Investing out of state where you already have family/friends/relationships The hardest part of living in a van full-time (and its MAJOR benefits) House hacking with a short-term rental And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices