BiggerPockets Money Podcast

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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 investorAmberly 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 investingin 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 knowledgeand 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

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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 tomake 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

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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

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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

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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

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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 contractorand 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 pointshomeowners 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

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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 strategythat 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

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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

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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

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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

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“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!

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

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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

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Financial astrology. Yep, it exists. Traders and investors have been using the science behind the stars to predict pricesand market movement for centuries. But is there really a correlation between the planets and your profits? Surprisingly, yes. Certain planets have been known to negatively affect how markets perform, giving investors an upper hand on when to get in (and out) of an asset. So, how do you start making out-of-this-world investments? Learn from Susan Gidel! With decades of experience as a journalist and marketing executive working for trading publications, Susan’s life revolved around the market. After years of working with successful investors and stock traders, she started to see patterns in price movement that conveniently coincided with astrological changes. She dug in deeper, finding that the stars, moons, planets, and signs affect not only the tides but traders too. Even if you’re an astrological skeptic, Susan brings some surprising stats about stocks, index funds, and the signs. But that’s not all; Susan has reason to believe that a big recession could be headed our way and that real estate investors must pivot their investing strategy to a new type of property. Don’t know what the signs are signaling? Stick around to find out!

In This Episode We Cover Financial astrology explained and using the signs to predict stock market moves Why a transition from “earth” to “air” signs means real estate investors MUST pivot A big recession prediction and how long the bear market will last Why you should NEVER invest when mercury is in retrograde (and what that even means) The successful twentieth-century trader who used “natural rhythms” to beat the market 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 Hear Kathy on The “On the Market” Podcast Is Mercury in Retrograde? Visit Susan’s Website

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-434 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

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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

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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!

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

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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!

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

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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-freein 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

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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

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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

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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

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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

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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 Amabilerealized 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

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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

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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 Money 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

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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!

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

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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

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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 debthe 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

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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

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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 thepros 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

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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

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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 ared 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

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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 is 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 independenceand 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 costbetween 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

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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

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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

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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

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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

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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’redoing 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

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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

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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 aboutwhy 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!

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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

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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!

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Find an Investor-Friendly Real Estate Agent

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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

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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 thelower-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!

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Finance Review Guest Onboarding

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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

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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

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Listen to All Your Favorite BiggerPockets Podcasts in One Place

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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

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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

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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

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Check Out Mindy’s 2022 Live Spending Tracker and Budget

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-

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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-

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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

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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

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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

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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

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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

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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

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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!

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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!

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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!

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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!

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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

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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

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Finance Review Guest Onboarding

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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

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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!

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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

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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!

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Click here to check the full show notes: https://www.biggerpockets.com/blog/money-339

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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 incomeand 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!

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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

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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!

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David on BiggerPockets

David’s Site From Military to Millionaire

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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

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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 earlywith 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!

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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

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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!

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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

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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!

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BiggerPockets Forums

Finance Review Guest Onboarding

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Scott's Instagram

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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

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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 husbandout 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

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BiggerPockets Forums

Finance Review Guest Onboarding

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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

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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

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!

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David on BiggerPockets

David’s Site From Military to Millionaire

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Mile High FI Podcast

1,500 Days to Freedom

Why You’re (Probably) Wrong About Prenups

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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 beganselling homes on the side as an agent but performing live in flips during the off-season of his teaching career. Thisskyrocketed 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!

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Check Out Mindy’s 2022 Live Spending Tracker and Budget

How to Create Financial Security (From Scratch!) and Become “Set for Life”

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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!

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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

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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!

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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

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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!

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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

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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!

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David on BiggerPockets

David’s Site From Military to Millionaire

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Why You’re (Probably) Wrong About Prenups

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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!

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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

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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!

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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

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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!

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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

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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!

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David on BiggerPockets

David’s Site From Military to Millionaire

Change Your Money Mindset, Change Your Life with Vicki Robin

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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!

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Finance Friday: How to Get to Early Retirement Even Faster

Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out

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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 madeflipping 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!

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David on BiggerPockets

David’s Site From Military to Millionaire

Airbnb

PropStream

MLS

Bonds: The Perfect Inflation Hedge (with One BIG Caveat)

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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!

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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)

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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 regrets 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!

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Life After FIRE – Case Studies with Scott, Whitney Hansen, and Doc G

Earn and Invest Podcast

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Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life

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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!

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Finance Friday: How to Get to Early Retirement Even Faster

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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!

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Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards

MoneyHoney Website

Download Rachel's "Passive Income Starter Kit"

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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!

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1500 Days

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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

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How to Create Financial Security (From Scratch!) and Become “Set for Life”

300 Doors, 100% Creative Financing with Pace Morby

Airbnb

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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 dayand 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!

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Amazon

Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out

Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus

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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!

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Fueling Early Retirement at 36 with Just 4 Rental Properties

Investopedia Stock Simulator

Money Coach University

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“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!

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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 school 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!

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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

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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!

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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!

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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

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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!

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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

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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!

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How to Get Financial Freedom So You Can Do What You’re Meant to Do

Lifeonaire Website

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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’relooking 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!

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Finance Review Guest Onboarding

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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

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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!

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I Like to Dabble

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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

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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

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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 debt. 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 rent 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?

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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“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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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“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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stacked: Your Super-Serious Guide to Modern Money Management

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Automatic Millionaire, Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich

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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!

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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!

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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!

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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!

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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!

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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!

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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!

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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!

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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!

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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 BRRRRing 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!

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“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!

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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!

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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!

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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!

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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!

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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!

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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

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CASHFLOW 101 & CASHFLOW 202 INVESTMENT BOARD GAME - BY ROBERT KIYOSAKI FROM RICH DAD POOR DAD

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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!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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!

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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!

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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!

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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!

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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!

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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!

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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!

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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!

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Retiring early can be a daunting task. Not only do you have to do more, with less time, but you have to stay diligent on your budgeting, expense tracking, and investing if you want to hit your goal by a certain age. Today we talk to Lisa, who wants to retire next year, in her mid-50s. While most people think early retirement means retiring in your 20s and 30s, this isn’t necessarily true. Retiring 10 years early, like Lisa, is a massive accomplishment, but requires the same skills needed for retiring decades earlier.

Lisa has three pieces of property: a cash-flowing rental in pricey Boise, her primary residence in Washington, and a plot of land in North Idaho. She’s tinkered around with ideas of using her primary residence as a short-term rental, but unbeknownst to her is the fact that having a short-term rental could bankroll her retirement. She also has a sizable amount in retirement accounts, but none of those assets produce cash flow.

Will Lisa be able to retire using the 4% rule with her retirement accounts? Or, should she use this last year of employment to double down on cash-flowing assets like rental properties?

In This Episode We Cover

Using the 4% rule to calculate how much you need to be invested to retire

Leasing out your home as a short-term rental while you travel

Choosing cash-flowing assets over assets that merely appreciate

Calculating out your TRUE living expenses (with the Mindy Method!)

Profiting off of land purchases and when the right time to sell is

When the appropriate time to raise rents on a tenant is

And So Much More!

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Most college students know next to nothing about money. Even worse, many of them sign on to expensive student loans with almost no plan on how they’re going to pay it back. While this is the average, some people, like Nathan Kennedy, host of The New Money Podcast, did things differently.

Although he overspent a bit going out in college, Nathan graduated with a degree and $40,000 in cash, a MASSIVE amount for any college student. Through applying for grants, working at on-campus jobs, and collecting tip money as a bartender, Nathan was able to graduate in a solid position, allowing him to invest heavily in the stock market during the 2020 crash.

Now, Nathan teaches others how they can strengthen their financial position through hard work, planning, and constant content consumption. If you have children who are in high school, college, or are newly graduated, send them this episode so they can have a leg up on future finances!

In This Episode We Cover

The importance of tracking your expenses and budgeting properly

Vision boards, daily logs, and other ways to plan for your success

Pursuing grants and scholarships WHILE school is in session

Becoming a constant content consumer

Money mistakes that many college students make (and how to avoid them)

Making time for health, fitness, and no-phone relaxation

And So Much More!

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“Beware of little expenses; a small leak will sink a great ship.” This is the topic of today’s episode, where we interview Jenny for a Finance Friday review. Jenny is finishing up her fourth degree and has been working throughout grad school to help her family. Her husband brings in a sizable income, but he wants to retire in 2030 and spend more time with their (future) kids.

Jenny has great control over her fixed expenses, but as for her variable expenses...not so much. Her family is consistently teetering between $1,000 a month and $2,400 a month in variable expenses, many of which can be resolved with some simple shopping tweaks (like leaving your credit card at home when you go to the grocery store). Luckily, they’ve invested a fair amount of their take-home pay, have a stellar 401(k) match, and are about to have dual incomes once Jenny is out of school.

If you’re having trouble keeping a hold on your variable expenses, such as random Amazon shopping, tune in for this episode for advice on exactly what to do.

In This Episode We Cover

How to plan for retirement with two full-time incomes

Paying off your home vs. investing in assets like index funds and real estate

Taking advantage of 401(k) matches and maxing out retirement accounts

Leveraging a future job to pay off student loans

How to curtail your variable expenses and reduce “random spending”

Why someone with “mortgage anxiety” should be wary of real estate investing

And So Much More!

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What do you think of when you think about retirement? Are you on a tropical island drinking fruity cocktails out of a coconut? If you dream about that sort of retirement, Steve Adcock may have some revealing words for you. Retirement isn’t just about doing nothing all day, it’s about exploring your passions, and sometimes working more than you did before, to accomplish things that truly matter to you.

Steve decided to leave his high-stress IT job after 11 years of work. It was eating away at him every day, and it got to the point where just going into work became a grueling weight on his shoulders. He knew from a few years before potential retirement that he had a choice: lavishly live his life now or live frugally and have financial freedom forever. He chose the latter and doesn't regret it for one second.

Now, Steve and his rocket scientist wife spend their time taking care of their completely self-reliant housing compound in Arizona. He has a lot more to accomplish, but for now, he’s enjoying his off-grid lifestyle, complete with solar panels, his own water well, and a brand new septic tank.

In This Episode We Cover

Why it’s important to have a financial plan (even if you won’t retire early)

Working (lightly) in retirement so you can enjoy more freedom

Tracking your spending meticulously so you know where every cent goes

Taking care of your health and wealth when given free time

Spending in post-retirement, and how it differs from regular spending

Why early retirement WON’T make you happy

And So Much More!

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Sometimes having a lot of cash can be dangerous. Would you rather be sitting on months (or even years) worth of emergency reserves or have your money be challenging inflation by sitting in investments like index funds or real estate? This is the question that many people have, and also one that today’s guest, Phil, is having as well.

Phil and his wife live in a relatively low cost area and bring in a very solid income. They’ve been maxing out HSAs, 401(k)s, and other accounts all while having a significant amount of cash on the sidelines, just waiting for the right investment. While Phil wants to go into an unconventional type of real estate investing, both Scott and Mindy believe he should focus on the long-term goals he has set for himself and find asset classes that fit within his strategy.

In This Episode We Cover

How much is too much of an emergency fund?

Selling tradelines and the risks/rewards that come with it

Why investing in traditional-layout houses presents you with multiple exit strategies

Solo 401(k)s, IRAs, HSAs, and other retirement accounts

Creating a reasonable timeline to act on an investment, instead of losing money to inflation

Understanding what a good rent-to-price ratio is for your area

And So Much More!

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A lot of people in the financial independence community successfully get out of debt, but not many of them get out of debt and then start a monthly six-figure side business. One person who has done that is Deacon Hayes. Deacon was raised by a single mother on welfare who taught Deacon that debt was a way of life. When Deacon married his wife, they both collectively realized that the only way for them to live the life they wanted to, was to get out of debt.

Deacon did whatever he could to pay off his debt. He delivered pizzas and resold furniture, all while working full time. Once he was out of debt, he decided his passion was in teaching others how to get rid of their debt, so he became a financial planner and started his website, Well Kept Wallet. His story was so well received that he was brought on to record with Fox and tell their audience about his debt-free journey.

Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion's share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another worker to fill his role so he could focus on what he loves.

In This Episode We Cover

Getting rid of debt as fast as you can so you can start saving and investing

Foreclosures, land leases, and other real estate predicaments

Making sure you keep a large emergency fund (especially if you’re an entrepreneur)

How to hit “hockey stick” level growth and what to do when you want to step away

Firing yourself from your business and learning to outsource

How to establish self-worth after you “retire”

And So Much More!

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Making too much money is a good problem to have, and it’s one that many people in the Bay Area experience. Today we talk to Laurin, a mother of two, making $281,000 a year when combining her salary with her husband’s. They’re doing everything right: paying off the mortgage, contributing to their 401(k)s, and saving up for an emergency reserve.

With all these investments and income, Laurin is wondering whether or not her investing strategy is optimized. Her mortgage spans 15 years, so she’s dedicating a large amount every month to pay off her house before she retires. While some people prefer the financial security of not having a mortgage, others (like Scott), prefer having a mortgage for longer while investing in other assets.

With the goal of enjoying her life more, Scott and Mindy bring up a handful of options that can help Laurin achieve a massive net worth by the time she is ready to retire. She could work less and contract more, she could refinance and invest for cash flow, she could look into real estate investing, all while she’s setting up a massive nest egg for herself upon retirement!

In This Episode We Cover

Always taking the 401(k) match your company offers (when available)

Using “event-based” planning when you’re closer to retirement age

Pre-tax retirement accounts vs. post-tax retirement accounts

Saving for children’s college with a 529 plan

The two main real estate investing traps to avoid when investing out of state

And So Much More!

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Dee Olateru doesn’t have the traditional FI story, but it didn’t take her long to catch onto the concepts that now allow her to live a life exactly how she sees fit. Dee immigrated to the United States from Nigeria when she was sixteen. Without the ability to get student loans, Dee had to work throughout school, apply for every scholarship available, and borrow money from friends and family to pay for her undergrad degree.

While she made it out of college without student debt, she still had some credit card debt that needed taking care of. She amassed $10,000+ in credit card debt to help her pay for necessities like groceries throughout her years in college. But now she had a business degree, so clearly, she went on to get a full-time job in her field, right? Actually, she didn’t. Dee graduated during the great recession and had to take a $10/hour job at a local factory.

Dee says that many people don’t believe her about the factory job because of the high-level position she’s in now, but it taught her many valuable lessons. As Dee made more and more money, she started looking into finance blogs to see where she should be saving and investing. For the better part of a decade, Dee has been maxing out her Roth IRA, 401(k), and investing in individual accounts, all while she travels around the world!

In This Episode We Cover

Having a “debt payoff plan” so you know exactly how and when you can get rid of debt

Joining online communities as a “close circle” for financial debates and idea-sharing

Maxing out your Roth, 401(k), and other retirement accounts as early as possible

Never falling into FOMO and only investing in assets you understand

Seeing your financial journey as a way to “start with what you have”, not what you wish you had

And So Much More!

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Investments galore! This week, we talk to Jeana and Scott, a couple with a hefty amount of investments under their belt. We know what you’re thinking, “what type of stocks and real estate are they investing in?” This is where you might be surprised. Jeana and Scott are investing in three gyms, a gas and oil investment, a documentary, a 24-unit apartment building, a 52-unit apartment building, a senior care business, and...a $20,000 dog! Seriously! This is one of the most diversified couples we have ever had on the show!

While it’s great to have investments spread out over multiple different asset classes, Scott and Mindy want to help the couple come up with a more systematized and formulaic approach to wealth building. Since they both have well-paying jobs, once they set up a “set it and forget it” type investment strategy, they won’t be too far away from reaching FI.

If you’ve ever had an interest in running a memory care facility, dog breeding, or investment clubs, this will be a great episode to listen in on!

In This Episode We Cover

Diversifying your investments into multiple different asset classes

Knowing which investments are likely to make a return and planning for those that won't

Setting up a system for wealth creation so you can develop an early retirement plan

Investing in multifamily real estate like apartment buildings and senior living homes

Using government benefits to maximize wealth as quickly as possible

Investing in an Airbnb property and which markets make the most sense for it

And So Much More!

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Darius Smith always knew how to make money, but wasn’t very good at saving it. Growing up, he had jobs ranging from delivering phone books, to running paper routes, to even putting up eviction notices on homes. He opened his first bank account when he was around nine years old! So how did Darius end up with almost $170,000 in debt? An even better question may be, how did Darius pay off all that debt in only a few years?

Darius spent time at multiple different colleges, racking up $40,000 in student debt, then buying a Mustang, paying for a wedding, putting some charges on credit cards, and finally combining his wife’s debt with his. They started to use the “debt snowball” method, but after having to take out business loans, the debt grew even more.

This is when Darius decided that he and his wife needed a plan to conquer their finances. They moved into a friend’s extra room for cheaper rent, stopped going out as much, began working more than one job, and siphoned all the money they could into savings and debt payoff. As of July 2021, they are debt-free!

In This Episode We Cover

How to prepare to take on student debt (when needed)

Avoiding lifestyle creep and finding ways to lower your expenses

The “reverse house hack” and renting a room for far cheaper living expenses

Mortgage forbearance and student loan forbearance in 2021

“Isolating yourself” from friends or influences that will cause you to spend more

Having a money date with your partner and going over finances regularly

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Get Tickets to BPCon 2021

Net Worth Calculator

Debt Pay Off Plan

6 Month Spending Tracker

Sinking Funds Tracker

Lifetime Earnings Calculator

BiggerPockets Money Podcast 121 with Seth Jones

BiggerPockets Money Podcast 73 with Ramit Sethi

BiggerPockets Money Podcast 127 with Ramit Sethi

Check the full show notes here: https://www.biggerpockets.com/moneyshow221

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Entrepreneurs work long, stressful hours, and as a result, they get paid the big bucks. This is the position that Stephanie, a freelance Salesforce consultant is in. She makes a respectable income, bringing in $14,000 after tax! But, that income comes at a cost.

While Stephanie is currently contracting out work to a few part-time employees, she spends at least 50 hours per week on the business. She’d like to get to a point where she can step back and work 20 (or so) hours per week and have a systematized and growing business. She’s financially in a great place, with more than three years of expenses saved in cash, so she can take more risks with her business.

If you’re growing your own business, rental portfolio, or side-income stream, you may be in Stephanie's position in the future. Stick around to hear exactly what Scott (an active CEO) would do if he was in her shoes.

In This Episode We Cover

Time freedom or financial freedom, which is more important?

Taking your hands off the reins and letting your business grow

Subcontracting out work so you can focus on leading a business

Firing clients who aren’t the best fit for your business

Creating systems and procedures so your business can become scalable and saleable

And So Much More!

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You may have heard the term “real estate syndication” thrown out quite a lot over the past few years. It seems like almost every real estate investor is either starting a real estate syndication or investing in one. So what’s all the hype about? Is this an investment opportunity that you’re missing out on, and if so, is it truly passive as many people claim?

We’ve brought the master flipper, rehab estimator, and syndicator himself, J Scott, back to the BiggerPockets Money Podcast so he can share some information (and advice) on real estate syndications. J walks through a handful of points worth examining before investing in syndications. We talk about what a real estate syndication is, where to find syndications, how to validate the syndicators themselves, what a limited partner is, what a general partner is, and more.

The most valuable part of this entire episode is about researching the syndication deal itself. Where is it located, what is the structure, who’s running it? These are all questions you should ask, along with some other key questions like:

What is the team’s track record, reputation, experience?

What is the location, risks, population size, employment, wage growth?

On the deal, what do the returns look like, what are the big risks?

Do they have an investor presentation?

What’s the minimum investment?

Are there capital calls? How do they deal with capital calls? Have they required capital calls in the past?

What are their accreditation requirements?

Can you get better terms in exchange for a larger investment?

How frequent are the distributions? Quarterly, monthly, yearly?

When will distributions start?

Will they be doing a cost segregation study?

What fees are they receiving?

When will they give updates? Monthly, quarterly?

Can you invest using a 1031 or an IRA?

In This Episode We Cover

What is a real estate syndication and who qualifies to invest in one?

What an accredited investor is and the qualifications behind it?

Where can you find syndicators?

Whether or not investors have liability if a deal goes bad

Cap rates, NOI, and valuations on large deals

How to research a syndication deal

Syndications vs. funds vs. REITs

What happens if a syndication runs out of money?

And So Much More!

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Combining finances can be complicated, but what’s even more complicated is combining one salary with two inconsistent business accounts. How do you manage the household’s budget when you don’t know what will be coming in every month? This is the question Roshan and her husband have for us today.

Roshan works as a teacher making a very steady income and has access to retirement plans like her pension and a 457(b). Her husband, on the other hand, runs a seasonal flower business that brings in $30,000 in only five weeks, and an ecommerce store with a bit more consistent income. Together, they want to develop a formula that will help them plan for early retirement, while also being able to take some risks and reinvest in their businesses.

Scott and Mindy not only walk through the regular finance aspects like spending, retirement planning, and saving, but also more relationship-based financial aspects like having money dates, keeping a shared budget, and having a retirement plan that works with your family’s lifestyle.

In This Episode We Cover

What to do if you have inconsistent business income

Budgeting to cut down on items like eating out and random shopping

Creating “distributions” from your business and giving yourself a salary

Investing in retirement accounts like your Roth IRA, 457(b), 403(b), and more

Creating a “financial formula” that will lead to you to (early) retirement

Having money dates and staying on top of finances as a couple

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Rahkim Sabree “aspired to be poor” when he was growing up. He saw his parents collecting section 8 housing vouchers, getting food stamps, and thought that this was the way life was. He didn’t grow up around many homeowners. All of his friends lived in apartment rentals and were in the same financial situation as him. There were no “financial literacy talks” at Rahkim's dinner table.

It wasn’t until Rahkim left college and got a banking job that he decided to look at where his money was going and what it was doing for him. He started reading books like Rich Dad Poor Dad and The Millionaire Next Door, which shifted his mindset and gave him the foundation to chase financial freedom. He bought a duplex, house hacked it, and started throwing all the money he could into investments.

As his own financial knowledge began to grow, he was able to share what he learned with others. He’s written two books, spoken at TEDx talks, and been invited to numerous conferences to speak. This didn’t bode well with his employer, who would consistently ask him whether his outside-of-work activities were clashing with his nine-to-five responsibilities. After hearing this over and over again, he decided to “fire his boss” and focus on building his own income, all without an emergency reserve stashed away!

In This Episode We Cover

Why it’s so difficult to break out of poverty without financial education

Deciding to house hack so your mortgage can be offset

Why you should always keep a safety reserve in case of emergencies

Maxing out your 401(k), HSA, and ESPP contributions

Thinking of low-interest credit as another type of safety reserve

Knowing when the appropriate time to leave your W2 is

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Amanda is making a teacher’s salary and spending her weekends working a part-time job at a grocery store. She contributes to her retirement accounts, but she could be sitting on a passive income gold mine that she doesn’t realize.

Attached to Amanda’s home are a casita and a mother-in-law suite. The casita is rented out to long-term tenants and the mother-in-law suite has been used as a short-term rental for some time. But what if instead of keeping her casita as a long-term rental, she converted it into an Airbnb? Well, Amanda could potentially see a rent increase of almost 3x what she currently is renting at!

With this house hacking model that Amanda is using, she’s able to get owner-occupied financing with lower interest rates and better terms. So what if she could start doing this with other houses and slowly grow a short-term rental empire? As Scott and Mindy discuss, it’s possible!

In This Episode We Cover

The importance of side-income streams when you work a lower-paying job

Turning extra bedrooms into short-term rental income

House hacking and the benefits of owner-occupied financing

Calculating your hourly rate for different tasks and focusing on those with the highest ROI

Chasing financial freedom and the importance of using time how you see fit

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Get Tickets to BPCon 2021

Short-Term and Vacation Rental Discussion

Avery Carl’s Short-Term Rental Interview

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After years and years of working in licensing, Diania Merriam opened up her credit report and saw that she was (collectively) $30,000 in debt. This forced her to ask the question, “what am I working for?” It made sense at the moment: you get your paycheck, you can go out to a fancy dinner, you get another paycheck, you can buy yourself something nice. But Diania wasn’t happy, or at least as happy as she thought she’d be.

She realized that she didn’t want to be stuck in a job she had to go to every day. She wanted autonomy, freedom, and financial independence that would allow her to rule over her schedule and pursue her passions and interests. So, she went to work and started saving whatever she could. She stopped eating out, started cooking all her meals, moved to a more inexpensive city, bought a house and house hacked, heavily invested in retirement, and did everything right.

Now, she’s self-employed, hosting the Optimal Finance Daily podcast and the EconoMe Conference in Cincinnati. She was able to create her dream roles because she came from a position of financial strength, she also had a plan in mind and knew what her “worst-case scenario” looked like.

In This Episode We Cover

Getting out of consumer and student debt as quickly as possible

Minimizing expenses and maximizing income to increase savings rates

Building a strong financial runway so you can start your own business

Buying a house and house hacking by renting per room

Understanding your “worst-case scenario” before you take the leap into entrepreneurialism

Finding your passions and cementing what you want to do when you reach FI

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Get Tickets to BPCon 2021

The Shockingly Simple Math Behind Early Retirement

Get Tickets to the EconoMe Conference and USE CODE BIGGERPOCKETS for a Discount

BiggerPockets Money Podcast 01 with Mr. Money Mustache

BiggerPockets Money Podcast 120 with Michael Kitces

BiggerPockets Money Podcast 153 with Bill Bengen

Grab the House Hacking Strategy

Check the full show notes here: https://www.biggerpockets.com/moneyshow215

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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It’s hard to imagine what someone is going through once they’re given a cancer diagnosis. The last thing many people want to think about during such a troubling time is finances. This was true for Zachary, who’s combined net worth with his partner more than doubled while he was supporting her throughout her chemotherapy and cancer surgeries.

Even though it was a medically troubling year, Zachary and his partner were able to almost double their income, while keeping expenses fairly low. This allowed them to set a 50% savings rate and keep enough to pay for treatments, retirement investing, and even save for IVF (in vitro fertilization). Since IVF is such an expensive treatment, Zachary wants to know how he can best position himself to pay for it while his partner reduces her time at work to take care of their future children.

In This Episode We Cover

Becoming cancer free after a stage three diagnosis (wooooo!)

Doubling your income by making intelligent career changes

Short-term rentals vs. long-term rentals and the risks of both

Planning for medical expenses like IVF

Contributing to HSAs, Roth IRAs, and 401(k)s

Managing a 10-bedroom “sorority house”

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Get Tickets to BPCon 2021

You Need a Budget

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Growing up in Mexico, Saul Tijerina didn’t fully understand the concept of financing. It wasn’t that he couldn’t conceptualize financing, it was more that he wasn’t around it enough to think of it as an option. In Mexico, everything was sold for cash, whether it was a home, a car, or a new TV. Owning something meant that you really “owned it”, not just “I’m paying this off.”

It’s no surprise that when Saul came to the United States to work, he was in for a financial shock. New car? Finance it. New house? Finance it. Want to eat out every day? Charge it to your credit card and finance it! This was the cycle that Saul was in for close to two decades, before discovering the FI movement.

Once he started digging around online forums, blogs, and YouTube channels, he found a community that not only hit financial independence but hit it at an impressively young age. Now, about two years into his FI journey, Saul has made monumental progress with saving and investing. He’s on track to retire as a millionaire in 2026 and will live off of his taxable accounts until he is old enough to take out funds from his tax-advantaged investments.

In This Episode We Cover

Why lifestyle creep can be incredibly dangerous for young adults

Paying attention to the interest credit cards charge and never falling into high-interest debt

Why financing a brand new car can be a huge blow to future wealth accumulation

Staying away from the “two-income trap” and keeping expenses low

Roth IRAs, 401(k)s, Conversion Ladders, and other retirement accounts

Saul’s 72 Hour Rule for spending (especially online shopping)

How to get your partner on board for FI when they may not know about financial possibilities

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Starting a strong financial position in your youth is probably the most important thing you can do to hit financial independence. Sometimes that strong position includes maxing out retirement accounts, like Roth IRAs, 401(k)s, or even HSAs (health savings account), but sometimes, it doesn’t. Scott and Mindy talk to Kirsten about the potential option of pausing her retirement contributions to buy a duplex so she can house hack.

While this may seem counterintuitive, pausing retirement contributions isn't always a bad thing. This is especially true if you’re trying to do something that will radically change your income or expenses, allowing you to invest more into retirement later on.

This episode runs through house hacking, retirement contributions, FHA rules for owner-occupied loans, how to graduate with no debt, and when the best time to have a “money date” is. It doesn’t matter if you’re in your early 20s or mid-40s, these principles are key to having a financially successful life.

In This Episode We Cover

How to aggressively invest so you can retire young

The importance of side-income and why you should have multiple streams of income

Roth IRAs, 401(k)s, and HSAs (health savings accounts)

Graduating from college debt-free

Whether or not life insurance is necessary for young people

Having “money talks” and “money dates” with your partner

House hacking and using real estate to catapult your wealth

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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It’s nice to hear a fan of the BiggerPockets Money Show talk about how they are on the path to financial freedom. It’s even nicer when we hear that the fan, Melissa Yi, went from a negative net worth to now $100k+ due to some simple tips from Scott and Mindy.

Melissa had stints in her childhood where she was facing homelessness, not knowing where her next meal was coming from. She worked hard after high school and ended up at a job that offered to pay for her college education. A year away from graduating, she made the decision to quit, without savings, another job lined up, or a way to pay for school. She took out student loans, auto loans, and sunk into credit card debt.

At one point, Melissa looked around and realized she had a lot of stuff. Stuff that wasn’t doing anything for her, except for filling up her garage. She sold what she could, started bringing in side income streams, and stopped eating out. These small changes allowed her to slowly pay off her debt and get to a positive net worth. Now, she’s at the $100k+ point and slowly coasting her way to financial independence!

In This Episode We Cover

The importance of financial education when growing up

Taking advantage of company-sponsored tuition reimbursement

Why you should never cash out your 401(k) or other retirement accounts

Credit card debt and why it’s so bad for uninformed consumers

Using a live in flip to make a killer profit while paying $0 in taxes

Setting up retirement accounts and maxing them out whenever possible

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Melissa’s Facebook Post

Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners

Check the full show notes here: https://www.biggerpockets.com/moneyshow210

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Teachers do a lot more than we give them credit for (as shown throughout the past year and a half), but sadly, they don’t get paid terribly high salaries. Today’s guest, Stephanie, is a music teacher for young children and is debating whether or not she should make a career change to up her income to higher levels. Stephanie has a good amount in savings and investments but wants to take on a duplex to house hack and save money on monthly housing costs.

Scott and Mindy walk through the pros and cons of house hacking and answer questions about live in flips. The best part about Stephanie’s story is that she has the option to move anywhere in the United States. She has nothing holding her to New Jersey and may be keen to move out due to the high taxes she has to pay.

With the combination of a career change and the potential to do a live in flip/house hack on the horizon, Stephanie has a lot of great (and broad) options to help her reach financial independence!

In This Episode We Cover

Changing careers to maximize financial independence goals

Starting a side hustle so you can earn extra income

Roth IRAs, 401(k)s, and Solo IRAs

House hacking as a means to not only cut housing expenses but build wealth

Who should (and shouldn’t) do a live in flip

Should you pay off low-interest debt or invest?

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Growing up, Bola Sokunbi had some serious financial influence from her parents. Her father would tell her “Don’t be penny wise and pound foolish” while her mom showed her the importance of being an independent woman who could financially stand on her own. They both influenced her to become the financial author, mentor, and teacher she is today with Clever Girl Finance.

Bola split her youth between Europe and Africa, and when given the chance to go to college back in Europe, her mom cashed out her retirement savings to give her daughter the gift of education. Bola worked through college and graduated with zero debt! She then went on to live in New York City, making $54,000 a year at her first job, which to her, was like getting a million dollars!

As she saved up to buy her first home and later started investing in more growing assets, she saw her friends who made 3x her salary, spend all their money on designer handbags, expensive dinners, and luxury apartments. She knew she didn’t want to be surrounded by financially irresponsible people, so she distanced herself from those friends, and began her journey to FI.

Now, Bola has a business pulling in six figures every month! She teaches women how they can start investing, have financial confidence, and live life on their terms.

In This Episode We Cover

The importance of education, even in today’s world

The great sacrifices Bola’s parents made for her to be successful

Starting side income streams so you can invest and save more

Selling the investments you don’t feel comfortable with, and why everyone doesn’t need to be a landlord

Saving a massive financial runway before quitting your full-time job

Starting Clever Girl Finance and her new book The Side Hustle Guide

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Clever Girl Finance: The Side Hustle Guide: Build a Successful Side Hustle and Increase Your Income

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We’ve said it before and we’ll say it again: it’s never too early to start your journey to financial independence. Today we talk to Mackenzie, a 23-year-old college graduate, working a government job and paying for only minor expenses. She has a serious emergency fund she’s managed to save up and has questions on house hacking, setting up retirement accounts, and the fastest way to get to FI.

When you start your financial journey at such a young age, you have many different opportunities. Even just maxing out your Roth every year may be enough to make you a tax-free millionaire, but what about more aggressive strategies like owning rental properties or even shooting for a far higher-paying job? These are all questions that Mackenzie wants answers to, so we have Scott and Mindy here to help!

In This Episode We Cover

Living at home when you’re young to save money on rent and food

Graduating debt-free so you can come out of college ready to build wealth

TSP accounts, Roth accounts, and the 457 plan

House hacking as a way to fund future investments

Looking for other jobs or side income that can help you increase your investing rate

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Part of the reason we started the BiggerPockets Money Show was to share financial stories from all different backgrounds, giving you, the listener, confidence to reach your financial goals regardless of the stage you’re at in life. There’s no better story or person to personify this than Dr. Lakisha Simmons.

Lakisha grew up in Indianapolis, born to teenage parents who didn’t have much. She spent the majority of her youth living at different family members’ houses, shopping bargains, and being content with having enough to get by. She started working at 14 years old and has fond memories of taking her paychecks to the bank so she could deposit them in her own checking account.

When Lakisha hit some road bumps in her personal life, she put her children first and sold her home, started renting, and dove heavily into FI. She managed to hit a 60% savings rate as a single mother, thanks to her helpful side-income streams. Now, after almost 3 decades of working, she’s ready to retire, spending time with her children and teaching other women how they can do the same.

In This Episode We Cover

How growing up in poverty can lead to living frugally in the future

Whether or not student loans are worth it for the paycheck

Looking at ALL your bills and only paying for things that bring you value

Renting vs. owning a home, and how it affects your bottom line

Taking advantage of 457(b) plans for government employees

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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For most people, there tends to be a specific point in your life when you think, “I want to travel” or “I want to spend time pursuing my passions”. For today’s guest Ainsley, this happened about two years ago.

She has spent the last decade or so being a stay-at-home mom, but is looking to up her household income by getting a job that will provide an extra $36,000 a year to the family budget. Her main question: what should this extra income be used for?

Mindy and Scott come up with a step-by-step approach to hit financial freedom, even if you don’t have a large amount of cash or investments. Lucky for Ainsley, her home in the Pacific Northwest appreciated close to $150,000 in just the past year alone! Plus, she also has retirement accounts that she and her husband actively contribute to.

While they’re doing many things right, they could improve on some simple things like boosting their emergency fund, starting an HSA, contributing to a Roth IRA, and getting their income up as much as possible. This is a great episode for those who don’t want to get into real estate, and instead would rather have passive investments growing on the side!

In This Episode We Cover

Mindy and Scott’s 7-step plan to hit financial freedom

The importance of keeping a healthy emergency fund (and where to store it)

The pros and cons of taking out a HELOC on your primary residence

Always getting the 401(k) match whenever presented with one

ESPPs (employee stock purchase plans) and how to take advantage of them

Roth IRAs, Roth 401(k)s, and other tax-deferred accounts

Investing in a regular brokerage account once you have maxed out retirement

And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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There are lots of twists and turns throughout every investor's journey, but maybe not as many as Zeona McIntyre’s. Growing up with the words of Suze Orman in her ear, Zeona knew that there were a few things she had to do, like max out her Roth IRA every year. It wasn’t until Zeona was talking to a friend who told her about Airbnb arbitrage that she realized a future in real estate investing may be the most successful.

Before there were many short-term rental laws, people would Airbnb out of their own rented apartment, often without the landlord’s permission. Before you go off on Zeona in the comments, know that she does not do this anymore, and a few of her landlords were surprisingly okay with the plan. Since then, she has purchased 11 doors that she rents out, both to short and long-term tenants.

You’ll hear how Zeona used private funding, an unfortunately-fortune life insurance payment, and many other creative methods to get her to financial independence in just 2 years!

In This Episode We Cover

Airbnb arbitraging and why it was so popular in the early days of short-term rentals
Paying off student debt but feeling like you’re not “moving the needle”
Why it’s so important to consume financial information at the beginning of your career
Dealing with the death of a loved one, and finding ways to honor their memory
COVID’s impact on Airbnb and the short-term market in general
And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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We all know someone who hustles. Maybe it’s your sibling or your friend, or maybe you’re the hustler in your group. Those who hustle to make more money seem to always find new ways to bring in more cash, and that’s exactly what today’s guest, Alicia, is doing. Alicia jokes that she has 2-4 jobs, because in the day she’s working 65 hours a week at a media company, but is also a “saloon girl” and professional singer on the side. How many moms do you know that can ride a mechanical bull? Well, Alicia can!

Alicia recently purchased a rental property in Detroit that is giving her a 20% return! This is far higher than most real estate investors anticipate, and for her, it’s a blessing on her path to hitting passive FI. She was able to buy this rental in cash with a 401(k) loan, but with some taxes looming on the horizon, Alicia is asking whether or not paying off the debt or buying another property is the best move to hit her financial freedom goals.

In This Episode We Cover

401(k) loans and when (or when not) they’re appropriate to use for investment purposes
Getting 20% ROI with section 8 tenants in Detroit
Why side income streams are important for any new or established investor
How live in flips still provide great returns even in a hot market
Knowing which debts to pay off slowly and which debts to get rid of fast
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Growing Your 401k vs. Liquidating It to Invest in Real Estate
Is a Live In Flip Right for You? Here’s How to Tell
Feline Good Social Club

Check the full show notes here: https://www.biggerpockets.com/moneyshow204

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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What’s your excuse for not hitting financial freedom? Maybe you work at a low paying job, maybe you only have one income for your household, or maybe you’re caring for a few kids, limiting the income you can save and invest. Prepare to have your excuses obliterated, because today we’re talking to Rob and Sam, who raised their 14 children on one income alone. And we aren’t talking about a $500k per year income, we’re talking about a median income!

Rob and Sam always wanted a big family, and luckily, they were raised in frugal households, allowing them to save every penny, shop the deals, and have a budget. While Sam was at home raising the children, Rob was out working and slowly paying off their house early, without Sam’s knowledge. One day, Rob told Sam that the house was paid off, which came as a huge surprise to her!

He had also been maxing out their Roth IRAs, his 401(k), and their HSAs. Rob was doing all this while comfortably raising 14 children. How is that even possible? Well, you can learn all about their tips, tricks, and budgeting tactics by buying their new book: A Catholic Guide to Spending Less and Living More: Advice from a Debt-Free Family of 16!

In This Episode We Cover

Setting up budgeting, expense tracking, and being deliberate with your spending
Maxing out your 401(k) match, your Roth IRA, and your HSA
Being frugal so you have more money to spend on the important things
Fixing up a foreclosed house to save money when shopping for a home
Getting out of debt so you can tackle bigger (good) debts
Becoming intentional with your spending, saving, and investing
Raising a family of 16 with a single 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
Mad Fientist

Check the full show notes here: https://www.biggerpockets.com/moneyshow203

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A Catholic Guide to Spending Less and Living More: Advice from a Debt-Free Family of 16

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Most 21-year-olds aren’t thinking about Roth IRAs, early retirement, house hacking, or graduating college debt-free. But today’s guest, Anthony, is! Anthony is currently a student in community college, preparing to transfer to a four-year college next year. He has a paid-off car, no credit card debt, and makes around $2,000 a month, with $800 or so as extra income each month.

Anthony is wondering where the best place to put his extra income is. Should he invest in his Roth or should he save up money for college costs? Alternatively, he could house hack which could cash flow him through college and allow him to leave with a degree and a profitable rental property.

Scott and Mindy walk through the multiple different options Anthony has and push him to see what he can achieve within the next few years to put him on a path towards financial independence!

In This Episode We Cover

Planning for retirement at a very early age
Maxing out your Roth IRA and 401(k) match every year you can
Paying off credit card debt and car loans
Finding side income streams like driving for Uber
House hacking during college and leaving with a cash-flowing rental
Keeping your spending habits low (especially as you’re starting out)
And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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How do you think about debt? Most of us would shudder to think of having high-interest consumer debt in our lives, and for good reason. Consumer debt can lead to a detrimental financial future and tons of wasted money on interest. But what about good debt? Debt to buy rental properties or help an aspiring business. How do you feel about that debt?

Today we’re joined by FI chaser, and friend of Mindy, Jake Simon. Jake was raised in a frugal household. He learned to spend less than he made, shop the bargains, work hard, and NOT go into debt. Jake had been investing money every month in his 401(k), and after that, began putting the extra money he had into a bank account. After listening to The Mad Fientist (he’s been on our show before too), Jake knew that there was a much better place his money could be stored.

With the relocation of his job every few years, Jake became more and more interested in real estate, prompting him to start doing live-in-flips! After maxing out retirement accounts, selling his flips for heavy profits, and still having a large savings rate every month, he decided to conquer his fear of debt, and use debt to buy rental properties!

In This Episode We Cover

The difference between good debt and bad debt
Storing your money in a long-term investment, as opposed to keeping it in cash
Why live-in-flips are not only practical but profitable too
Understanding your profit margins and buying deals that are worth it for you
Buying your children a “rental property college fund”
Who should (and shouldn’t) be doing their own rehab work
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
BiggerPockets Money Podcast 35 with Craig Curelop
Mad Fientist
ChooseFI

Check the full show notes here: https://www.biggerpockets.com/moneyshow201

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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We love when guests come back on the show, especially when that guest is Kyle Mast. You may have heard him back on episodes 41 & 84, but now he’s here to celebrate our 200th episode with us! Scott and Mindy have come up with their own questions to ask Kyle ranging from retirement accounts, to asset allocation, to the future of cryptocurrency, and more.

If you’re worried about retirement, Kyle has you covered. We go over some great topics like whether you should choose a traditional 401(k) or a Roth 401(k). From there, we talk about whether a pre-tax account or a post-tax account makes the most sense, based on your income, tax bracket, job security, and more. We’ll also touch on HSA (health savings accounts) which are a fan favorite as well as a tried-and-true winner for almost anyone who qualifies for one.

Post-retirement is another topic that rarely gets discussed on the show (since we’re all so focused on getting wealthy, not deploying that wealth). If you’re worried about hitting required minimum distributions soon, you may have the ability to save hundreds of thousands of dollars in the long run with some tips from Kyle. We’ll also talk about diversifying your accounts now so you can be nicely positioned upon retirement.

Lastly, we talk about inflation, rising house prices, tech stocks, and (Mindy’s favorite, of course) cryptocurrency. All of these are incredibly relevant right now and it’s great to hear from someone as neutral as Kyle on the pros and cons of each.

In This Episode We Cover

Traditional 401(k)s vs. Roth 401(k)s and the tax implications of both
Looking at your retirement accounts from a long or short term position
Taking the 401(k) match whenever a company allows you to
Required minimum distributions and the 4% rule
Solo 401(k)s and and retirement accounts for entrepreneurs
Cryptocurrency, stocks, real estate, and precious metal allocation
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
BiggerPockets Money Podcast 41
BiggerPockets Money Podcast 84
BiggerPockets Money Podcast 118
Mad Fientist
BiggerPockets Money Podcast 120 with Michael Kitces
Nerd's Eye View

Check the full show notes here: https://www.biggerpockets.com/moneyshow200

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The average American takes a long time to pay off debt, especially student loan debt. These amounts can vary, some people have a few thousand in student loan debt, others have tens of thousands, but what about $521,741 in student debt? Would you be able to pay off over half a million dollars in student loans, all while trying to buy a house and regularly invest? This is exactly what Ty from Debt Ascent did, and he did it quite successfully.

Ty is an engineer and his wife is a dentist, so they both are in high-income careers with advanced degrees. Ty makes the argument that their degrees are a good investment, as they’ve been able to make $400,000+ as a couple, years after finishing school. This is a very high income, and with smart money management (as you’ll hear in the show), the high debt can be easily argued as being worth it.

You’ll also hear from Ty on the importance of tracking your spending (something both Mindy and Scott have been fans of for a long, long time). Tracking the spending for Ty and his wife made it simple and easy for them to live off of one income alone, while dedicating the other income completely towards paying off debt and setting up other income streams.

As of now, they are debt-free, with another $500,000+ in assets! Talk about financial efficiency!

In This Episode We Cover

When student debt is (and isn’t) worth it for a future career
Why it’s harder for lower-income households to pay off debt
The importance of tracking your spending (via YNAB or manual tracking)
Paying for your future self, your current self, and your past self
Staying away from the “two-income trap”
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Mr. Money Mustache
YNAB
BiggerPockets Money Podcast 106 with Megan Gorman
BiggerPockets Money Podcast 20 with JL Collins
Debt Ascent Net Worth

Check the full show notes here: https://www.biggerpockets.com/moneyshow199

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Many of you know that Mindy loves live-in-flips, and although she can definitely swing a hammer, she doesn’t have the skills of a finish carpenter, but today’s guests, Serafina & Darrin, do! Serafina and Darrin were both working at non-profits, but over the last year have transitioned to running their own business named Carlucci Woodworking. Serafina takes care of the bookkeeping while Darrin takes care of the carpentry. They’re a dynamic duo!

All this is happening while they are trying to build their dream home out in the country. If you’ve ever custom-built a house you’ll know how time-intensive and (often) expensive it can be. Serafina & Darrin want to know whether or not Darrin’s high hourly rate would be better served doing jobs, as opposed to working on their own home.

With dreams of sailing around the world with their children, hitting a not too far away FI number, and living in their countryside getaway, they’ll need to focus on optimizing their business, getting connections, and keeping up with their investing!

In This Episode We Cover

The pros and cons of leaving your job for self-employment
How to optimize your business so you’re working billable hours whenever possible
Roth IRAs, traditional IRAs, and pensions
Setting up your emergency reserve so you always feel financially secure
Using your business in creative ways (to make more money!)
Knowing the ARV of a new construction (even if it’s custom)
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Mad Fientist
Etsy
Yelp
HomeAdvisor
HSA – The Ultimate Retirement Account
Roth Conversion Ladders

Check the full show notes here: https://www.biggerpockets.com/moneyshow198

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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There are a lot of excuses we hear from people as to why they can’t reach financial independence. They needed that new car, they needed that nicer apartment, they needed the expensive vacations. Often, this is what we hear from people making a high income, unlike today’s guest, non-profit worker Nate Forbes.

Nate knew that he liked working jobs that tended to pay less, and with the support of his wife, he stayed at them. When his wife was ready to be a stay-at-home mom, Nate took a job with more pay but was by no means a high-income position. Even with Nate being the only breadwinner for the family, he and his wife were able to max out their retirement accounts, buy rental properties, and start doing BRRRRs.

Since Nate was raised with strong frugality and not much of a consumer mindset, he’s used to living below his means, but his story of wealth accumulation is truly inspiring. From selling vintage clothing to living in a collective household, to hunting down an early 90s Honda Civic to get 50mpg on long commutes, Nate has done almost everything he can to live a life he loves all while reaching “coast” FI!

In This Episode We Cover

The importance of early financial education for young children
Living below your means and striving to invest every year you can
Keeping the job you love and finding ways to make more money on the side
Maxing out your Roth and other retirement accounts
BRRRR investing and doing live-in flips
Realizing that life isn’t about math, and leverage may not be necessary for success
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Fuel Economy
Dave Ramsey
Mr. Money Mustache
Mad Fientist

Check the full show notes here: https://www.biggerpockets.com/moneyshow197

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Getting out of debt can be very empowering, which is exactly how Azar and Jeffrey felt when they paid off $83,000 of debt in under 3 years! They thought it may be the best time to start investing in real estate, but with a surprise baby on the way, they need to be sure they’re prioritizing stability over growth. Since they’re in such a great position, they should be able to do both!

Azar works as a school nurse bringing in a respectable salary, while Jeffrey gets disability payments. Both have pensions and retirement accounts, but they want something more than just those retirement options. For them, real estate seems like the next step. They’ve taken out a HELOC (home equity line of credit) in order to buy their next property, but need advice on whether or not it’s a smart move to stockpile cash for the new baby or go ahead with the real estate purchase.

In This Episode We Cover

Getting yourself out of high consumer debt
Refinancing so you can take advantage of far lower interest rates
How much should you have in an emergency fund for a family of five?
The potential benefits of paying off your primary residence before buying rentals
Why HELOCs should be used for short term debt only
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter

Check the full show notes here: https://www.biggerpockets.com/moneyshow196

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Student loans can often drag people into debt, especially when chasing more than one degree. But here’s an unusual story: Brenda Olmost, PhD student, nurse practitioner, and member of the FIRE community is graduating with NO debt. Amazing right? Brenda has worked her tail off over the past decade getting scholarships, living below her means, and working whenever she can so she graduates her program with no debt.

Not only has Brenda done a fantastic job making extra income, she’s been investing on the side! She has a growing 401(k), a maxed out Roth IRA, and 2 rental properties. At 31, she’s in a phenomenal position to reach financial independence. Lucky for her, she loves her career, so even if she does hit her FI number, she’ll still be bringing in the dough to pursue more and more investment opportunities.

If you want to hear more from Brenda, you can check out her podcast, Minority Millennial Money where she talks about budgeting, investing, saving, career, and relationships!

In This Episode We Cover

Staying off the hedonic treadmill and living below your means
Pursuing high demand, high-income careers
Getting scholarships and working on the side to pay for school
Why you SHOULDN’T buy that new car you want
Hitting “Coast FI” in your early 30s
Using your extra income to invest, buy rental properties, and save
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
BiggerPockets Money Podcast 169
BiggerPockets Money Podcast 81
BiggerPockets Money Podcast 24

Check the full show notes here: https://www.biggerpockets.com/moneyshow195

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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It’s a common concern among many Americans on whether or not they can retire on a timeline they feel comfortable with. In this episode, we talk to Deb, who’s having some of those same concerns. She has over $100,000 in assets (not including the house) and wants to be sure that she can provide a great life for her children all while saving more and more for retirement.

Deb has read so many money and financial independence forums about mid twenty year olds with six-figure incomes and five-figure savings per month. Many people read about these stories and feel like they can’t compare, but if you’re in Deb’s situation, you’re already doing well with retirement savings! It can be dangerous to compare your journey to others who’s backstory you don’t know. That’s why we encourage everyone to save, invest, and spend at a rate that works for their goals!

In This Episode We Cover

Finding side-income sources and business that will help you with retirement savings
Keeping an expense tracker and budget so you know exactly what you’re spending
Having a sizeable emergency fund so you’re never in a bad position
Giving every dollar a purpose in your budget
Setting up your children with Roth IRAs so they can start investing sooner
And So Much More!

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Part of the mission of the BiggerPockets Money Show is to share journeys from all walks of life. Our guests show that no matter where you’re at, you can reach financial freedom and enjoy your life on your terms. Today’s guest, T Christopher Colton, is a shining example of pulling yourself out of the depths and into the light.

Chris never liked school, and was spanked all throughout elementary and middle school for failing to pay attention in class. He was told he needed to go to college, but didn’t have the passion for higher learning that other classmates did. He ran away from home multiple times, ended up being homeless, and addicted to drugs. He had stints as a car salesman, before going into carpentry.

With the help of his wife, Chris was able to get off the streets and live a stable life with his full time income. But, he wanted more. He became an electrician apprentice and started doing side work to help pay off the $100,000+ debt he had accumulated. Thankfully, he found out about financial independence through Dave Ramsey, putting him on a path to reject consumer debt, go hard on retirement accounts, and bring in more income.

In This Episode We Cover

The financial danger of buying a new car, and the costs that come with it
Selling everything to get out of debt fast
Moving states and reducing costs of living dramatically
401(k)s, IRAs, and Roth IRAs for retirement
Starting a side business and having your W2 pay for your everyday expenses
Getting your children on a path to success with early financial independence
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
WECA Apprenticeship
CarMax
The Ramsey Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow193

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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In many of our lives, we make a decent salary, we try to save and invest, but we still feel bogged down by debt. How is it possible to feel “broke” while making a great salary? That is the question that Tiara, today’s guest, is asking. Tiara works as a park ranger in Texas, but wants to take a break in the next few years to go on a big travelling holiday.

This is a great idea! She’s worked very hard, managed to get some assets under her name, and needs a break. But before she can go out and explore the world, she needs to take care of some high-interest credit card debt eating away at her bank account and her financial sanity.

Tiara is also sitting on a rental property that has appreciated since she bought it. This rental property used to be her primary residence, so she still has some emotional ties to it, but with her current needs growing greater than her need to hang on to a negative cash-flowing rental, it may be time to sell the house.

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Many of us have had the benefit of growing up in households where our parents taught us about money, saving, and investing. Angela Rozmyn was raised in one of these households, and when she wanted something like a bunk bed, her parents got her to work so she could split the cost of it. Clearly this has helped her even to this day as she pursues financial independence and runs the Facebook Group “Women’s Personal Finance (Women On Fire)”.

Before she was on her financially independent journey, she had to get rid of her student debt. She did so by working two jobs before getting into a full-time position and paying off small amounts of the loan as quickly as possible. She paid off $24,000 in student loans in less than 4 years, a huge accomplishment! One of the biggest factors that pushed her to pay off her loan so early was when she calculated how much she was paying in interest on a daily basis. This lit a fire under her to become debt-free.

Now, Angela writes on her own blog Tread Lightly, Retire Early where she shares her money journey, mistakes, and tricks to hitting financial freedom. Angela prides herself on having such a strong community and blog position in a niche that tends to be led mostly by men.

In This Episode We Cover

Instilling a money mentality in children at a young age
Paying off your student loans as fast as you can
Having separate accounts when married/in a long-term relationship
Maxing out your IRAs and doing as much as you can for your future self
House-hacking and finding a roommate that benefits your life
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
The Millionaire Educator
One Frugal Girl
Student Loan Calculator
Retire by 40
BiggerPockets Money Podcast 161 with Mad Fientist
BiggerPockets Money Podcast 187 with Tiffany Aliche
BiggerPockets Money Podcast 124 with Millionaire Educator
BiggerPockets Money Podcast 13 with Tanja

Check the full show notes here: https://www.biggerpockets.com/moneyshow191

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Side businesses can be a fantastic way to boost your savings and investing rates, especially if you’re making a low salary! Rachael works in the insurance industry and is keen on getting a promotion soon, due to her recently acquired license. She loves her work and wants to stay with her company as long as she can, but she also wants to increase her income so she can save more for her retirement, her college funds, and pay off some student debt.

Rachael has always been an artist and uses this talent to grow her small businesses. She hosts “painting parties” where she leads a group of people through painting a beautiful picture. She also has some designs that she sells over printing websites so people can buy them as mugs, mousepads, tee-shirts, and more.

She does have a few things to cut out of her life, such as a very expensive mobile phone bill for her and her sons, as well as a love for eating out. Mindy and Scott’s advice is to start tracking expenses as soon as possible and get rid of her delivery app membership right away!

In This Episode We Cover

Why side-income streams are so important when building wealth
Combining or keeping finances separate when in a marriage
Why you shouldn’t liquidate your retirement savings before a divorce
Cutting down eating out and making it easier to eat at home
Saving on mobile service by going with a prepaid service
And So Much More!

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Getting a finance degree doesn’t make you a great investor or saver, that’s what Teri Slater, personal finance coach found to be true after completing her degree. From a relatively early stage, Teri had already racked up student loan debt, a car loan, and credit card debt. She pulled herself out of debt and felt accomplished, but after she got married and bought her first house, she found herself back in debt. About $200k in debt!

Teri and her (then) husband had high incomes, a nice home, children, and a couple of dogs. From the outside, it looked like they were doing phenomenally, but inside the home, Teri and her husband were barely scraping by with enough money to pay the mortgage every month. They had credit card debt, a car loan, a truck loan, business loans, and a HELOC (home equity line of credit) against the house. They were completely surrounded by debt.

They decided to attend Financial Peace University sessions and take the baby steps to get out of debt. Teri still felt embarrassed at the end of the meetings and was hesitant to disclose how they were doing financially. It took her and her husband years to get out of hundreds of thousands in debt, but as of 2018, Teri is debt free! Now she puts a generous amount towards her after-tax and pre-tax retirement accounts, and helps teach others how they too can be on a path to financial freedom.

Teri knows first hand how hard it can be to talk through financial situations with your partner. She goes through some tactics to get your partner on the same page as you and create clear goals, all without revenge spending!

In This Episode We Cover

Staying out of debt when you go to college
Diagnosing the behavioral issues around debt
Getting out of debt and staying out of debt
Keeping up the momentum when you’re paying off large amounts of debt
How to stop “revenge spending” when you feel it coming on
And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow189

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Being strapped with student debt isn’t easy. It creates a whole new obstacle to hitting financial freedom, but it can be mitigated. So does it make sense to invest on the side and pay the regular monthly payments on student debt, or go all-in and pay off huge chunks of student debt at once? Today’s guest, Robyn, has this exact question (which many of you may have as well).

Robyn lives in the Bay Area, one of the most notoriously expensive housing markets on the planet. That being said, she is paying very low rent, under $700 a month, split with her partner. Robyn has student loans and a small car loan, but wants to go back to school to get her master’s degree so she can hit her career goals. There would be a pay raise after she got her master’s and she loves her job, so she’s keen on staying in her sector for awhile.

Scott and Mindy go through a few examples where it may be best for Robyn to go more heavy on investing, instead of paying off the student loan aggressively. This is especially true now that the government has given the option of 0% interest payments on student loans for many students (including Robyn) until at least the last quarter of 2021. So what makes more sense, get rid of debt or go in on investing?

In This Episode We Cover

Keeping a large savings rate every month for unexpected expenses
Finishing school faster so you walk away with less debt
Knowing your student loan and other debt interest rates
Weighing investing against paying off student loans quicker
Having a side-income so you can maximize saving whenever possible
And So Much More!

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Tiffany Aliche is back for her third appearance on the BiggerPockets Money Show! We’ve talked to her about how to teach your children about money and climbing out from financial rock bottom, now we talk to her about making millions!

If you haven’t heard from Tiffany before, we’ll catch you up on her backstory. Tiffany was doing well with money up until her mid-twenties, then she hit a few snags, and even got scammed out of $35,000 from who she calls “Jack the Thief”. She was living with her parents in her thirties and had a lower net worth at thirty than she did a sixteen. This is what she refers to as hitting her financial rock bottom.

Thankfully, she had some friends who helped pull her out of her financial shame. She then went on to work hard, started putting away money in savings and investments, and now she’s running businesses making 7-figures, every month! That is no small accomplishment, but Tiffany doesn’t want to go small, she wants to go BIG! Big retirement accounts, big businesses, and big dreams!

Tiffany’s current goal is to hit $10,000,000 in retirement savings by fifty, but thinks she may be able to do so before she turns forty-five. This is all accomplished through creating big visions, setting the pace for the rest of her financial life, prioritizing tasks in her life, and farming out her profitable skill sets. Tiffany’s friends say that everything she touches turns to gold, but Tiffany says “I only touch gold!”

You can get Tiffany’s new book Get Good with Money today!

In This Episode We Cover

Going from financial disaster to ‘Budgetnista’ in a few years
Embracing your humble beginnings and thinking of them as preparation for bigger things
Farming your profitable skill sets where obvious and latent skills are found
Prioritizing your daily tasks and your life as a whole
Investing your wealth AND 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

Check the full show notes here: https://www.biggerpockets.com/moneyshow187

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Today we talk to Sammie, a physician assistant out of the San Francisco Bay Area. Sammie makes a great income, around $140,000 a year, but is strapped with a very big $160,000 student loan debt. The good news? She’s eligible for public service loan forgiveness within only a few years, all she needs to do is continue paying her loan payments while keeping her job, and the debt will be wiped away!

This is fantastic for Sammie, because she wants to start investing more into assets so she can hit financial independence within the next decade.This should be more than possible seeing as she used to be spending a lot on her rent in San Francisco, but decided to move back home with her parents two years ago to not only help them, but save money.

Sammie has some options to work more hours at her job, invest more aggressively, or buy some rental properties. She has a good amount in cash savings and would be comfortable looking into rentals starting next year. She also has a $200,000+ investment portfolio, so not only does she have a positive net worth, when her student loans get forgiven, she’ll be sitting on a lot of money she’ll be able to play with!

In This Episode We Cover

Public service loan forgiveness for student loans
Moving back home in order to save money on rent
Creating more streams of income to hit FI faster and so you can retire more comfortably
Choosing to stay at your job even if you’ve hit your FI number
Investing in your 401(k), Roth IRA, and Traditional IRA
Keeping monthly expenses as low as possible on your road to 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
BiggerPockets Money Podcast 22 with Travis Hornsby
Status Post Adulting Podcast
Real Estate Agent Directory
BiggerPockets Money Podcast 118
BiggerPockets Money Podcast 84 with Kyle Mast
BiggerPockets Membership Benefits & Cost
BiggerPockets Bookstore

Check the full show notes here: https://www.biggerpockets.com/moneyshow186

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Barbara Friedburg wasn’t always the savvy investor and saver that many people know her as, but her background helped get her there. Born to parents of the great depression, Barbara had the traits of frugality and modesty instilled into her from a young age. Money was an open subject of discussion in Barbara’s household, unlike most households today. Her parents taught her to value money, not waste it, and be smart when you spend.

Barbara’s innate financial intelligence was clearly shown when she met her husband. Within two weeks of them getting together, Barbara had already taken over her future husband’s finances and got his money into a retirement account. This led to them having a very financially healthy relationship, never spending more than they needed to, and putting a substantial amount of their income into savings and 401(k) accounts.

Barbara then went on to become a financial planner, investor, consultant, and author. In a time where the market is so overvalued, she advises young people to be smart with their income and understand that wealth is built in the long-term, not through quick gambles. Save your money, invest it consistently, and get off the hedonic treadmill. “Don’t covet your neighbor’s BMW” is what she told us!

Barbara also gives us an inside look into her current investments, and why she heavily favors passive index funds over single stock picks. She goes into short, medium, and long-term money, and the uses for each. For young people who haven’t gotten a grip on finances yet, this is a great episode to hear from someone who has done it successfully for decades!

In This Episode We Cover

Making sure that money is a topic often discussed in your family
Knowing the value of money and fighting back the urge to spend frivolously
Saving a large amount of your income whenever possible
Why Barbara doesn’t believe the FIRE Movement is attainable by most
Why You HAVE to be diversified in order to succeed
What to do with your short, medium, and long-term money
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Hacking Hedonic Adaptation to Get Way More For Your Money
Free Investing Resources

Check the full show notes here: https://www.biggerpockets.com/moneyshow185

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Saving up for financial independence can take some time, but if you’re earning a high salary, keeping your exSaving up for financial independence can take some time, but if you’re earning a high salary, keeping your expenses low, and heavily investing, FI can come quicker than you think. Today, we talk to Kristine, an estimator in the mechanical engineering and plumbing industry. Kristine and her fiancé make a sizable amount of money. Even better, they spend very little for their income bracket and invest in long-term index funds.

Kristine and her husband are thrifty, they pay only $600 a month to rent a room in a house and are just now about to purchase their first home. They’re putting 20% as a down payment and are ready for a large shift in disposable income. They’re also planning on having kids in the future, and want to be sure they can retire on their terms so they can spend time with their children.

Originally Kristine wanted about $3.1 million dollars in assets to hit a $100,000+ per year withdrawal allowance (using the 4% rule), but Scott and Mindy argue that this could be more aggressive than needed. Kristine may be over-budgeting for future children and other expenses, without realizing that her sizable amount of assets could compound quicker than she thinks. Will Kristine be able to retire far earlier than she plans? Listen to find out!

In This Episode We Cover

How having a high income can put you on the fast rack to FI
Keeping your housing expenses low especially when you’re making a lot of money
Putting money into bonds as opposed to high-yield savings accounts
Being on the same page (financially) as your partner and having regular money dates
Having future expenses budgeted so you can have an accurate retirement goal
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
How I Used Real Estate to Pay for My Newborn Daughter’s College Education

Check the full show notes here: https://www.biggerpockets.com/moneyshow184

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Those who are part of the FI or FIRE movement know how important it is to set yourself up on the right path in your youth. For parents, how do you get your kids excited about pursuing financial freedom? How do you talk to your kids about taxes, retirement accounts, saving, investing, and real estate without them falling asleep?

This was Rob Phelan’s question when he started working to build the Choose FI Foundation. The foundation’s goal is simple: help kids achieve financial literacy before they leave high school, let them break free from debt, build towards retirement, and live happier, more secure lives. Contrary to many parent’s beliefs, when children are presented with education regarding them becoming rich, they actually perk up.

Rob stresses that a child’s relationship with money is more important than things like amortization schedules and interest rates. Different age groups learn about money in different ways. For example, elementary school children may learn through broad concepts and simple planning, middle school children are ready to learn about retirement and taxes, and high school children can ask the big questions like “what will make me a successful adult?” as well as developing saving and spending habits.

Rob created different programs and projects such as his “meal planning” project where he asks kids to plan a week's worth of meals and compare their incomes against their expenses. He talks to high school students about house-hacking and creating cash flow so they aren’t stuck in a job they hate. He also runs The Simple Startup, where he teaches children how to start their own business for free!

If you’re a parent or teacher, you can access the Choose Fi Foundation’s full curriculum for free, and get your kids onto a great start!

In This Episode We Cover

Why Rob chose to focus on financial literacy for children
The importance of solidifying crucial financial concepts in children
How to help your children develop good saving and spending habits
Which topics work best for specific ages
Using the “Bank of Dad” idea to teach kids about saving
Motivating high school students to reach financial freedom early in life
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
ChooseFI Podcast
Free resource for parents, 102 Business Ideas for Young Entrepreneurs

Check the full show notes here: http://biggerpockets.com/moneyshow183

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Mindy and Scott don’t often get stumped on the Money Show, but it happens once in a great while. What do you do when you have a multi-million dollar net worth, appreciating properties, a maxed out 401(k), and a solid safety reserve? That’s exactly the question that today’s guest, Mike, has.

Mike has worked in the music industry for years, moving all around the US to do his job. As technology has evolved, Mike is predicting an end to his specific role over the next decade, and is wondering what he should do next. He doesn’t have a lot of interest in starting a business or buying more real estate, but wants to squeeze out more money or savings if he can.

He has rental properties that have highly appreciated, but are having cash flow problems due to COVID-19. One, located in San Francisco, has netted close to $700k in equity since its purchase 12 years ago. That’s massive! Mindy and Scott go through Mike’s options, such as selling and putting the leftover profit into cash-flowing assets, or 1031 exchanging into a more diverse real estate investment.

Mike is one of the best examples of smart investing we’ve seen on the show, but there’s always more room for improvement with finances!

In This Episode We Cover

What to do after a real estate investment has grown significantly in equity
HOA fees and being prepared for a large cost when owning a condo
Looking forward in your career to see when your industry may go through changes
1031 exchanges and using them to get more cash flow
Keeping your expenses low even if you make a substantial amount of money
And So Much More!

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You may hear of 20 year olds with $1,000,000 in real estate, or a novice flipper doing 50 flips a year, or even a wholesaler who made six figures on one deal. What about the everyday investor who slowly grinds and acquires a steady stream of passive income all while building hundreds of thousands in equity overtime? Those are the real people in real estate, and that is a success story worth sharing.

Julie, software engineer and former BiggerPockets employee bought her first house after realizing that a mortgage would be cheaper than her rent. After getting together with her (then) boyfriend, they decided to buy a bigger house. As her first house sat on the market, she waited for an offer, and then made the decision to rent it out.

A few months after buying her second home, she broke up with her boyfriend. Problem? They were both on the title and mortgage. Julie had enough money in her cash reserve to buy him out of the property. Now the property was all Julie’s and she rented out a room to help her pay off the mortgage.

Now Julie has 7 properties, spread out across Iowa, Tennessee, and Kentucky. All with very interesting stories, and all pay her passive income, every month. Julie is proof that with some financial restraint, you can slowly build a real estate empire, without even trying to do so in the first place!

In This Episode We Cover

When you should own and when you should rent a house
The dangers of buying a house with someone who may not be in your future
Why you should borrow less than you’re approved for
The importance of keeping a substantial cash reserve available for investments
Never rent to someone who has no credit, no references, and no job
Diving into real estate, even if you don’t know all the tips and tricks yet
And So Much More!

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What do you do once you’ve hit millionaire status? You have rental properties, brokerage accounts, and a good amount of cash on hand, so what’s next? This is the question that today’s guest, Brian Blask, has. Brian has done everything right so far: he doesn’t spend frivolously, he invests heavily, he isn’t overleveraged in his rental properties, and he has a high income.

Often when you reach such a high point of financial intelligence, you want to make bigger investments for bigger returns. Brian is debating whether or not he should buy more rentals in the cash flowing market of upstate New York, or buy a short-term rental in his new home state of North Carolina. Both markets are different, while one favors cash flow, the other favors appreciation. Brian is also debating whether or not he should take a truly passive role and invest in real estate syndication deals.

Many people don’t know that to become an accredited investor you (often) need to have a net worth of $1,000,000. This is why Brian is debating whether or not he should put money into syndications. Although they can be more hands off, it’s incredibly important to do your homework and look at the track record of a syndication before diving in.

With the liquid assets that Brian has on hand, he has a number of great options to follow up with. Keep the cash flow in New York even with little appreciation, try his shot at an AirBnb in North Carolina that could both cash flow and appreciate, or have more time with his new baby on the way and put money into a syndication. What should he do? Listen to find out!

In This Episode We Cover

How real estate helped Brian keep his income higher than his expenses
How much of a safety reserve should you have for your rental portfolio?
When (and when not) to put more money into you tax-advantaged retirement accounts
Setting up separate reserves for your rentals and your personal life
How to evaluate whether or not a syndication will bring back promised returns
Cash flowing markets vs appreciation markets
And So Much More!

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Being in the military opens you up to an array of benefits for a financially abundant life. You have access to VA loans, a tax-free housing allowance, and a pension (if you stick around long enough). That’s why it’s of the utmost importance to start saving and investing while you’re young and in the military. But, that wasn’t exactly what David Pere (From Military to Millionaire) did when he was first enlisted.

David grew up with frugal parents, who never splurged on much. So when he joined the Marine Corps in 2008, he was ready to catch up on the spending he never was able to do. As he describes it, he spent his first salary on “a truck, tattoos, and drinking”. Not the best way to set yourself up for financial freedom! It wasn’t until a few years later when a friend gave him a copy of Rich Dad Poor Dad that David discovered he could be doing A LOT more with his money.

He bought a duplex with an FHA loan for $81,000 and house hacked it so his tenants were paying a majority of the mortgage. When he was shipped off for duty, he ended up leasing out the other side of the duplex and cash flowing an extra $300 per month. He then went on to buy a 10-unit with just 5% down and also got in on a small syndication in South Carolina.

Everything was looking good, until David decided to partner up on a 40 unit, mixed-use building with a sizable amount of leverage. Some things happened and the deal turned sour, now David is in a legal battle to get his money out of the deal. Even with this massive deal not going through, David pushes the importance of scaling, but not too fast. Scaling to an amount where you aren’t overleveraged but at the same time pushing yourself to accomplish more is the sweet spot!

In This Episode We Cover

The financial benefits that service members have
Why you should max out your non-taxable retirement accounts whenever possible
Using FHA loans to buy multifamily properties with very little down payment
The “mentality shift” that comes with buying a large property
How to evaluate whether or not a deal is worth the effort
Choosing cash flow over unit numbers to hit financial independence
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
BiggerPockets Money Podcast 156 with Rich Carey
FinCon

Check the full show notes here: https://www.biggerpockets.com/moneyshow179

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Last time we talked to Sarah, AKA Budget Girl, she was on Episode 6 of the Money Show. If you haven’t listened to that episode, here’s a quick recap. Sarah was $33,000 in debt from student loans, but she was able to pay it off while making less than $30,000 year! For most people, this would have taken decades to pay off, but Sarah was able to crush her debt in only a few years!

Now it’s time to check in on Sarah, and see what she’s been doing since clearing herself from debt. Currently, Sarah has a net worth of over $100,000, she took some advice from the BiggerPockets community and bought a duplex to house hack! She purchased the duplex within the “path of progress” around Texas A&M University. She’s seen some solid appreciation over the past 10 months and cash flows a small amount off the property. She’s not only living for free, she’s getting paid to live in her own property!

Sarah has also hoarded a serious sum of cash and investments sitting on the side. She has retirement accounts, brokerage accounts, and a large surplus of cash that is slowly building so she can buy her next property. Sarah is able to do this by keeping her expenses very low, while making money from her full-time job and her side hustle as Budget Girl. She proved that even with a low income, you can get out of debt and hit financial milestones!

In This Episode We Cover

Getting out of debt fast, even with low income
Creating multiple streams of income so you can save and invest heavily
Buying properties within the “path of progress”
House hacking to live for free (or getting paid to live)
TSPs, Roth IRAs, and other retirement accounts
Keeping your spending conservative so you can go all in on investments
And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow178

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It’s hard being a first time home buyer, especially if you don’t have any experience with real estate, property values, or market appreciation. You may be wondering how you’ll be able to buy a home that will help increase your net worth, or at least, not shrink it. Scott and Mindy are on today to tell you how to make the best first time home buying decision possible.

We’ll go through the most common myths that first time home buyers tend to get caught up in. Myths such as:

Buy as much home as you can
Buy your “forever home” as your first time purchase
Your home is an investment
And more..

If you’re interested in gaining some appreciation with your first home purchase, Scott and Mindy also walk through the most common exit strategies and how you can prepare to use them. You’ll also hear some great advice on how to find a good deal in your area. And no, a good deal doesn’t just mean a deal that is lower than market average!

Want to know more about how to successfully buy your first home? Scott and Mindy’s new book First Time Home Buyer can be ordered now!

In This Episode We Cover

What most home buyers get wrong when buying their first house
The most common myths that first time home buyers believe
How to find a good deal, regardless of the area you live in
Knowing EXACTLY what kind of house you want to buy
Buying a house that works for you and your partner (if living together)
Preparing calmly to act aggressively so you can get a perfect home under contract
And So Much More!

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Most listeners of the show will know that a cash cushion is always great to have and should be mandatory for almost everyone. Having a cash reserve of 6-12 months can help you cover unexpected expenses or life events like a sudden medical bill or losing your job. That being said, sometimes you can have a cash cushion that’s too big for your lifestyle.

Today we talk to Steve, who has been paying off his mortgage quickly with the help of his wife. They both have respectable salaries, retirement accounts, and a large cash cushion. Steve wants to know whether or not he should move some of his cash out of his reserve and into retirement accounts or real estate.

Since Steve has such a large cash cushion to rely on, he could take out a fraction of it to use as a down payment on a rental property and still have tens of thousands left over! Scott and Mindy walk Steve through the different options he has, such as paying off his primary mortgage then buying real estate, pausing his mortgage prepayments and going all in on real estate, and other strategies.

Steve is in such a secure position that it makes it hard to criticize his current standing. That being said, he could be using leverage to springboard his investment property portfolio and be on the path to financial freedom sooner!

In This Episode We Cover

How much of a cash cushion you should have available
Eliminating big loans like mortgages and student debt
Buying rental properties before you pay off your primary home
Leveraging debt in order to grow your wealth quicker
Getting a real estate agent to start browsing the market for rentals
And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow176

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Last time we talked to Purple from A Purple Life, she told us about her plan to retire at the end of 2020. If you haven’t listened to that interview, you can listen to it here to get the full scoop on Purple’s journey from a $5,000 net worth to hundreds of thousands within only a few years.

Like many financially savvy early retirees, Purple put a lot of time into planning, saving, and investing her capital in order to retire in her early 30s. Well, she did it! As of October 2020, Purple is financially independent and retired! So, how’s it going so far with financial independence in Purple’s world?

Purple talks about her hobbies, interests, and most importantly, how the final month of her employment went with her former employer. She also gives some great insight on taking advantage of her employer’s health insurance for the last month of work, making sure that she was able to keep her quarterly bonus, and how she ended up breaking the news to her boss.

It’s all worked well for Purple, but she did have some big plans to cancel. Purple had lined up 4 months worth of travel that all had to be canceled when COVID-19 hit and shutdowns began. She would have been snorkeling in Australia and scootering in Thailand right now! Thankfully, Purple has been able to adapt and take advantage of this off time to assess her financial situation and what she wants out of early retirement.

In This Episode We Cover

The importance of planning for early retirement even if you love your job
Having a lean FI number and low monthly expense so you can live comfortably in retirement
How long a cash cushion should last you when you decide to retire
Taxable vs. Non-taxable retirement accounts (and which to leverage)
Ending your employment in a respectful and polite way
Being flexible with your retirement plans
And So Much More!

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Real estate investors are known to have their hands in 20 different pots, this is doubly true for Marine and real estate investor Fabio. Fabio is a Captain in the Marine Corps and has been in service for the past 21 years. He has at least five years left before he wants to retire, but is poised to hit his “freedom number” (or what others call their financial independence number) soon.

Fabio has rental properties throughout the country: a duplex in San Diego, a house in Arizona, a BRRRR currently in the rehab stage in St. Louis, and his residence in Illinois. The problem? Some of these properties aren’t cash flowing as much as Fabio would like. He also has a high interest hard money loan on the BRRRR property he is rehabbing, plus a loan taken out against his retirement account.

This presents a handful of different options: should he sell some of the houses that aren’t cash flowing in order to pay back some of the high interest loans or wait to refinance? Which debt should be taken care of first? How can he leverage his current assets to help him build a bigger real estate portfolio.

If you’re a long-term real estate investor, you’ve probably been in a dilemma like this before. Stick around for all the lucrative options Fabio can use!

In This Episode We Cover

Keeping monthly expenses low (especially if you’re about to retire)
Taking advantage of the equity you have in different properties
Coming up with a “Freedom Number” then shooting for that goal
What to do with houses that aren’t cash-flowing
Taking out loans from a 401(k) or TSP account
Which loans to pay off first (depending on time and interest rate)
And So Much More!

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Welcome to episode 173.5! Yesterday you heard from Brent, a former registered nurse who paid off over $100,000 in debt and started a mobile pizza truck! Brent’s original interview was recorded back in January or 2020 and was scheduled to be released right around the time that the pandemic hit and shutdowns began. Since it was released yesterday we thought it’d be a great idea to have him back to talk about all his progress since then!

Since we last spoke to Brent, he’s added a whole other food truck to his business and has hired on more staff. Now he’s cooking up (and selling out) pizzas wherever he goes. He even has a new social media handle, he’s TheFoodTruckCEO!

Brent talks through the challenges he’s faced this year, the wins he wasn’t expecting, and advice he’s given to young entrepreneurs just starting their business. As you heard in the last episode, Brent paid for his first pizza truck with savings he had, allowing him to finance the business debt-free. A year later, Brent still agrees this was a good idea, as has less stress and far more creative freedom being able to make decisions without having to worry about paying off a large amount of debt.

What are the profit margins of pizza and food trucks? Brent shares his margins, his pricing, and success stories, showing that regardless of how profitable your product is, you’re always going to have to put in the work to get it to where customers are willing to buy. Brent manages a very tight ship and is still learning the best ways to hire, manage, and make delicious pizza (without burning it)!

In This Episode We Cover

How Farm Fired Pizzas has grown since we last talked to brent
Why starting your business can be much harder, but much more fulfilling than a regular job
Why staffing is such a big hurdle when scaling and expanding a business
Using debt vs. using cash to start your business venture
Becoming competent in a trade before you start a business focusing on it
Being flexible with your business venture and embracing failures
Raising prices in a way that works for your bottom line and your customers
And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow173-5

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What does the average person do in their 20s? For most people, it means going into student debt, getting a car loan, getting a mortgage, and treating yourself. These are the “average financial decisions” that put many Americans into debt and stuck at jobs they only dream of leaving. That’s how Brent aka TheFoodTruckCEO felt when he and his wife realized they had over $100,000 in consumer debt.

Brent and his wife didn’t make any crazy decisions, he merely did what society said is the right thing to do. He and his wife had student loans to cover nursing school, both had car loans, and racked up around $13,000 in credit card debt alone. This doesn’t even include a tractor Brent decided to buy for a future business purpose!

Both Brent and his wife were bringing in solid money every month from their nursing jobs, but as soon as the money came in, it somehow flooded right back out. This annoyed Brent, he felt like he wasn’t in control of his money and his life. He went to work on debt, adding up everything they had spent over the past few months and realized he and his wife were eating out far more than needed, wasting groceries they were paying good money for, and jeopardizing their future with random purchases.

They cut up the credit cards, started snowballing their debt, reduced their eating out, and stopped shopping at the big box stores. They attacked their debt! Within 5 years, they paid off $109,000 in debt, and started to save up for investments every month.

As time went on and Brent got promoted to a more corporate role, he realized that he put himself in a terrific financial position to leave and start his own business. He had accumulated $100,000 in cash, started investing in his business, and now runs a mobile pizza truck, serving delicious woodfired pizza and doing what he loves.

In This Episode We Cover

Why “average financial decisions” can often trap young people in debt
Going over finances with your partner before (and after) getting married
How to expense track to see exactly where your money is going
Using the “debt snowball” method to get out of debt quickly
Creating the “financial runway” you need to invest in your business and future
How to have a job exit plan so you can leave on your terms
And So Much More!

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Jeff, like many listeners, feels as if there is enough money coming in every month, but somehow it’s slipping out, not allowing him and his wife to hit financial independence. A big reason this could be happening is simple: not enough income and expense tracking. This is why Mindy and Scott are always so adamant about having a budget (and sticking to it).

Jeff owns his home, and it has appreciated a favorable amount since he bought it; he also owns a duplex in his home state of California, and a rental property in Memphis. But that’s not all, Jeff owns another type of property...one he isn’t too proud of. A timeshare! Jeff wants to get rid of his timeshare so he can put more money into growing wealth.

He also has HELOCs taken out against homes which are burning holes in his pockets on top of the bills he and his partner already have to pay. While Jeff is happy with his line of work, his wife wants to be able to leave her job. With so many factors at play, it can seem difficult to reach financial independence and grow wealth, while also being happy at work, but with some financial intuition, it’s possible!

In This Episode We Cover

Why you shouldn’t go to a timeshare meeting (ever!)
How having a high income doesn’t mean you’re moving closer to FI
Weighing the pros and cons of in-state and out-of-state investing
How much to keep in cash reserves for your personal accounts and business accounts
The importance of zeroing in on your goals so you can shoot for success
How to stop income from leaking out (amazon shopping, eating out, etc.)
How to have a successful money date with your partner
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mint

Check the full show notes here: https://www.biggerpockets.com/moneyshow172

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Most people would consider $80,000 a year a respectable salary, but what if you were making that much during college? That’s what today’s guest, Brandon Richard Austin, made in his sophomore year. As a journalism major, he started doing freelance writing work, and a client of his ended up offering him a remote position on the team.

So there Brandon was, making $80,000 a year, working 12 hour days, all while juggling school at the same time. Thankfully, Brandon wasn’t a big spender. He didn’t go out and buy a new car, a new watch, or even move out of his parents’ house.

Brandon was able to start investing in index funds and early cryptocurrencies, netting him some pretty stable returns (at least from the index funds). After completing college and still having a very low cost of living, Brandon asked himself if the job was worth all the stress. He decided it wasn’t and voluntarily chose to take a pay cut to work somewhere else where he was happier and had more control of his work.

Brandon still lives at home and advocates doing the same for people his age. Not having a housing cost (or having very low housing costs) is one of the best ways to put yourself on the path to financial freedom. This low cost of living situation has allowed Brandon to be on the path to financial independence while still valuing his happiness.

In This Episode We Cover

Why many people who grew up frugal feel guilt when spending money
The importance of tracking your little purchases so they don’t add up
Whether or not taking a pay cut is worth less stress/more freedom
Why index funds are such a great asset to hold for the long term
Setting your financial freedom goal and seeing it as a marathon, not a race
Minimizing your housing costs as much as possible (especially when you’re young)
Developing an investment philosophy that speaks to you
And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow171

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Erik and his wife have three big debts to tackle: their mortgage on their primary residence, their mortgage on their rental property, and a HELOC (home equity line of credit) taken out as the down payment for their rental property. So, which debt should they tackle first?

As two school teachers in New Jersey, Erik and his Wife made smart moves earlier this year by closing on a rental property, in order to have another stream of income coming in. They already have well paying jobs, pension plans, IRA accounts, and other ways of setting themselves up for the future, but how can they streamline their debt payoffs and maximize their cash?

First, Mindy and Scott walk through budgeting, and put an emphasis on why you should separate out your business expenses and personal expenses, and make sure they don’t intertwine. Then they go on to tailor a plan of action for Erik and his wife, giving some great examples of leveraging low-interest debt in order to pay off higher interest debt and fill emergency funds.

Whether it’s personal or business debt you’d like to tackle, this is a great episode going through the pros and cons of paying off debt quicker!

In This Episode We Cover

Why rental property owners should always have a strong safety reserve of cash
When prepaying loans may be a good or bad idea
How to not over-categorize your budgets and expense tracking
Pros and cons of using a HELOC to finance a down payment
30 year mortgages vs. 15 year mortgages (rental and primary residences!)
Why you should separate your business expense tracking from personal expense tracking
Why a 457(b) plan is great for those who have it available
And So Much More!

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It’s not always comfortable talking about money, especially with close friends, family members, partners, or even bosses. How did salary, savings, and investing become such a taboo subject to talk about? With us today is Erin Lowry aka Broke Millennial, you may recognize her voice from episode 24 and 81 of the BiggerPockets Money Podcast.

Erin paints a picture that many of us can relate to: you’re at a birthday dinner and you order a small side and a water while the rest of your party orders $60 sushi rolls and $70 steaks. At the end of the night, what always happens? The bill gets split evenly. Now you’re stuck with a $60 total (and tip) when you only ate $10 worth of food. So what do you do, throw a temper tantrum and leave? Of course not!

It can be hard to match spending habits of friends and family if they make more than you (or are just more casual with their spending). Having frank conversation with these important people in your lives can not only help foster a healthy relationship, it can also put you in a position where you don’t feel resentment in the future. Don’t know how to have these conversations? No worries! Erin has a template for you!

You’re not just talking about money with your friends and family, you’re also talking about it with your coworkers and bosses. How often should you ask for a raise, when is a raise earned, how do you ensure that you’re rewarded for your hard work? These can all be very tricky questions to answer. Through some research, metric tracking, and proper planning, Erin shows exactly when to go to your boss to ask for a raise, how much is reasonable, and how to assess your value within the company.

In This Episode We Cover

Why talking about money with those close to you doesn’t need to feel uncomfortable
Why “money talks” are often viewed as taboo in today’s society
How to talk about money with your friends, family, and partner
Setting boundaries early for healthier relationships
Starting a “friend fund” and offering less costly alternatives
When the best time to ask for a raise is
Comparing your salary or compensation vs. industry averages
Showcasing your value to your employer or client
And So Much More!

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A big piece of advice given by many wealthy people and real estate professionals is to simply “get started when you’re young”. This is exactly what our guest has done today. Clayton, a renewable energy worker, travels around the midwest for work, living out of an RV with his partner.

His company grants him a company car, a company phone, a food stipend, a handsome 401(k) match, and a comfortable salary. Clayton has taken advantage of these big perks by maxing out his Roth, buying a rental property, and using his primary home as a house hack. He’s checking all the boxes at just 26 years old, with a TON of potential to do more.

Clayton is close to having the big 3 things in life paid off: housing, transportation, and food. With extra income coming in every month, what can Clayton do to put himself in an even stronger position than before?

First, he’ll need to start budget and expense tracking. This is something many guests find challenging at first, but can really help alleviate any fears of where money is going. Next, he can start adding a bigger chunk of money to his rental property reserves, that way the mortgage is always being paid (even if someone misses rent). Last, he can start looking for another house hack and another rental property. Tune in to hear Scott’s ingenious way of looking for properties even if you’re on big sites like Zillow, Trulia, or even the MLS!

In This Episode We Cover

Why everyone should house hack when possible to do so
Frontloading your Roth and making sure you max it out every year
Bill tracking vs. expense tracking (and how one works better than the other)
How to use automatic budgeting apps to fine tune your spending
How to define your specific criteria when looking for rentals
Why landlords need a 6 month reserve for their rental properties
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding

Check the full show notes here: https://www.biggerpockets.com/moneyshow168

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Most people are told the same thing growing up, “go to college and take out a loan, get a car and take out a loan, live in a nice apartment even if it’s expensive”. This is exactly what Josh and Ali, AKA “The FI Couple”, did in their 20s. They racked up over $100,000 in student loans, had two car payments, and lived in an apartment outside of their means.

Josh grew up without much money, causing him to not have much of a financial foundation when he reached adulthood. Ali grew up middle class, but didn’t have any financially savvy role models to look up to. As they started dating and later got married, they realized that they had to take care of debt soon, or they’d be swallowed whole by it.

Josh stumbled upon a book that changed his financial view forever. A book one of our hosts is VERY familiar with. It was Set for Life, by our very own Scott Trench! After Josh read through it, he knew he had to share the information with Ali, but it took him time to find out her specific “financial language” and the best way for him to get her excited about financial independence.

After they were both on board for FI, house hacking was their next stop. As you’ll hear in the interview, they acquired four units in a short amount of time, paid off a big chunk of their student loans, and now have passive income rolling in, every month. Talk about a rags to riches story!

In This Episode We Cover

How debt can anchor you to a life that you don’t want
Why getting fired or losing a job opportunity could be a great catalyst for change
The importance of keeping your expenses as low as possible
Finding a house hack that works for you (and your partner) so you both love where you live
Using FHA loans to secure house hack properties with a very minimal down payment
Making debt a “common enemy” when you and your spouse are working to reach FI
And SO Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
BiggerPockets Real Estate Podcast
ChooseFI Podcast
BiggerPockets Bookstore
BiggerPockets Investments Calculator
BiggerPockets Money Podcast 34 with Andy Hill
BiggerPockets Money Podcast 157 with Scott & Mindy
Mr. Money Mustache
Mad Fientist

Check the full show notes here: https://www.biggerpockets.com/moneyshow167

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Having too much money in investment accounts seems like a good problem to have, but it’s a problem nonetheless. Today we talk to firefighter Nathan and teacher Kristen about their income, expenditures, and investments.

Nathan and Kristen own their home and multiple rental properties as well. Collectively they bring in a respectable income, but are being stretched thin due to time restraints. From 24 hour shifts as a firefighter, making cornhole game pieces as a side hustle, and taking overtime, Nathan is working a lot, while Kristen has her hands busy as a remote teacher and taking care of their kids at home.

Between the two of them, they’re contributing a generous amount to their investment accounts, but still want a solid emergency fund (or as Scott likes to say a “financial runway”) to help them sleep better at night.

Aside from that, they are donating heavily to charity and fostering one child while in the process of adopting another. Although this philanthropic couple has all the right things going for them, they still need some downtime to enjoy the fruits of their labor.

In This Episode We Cover

How much money to keep in your emergency fund
How to assess whether or not you’re over-contributing to retirement accounts
Paying off rental properties for added peace of mind
Developing side hustles to bring in even more income
Why everyone needs a “financial runway” so their investments can take off
Paying down a 457 plan loan
Putting yourself in a favorable “liquidity position”
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
HSA – The Ultimate Retirement Account - Mad Fientist
Challenge Everything! | Budgets Are Sexy
Real Estate Investment Calculators - BiggerPockets
Mindy's email
Scott's email

Check the full show notes here: https://www.biggerpockets.com/moneyshow166

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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While living abroad, it can be very difficult to invest in assets in your home country, especially if you’re an American. Daniel J. Mills found this out early in his professional career. As a English teacher living in Japan, he had to jump through a sizable amount of hoops to find a way to invest in American stocks, index funds, and later real estate all while overseas.

Growing up in southern California, Daniel knew that there was money to be made through entrepreneurialism. He saw his father grow a business that was profiting millions each year, only to see it later become liquidated. Daniel didn’t really think too much about money or growing his personal wealth until years later.

After college, Daniel moved to Japan and became an English teacher making a salary of around $30,000 (USD) a year. He met his wife, settled down, and bought an apartment in an appreciating part of the city (contrary to many other parts of Japan). Daniel was saving around $1,000 a month, and realized he didn’t want to be making $30,000 a year forever. So, he started investing in index funds and stocks, which grew his net worth and allowed him to invest in other asset classes, like real estate.

Daniel even shares a tax loophole that allowed him to write off 100% of his 6-figure income while he was in Japan (solely from real estate depreciation)!

Flash forward to today, Daniel has rental properties in Idaho, Alabama, and Tennessee with partners from Japan and the United States. Daniel agrees with many other real estate professionals in the fact that you need a tried and true team in cities where you’re investing. Living in Japan, he doesn't have much to worry about in the US, thanks to his fantastic property managers, handymen, partners, lenders, and real estate agents.

In This Episode We Cover

The challenges and benefits of investing in American assets while abroad
Getting rid of debt fast so you’re able to scale your investments
How money is easier to make as you become more educated and experienced
The ins-and-outs of Japanese real estate compared to American real estate
Converting bonus rooms to bedrooms for higher rent
Forming partnerships with real estate professionals who can help you
And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow165

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing.

A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Some takeout food here, some shopping there, and other random expenses were really adding up, so they started to reduce their costs.

Kyle and Sarah both have made significant contributions in their retirement and investing accounts, but they could be investing a lot more and getting a lot of write offs!

Scott and Mindy walk through the main expense categories that Kyle and Sarah have, breaking down what can be improved, reduced, and left alone. Like many people, Kyle and Sarah have found that with some fine-tuning to their budget, they'll be able to increase their investments, by a lot!

In This Episode We Cover

Why everyone needs to track their expenses and start to budget
How to start tracking without shame
Why you should get quoted for insurance bundling every few years
The importance of contributing to your HSA (health savings account)
Why employers may want to start 401(k) programs for their employees
Whether or not a life insurance policy may be worth the money
What should and shouldn’t be a variable cost in your budget
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
HSA – The Ultimate Retirement Account – Mad Fientist
BiggerPockets Money Podcast 27 with Lee Huffman
BiggerPockets Money Podcast 18 with Mad Fientist
BiggerPockets Money Podcast 161 with Mad Fientist
BiggerPockets Money Podcast 03 with Erin Chase
BiggerPockets Money Podcast 75 with Saving Sherpa
BiggerPockets Money Podcast 139 with Joe Saul Sehy
BiggerPockets Money Podcast 10 with Liz Thames
XY Planning Network
BiggerPockets Real Estate Agent Directory
Frugalwoods

Check the full show notes here: https://www.biggerpockets.com/moneyshow164

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Have tax questions for your upcoming 2020 taxes? Stick around then! We have a mind-blowing episode with enrolled agent Steven Hamilton from Hamilton Tax and Accounting. Mindy and Scott throw a lot of high-level, hard-hitting questions at Steven, so seriously, bring a pen and paper to this episode because you’re going to get some amazing tax strategies for 2020!

How do you lower your income on your taxes if you have a W2? How do you add to your roth if you’re over the contribution income limit, and what’s the best way to get your kids to max out their retirement accounts (even if they’re only teenagers). Steven answers all these questions, plus a lot more!

Whether you’re self employed or a W2 employee, you have options on contributing to retirement, AND options on leveraging those retirement accounts to fund investments. As always, it’s best to talk to your CPA, enrolled agent, or tax preparer on the best strategy that works for you. As Steven puts it, you need to have a plan for where your wealth is going and how you’re going to distribute it.

Since 2020 was such a crazy year, many real estate investors are planning to double down on investments, up their contributions, or leave their W2 jobs. This all needs to be done with a plan and a strategy so you can maximize your investments and distributions. Steven helps spell out the best ways to do these (and more) through a number of different (and interesting) strategies.

In This Episode We Cover

The differences between joint and separate filings as a married couple
How AGI (adjusted gross income) effects your taxes and retirement contributions
How to max out your 401(k) to $57,000
UBIT (unrelated business income tax) and UDFI (unrelated debt financed income)
How CPAs, Enrolled Agents, and Attorneys differ when preparing your taxes
How to perform an IRA rollover into a different account
How to put even more money into your Roth
Setting up retirement accounts for your children
Limiting your stock gains so you pay less tax
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
How to Access Retirement Funds Early – Mad Fientist

Check the full show notes here: https://www.biggerpockets.com/moneyshow163

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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As you go further along in your career, you should (hopefully) make more and more money, but does that justify spending more money? Most times, it doesn’t. We’re joined by Tracy, experienced engineer and retirement super saver to go through her budget, expenses, and investment portfolio.

Tracy has had a bit of a struggle with spending and expense tracking. A purchase here, some grocery shopping there, and by the time she added up her payments, she was consistently overspending by close to a thousand dollars, every month! Scott and Mindy have some great strategies to limit this type of random spending, and put your budget in the driver’s seat!

Tracy is also interested in acquiring a rental property in mid/late 2021, but she doesn’t have the cash savings she needs to do it. That doesn’t mean Tracy lacks money. Quite the contrary, Tracy has a very respectable amount of money stored between her different retirement accounts. She was lucky enough to take advantage of her company’s 15% 401(k) match (seriously, 15%)!

Now the question is: does she limit her contributions so she can save up for a rental property or does she continue to max out her retirement accounts so she has a big cushion when she decides to stop working?

This is a very common question we get from listeners and members of the BiggerPockets community. You may be in the exact same position, all we can suggest is to tune in to hear what Mindy and Scott have to say!

In This Episode We Cover

Why employee match programs are so valuable for retirement investing
Whether or not you should keep an expensive car loan (or sell and get a cheaper option)
How to fight lifestyle creep and focus on your spending and investing
The importance of manual expense tracking and budgeting
How bigger shopping runs can minimize your food budget every month
What type of savings you should have before buying a rental property
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Dave Ramsey’s Envelope System Explained
BiggerPockets Money Podcast 04 with Rosemarie Groner
Waffles on Wednesday Mobile Expense Tracking App

Check the full show notes here: https://www.biggerpockets.com/moneyshow162

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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He’s back! Today we’re joined by a friend of the BiggerPockets podcast network, Brandon “The Mad Fientist”. Brandon walks us through advanced retirement account strategies you may have heard of, such as the Backdoor Roth, Roth Conversion Ladder, and the coveted Mega Backdoor Roth. While these strategies may sound intense at first, they’re quite simple in practice, as Brandon shows us!

Many FI (financial independence) followers constantly ask the question “What’s the best retirement account to contribute to that will help me optimize my early retirement?”. While this can be answered a handful of ways, it often overlooks something very important: regular retirement. While chasing FI, it’s still possible to grow your traditional retirement accounts so you’re even wealthier later on in life!

Brandon doesn’t just give various examples of each strategy, he’s tested them and has even ran experiments on his site, such as the Guinea Pig Experiment, which pits various early retirement strategies against each other.

We also tackle common questions like: what should I contribute to if I have a low/high income, should I opt for a lower deductible on my healthcare plan to optimize my HSA (health savings account), how HSAs and FSAs differ, and what the contribution limits are for retirement accounts.

Even if you’re not chasing FI, you’ll still be able to take advantage of Brandon’s advice. After all, he’s the Mad Fientist!

In This Episode We Cover

What a Backdoor Roth and Mega Backdoor Roth are
Why retirement accounts are crucial when trying to retire early
How low income earners can take advantage of 401(k)s and IRAs
Why an HSA is a great option for high-deductible coverage
The best times to contribute to your retirement accounts
The art of “frontloading” and using it to capitalize on market gains
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
BiggerPockets Money Podcast 18 with Mad Fientist
How to Access Retirement Funds Early - Mad Fientist
XY Planning Network
Front-Loading - Mad Fientist
HSA - The Ultimate Retirement Account - Mad Fientist
Expirements - Mad Fientist
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 119

Check the full show notes here: https://www.biggerpockets.com/moneyshow161

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job, which he uses to support his family, he also has 5 other streams of income on the side!

From contract welding projects, to dropshipping, renting out his trailer, and even raising rabbits (seriously!), Cort has done almost everything under the sun to build up his assets. The main problem: some income streams are taking up too much time, while providing too little in return.

This is a constant problem that entrepreneurs and FIRE members face, too many options! Mindy and Scott go through Cort Johnson's income, budget, expenses, and general finances to see where he should allocate his time for maximum return.

This episode goes deep on the importance of scalable income and following your passions to develop side income streams that you enjoy. Cort dreams big about starting his own business, investing in multifamily property, and living financially free. As you’ll hear in this episode, he’s not far off!

In This Episode We Cover

How to focus on side income streams that are worth the time
Budgeting and expense tracking so you spend less
Calculating the value of your time (so you don’t waste it)
Why you should “do what you know” if you’re going to start your own business
Turning a large single family property into a multi family for house hacking
Why dropshipping is such a great side hustle for busy people
And SO Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding

Check the full show notes here: https://www.biggerpockets.com/moneyshow160

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial picture. While it may seem scary at first, working together to solve financial problems and gravitating towards financial freedom can bring you closer together.

That’s exactly what happened to Talaat and Tai McNeely from His and Her Money. Both were raised in frugal houses, but like many frugally-raised people, they split in financial directions. Tai was busy putting herself through college, debt free! On the other hand, Talaat went into the military and started spending his pay on consumer goods. The cars, the clothes, and everything in between.

Tai later learned that Talaat had around $30,000 in consumer debt! So what did she do, walk away from him? Of course not! She worked with Talaat and put together a plan where they both could work hard to get out of debt.

Shortly after, Talaat was debt free, so what did they do next? They bought their house, and came up with a plan to completely pay it off in 5 years (Yes, 5). Now Talaat and Tai run His and Her Money, helping other couples work together to reach their financial goals.

Talaat and Tai have 7 key tips to staying happy and secure in a marriage where the finances are shared, and how to stray away from the “2-Income Trap”.

In This Episode We Cover

Why you should go over finances before getting married
The importance of inspiring your partner to have the right finance mentality
The importance of introspection when dealing with a partner’s money situations
How to stray away from the “2-Income Trap”
Whether or not you should combine finances in a marriage
The pros/cons of paying off your home quickly
The 7 key tips to creating a financially harmonious relationship
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 73 with Ramit
BiggerPockets Money Podcast 127 with Ramit

Check the full show notes here: https://www.biggerpockets.com/moneyshow159

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Happy New Year! With the first 2021 episode of Finance Fridays, we take a look at Wayne Loux’s investments, income streams, and overall finances.

Wayne is like many of our listeners: working a W2 job, but also supporting himself and his family by having 1099 income from being a real estate agent. On top of that, Wayne has over 10 rental units, spread throughout different multifamily properties. He also has solid retirement savings and cash on hand.

With all this income, Wayne wanted answers on whether or not he should lessen his time at his W2 job, take more cash out from equity in the multifamily properties he owns, and other common real estate investment questions.

Scott and Mindy go through different strategies that can help Wayne grow his portfolio. From 1031 exchanges, to setting up self-directed IRAs, and cash-out refinancing to build an out of state portfolio.

These are questions we hear from many investors on the BiggerPockets forums, so stay tuned because Scott and Mindy just might answer a question you’ve had!

In This Episode We Cover

How to value your time as a high-earning professional
Putting family over work, even if it means stepping away from an income stream
Which investments should you put money into when all your bills are being paid?
SEP IRAs and Self-Directed IRAs
Using 1031 exchanges to lower your tax burden when investing
Finding jobs that can scale your income (and leaving those that don’t)
Whether you’re over or under leveraging your current portfolio
How to speak to your partner about big financial steps
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Calculator

Check the full show notes here: https://www.biggerpockets.com/moneyshow158

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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 from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Wheel of Life Worksheet
Money Date Template
Finance Review Guest Onboarding

Check the full show notes here: https://www.biggerpockets.com/moneyshow157

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you!

Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level!

Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible.

While most real estate investors champion loans and leveraging as much as possible, Richard thinks differently. He finds a position of strength by not overleveraging, owning rentals outright, and having a solid safety net to depend on. Richard now sits in a great position, early in life, with a lot ahead of him!

In This Episode We Cover

The importance of maxing out your retirement accounts when you’re young
How to not only pay off your rental properties, but primary home sooner
Why there is an advantage to not having too much leverage on your investments
How to test out a property manager when long-distance investing
Why you should set goals to be in a financial position of strength
Why you don’t need to be in a rush to invest right now
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Podcast 268 with Rich Carey

Check the full show notes here: https://www.biggerpockets.com/moneyshow156

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Robert from Stop Ironing Shirtshas had quite a lucrative career path. Starting out as a bank teller in college, he learnt that he really enjoyed math that had dollar signs attached to the numbers. From there, he launched his career forward, first as a commercial banker, and later becoming a well-paid top executive.

While he had a great job and a partner who was also bringing in a solid paycheck every month, he slowly started to get tired of the corporate bureaucracy, politics, location dependency, and long hours.

Robert has made some mistakes on his path to early retirement. He lost money on a few real` estate deals and he even bought a brand new car (gasp!). None of this stopped him from still living below his means, siphoning off a large portion of his income for investments, and capitalizing on special programs such as the 409a plan.

Robert now lives life on his schedule. Whether that be spending copious amounts of time shopping at Costco or surfing at the beach, Robert has a life where he decides what he wants to do, everyday. Thankfully, it didn’t take him 30+ years of working to get there!

In This Episode We Cover

The importance of choosing a highly lucrative skill set
How to fight lifestyle creep, even when you’re making serious money
The real cost of a daily commute
How he recovered from real estate losses in 2009 (and after)
The psychological difficulties many face when retiring early
What a 409a plan is (and how high-earners can take advantage of it)
How much cash should be in reserves for financial independence
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 153 with Bill Bengen
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 136 with Doug Nordman
Mr. Money Mustache
The Non-Qualified Deferred Compensation Plan

Check the full show notes here: https://www.biggerpockets.com/moneyshow155

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving.

As a big spender in college, Allison didn’t see a real reason to save instead of spend. She would take herself on frequent trips to the mall to treat herself when she aced a test, or make herself feel better if she flunked one.

It wasn’t until her first son was born that her and her husband realized they wouldn’t have enough in the budget to pay for childcare costs, and thus, the Inspired Budget was born!

After a few years of limited spending and frequent budget analyzing, Allison and her Husband paid off over $110,000+ in debt and are now on their way to financial abundance.

Allison talks about the importance of giving yourself spending, investing, and saving allowances and how you don’t need to sacrifice everything to become financially safe!

In This Episode We Cover

The importance of setting budgets early on in life (and keeping up with them)
Changing the “how much do I have to spend” mindset into a “how much do I have to save” way of thinking
Why you need to own your relationship with money
How to have financial talks with your partner (even when it’s awkward)
Why you need spending allowances so you can enjoy your money
Why investing isn’t a linear path, but a rollercoaster (and why the dips don’t define you!)
Refusing the mental trap of “I can’t be rich” while being at a low-income job
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums

Check the full show notes here: https://www.biggerpockets.com/moneyshow154

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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He really is the man who needs no introduction (but here’s one anyways). Bill Bengen, the inventor of the 4% rule (and personal finance hero of Mindy & Scott) stops by the Money Podcast to talk about how he calculated his famed 4%, how he managed his client’s portfolios, and how the 4% has aged throughout the past three decades.

In his Original Article from the Journal Of Financial Planning, October 1994, Bengen outlined a groundbreaking calculation: a 4% withdrawal rate from your retirement accounts is all you need to comfortably retire (if enough is saved up). Bengen was hit with praise and criticism, but is still applauded to this day for having such a simple yet crucial metric for knowing how & when you can retire.

Using over 200+ retirement account portfolios spanning decades of time as research, Bengen still says with confidence, the 4% rule is a winner! He has the proof and we couldn’t agree more.

Whether you’re a few years or a few decades away from retirement, this episode features life-changing advice from one of the leaders in financial research. This is an episode you won’t want to miss!

In This Episode We Cover

What the 4% rule is
How Bengen came up with the 4% rule and why it stands the test of time
How inflation becomes the “thief in the night” for many investors
The best (and worst) times to invest
How to stay the course during financial downturn
Which asset classes boost great returns and withdrawal rates
Steering clear of “1 more year syndrome”
The importance of rebalancing your portfolio
How to not accumulate too much wealth for retirement
Why everyone needs to learn how to be a saver, so they can enjoy life!
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forum

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level?

Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts.

Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog.

Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey.

In This Episode We Cover

How to reach your retirement goals even if you start later in life
Snowballing your debt so you can save more
Changing your financial mindset to get where you need to be
The 2 key ways to get your retirement savings up
How catchup contribution accounts like the 457b plan can accelerate your investing
Being intentional with your money while lining up your saving/investing with your values
The importance of educating yourself and not relying entirely on others for financial advice
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey
BiggerPockets Money Podcast 18 with Mad Fientist

Check the full show notes here: https://www.biggerpockets.com/moneyshow152

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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You may know Tony J Robinson as the co-host of the Real Estate Rookie podcast, but you probably don’t know his backstory.

As a single dad working his way through college and student debt, Tony knew that he needed to have a plan in place to pursue his goals and find financial freedom. He also knew he didn’t want to repeat the same real estate mistakes as his parents.

He went from an engineering student, to owning a small tutoring business, to marketing, and finally landed a sweet gig at Tesla!

After paying off debt, creating a healthy reserve fund, and divvying his money into over 20 different checking accounts (yes, 20+), he was able to reap the rewards of smart financial management and chase down freedom through real estate.

If you’re trying to consolidate debt, find ways to make more money at a job, or leverage creative funding to finance your next deal, Tony has a solution to your problem.

In This Episode We Cover

How job jumping can accelerate your raises and income growth
Why EVERY investor (and person in general) needs a healthy cash reserve
The importance of talking to your children about finance
Why being good at math doesn’t mean you’re great at financial management
How paying off debt can drive investment funding
How to fight lifestyle/income creep so you can live below your means
The strategy to leverage your stock portfolio for real estate funding
Creating the “why” behind financial decisions
And so much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey's Envelope System Explained
BiggerPockets Money Podcast 149 with Nick Groover
BiggerPockets Money Podcast 112 with Natalie Kolodij
Rookie Podcast 10 with Tony Robinson
Rookie Podcast 37 with Tony Robinson

Check the full show notes here: https://www.biggerpockets.com/moneyshow151

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Cristina Livadary immigrated to the US when she was 6, and less than a year later, her father left, leaving her stranded with her mother and sister. She didn't speak the language, had no money, and lived in hotels until her mother was able to find steady work as a chef.

She grew up without much in the way of financial education, but did secure a water polo scholarship to Bucknell. Until a rotator cuff injury lost her the funding at the beginning of her third year. She left college with $100,000 in student loans and a burning desire to find a high paying job to live out her Carrie Bradshaw dreams of living in NYC.

She spent two years in New York, working hard and spending harder. She moved to LA to run a division covering California and Hawaii, and decided she needed to make a big change.

Cristina stopped spending lavishly on things that didn't matter, started focusing on what made her happy, and now helps others manage their finances to get money out of the way and live their best lives.

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 55 with Kristy and Bryce
BiggerPockets Money Podcast 55.5 with Kristy and Bryce

Check the full show notes here: https://www.biggerpockets.com/moneyshow150

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Nick Groover is 25, with a young daughter and a fiance, looking to make changes to his finances so he can start married life off on the right foot.

He has some debts he'd like to knock out so he can start investing in real estate, and potentially start a business. He just got a promotion and a raise, and on paper is doing pretty good.

But Nick needs to start budgeting, because a dollar here and five dollars there is eating up his overage, so there is very little to save.

In today's episode, Scott and Mindy sit down with Nick to go over his current financial situation and use their life experiences to suggest easy wins to help pay down his debt, start saving for future real estate purchases, and start investing for retirement.

Nick's in a good place right now, but following Scott & Mindy's suggestions should help him get money out of the way so he can go on to lead his best life!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey
Mobile Expense Tracking App - Waffles On Wednesday

Check the full show notes here: https://www.biggerpockets.com/moneyshow149

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Chris Hogan joins Scott and Mindy today to chat about becoming an everyday millionaire.

Chris and his team interviewed more than 10,000 millionaires to hear how they did it. Hard work, determination, spending less than you make, investing wisely, and eliminating debt.

Chris shares how to discuss your finances with your spouse - and how to bring them on board when you have differing views about money. He talks about the emotional journey that debt paydown can take you on - and how to handle that so you come out on top!

Chris also reveals his feelings about FIRE - and how there is too much focus on the RE and not enough on the FI. He wants you to become Financially Independent but also wants you to enjoy your journey.

Chris firmly believes that anyone can become debt free and start to build wealth to become an Everyday Millionaire.

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey's 7 Baby Steps
BiggerPockets Money Podcast 50 with Patrice Washington
The Retire Inspired Quotient

Check the full show notes here: https://www.biggerpockets.com/moneyshow148

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Cathleen Hutchins grew up in Hawaii. She come over to the mainland for college, but Hawaii kept calling her name, so she moved back home.

Hawaii is an expensive place to live, and Cathleen knew she'd need a plan in order to reach financial independence if she was going to live there for the rest of her life.

So she saved. She invested. She made smart decisions about her money and is continuously looking for ways to generate passive income to help fund her retirement.

She has also sacrificed some comforts and norms to get to where she is today. She and her husband lived apart for a while, both living where there was a job for each of them, not always in the same state!

But her sacrificing and saving has allowed her to move home to Hawaii, buy a house, and continue to pursue financial independence in a high cost of living area.

Cathleen is well on her way to Financial Independence and her story is just another example of how following the proven path, you can get money out of the way so you can lead your best life.

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 35 with Craig Curelop
BiggerPockets Money Podcast 95 with Craig Curelop
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 144 with Kirk Chisholm
Mr. Money Mustache

Check the full show notes here: https://www.biggerpockets.com/moneyshow147

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Ambus Hunter grew up with a fair understanding of how money works. He received a partial scholarship to play drums in college, and graduated with a small amount of student loan debt.

His first job was with the Department of Defense, making a decent salary for someone who had just graduated from college. He started saving his money, like a good FI-devotee does, but his story takes a sharp left turn.

Ambus discovered gambling.

At first, he was winning. (That's how it goes with gambling, right?) But then his "luck" changed. Because that's also how it goes with gambling, right?

Ambus chased his losses, and ended up wiping out his entire savings account. That was when he knew he had to stop cold turkey.

He then threw everything he had into building his savings back up, taking on extra jobs, living with roommates, and cutting out everything unnecessary in his life.

In one short year, working nights and weekends, spending as little as possible, and throwing every dollar into his savings, he made it all back.

Now Ambus helps guide others on their own path to financial literacy through volunteering and through his own coaching programs.

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 10 with Liz Thames
BiggerPockets Money Podcast 143 with Shannon Gauthier
How Gambling Away My Savings Strengthened My Relationship With Money

Check the full show notes here: https://www.biggerpockets.com/moneyshow146

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Chelsea Brennan was a hedge fund manager for several years - until her second pregnancy when she ended up in the hospital with sever complications brought on by the stress and emotional toll her job took on her.

She and her husband looked over their savings and investments, and decided that she'd leave her job in order to focus on her health and her kids.

Her baby was born healthy, but their income went from six figures to zero figures, and she needed a way to bring some money in.

She looked back on her love of teaching, and decided to start a website devoted to teaching women - and moms specifically - how to handle their money.

Chelsea is truly passionate about teaching the power of financial independence and being in control of your life. Are you struggling with your finances? This episode is a cannot miss!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 133 with Doc G
Free Money Mamas Guide to Investing

Check the full show notes here: https://www.biggerpockets.com/moneyshow145

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Kirk Chisholm is a fee-only investment advisor with a secret passion - finding new and different ways to invest money.

Kirk shares his Big List of 75 Alternative Investments with us today - and more importantly, how to vet the investment vehicle to see if it's right for you.

Not everything is a great fit for every person, and you certainly don't have to choose everything on the list. Play to your strengths when choosing investments and don't discount passion for an idea. If you HATE the thought of learning more about that investment vehicle, you won't put forth the correct amount of effort necessary to master it.

Kirk also dives into how to sell these types of alternative investments - including at significant discounts if it's an illiquid asset that you need to liquidate fast. Secondary markets exist for all asset classes, and there are ways to pick up a good deal on the secondary market as well.

If you're looking to diversify your portfolio, today's show is a can't-miss episode!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Against the Rules with Michael Lewis Podcast
The Big list of 75 Alternative Investments

Check the full show notes here: https://www.biggerpockets.com/moneyshow144

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Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions.

Shocked to discover $30,000 in unpaid debts, she quickly found herself a single mom as her husband left.

She tried to pay them off as best she could, but found herself somedays deciding whether to buy a gallon of milk or a gallon of gas to get to work.

Fast forward a year, and she met a new man who brought significant debt with him to the relationship - to the tune of $60,000!

Each of their divorces added more debt to their pile and at the height their debt totaled $160,000. Their income trailed this debt at $65,000 and they knew they'd have to do everything in their power to knock out this debt.

They moved in with his parents to pay lower rent and have someone to watch the kids while they worked. They couponed and did free things with the kids to be able to throw every single dollar they could at their debt.

This approach paid off, because by the end of the year, they will be completely debt free and be able to start saving and investing and working toward financial freedom.

If you're in debt and see no way out, this episode will show you there IS a way to paying down your debt, that it isn't always easy, pretty or fun, but it CAN be done.

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey
Pinterest
BiggerPockets Money Podcast 130
Mindy's email

Check the full show notes here: https://www.biggerpockets.com/moneyshow143

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Scott & Mindy sit down today to answer questions sent in by listeners. They address topics all over the board - from student loan repayment and early retirement account withdrawal under the CARES act, to the best high-yield savings accounts, and planning for the gap between early retirement and traditional retirement age when you can access your retirement accounts penalty free.

Scott & Mindy also discuss different investing platforms as well as retirement planning, taxes, and even how inflation might affect your retirement future.

They take a couple of calls from listeners to chat about the best current use of retirement funds.

This episode will help clear up some of the questions you may be having on your road to early financial independence.

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Robinhood Facing Multiple SEC Investigations Into Its Business Practices
How to Access Retirement Funds Early
What Is a Self-Directed Brokerage Account?
BiggerPockets Money Podcast 119
BiggerPockets Money Podcast 116 with JL Collins

Check the full show notes here: https://www.biggerpockets.com/moneyshow142

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Blake Nielson is a college professor whose wife stays home to raise their four children. Despite having only one income - and six mouths to feed - they have paid off their home and are on the path to early financial freedom. Blake currently loves his job and has no plans to stop working - but still wants the freedom that financial independence gives.

So how did he do it? He started off debt free from college, a HUGE leg up in life in general. Blake details just how he accomplished this feat, from college selection to funds available, scholarships and even working during the school year and especially during the summers between.

Blake even shares a Solid Gold tip for finding out about scholarships that aren’t well publicized!

Blake also strategically chose where he lived during his college years. He specifically chose a rental that was priced significantly lower than the “college” rentals in town - but still close enough to walk to school.

There is no secret to Blake’s success. He put in the work at an early age and is on track to hit lean FI by age 40 and Fat FI by 45. Spend less than you earn, invest wisely. Blake shows you can live the FI life with four kids and one income.

In This Episode We Cover:

Blake's money story
Simple principles of frugality
4 keys that any person can go to college debt free
Talking about school selection
How he budget his money
House hacking
Talking about scholarships
His experience after getting a PhD
Blake's job
The problem that most people have with negotiation
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 80 with Rich & Regular
BiggerPockets Money Podcast 32 with Mr. & Mrs. PoP
BiggerPockets Money Podcast 64 with Zach Gautier

Check the full show notes here: https://www.biggerpockets.com/moneyshow141

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Belinda Rosenblum is a CPA, a certified coach and her clients include Harvard Business School, Harvard University and the SEC. She’s worked for Arthur Andersen and L3 Enterprises. She’s got money all figured out, right?

Well, she does now…

On today’s episode, Belinda shares her biggest money mistake - ignoring a giant pile of mail as she cared for her recovering father.

Once she cleared that up, she focused on her own finances, growing her net worth to more than $1 million by the time she was 33. She quickly realized that her trajectory was NOT taking her where she wanted to go. So she pivoted.

She took a new job with a huge bump in pay and rode out their boom and subsequent layoffs, taking a package to leave and using that opportunity to travel to India, a life-changing experience.

When she came back, she realized she didn’t need all the things, didn’t need the stress that came with the big corporate job, and struck out on her own, filling a need she saw in her own friends - financial education.

Belinda parlayed her financial knowledge into a multi 6-figures company, pivoting again last year to helping businesses strategically and consistently generate income.

This episode is for anyone who has made a money mistake, anyone who has gotten past one, or anyone looking to start their own business to truly live the life they want.

In This Episode We Cover:

Belinda's journey with money
How she worked out with her money management
Emotional side of money
What she did after she was laid off
Her experience during her financial advising jobs
Biggest challenges for entrepreneurs
Talking about her business
How she grow her business
Unconscious spending
How her clients think about taking the leap away from a job into entrepreneurship
How to start a business
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
5 Simple Ways to Create Consistent Revenue
Money-Making Tracking Sheets

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Life Insurance is the most exciting topic on the planet!

Just kidding. But just because it isn’t a super exciting topic doesn’t mean you don’t need to know about it.

Today, Joe Saul-Sehy, host of the Stacking Benjamins podcast, joins Scott and Mindy to talk about Life Insurance. Joe comes from a background as a financial planner and was licensed to sell every type of insurance product available.

Joe is here today because he understands how life insurance works - how it's priced, how you can use it, the pros and cons of the product - but he has no skin in the game whether you buy life insurance or not.

He's the perfect person to explain this product from a factual standpoint and let you make the decision of what type - if any - is best for you, based on facts, not commissions.

Joe walks us through the basics and shares how life insurance actually covers you - from term, to whole, to universal life. There's no bad product, only different ways of paying out.

If you're struggling with how to figure out what life insurance policy is right for you, this episode can't be missed.

In This Episode We Cover:

How life insurance works
How to incorporate life insurance into financial planning
What bucket of insurance should people be thinking about
How does life insurance gets price
Whole life insurance versus term life insurance
Universal life insurance
What decreasing term policy and level term policy are
Things that affect insurability
Tax triangle
Is life insurance payout taxed
What age should you get life insurance
What makes good life insurance policy
Common reasons for being denied in life insurance
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 40
XY Planning Network

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Farnoosh Torabi grew up talking about money. Her parents are from the Middle East, and in her culture, they “never miss a moment to talk about money.”

As the go-to girl for finance advice among her friends, imagine her surprise when she sat down and looked at her financial situation to discover tens of thousands of dollars in credit card debt! Farnoosh realized that paying for everything with a card, then paying the minimum balances didn’t lead to debt free life.

Not wanting to continue a life of debt - mainly so she wouldn’t have to tell her mom - she hustled during school. Taking class notes and selling them on her school’s notes system, babysitting, bird sitting, anything that would generate income so she could throw money at her debt and pay it off.

Graduation took her to New York City and a stroke of luck found her a shared apartment with a married couple for $500 a month. Definitely less than she could find on her own. She started off making very little, and strategically increased her income to offset the fact that she “isn’t a good saver.”

Farnoosh has parlayed her own financial knowledge into a career teaching others how to manage their own finances. From books, to podcasts, to television, Farnoosh is everywhere, educating this oh-so-important skill so that others can work toward their own financial freedom.

In This Episode We Cover:

Farnoosh's journey with money
Where she learned about money
Talking about her money behaviour
How she got rid of her debt
Her approach on accumulating her assets
How real estate helped her
Her advice on people who are in a relationship
The leading cause of a divorce
The right time for people who are just starting to date to talk about money
What her asset allocation looks like
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
FinCon
NextAdvisor with TIME | Smart Money Moves
BiggerPockets Money Podcast 119
BiggerPockets Forums

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Felicity’s story to financial independence is going to be similar to listeners of The BiggerPockets Money Podcast. She got a good paying job, spent less than she earned, intelligently invested in Index Funds and is now financially independent at the age of 30.

Easy, peasy, lemon squeezy.

Except, it’s NOT that easy, actually. She lives in America, and for much of that time, she lived in a very high cost of living city, Boston.

Felicity rented a 250 sq ft apartment with her husband, Fergus, while he was in graduate school - because he didn’t want to live above his means, and he was making less money than she was at the time.

In fact, Fergus is leery of the 4% rule, and would be much more comfortable if they were only pulling 2%-2.5% of their retirement funds every year.

Their story illustrates the point Mindy makes so frequently in this podcast, “personal finance is personal.” Their story also illustrates the path one must take to get to financial independence.

Spend less than you earn. Intelligently invest. Stay the course through the tough times. This too shall pass.

In This Episode We Cover:

Felicity's journey with money
Talking about her unconscious spending and fixed expenses
What she did with her money prior to discovering financial independence
The moment she started his financial independence journey
How she got obsessed with personal finance
Conversation about money with her husband
Her approach on her money
Talking about happiness
Where she planted her money
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
The Power of Financial Freedom - Fetching Financial Freedom
5 Ways Losing 50 Pounds and Saving $1M Was Exactly the Same
Donating a Year’s Salary to Our Donor-Advised Fund
Mint
Mr. Money Mustache
BiggerPockets Money Podcast 120 with Michael Kitces
Millennial Revolution
Mindy's email
Scott's email

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Doug Nordman wanted to teach his daughter about money. But he knew that to get it right, he’d have to start when she was very very small. So he did. First, he taught her how to count, then he taught her how to add, then he showed her what she could do with money by using cash in transactions.

As Carol got older, she was able to handle the cash herself, learning how to make change, count change, etc. Carol started “earning” her own money, through allowance and jobs - which could only be done after her (non-paid) chores were complete.

Doug’s common-sense approach to teaching his daughter about money is actually quite brilliant. She starts learning about money - and making money mistakes - when the stakes are low. Your 8-year-old making a $20 mistake is far better than your 20 year old making a $10,000 mistake because he or she never learned how to manage money.

Carol joins her dad to talk about how these teachings affected her life - and how she is planning on teaching her own daughter about money and finances.

Carol and Doug have combined their recollections of this time together and written a book called Raising Your Money-Savvy Family For Next Generation Financial Independence, and it is the blueprint for exactly how to raise children who are ‘good with money’ and how to prepare them to be adults who are great with money.

If you’re struggling with how to teach your children about money, this is a must-listen episode.

In This Episode We Cover:

Doug's journey with money
How he learned to be smart about money
How he budgeted money on raising a child
What does high savings rate means to him
Carol's outlook about finance
Carol's financial story
Overview of Carol's financial position
Lean FI
Talking about Carol's husband and his view about money
Doug's advice on how to approach your kids when you are just starting out on this journey
Where they planted their money
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
CNBC
ChooseFI

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Seth Williams invests in real estate in a way you may have never heard of before. He buys and sells land. And no, he’s not a developer. He literally buys a piece of blank dirt, and then sells it—frequently within days of buying it—for fairly high margins. And he does this without taking out loans for the purchase.

How?

He’s paying hundreds of dollars for this land, as opposed to hundreds of thousands of dollars for a piece of land with a house on top of it. He turns around and sells it quickly, frequently realizing a 300% profit—or more!

Even better? Deals are EVERYWHERE! Land is literally everywhere, and deals can be found very easily. (We discuss several ways to find absentee vacant landowners, many of whom just want to be rid of the property!)

Seth shares what to look out for in a deal so you minimize your chances of getting burned and what makes a deal great. He shares different ways to find these deals and even gives guidance for doing your homework so you know exactly what you’re buying.

If you’d like to get started in real estate but may not have the funds or simply don’t have the time or desire to run a flip, land may be your way in.

In This Episode We Cover:

Seth's money journey
His first land deal
The reason why people buy land
How to get into your first deal buying land
What you should know about title insurance
Dealing with mistakes
All about title searches
Tax implications of buying land
The best and worst type of land for those just starting out
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
Dave Ramsey's Envelope System
The title search article/video
Land Flipping Lifecycle
How to Juggle Your Real Estate Business with a Full-Time Job
Six Months After Quitting My Job, Here Are My Honest Thoughts

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Chris Browning had dreams of creating movies for Pixar - until he started art classes in college and realized that wasn’t his calling.

He was also taking a personal finance class and thoroughly enjoyed it, so he changed his major to finance and never looked back.

Chris should have perfect finances, right? Well…

Chris found himself in debt after graduating in 2009 and working as a bank teller, trying to impress his girlfriend (now wife). He took control of his finances, telling his girlfriend that they needed to reign in their spending so he could pay off debt. But once his debt was gone, he started saving in earnest for an engagement ring, spent everything he had on that, and found himself in debt again when they started planning their wedding.

Life happened, debt continued to stack up until they realized they were $27,000 in debt, with salaries just over that amount - all while living in Southern California.

Living paycheck-to-paycheck makes it hard to throw extra money at your debt. Chris and his wife reviewed their spending and were shocked by what they were spending on. Once they knew where their money was going, they were able to drastically reduce their spending and throw more money at their debt.

It turns out, tracking your spending and sticking to a budget are both excellent pieces of advice that can help anyone turn their financial situation around and start down the path toward financial independence.

In This Episode We Cover:

His journey with money
How much debt he has on his wedding
What he did on paying off his debt
Changes he make while paying off his debt
How he approached his wife on making changes about their budget
Talking about his emergency fund
Dave Ramsey's baby steps
How he plan his retirement
Steps towards saving for early retirement
When did he discover Financial Independence
His vision for retirement
How to use credit card responsibly
His tips on travel hacking
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
Mint: Budget Tracker & Planner
BiggerPockets Money Podcast 75 with Justin from Saving Sherpa
BiggerPockets Money Podcast 39 with Jamila Souffrant
BiggerPockets Money Podcast 15 with Brad and Jonathan from ChooseFI
Dave Ramsey's Envelope System

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Doc G wanted to be a doctor since he was eight years old. He went to medical school, started his career and quickly realized he actually didn’t like all the parts about being a doc - and didn’t know how to leave the profession. Something he’d wanted for 20 years suddenly wasn’t so awesome anymore.

Cue The White Coat Investor. He’d written a book and asked Doc G to read it and review it for his medical blog - and suddenly Doc G saw a way out!

This way out didn’t have the expected results, however. Instead of jubilation, Doc G was thrown into a spiral of anxiety and depression. Something he’d wanted his whole life, this thing he’d identified with so strongly for so long, and the thought of walking away from such an enormous part of his life was terrifying because now he had a way to do it and it was suddenly real.

Having always saved at least 50% of his income, Doc G went to his accountant - who was unfamiliar with early retirement and sort of threw out a number he needed to save to retire. His financial advisor was a bit more helpful, asking questions like, "how much do you spend in a year?" Not knowing, Doc G threw out a number, which turned out to be really close to what his accountant said he needed. But he was still unsure.

So he did what anyone in the FIRE community would do - he started reading. Everything and anything he could get his hands on. He realized he had enough money to stop doing those things he didn’t like, so he started practicing what he calls "The Art of Subtraction." He removed the things that did not make his heart sing, so that he could focus on those things he DID enjoy.

And his plan worked. He now can spend his working hours doing the things he loves to do, and does not have to do the things he doesn’t. He has focused more time on non-doctor side projects like writing and podcasting - where his enjoyment runs sky high even though the paychecks do not.

As his side projects bring more joy, walking away from the physician thing gets easier and easier.

Making plans for retirement is great, but today Doc G shares how to plan your transition into retirement which can be even more important!

In This Episode We Cover:

Doc G's specialty as a doctor
His journey into the medical field
How his life changed from being a doctor to investor
How his money journey began
The art of subtraction
Stepping away from being a physician and leaving a large paycheck behind
Questioning what truly makes you happy
Doc G's portfolio
His rental property business
And SO much more!

Links from the Show

BiggerPockets Money Podcast 99 with Scott, Whitney Hansen, and Doc G
BiggerPockets Money Podcast 6 with Sarah Wilson
BiggerPockets Money Podcast 11 with Joel
What is Hedonic Adaptation and How Can it Turn You Into a Sucka?
Hacking Hedonic Adaptation to Get Way More For Your Money

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Marquez Griffin graduated from high school but did not feel that college was his path. His uncle worked in a sheet metal shop, and was able to get him a job there.

He quickly learned that taking a bit of action with regards to his sheet metal training would catapult him higher in his earnings, so he enrolled in trade school and alternated between work and school to learn the trade faster.

His earnings rose as he completed coursework, but Marquez found himself unexcited about his path and started looking for more. Moving in with a friend and his dad turned out to be a real-life Rich Dad event, with his friend’s father introducing him to the concept of saving and investing.

Marquez started listening to audio books and podcasts while working in the shop, looking for information about a better life. This self education led him to Scott’s book Set for Life, and then to BiggerPockets where he discovered that House Hacking, real estate investing and that he could marry real estate with a career and go from salaried trade work to commission based agent work where the sky was the limit with regards to earnings.

He further discovered the job of Signing Agent and has now incorporated that into his work schedule as well. (For more information about Signing Agents, check out our episode 74 at www.biggerpockets.com/moneyshow74.)

Marquez knew college was not his path, so he followed the path he was meant for and is reaching for Financial Independence on his terms.

In This Episode We Cover:

Marquez's journey with money
His experience working in a sheet metal shop
Practical approach on making more money while in school
Things that influence him to financial freedom
His approach on building emergency funds and investments
Talking about house hacking and his everyday expenses
How he became a Notary Signing Agent
Marquez's portfolio
On index fund investing
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 44 with Tinian Crawford
BiggerPockets Money Podcast 74 with Mark Wills

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Kevin Matthews II started paying attention to finance way back in 6th grade - because his parents said they wouldn’t buy him any more video games, he’d have to buy them himself.

Kevin’s parents telling him no propelled him into a lifelong planner - saving up for purchases rather than buying and figuring out how to pay it off later. And he parlayed his planning skills into a career as a financial advisor, eventually being named one of Investopedia’s Top 100 Advisors in 2017.

Kevin is passionate about teaching people - specifically millennials - how to manage their money. In fact, he’s SO passionate about teaching people how to alter their financial lives, he almost missed the birth of his first child in order to make a video about how $2,000 can turn your kids into millionaires! (Spoiler: He made it back to the room in time.)

Kevin wants you to know how to invest, how to manage your money so that you can further yourself down the path to Financial Independence. Kevin has an excellent video called Three ways to get started investing that discusses three ways we’ve never heard of!

Kevin credits consistency in investing with his client’s financial successes. He also believes that patience is the number one thing investors need - a point that’s been hit home so clearly in the past few months - and that a lack of patience is the biggest mistake investors are making today.

Kevin also shares tips for teaching your children about investing to get them used to seeing ups and downs, so they don’t lose their patience when they start investing with real dollars.

In This Episode We Cover:

Kevin's financial journey
How he's saving his lunch money
Becoming a financial planner
Individual stocks vs. index funds
When he discovered and committed to financial freedom
Mistakes that he sees new investors make
What his end-goal looks like
How $2,000 can make your kids millionaires
3 ways to get started investing
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 129 with Tiffany Aliche
BiggerPockets Money Podcast 110 with A Purple Life
BiggerPockets Money Podcast 97 with Financial Mechanic
BiggerPockets Money Podcast 119
BiggerPockets Money Podcast 41 with Kyle Mast
BiggerPockets Money Podcast 84 with Kyle Mast
BiggerPockets Money Podcast 118 with Kyle Mast
BiggerPockets Money Podcast 24 with Erin Lowry
BiggerPockets Money Podcast 81 with Erin Lowry
How $2,000 can turn your kids into millionaires
Three ways to get started investing

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Susan and Norm got married a little later in life. They started off basically flat, with debts equalling assets. Neither wanted to have the debt, and focused on paying it off and building an emergency fund.

Then they discovered that they could retire early if they put their minds to it. So they jumped in with both feet, paid off the mortgage, bought an investment condo, paid it off, and aggressively saved to buy the second condo.

From the time they met until the time they were ready to retire, starting with basically a $0 net worth, was 12 years. Starting at age 43.

The one constant in their journey is their partnership, their commitment to each other and the end goal, and their desire to “be in this together.” Susan and Norm have a very clear respect and love for each other, never keeping score, never trying to hide a mistake from the other, always recognizing that they’re building their life together.

When starting on the journey to Financial Independence, it can be difficult to say the course - especially when your journey starts later than most. Susan and Norm and an excellent example of what CAN happen when you make a goal and aggressively pursue success.

This episode is for anyone who is struggling in their journey to FI, have hit a setback they feel is insurmountable, or anyone who is just getting started on their journey a little later in life.

In This Episode We Cover:

When did they start saving for retirement
How they approach the conversation about money
The decisions they make on housing, transportation, and food
How they paid off their debt
What their emergency fund looks like
What their company do
What they learned about the 401k benefits from a self-employment perspective
Talking about their multiple income streams
The book that made their mindset shift
Peer-to-peer lending
What they will do when they are fully retired
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 24 with Erin Lowry
Cash Cow Couple
Personal Capital
Dave Ramsey's Financial Peace University
Starting Late, But Retiring Early: A Case Study
Mindy's email

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Today, we welcome back the Budgetnista, Tiffany Aliche. When we spoke to her way back in episode 8, we heard her story of an investment gone wrong and how 2008 really threw a monkey wrench into her life plans. But instead of allowing that to deter her, Tiffany committed to teaching people how to budget.

Since we last spoke, she has expanded her original, uber-successful Live Richer Challenge (www.livericherchallenge.com) into a savings edition, a credit edition, a net worth edition, and a homebuying edition—all free and all designed to teach you the things you never learned about money and finance.

Tiffany is SO PASSIONATE about personal finance that she worked tirelessly for more than two years to get a bill passed in New Jersey, mandating financial literacy education for middle schoolers. (Want to duplicate her success in your state? Here’s a video that details how she did it: How to Get a Law Passed with Assemblywoman Angela V. McKnight.

But she’s not done! Tiffany has combined her love of budgeting with her love of teaching children in her new book Happy Birthday Mali More, and on today’s episode, she shares her top tips for teaching your children the fundamentals of managing money properly.

If you have children, this episode can help you figure out the age-appropriate lessons you should be teaching them to help them grow into financially responsible adults.

In This Episode We Cover:

The Budgetnista Law
The reason why parents have a hard time teaching their kids about money
The concepts that parents should teach at various ages
How early should parents start teaching their kids about money?
Communicating the concept of financial freedom
How Tiffany got her husband on board with financial freedom
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
Live Richer Challenge
BiggerPockets Money Podcast 08 with Tiffany Aliche

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Whitney Hanson is one of six children. Growing up she watched her father start a business, watched it fail, and watched him turn destructive, eventually leaving her mother to raise six kids on her own - all while making $7.25 an hour.

Whitney has seen the ugly side of money - and what can happen when you have none - and decided she wanted no part of it. Money equals options, and she wanted as many options as she could get!

She began to research how to build wealth, because she did not want to perpetuate the cycle of poverty. She knew she wanted to go to college, but also knew she’d have to find a way to pay for it. Rather than taking out tons of student loans, Whitney went through a 3-month cosmetology program starting the day after she graduated high school, and used the money she made as a nail technician to pay for college.

Because she values financial stability over everything else, she bought a house when she turned 19 - and house hacked by renting two rooms to friends to help with the mortgage.

Upon graduating college, she realized she had taken out $30,000 in student loans that now had to be paid back. Rather than allow it to rule her life, she cut out everything and worked a second job in order to knock out her debt - in 10 months!

Whitney knew she had figured out how to lead a healthy financial life - and was eager to help others solve their own financial struggles. She started a coaching program to help financially empower people, and help them navigate the beginning stages of their financial journey.

Whitney’s story is 100% repeatable for anyone listening. She came from nothing, and made it on her own.

In This Episode We Cover:

Whitney's journey with money
Difference between a want and a need
Her personal financial situation during highschool
What her job is while she's studying college
The reason why she bought a house at 19 years old
Whitney's tips for students
Talking about scholarships
On her adulting moment
Her ways on how she paid off her debt
Her journey in creating a business during her MBA program
Talking about her cashflow
Biggest challenges that people are facing who she talk with about finances
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 64 with Zach Gautier
BiggerPockets Money Podcast 80 with Rich and Regular
BiggerPockets Money Podcast 112 with Natalie Kolodij
BiggerPockets Money Podcast 111 with A Purple Mom
Personal Capital
XY Planning Network
The Money Nerds Podcast 13 with Mindy Jensen
The Money Nerds Podcast 37 with Mindy Jensen

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Ramit Sethi from I Will Teach You To Be Rich is back again to chat with Scott & Mindy about money, unexpected events, and taking advantage of opportunities by being prepared.

Ramit does not hold back with his advice that the Coronavirus should be a financial wakeup call to you. A crisis like this WILL happen again (maybe not viral) and NOW is the time to prepare yourself.

He’s increased his recommended Emergency Fund to one year of expenses. If you’re struggling right now, you should be making minimum payments because “money in your pocket now is worth more than money in your pocket later.” Start crafting your emergency plan even if you don’t think you’re going to need to use it. Panic is bad, but overreaction is good. Don’t worry about looking stupid. One of the reasons you save is to be prepared for the worst. So prepare.

If you’re financially stable and strong, Ramit also has some tips for taking advantage of this crazy time we’re living in. Have you ever wanted to start your own business? While it can seem counterintuitive to start a business in these uncertain times, it’s actually a fantastic time to start. Your target audience is WAITING for you to fill the need they are having RIGHT NOW.

Even better? Ramit and Mindy discuss Mindy’s pain points regarding homeschooling - and Ramit comes up with 3 6-figure business ideas on the spot!

Scott & Mindy also discuss Dollar Cost Averaging, finding a new job now, and paying down debt.

Looking for more options in the coming months? This episode can’t be missed.

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Financial Education is so important - but so many people are graduating high school without the basic skills to make informed decisions.

Today, Scott & Mindy sit down to share some of the big money moves you should make - as well as some of the big money mistakes you should avoid.

These are the tips you didn't learn in high school. From choosing a major wisely (or even deciding if college is truly the right choice for you) to paying for college, to truly understanding just how much it will cost you to pay back your student loans, the decisions you're making now, entering college, are going to affect your financial future for years to come.

They also discuss relationships, and how those can also have a huge impact on your finances.

Other big decisions you need to consider include how and when to get a first credit card - and how to use it properly to improve and increase your credit score.

Scott & Mindy also dive into just exactly what a credit score is - and how its far-reaching influence can affect your job and housing.

Scott also shares his unique views on wants and needs - and how to minimize the costs of the needs so you can afford a few wants.

This episode is a great intro to financial education for young adults who are eager to make excellent financial decisions and put themselves on the path to freedom.

In This Episode We Cover:

Decision-making process after highschool
The difference between subsidized and unsubsidized student loans
The importance of calculating total student loans
Everything you need to know about credit scores
The difference between good and bad debt
How relationships impact money and the importance of prenup
Wants vs. needs
Roth IRAs, traditional IRAs, and 401(k)s
How to set up automatic investments
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
Mindy's Post on BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 44 with Tinian Crawford
BiggerPockets Money Podcast 22 with Travis Hornsby
Which to Borrow: Subsidized vs. Unsubsidized Student Loans
Student Loan Calculator
BiggerPockets Money Podcast 64 with Zach Gautier
BiggerPockets Money Podcast 35 with Craig Curelop
BiggerPockets Money Podcast 81 with Erin Lowry
Fidelity Investments
Vanguard

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In today’s episode, we speak with Fritz Gilbert from The Retirement Manifesto and go through his checklist to ensure a smooth transition into your new life.

Fritz speaks from experience and wrote the checklist during his own transition, starting five years out.

Oh yes, FIVE YEARS. If you want a smooth transition, you’ll need to plan ahead.

Scott and Mindy go through the checklist with Fritz, starting at five years before your retirement date. (They even touch on what to do BEFORE five years out.) Fritz’s list is extremely thorough and includes things you’ve most likely NOT even thought about.

From paying down debt to checking in with a financial planner to transferring all that personal stuff you currently have on your work computer or in your work email, we cover the obvious. But more importantly, we also touch on the “Oh man, I totally forgot to do that” stuff, which can be the difference between a seamless transition and one filled with “I wish I had done things differently.”

Fritz is such an expert in retirement planning that he wrote a new book about it: Keys to a Successful Retirement: Staying Happy, Active and Productive in Your Retired Years.

In this book, Fritz shares 24 keys to a great retirement—once you’ve made sure the transition goes well.

If you are on the path to retirement, this episode is NOT to be missed!

In This Episode We Cover:

What his pre-retirement checklist is all about
What his financial position looks like five years prior to retirement
His advice to people who are pursuing financial independence before starting
The "one more year" syndrome
5-year, 3-year, 2-year, 1-year, and 6-month checklists before retiring
Quitting your job
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 41 with Kyle Mast
BiggerPockets Money Podcast 84 with Kyle Mast
BiggerPockets Money Podcast 118 with Kyle Mast
BiggerPockets Money Podcast 55 with Millennial Revolution
BiggerPockets Money Podcast 55.5 with Millennial Revolution
LastPass
The Ultimate Pre-Retirement Checklist
Early Retirement Calculator
20 Steps To Take In The Before Retirement
The First 6 Steps To Financial Wealth
So You Want To Be A Millionaire
Freedom For Fido

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Gerry Born is a teacher who is married to a teacher. He started his financial independence journey when he was 33—with a wife, $45,000 in college debt, and a job in Saudi Arabia teaching English as a second language (ESL).

He knocked out his debt in two years, then threw everything he could into savings. The ESL job provided everything but internet and phone, so he really didn’t need to spend much money if he didn’t want to.

After 9/11, they moved back to the United States and got jobs teaching—and you know what kind of salaries teachers make!

Unhappy with that particular school, they moved on to a different one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) but can be immediately accessed penalty-free as soon as you separate service from your employer.

Gerry uses this to fund his life while reducing his taxable income to as close to zero as possible.

If you’re starting late—or if you’re a teacher or public employee—this episode provides tips for funding retirement that will blow your mind!

In This Episode We Cover:

How he retired early on a teacher's salary
The tax advantages he swears by
The reason why he maxed out his 457 plan first
What a 403(b) plan is
His job in Saudi Arabia
How he got into the concept of financial freedom
How he paid off his debt
How he saved his money
How he maximized his income
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 39
How We Saved 250k by Taking Crappy Jobs - The Millionaire Educator
Mr. Money Mustache

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Joining us today is Avery Heilbron, a listener on his way to financial independence through real estate investing. But Avery isn’t going all out and buying up every property as fast as he can. He’s making calculated purchases that allow him to live for free - and also cashflow while he’s there even though he lives in a high cost of living area. Once he moves out, that cashflow increases even more!

Avery is also thinking ahead, and mitigating his risk of non-payment of rent by using the Section 8 rental assistance program to help guarantee rent payments.

Oh, and Avery is 25.

He went to college on a soccer scholarship, worked through school, studied hard and graduated with ZERO student loans and a great job.

Do you have high school or college students in your life? This episode can help give them direction and encouragement that a little careful thought can have a HUGE impact on your future financial situation.

In This Episode We Cover:

How he purchased a property that was originally listed for $800k in January of 2020 for less than $700k
Avery's journey with money
How he discover financial freedom
Talking about FHA loan and why it is so unattractive to sellers
His plans to achieve financial independence
Talking about his rental properties
His philosophy on reserves
What Section 8 program is
On house hacking
His side hustle
And SO much more!

Links:

BiggerPockets Forums
Should I charge my Girlfriend rent?
Real Estate Rookie Facebook Group
BiggerPockets Money Facebook Group
The Official BiggerPocket Facebook Group
BiggerPockets Podcast 356

Check the full show notes: http://biggerpockets.com/moneyshow123

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Scott and Mindy have focused on Coronavirus for the last few episodes - talking to experts about how the virus has affected the stock market, the 4% rule, and even early retirees.

They’ve interviewed Financial Planners to get tips for using the current market conditions to their advantage, as well as chatted with a mortgage broker to determine the best time to refinance.

In this episode, Scott and Mindy talk about lifestyle creep - and how they have both been affected over the last couple of years. They revisit the basics of Financial Independence, spending less than you earn, increasing your income, investing wisely, creating multiple sources of income, and living your best life once money has been taken care of.

Using their lockdown spending as a guide, Scott and Mindy go through the steps they’ve taken and the changes they’ve made to their expenses - including what they will add back once the world reopens and what expenses they don’t miss.

This episode will help you get back to your Financial Independence basics, too.

In This Episode We Cover:

The basics of Financial Independence
Spending less than you earn
How Scott and Mindy save their money
How their spending changed
Increasing your income
Investing in low cost, quality investment vehicles
Creating multiple, passive streams of income
Living the life you truly love
And SO much more!

Links from the Show

BiggerPockets Money Podcast 116 with JL Collins
BiggerPockets Money Podcast 41 with Kyle Mast
BiggerPockets Money Podcast 84 with Kyle Mast
BiggerPockets Money Podcast 118 with Kyle Mast
BiggerPockets Money Podcast 119
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 121 with Seth Jones
BiggerPockets Money Podcast 03 with Erin Chase
BiggerPockets Money Podcast 97 with Financial Mechanic
BiggerPockets Business Podcast 51 with Nigel Guisinger
Mint
Something about Food Podcast
Waffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes
Real Estate Rookie Facebook Group
BiggerPockets Money Facebook Page

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In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if you can still make your mortgage payments.

We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender.

Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan.

We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal.

Seth even shares a mortgage checklist below.

If you need more information about the mortgage process, this episode is a must listen!

In This Episode We Cover:

The right time to take mortgage forbearance
His thoughts on refinancing
How a first time home buyer should approach their first mortgage
Cash outlay
Barriers to closing besides income disruptions
Five categories of fees
The difference between financing a primary home, secondary home, and an investment
What mortgage fraud is
And SO much more!

Links from the Show

Consumer Finance Protection Board
Credit Karma
Mortgage News Daily
BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
BiggerPockets Money Podcast 116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins
BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin
BiggerPockets Money Facebook Page

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Michael Kitces joins us today to talk about Early Retirement - and how the recent stock market movement affects the FIRE Community and the 4% rule.

We spend a lot of time on the 4% rule - including this graph which illustrates what Michael discusses - basically, there is an ultra-high probability that you will come to the end of 30 years with MORE money than you started out with, and an extremely LOW chance you’ll spend it all. In fact, only one time does the retirement fund hit zero - and even that isn’t until year 31!

Since the FIRE Movement is based on the 4% rule, we wanted to hear from Michael, the Research Nerd Supreme, what he feels about it. “...historical safe withdrawal rates aren’t based on historical averages. They’re based on historical worst case scenarios.”

Yes, we’re seeing some pretty big movement in the market, and yes, it can make you think. This episode provides some pretty powerful reassurance that “every little thing, is gonna be all right.”

If you are worrying about your financial future, if you have money or want more, this powerful episode is a can’t miss, absolutely-must-listen edition of BiggerPockets Money.

In This Episode We Cover:

The origin of 4% rule
Three different time periods that trigger the 4% number
Safe withdrawal rates
Different 4% rule scenario
Bucket strategy
Key assumptions that start crapping up on modeling or evaluating the short term cash bucket
The right time to start looking at bonds
Constant mid-course adjustments
What a retirement red zone is
Bond tent strategy
Safe withdrawal rate research
Guardrail strategy
Smart money moves during this market
Dollar cost averaging
And SO much more!

Links from the Show

FinCon
Determining Withdrawal Rates Using Historical Data
Software Solutions To Calculate Safe Withdrawal Rates
Online Data - Robert Shiller
The Ratcheting Safe Withdrawal Rate – A More Dominant Version Of The 4% Rule?
Yield Shield - Millennial Revolution
How Has The 4% Rule Held Up Since The Tech Bubble And The 2008 Financial Crisis?
Mr. Money Mustache
BiggerPockets Money Facebook Page

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In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing.

Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects.

Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown.

Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans.

The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too!

And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times.

These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate!

Is it time to give up on Financial Independence? Nope, not even close!

In This Episode We Cover:

How Andy's life changed after his last interview in this podcast
Andy's feeling about his decision on quitting his job and build his own business
Andy's financial position before he leave his job
One thing he wished he would have done differently before he left his job
Amy and Tim's after retirement plan
How they do their withdrawal on their stock portfolio to sustain their lifestyle
What their plan right now
Amy and Tim's advice for people who want to follow their footsteps
How prepared Brandon was
Brandon's opinion on the 4% rule
What does he recommend having cash buffer
Brandon's definition of a cash buffer
Brandon's advice for people who are in the journey to Financial Independence
Bryce and Kristy's cash cushion
Their travelling routine
Their advice
Continuing to invest their money on stock market
The reason why Doug is not concerned about the recession
How prepared Doug was
Doug's advice
And SO much more!

Links from the Show:

How to Access Retirement Funds Early - Mad Fientist
BiggerPockets Money Podcast 34
BiggerPockets Money Podcast 57
Determining Withdrawal Rates Using Historical Data
BiggerPockets Money Podcast 55
BiggerPockets Money Podcast 55.5
Airbnb
Fear And Despair In The Time Of Bear Markets - Military Guide
Raising Your Money-Savvy Family For Next Generation Financial Independence

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This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shutdown of most of the economy.

Joining Mindy today is Natalie Kolodij, who last appeared on Episode 112. Today’s episode was recorded on March 28, and we are fully expecting additional clarification and guidance from the federal government on these provisions.

Congress just passed a 2.2 TRILLION dollar bill to provide relief for Americans in the face of the Coronavirus. While the bill does provide for monetary help, there’s a lot of other benefits that may not be getting the same press.

OF COURSE we talk about the checks: How much, Who is eligible, When does it arrive? We also go a bit further and answer if it’s taxed, do you have to pay it back, is it a loan?

If you have a 401(k), IRA or even a Roth IRA, there are additional provisions for you to consider like extended loan limits and penalty-free distributions.

There are benefits for already retired people such as no RMDs this year if you haven’t already taken them.

We discuss the student loan interest rate freeze and how to take advantage of their no payment option.

We even touch on the additional provisions to employers such as IRC Section 139 changes that allow employers to help their employees out during this time of crisis, payroll deferment, sick leave, employee retention benefits and extended unemployment benefits.

If we have our financial ducks in a row, now could be a great time to make some tax-advantaged moves.

In This Episode We Cover:

How to qualify stimulus check
How much money people get on stimulus check
Key thing to keep in mind with stimulus check
Can people refuse the check
Stimulus check for dependents
Are green card holders and H1B VISA holders who work and pay taxes eligible for these benefits
IRA versus 401k distribution
Things to consider before converting funds from a traditional plan to a Roth plan
Are there any provisions for already retired people
How can an employer use the IRC Section 139, Disaster Relief Payments
How does provision work on student loans
Families First Coronavirus Response Act
Employee Retention Credits
Payroll tax payment deferral
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Real Estate Podcast
BiggerPockets Money Podcast 118
BiggerPockets Money Podcast 112

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Kyle Mast is a Certified Financial Planner, back for his third episode to answer YOUR questions about our current market conditions.

We ask him the questions YOU had on your mind, including rebalancing your portfolio, staying the course, and trying to time the market.

We take a deep dive into the retirement planning system, including weighing the benefits of Roth plans vs a traditional plans, and even discuss whether converting pre-tax retirement funds into post-tax funds during this down market is the right choice for you.

While this episode focuses more on the state of the stock market, we do discuss real estate investing, and considerations for whether you should jump in or hold back.

As always, consulting your own tax advisor and financial planner is advised, but Kyle brings up some very interesting ideas to take advantage of this down market.

In This Episode We Cover:

What people should do on their asset allocation with the situation right now
The best way to protect your net worth in this economy
Talking about Roth contributions
Contribution limits on a Roth 401k
A good plan to start investing in stocks for a short-mid term leaving the Real Estate aside for a while
Kyle's thoughts on 4% rule
Kyle's thoughts on withdrawing Roth IRA contribution for down payment on a rental property
What is a good use for Stimulus Check
How can someone find a good estate planner or estate planning attorney
The importance of estate planning
And SO much more!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 41
BiggerPockets Money Podcast 84
BiggerPockets Podcast 374
BiggerPockets Money Podcast 116
Mad Fientist
Dow Jones - DJIA - 100 Year Historical Chart | MacroTrends
BiggerPockets Money Podcast 49
Mindy's email
Scott's email

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Today, Scott and Mindy discuss the biggest news story of the century: Coronavirus or COVID-19.

This episode covers a wide range of topics both money and real estate -- with a guest spot from Brandon Turner, who answers the number one question on every real estate investor’s mind: What do I do if my tenant(s) can’t pay rent?

You'll also learn what resources are available for people whose incomes have taken a hit, and get answers to questions such as: should I continue with the purchase of a property I have under contract, and should I continue to pay down debt or take advantage of this current market?

These are scary times, and it can be easy to cut and run or throw out your carefully-laid plans in favor of an instinctive reaction. So now is a good time to detach, assess your options, and chart a course forward.

If you have Coronavirus fears, you’re not alone. Scott, Mindy, and the entire BiggerPockets Money Community are here to help you weather this storm.

In This Episode We Cover:

How to invest from a position of strength
How to tackle debt during this time
How to do a "financial reset"
What the 4 Percent Rule is in Financial Independence
Brandon's tip when tenants don't pay rent
What practical things can landlord do in these times
How to take advantage of the current situation
List of resources for those who are out of work
BiggerPockets reminders that you should consider
And SO much more!

Links from the Show

BiggerPockets Money Podcast 116
BiggerPockets Money Facebook Group
BiggerPockets Investments Calculator
BiggerPockets Podcast 374
BiggerPockets Podcast 364
BiggerPockets Real Estate Podcast
BiggerPockets Money Podcast 70
BiggerPockets Money Podcast 55
BiggerPockets Money Podcast 55.5
BiggerPockets Money Podcast 114
BiggerPockets Money Podcast 85
Mr. Money Mustache
How The 4% Rule Holds Up A Quarter-Century Later - Forbes
Real Estate Rookie
COVID-19 Financial Resources: Relief To Those Impacted - iHeartBudgets
197 Emergency Financial Assistance Resources (National & by Major City) - Frugal Confessions
50 immediate hire work from home jobs near me (2020) - Mrs Daaku Studio
BiggerPockets Forums
The BiggerPockets Book Store

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The stock market is up, then down, then down, then up. What is an investor to do?

Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.

The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn.

JL expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.)

Long story short, stay the course. 105 years of historical stock market data says this too shall pass.

While JL is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves.

If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success.

In This Episode We Cover:

Why are people freaking about the crash
How one should handle this market drop if you risk losing your job
When to prepare emergency funds and how much to put into it
Why you should hold your portfolio forever
What an Index Fund is
Why it is important to "ignore" the market
How index outperform stock picking
How one can never time the market
How those who say they predicted the market only did it because of luck
The only time the market is not going to recover...
And SO much more!

Links from the Show

BiggerPockets Forums
BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
Mr. Money Mustache
Taking advantage of Mr. Bear
A Guided Meditation for When the Stock Market Is Dropping
Stocks — Part XXXII: Why you should not be in the stock market
Time Machine and the future returns for stocks
Pinterest
Dow Jones - DJIA - 100 Year Historical Chart | MacroTrends
BiggerPockets Money Podcast 95: The House Hacking Strategy with Craig Curelop
BiggerPockets Money Facebook Page
Mindy's email
Scott's email

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income.

His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting.

Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer.

Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie.

Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate.

The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement.

The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts.

In This Episode We Cover:

Felipe's money story
How important money is for Felipe
What he did to his first rental property
The importance of putting money into an investment
How he earned money during his quest to join the police department
On getting attracted to the power of earning passive income through real estate
On house hacking
Challenges he encountered in terms of his rental properties
His advice on getting one’s spouse onboard
How he approaches cash reserves
And SO much more!

Links from the Show

BiggerPockets Forums
BiggerPockets Real Estate Podcast
Airbnb
Real Estate Rookie Podcast

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000.

Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE.

Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family.

She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate.

Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did.

Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family.

If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode!

In This Episode We Cover:

Ashley's money journey
How Ashley and her husband accumulate both rental properties and debt
The moment she purchased her first rental
How her rental income helps her to be more conscious about money
Ashley and her partner's agreement on their investments
2 rules to analyze markets for rentals
What a portfolio loan is and how to use it
Ashley's method of recycling her cash to buy more properties
What her lifestyle looks like after reading Dave Ramsey's book
Debt snowball method
How Ashley managed her various properties with various partners
And SO much more!

Links from the Show

BiggerPockets Forums
BiggerPockets Real Estate Podcast
BiggerPockets Business Podcast
BiggerPockets Calculators
BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr
BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40.

How did she do it?

She saved her money. She didn’t spend it on things that didn’t matter to her.

There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford.

And yet, she saved her money. She didn’t spend it on things that didn’t matter to her.

And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again.

She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life.

Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom.

In This Episode We Cover:

Bianca's journey with money
How she avoid on having debt
The problem with not having a college degree
What happened after she got her job as a flight attendant
How she got into real estate
Her thoughts on investment
The importance of having cash reserves
Her credit score after her three short sales
The moment she came across the FIRE movement
Her experience living in a train caboose
Reasons to not quit your job
And SO much more!

Links from the Show

BiggerPockets Forums
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs.

Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not.

She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you.

Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo!

If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice!

In This Episode We Cover:

The right time for somebody to start looking for a tax professional
How to find a tax professional
How important state-specific knowledge is
What a true expert can bring to the table regarding your return
What a real estate professional is
Benefits of consulting a tax professional prior to buying a property
How to prepare for a meeting with your tax professional
3 most common errors—check these before submitting your return
How to approach a tax return for a house hack or duplex
What to do if you recognize issues with past returns
What depreciation recapture is
And SO much more!

Links from the Show

MileIQ: Mileage Tracking App
BiggerPockets Forums
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55!

So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40!

Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them.

Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension.

Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement.

In This Episode We Cover:

Momma Purple's journey with money
Her life looks like when Purple was born
How she managed her money and able to save up so much as a single mom
Things that changes her practice with money after the conversation she had with her colleague
Her 10-year plan to early retirement
Talking about her investing journey
What she do the moment she was retired
Her advice for older listeners
And SO much more!

Links from the Show

Personal Capital
Mindy's email
Scott's email
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested.

Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances.

So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them.

She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money.

And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!”

Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted!

In This Episode We Cover:

Purple's journey with money
Her mom's gift
Deciding to seek financial independence
Convincing your partner to pursue FIRE
Purple's net worth
Tips for people who are looking for a new job and better income
The importance of research
Purple's plan in the future
What her retirement looks like
Possible downsides of remote work
And SO much more!

Links from the Show

Reddit
Mr. Money Mustache
Glassdoor
Indeed
PayScale
cFIREsim
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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This week, we sit down and talk with Airman Mildollar, from Military Dollar.

(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)

Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.

She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.

She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.

Every time she received a raise, she committed to put at least 50% of that raise into her investments.

In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.

2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.

MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.

In This Episode We Cover:

What an airman is
Airman Mildollar's money journey
Where she got her scholarships
How she creates financial freedom
Things she did on managing her finances
The reason why she didn't do househacking
On her housing and food allowance
How she discover FIRE community
What Thrift Savings Plan is
How she finance her properties
On her rental properties
Her plans in the future
And SO much more!

Links from the Show

Early-Retirement.org
Early Retirement Forum
Saving-Sherpa
Get Rich Slowly
Mr. Money Mustache
Airbnb
BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin
FinCon
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12.

During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances."

Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go.

Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company.

(Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!)

After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her!

She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus.

She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains.

Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want!

In This Episode We Cover:

Kristi's journey with money
How her mother taught her about money
Her experience with money during high school and college
Her financial position during her first job
Kristi's tip to get free tuition in college
How she discovered financial independence
Her first experience in real estate investing
What she did on her dad's life insurance policy
How she got her first property
Advice on working with a real estate agent
Tips on actively managed funds and commission-based financial planners
And SO much more!

Links from the Show

ChooseFI
MLS
Financial 180
Airbnb
Scott's Email
BiggerPockets Money Podcast 85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets
BiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

Check the full show notes here: https://www.biggerpockets.com/moneyshow108

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right?

So, with all this income potential, why is he doing side hustles that pay him significantly less? Happiness.

Being an attorney didn’t make Kevin happy. In fact, it made him decidedly unhappy. He changed jobs several times but in the end decided being a lawyer simply wasn’t for him. So, he left the field to pursue fun things that he liked doing.

Kevin loves to be outside. He lives near a university in a large city. He loves dogs. Put that all into a shaker, and out comes Kevin 2.0.

Kevin 2.0 takes dogs for walks during lunchtime. He gets out of his downtown office (he makes himself go to a co-working space so he accomplishes things every day) and delivers meals to office workers who can’t get away.

Kevin walks dogs around the downtown area for their owners who can’t get away at lunchtime to take them out. Kevin charges scooters overnight, and on his way home, he delivers even more meals.

Best of all? Kevin gets to spend time outside almost every single day. He does what he CHOOSES to do, regardless of what it pays.

Financial freedom isn’t about quitting your job. It's about living your best life, which Kevin 2.0 is now doing.

In This Episode We Cover:

Kevin's journey with money
How he started learning about money
His position when he got his first paycheck
The differences between his salary at the big law firm versus at the non-profit job
How Kevin and his wife handle student loan debt
How he generate his income in spite of being unemployed
Kevin's side hustles
The reason why he does side hustles instead of doing law-related jobs
What his day and night looks like while doing his side hustles
Tips on reselling things
And SO much more!

Links from the Show

Rover.com
Airbnb
Postmates
DoorDash Food Delivery
Uber Eats
Grubhub
Wag!
Become a Bird Charger
Bird Charger and Lime Juicer - Financial Panther
Craigslist
Facebook Marketplace
eBay
Mad Fientist
BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

Check the full show notes here: https://www.biggerpockets.com/moneyshow107

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined.

Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff.

She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards.

Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets.

And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location location.

Megan now advises high net worth and ultra-high net worth individuals manage their money, because no matter how much money you make, everyone struggles with expenses.

And today, Megan shares excellent advice with us for strategically thinking about our money for the present as well as planning for the future.

In This Episode We Cover:

Megan's journey with money
The best way to raise kids
How her money story evolved during her high school and college days
Her debt planning
Interest rate she recommends for those paying off debts
The best approach to taxes
The first big thing she did when she started making money
Her real estate beliefs
Helping older parents
Planning her own financial future
What a position capable of taking risks looks like
Her take on high net worth individuals
Cash flow management
Her opinion on the 4% rule
And SO much more!

Links from the Show

BiggerPockets Real Estate Podcast
BiggerPockets Intentional Journal
BiggerPockets Money Facebook Group
BiggerPockets Money Survey

Check the full show notes here: https://www.biggerpockets.com/moneyshow106

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money.

Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.

She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.

Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.

Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.

Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem.

In This Episode We Cover:

Jen's money story
How she made money to buy things she likes
Her position entering and leaving college
The reason why she got a discount on college
Having a mindset of being an extremely frugal person
How long it took to pay off her family's debt
The reason why she took a hard look at finances within her marriage
Her financial awakening
Her upbringing
Her Thrift Savings Plan and emergency fund
The importance of accepting and understanding individual money stories
Having 15 separate bank accounts
What her future plans are
Money issues that she sees repeatedly in her clients
Examples of variable expenses
And SO much more!

Links from the Show

BiggerPockets Forums
Waffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes
BiggerPockets Money Facebook Page
BiggerPockets Money Survey

Check the full show notes here: https://www.biggerpockets.com/moneyshow105

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Lauren and Steven met in high school and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a Ph.D. in Physics, but he really enjoyed working with students.

They moved back to Florida so Steven could get his master’s in Education, while Lauren worked her first “real” job.

But after two years, they were burned out from working full-time. After learning about financial independence and achieving an incredible savings rate—to the tune of $100K in two years—they decided to take a break.

Their “break” was a six-month trip to Hawaii, paid for up front by their big savings account—but repaid by a series of side hustles in Hawaii. While most people spend lavishly to go on a tropical vacation for one week, they ended up $1,000 positive while spending six months there.

Re-energized, they returned to Florida for a full-time job for Lauren and a continuing tutoring job for Steven—making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing a three-bedroom condo, periodically renting out an unneeded bedroom.

But after about three years, they felt burned out again. This time their “break” was a trip around the country to visit every national park—all 61 of them—in seven months. Again, they wanted to pay for the trip with income generated during the trip.

They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for seven months, and hit the road.

Each time they return from their mini-retirements, they are refreshed, re-energized, and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey.

In This Episode We Cover:

Lauren and Steven's journey with money
How they managed their money during their college years
How they saved $100K in two years
Their monthly income and expenses
Preparations to go to Hawaii
How they managed their cash flow while staying in Hawaii
What they did when they returned to the mainland
Their strategy for asset allocation
Working part-time while on the road
How they get internet access while traveling
Their freelance business
The ideas behind financial independence
And SO much more!

Links from the Show

BiggerPockets Forums
Mr. Money Mustache
The True Cost of Commuting - Mr. Money Mustache (blog)
HealthCare.gov
BiggerPockets Money Podcast 84: Traditional Retirement: Social Security, Market Conditions, & Managing Expectations with Kyle Mast
BiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast
BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180
XY Planning Network

Check the full show notes here: https://www.biggerpockets.com/moneyshow104

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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J Money wasn’t necessarily BAD with money, but his first home purchase - made because everyone else was doing it - prompted him to seek out advice about money.

He stumbled upon the blogging world and was enthralled with the transparency. Here were real people talking about real issues they were facing - similar to what he was going through himself.

He started his own blog called BudgetsAreSexy, and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation!

His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment.

As he became more entrenched in the blogging space, he discovered that people buy and sell blogs - so he started flipping web sites. Another source of income generation.

When it came time to choose between his full time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.)

Thrust into entrepreneurship, J buckled down with his spending, and discovered that Budgets really ARE sexy, and they can be the key to your financial success.

Topics:

J's journey with money
How he came across blogging world
What his biggest financial regret is
Building income on buying blogs
Where he got his blog name "Budgets Are Sexy"
How he handle his personal financial position
The moment he created his budget
The 'no spend month' challenge
Talking about his net worth
How important time for him is
What his wife doing for work
His plan for the future
His advice on starting a blog
The biggest help to fix his finances
The reason why he was called as Miley Cyrus of finances
And SO much more!

Links:

70+ Ways to Make Money on The Side - Budgets are Sexy
Do You Know Your Insurability? - Budgets are Sexy
Reddit
BiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Master with Brandon Turner
BiggerPockets Real Estate Podcast
BiggerPockets Forums
Blogger.com
Listen Money Matters
BiggerPockets Money Podcast 45: The Truth About Entrepreneurship with Matt Giovanisci

Profiles:

Budgets are Sexy
Rockstar Finance
J. MONEY

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, and soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her.

A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor.

But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life!

In this Episode We Cover:

Jean's journey with money
Her financial position before and after college
How her financial habits changed
The importance of prioritising decision making
Her job on Smart Money Magazine
What she learned in reporting women with money
On HerMoney Happy Hour
The outcomes of the conversations at Happy Hour that might surprise men
The reason why couples are reluctant to talk about money
How to start the conversation with a partner who doesn't want to talk about money
The first thing a woman needs to do to start changing her financial situation
The importance of prenup

Links:

BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner
BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry
BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial
BiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant
BiggerPockets Forums
Modern Love - The New York Times
Scott's Email

Connect with Jean:

Jean Chatzky's Website
HerMoney
HerMoney Newsletter
HerMoney Podcast

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taught as a child were frugality and saving, because you never knew what was going to happen.

Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time.

She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training.

When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23.

Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate.

She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age.

In This Episode We Cover:

Sunitha's journey with money
On having a scarcity mindset around money
How she turned into a professional tennis player at age 14
What happened to her money being a professional tennis player
Wanted to succeed in the corporate world
Her journey at a community college
How she found endowment programs
Pros and cons about going to college at different age bracket
Her highs and lows point being a professional tennis player
What realization that sparks her journey to financial independence
Had their house governed by domestic abuse
Believed on being diversified
Started real estate business at Indianapolis
What her goals going forward
On domestic and financial abuse
How did she leave from a domestically violent relationship
And SO much more!

Links:

BiggerPockets Forums
The Domestic Violence Hotline - 1-800-799-SAFE
GRIFFIX Property Group

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real estate, he made mistakes. LOTS of mistakes.

Today, Brandon shares everything he did wrong - from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell.

But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt and started living the life he truly wanted.

The episode is for people who’ve made mistakes, who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach.

In This Episode We Cover:

Brandon's journey with money
How to learned negotiating from his mother
The reason his mom bought him a book on how to handle money
His financial position after college
How he got a No-Doc loan
Bought properties to flip and turned them into rental properties
What hard money loan is
His rock bottom experience
Read a hundred books on real estate
The reason he got into buying rentals
How he convinced his wife to invest in rental properties
Started saving money by doing the cash envelope system
What seller financing is
How he bought his 24-unit apartment
The importance of building integrity
How they met Josh Dorkin
His balance sheet when he retired
Brandon's advice on investing

Links:

BiggerPockets
BiggerPockets Real Estate Podcast
BiggerPockets Business Podcast
BiggerPockets Forums
The BiggerPockets Book Store
BiggerPockets Money Podcast 42: How to Invest in Real Estate with Joshua Dorkin & Brandon Turner
Rental Property Calculator from BiggerPockets
The Dave Ramsey Show
Podcast Movement

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life after FIRE” stories, each completely different, each extremely powerful.

We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time.

Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement.

A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life.

And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children.

These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives.

In This Episode We Cover:

What their life looks like after FIRE and the challenges they faced
William's journey to financial independence
The advantage of being financially independent in the workplace
How they plan for caregiving
Tim's background
Financial Independence Rewired Early
The importance of having a clear second act
The difference between working on his business and working as a coach
The FIRE life
Tim's advice for anyone who's looking to pursue financial independence
Rachel and Paul's backgrounds
On their mission 50 by 50
Oma's background
On healthcare cost

Links:

Mr. Money Mustache
Mad Fienstist
The Money Nerds Podcast
What's Up Next Podcast
Altus Business Advisors
Tim's email

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store.

Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world.

In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast.

She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance.

Her message has reached more than one million people, and has changed the lives and financial futures of countless more.

Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age.

In This Episode We Cover:

Vicki's journey with money
On having a poverty mentality
On how to appear prosperous to other people
Survival thing for social animals
How the behaviours of her peers differed from hers
On working with Joe Dominguez
What her journey looks when she wrote the book, "Your Money or Your Life"
Her concern re climate change
Resource sharing
How the financial independence movement evolved
Capitalist game
The levels of financial independence
Freedom to have new interests and following them
Her advice on life circumstances
Vicki's living situation right now and how she used real estate
And SO much more!

Links:

Financial Independence - Reddit
Mr. Money Mustache
Mad Fientist
BiggerPockets Money Podcast 58: Optimizing Every Channel to Achieve Financial Freedom with Grant Sabatier
Millennial Money
Dollar Revolution
BiggerPockets Money Podcast 55: How to Quit Your Job and Travel the World with Millennial Revolution

Profiles:

Your Money or Your Life
Vicki Robin's Website
Your Money or Your Life Facebook Community

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything!

Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund.

Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.”

For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options.

She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid!

In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier.

In This Episode We Cover:

Financial Mechanic's journey with money
Saved money to buy a puppy
The importance of focusing on your future opportunities
Graduated college debt-free
Her money situation during her first internship
Earning a lot of money before she discovered financial independence
How his mindset changed the moment she found financial independence
How her money journey evolved
On her career
Did research on glassdoor for salary range
How she got her signing bonus
What her end-goal is
How she lived $20,000 a year
And SO much more!

Links:

Glassdoor
Personal Finance on Reddit
Mr. Money Mustache
Forum - Bogleheads
Personal Capital
Achieving FI Before 40 Despite Breaking Every Financial “Rule” with Tanja from Our Next Life
BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
Every Dollar I Spent Last Year
How to Effectively Ask for a Raise (from Someone Who's Done It Twice)
How To Make Your Significant Other Hate FIRE
The Psychology of Money– 4 Ways Your Brain is Working Against You

Connect with Financial Mechanic:

Financial Mechanic
Financial Mechanic's Twitter
Financial Mechanic's Instagram

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad, Poor Dad, The Millionaire Next Door and Think and Grow Rich.

Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month!

He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!!

Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child!

Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free.

In This Episode We Cover:

Wilson's journey with money
Had an open discussion with his dad about money growing up
Money books he read
The reason why he did not pursue as a financial advisor
The importance of having a financial literacy
The perfect environment on getting our kids to learn financial education
What lifestyle changes did they make in order to save money and pay off their debt
Got a lot of comments after he posted on Facebook that he paid off his student loan debt
Focused on having a baby fund and 2 years expense fund after paying off their debt
How he started doing financial coaching
Mistakes that other people make with their finances
The first thing he teach people to do with their finances
And SO much more!

Links:

Blogger Net Worth Tracker - Rockstar Finance Directory
My Fab Finance
Mindy Jensen
Scott Trench

Connect with Wilson:

The Money Speakeasy
Facebook
Instagram
Twitter

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hacking!

Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing.

Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends.

Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience.

If you’re thinking about jumping into house hacking, this episode lays it all out.

In This Episode We Discussed:

Craig's journey with house hacking
Craig's numbers on his first house hack
What PMI is
Craig's PMI monthly payment
How he leverage his first house hack into the second house hack
Craig's numbers on his second house hack
The importance to consider the occupancy law
How he bought his third house hack
Craig's numbers on his third house hack
How he managed all his rentals
How to find a property manager
The idea of sacrificing comfortability and profitability
Advantages on house hacking
What kind of property makes for a good house hack
On luxurious house hack
Getting pushback about house hacking
Craig's biggest house hacking mistake and how to prevent it
Things that is important when it comes to house hacking
And SO much more!

Links:

BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Podcast 244: “Unfair” Taxes and Unfair Advantages with Linda Weygant, CPA
BiggerPockets Podcast 350: How to House Hack Your Way to Financial Freedom in 3 Years with Craig Curelop
BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench
BiggerPockets Forums
BiggerPockets Blog
Tenant Screening: The Ultimate Guide

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?”

Without going into too much detail, we’re all aware that healthcare costs are fairly ridiculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out.

Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!)

If you are on the path to financial independence, you NEED this episode.

In This Episode We Cover:

How Lynn became interested in financial independence
How she began investing at age 12
The process of researching healthcare options
18 different options for healthcare
Healthcare prevention
The difference between deductibles, co-pays, and premiums
And SO much more!

Links:

Mr. Money Mustache
Reedit
Military Dollar
Bloomberg
HealthCare.gov
FinCon
BiggerPockets Money Podcast 80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & Regular
Rich & Regular
From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud
Montana Money Adventures
EconoMe Conference

Profiles:

Nurse Numbers
Lynn's email
FI Healthcare

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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All the BiggerPockets podcast hosts on stage in one place!

This bonus episode was recorded at the BiggerPockets Conference 2019 on October 7th in front of a live audience of more than 1,000 people at the Gaylord Opryland Resort in Nashville, Tenn.

We turned the mics over to our members, who fired a bunch of great questions at Scott Trench and Mindy Jensen, Brandon Turner and David Greene, Joshua Dorkin, and J and Carol Scott.

Our panelists covered some nitty gritty real estate topics, like tackling vacancy and how to invest IRA funds, as well as big-picture concepts like motivation, marketing, and teaching family members the importance of investing at an early age.

Also, everyone reveals which animal they would be if they had to choose, and a member of the audience challenges David Greene to produce an analogy on the spot. Listen to find out whether he performed under pressure!

Our first conference in seven years was a big success, and we’re so thankful to everyone who came out to learn, network, and have a great time.

Download this bonus episode, and be sure to subscribe to all three shows BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, and BiggerPockets Business Podcast so you won't miss an episode.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous!

In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence.

Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts.

Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future.

This episode truly is for anyone who has money AND wants to have more.

In This Episode We Cover:

What house hacking is
On buying a car
Challenges that come up in relationships
What to buy on engagement rings
Concept to apply on weddings
On having kids and pets
The importance of being on the same team in your relationship
Ways to save money on travel
Travel hacking
Tax Mistakes
The right time to talk to a CPA
Talking about retirement accounts
Withdrawing money early inappropriately
Not understanding fees
Not taking the match
Track and analyzing your spending
Signs that you have miscellaneous spending problem
On investing

Links:

The $51,000 mistake thousands of retirement savers have already made
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money Podcast 87: How to Save Money for Your Down Payment with Scott & Mindy
BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy
BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial
BiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire
BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
BiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David Stein
BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday
Make Your Own Free Mobile Expense Tracking App in 30 Minutes
BiggerPockets Career Opportunities
BiggerPockets YouTube Channel

Connect with Scott and Mindy:

Mindy's email
Scott's email
BiggerPockets Money's email
Scott's Instagram
Mindy's Instagram
BiggerPockets Money's Instagram

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy.

Except that’s not how the world works. What brought success to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L!

Of course that said, there are some general principles that apply to everyone:

Spend less than you earn
Invest wisely
Increase your income
Track your spending
Be money conscious

Chris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone.

Topics:

What their book is all about
The framework they applied to the concept of financial independence
Deconstructing rules and create new mindset
Things they questioned that started to fall apart
How to frame the conversation to attract and get more people interested on financial independence
The concept of spending less money
Principles on how to cut your expenses
Learn the rules of money and math
How to earn more income
How they approach on investing
The final step towards financial independence
And SO much more!

Links:

Mr. Money Mustache
Mad Fientist
YNAB
Mint
Frugalwoods
BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
BiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David Stein
Budgets Are Sexy
Twitter - Dad Jokes
Scott's Instagram
ChooseFI
ChooseFI Podcast
Eat The Financial Elephant
Can I Retire Yet?

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Choose FI: Your Blueprint to Financial Independence

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Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt.

Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt)

September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".

Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.

Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.

In This Episode We Cover:

Melanie's journey with money
Experiencing mental health issues because of debt
Start blogging and wrote break-up letters to debt
How she paid off her debt
Her main side hustle
How much it costs her to pay her student loan debts
The reason why debt is depressing
The biggest mistake people are making
Her advice to anyone who has the same path with her
Five stages of grief that are similar to paying off debt
On living in denial
Steps to prepare your mindset and addressing the underlying issues
Therapy hack
What keep her motivated
Talking about the first person who reach out to her
How she personally managed to pay off her student loans
On making more money
What her life look like after she paid off her student loan debt
And SO much more!

Links from the Show

Craigslist
TaskRabbit
FinCon
Mint
Open Path Collective
Crisis Text Line - Text HOME to 741741
Suicidal Hotline - 1-800-273-8255
Suicide Prevention
National Foundation for Credit Counseling
Annual Credit Report
Side Hustle Nation
BiggerPockets Money Podcast 90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling Wallet
BiggerPockets Money Podcast 28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper
BiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop

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Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this oh-so-important information.

They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement.

Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed.

This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle money.

In This Episode We Cover:

The right time to start teaching kids about money
The importance of understanding the needs versus wants at the very early age
How to introduce financial education into elementary and middle school childrens' curriculum
On financial education mandates
How do we get mandates to all 50 states
Misconception about financial education
And SO much more!

Links:

FinCon
Mandates Matter When it Comes to Borrowing for College
National Endowment for Financial Education

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When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating.

Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one!

Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan.

Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball.

In This Episode We Cover:

Melissa's money journey
Three situations that set up her money mindset
What her life looks like during her college years
What her school program looks like during her college years
How she handles the situation when she got pregnant during her college years
On childcare
Her goal after college
All about her medical debt
The reason why she opens up her 401k
What her lifestyle looks like and the sacrifice she made to make things possible
On paying off her debt
How does her situation changed after she got married
The moment she discovered the FIRE movement
And SO much more!

Links:

BiggerPockets Money Podcast 79: Financial Freedom Through Decades of Hard Work and Hustle with Carol Scott
BiggerPockets Money Podcast 82: Early Money Lessons Create Healthy Money Experiences with Aditi Shekar
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman
BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby
Student Loan Planner
SoFi
Mr. Money Mustache
Mindy's email

Connect with Melissa:

Traveling Wallet
Melissa's Twitter

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Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits.

Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife.

Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.”

Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free.

He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.”

Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was!

Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life.

In This Episode We Cover:

Rob's journey with money
Lived rich dad poor dad life
Saved money for retirement
How his lifestyle and position changed transitioning from a law firm job to a government job
Psychological component of a side hustle
Leaving the big law firm changed his mindset about money
Making $100 in 6 months to $30k in 18 months doing blogs
How he treated his salary money and side hustle money differently
The moment he paid down his debts
The reason why he decided to sell the business
What prompted him to write the book called, "Retire Before Mom and Dad"
What his book all about
And SO much more!

Links from the Show

BiggerPockets Forums
FinCon
PT Money
Frugalwoods
BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
Mindy's email
Scott's email

Connect with Rob

Retire Before Mom and Dad
Rob's Twitter
The Dough Roller Money Podcast

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Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler alert) she graduated college with $77,000 of student loan debt.

A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research.

Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.”

She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got.

Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul!

In This Episode We Cover:

Ashley's money journey
Worked side jobs and open up credit card to get an employee discount
Total debt she had from credit card and student loan after college
What she did after college
Used her income tax return to paid out her credit card debt and bought a house
On her journey to financial freedom
Aggressively attacked student loan debt in 2017
What prompted her to paid down her student loan debt
Got interested in real estate
How he got downpayment for her investment property
On househacking
And SO much more!

Links from the Show

BiggerPockets Podcast 268: Acquiring 20 Long-Distance Rental Homes (on a Military Salary!) with Rich Carey
Broke Millennial
BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen
Ashley's Instagram

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In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?”

In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing.

They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500.

If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path.

In This Episode We Cover:

Things to do before buying a house
Getting your taxes in order
Disadvantages of self-employment
Mindy's story of buying her current house
Avoid making big purchases until after you close on your loan completely
Understanding closing cost
All about down payments
Do you get your earnest money back if you don't buy the house
On finding a good agent
What Private Mortgage Insurance is
On finding a good inspector
How to save up for the downpayment
And SO much more!

Links from the Show

BiggerPockets Forums
BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
Scott's Email
Mindy's Email

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David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES of investments you can choose from.

In this episode, we explore asset classes we haven’t really discussed before: Closed End Mutual Funds, REITs, Mortgage REITs, and the different types of stock you can buy. (Yes, there is more than one!) We even touch on Gold and Cryptocurrency!

Investing isn’t limited to stocks, bonds and real estate, and David introduces these ideas so you can start investigating the asset classes that appeal to you and works best for your financial goals.

David also shares his Investing Principles and his top tip is so simple, yet such an EXCELLENT piece of advice: Be able to describe in detail what you are investing in. If you can’t, you’re not ready to invest in that just yet.

If you’re looking for different asset classes, better returns or even just to diversify your portfolio, this episode is a must-listen!

In This Episode We Cover:

David's money journey
Launched businesses at the very young age
Studied and liked the aspect of finance
His approached to money throughout his career
What prompts him the decision to retire
On the "Money For The Rest of Us"
The investment principles that he teach
On the trading
Disadvantages of buying individual stocks
The difference between investment, speculation and gambling
Individual stocks versus index funds
Any circumstances that would make people buy an individual stock
The reason why he start the podcast
Closed-End Mutual Funds
Bonds
On real estate investment trust
How he select reits
Private reits versus public reits
On preferred stock
Buying preferred stock versus common stock
What a mortgage reit is
On bitcoin
What makes bitcoin speculation rather than a gamble
And SO much more!

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Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses.

His father passed away when he was 4, leaving him an inheritance of $100,000 when he turned 18. Jacob quickly spent it on a truck, customized to the hilt. He soon had nothing to show for it, and at his lowest point, had to move in with his girlfriend’s mother, because he had no money to pay rent.

Enter Dave Ramsey’s Total Money Makeover. Jacob devoured this book and of course, lightbulb!

Jacob did what most new-to-FI people do, he cut out everything! He started tracking his spending and preaching to everyone who would listen. Finally fed up with his constant preaching, his wife said “I don’t want to hear about this anymore - go start a website!” And I Heart Budgets was born, where Jacob could preach to his heart’s content.

Jacob and his family are now on a year long road trip around America, a mini-retirement to spend time with their young children before school starts, taking advantage of their financial position.

Later in the episode, Jacob drops a knowledge bomb on Mindy & Scott, sharing the existence of the “Spousal IRA,” a way for non-working spouses to contribute to an IRA.

Thinking you made such a big mess of your finances that you won’t ever recover? Jacob’s story shows that it’s never too late to start, and that poor financial choices don’t have to define you.

In This Episode We Cover:

Jacob's money story
Inherited $100k at age 18 and blew it very quickly
The moment he realised to get serious about money
On tracking his spending
His lifestyle before and after he read Dave Ramsey's book
The power of getting on a budget
How he perform against his plan after tracking his spending
On his first three months of budgeting
How to set goals that you can actually achieve
What they did after wedding and honeymoon
What their lifestyle looks like living in Washington
On purchasing their house
Talking about their payment and savings after buying their house
On being a tax professional
The power of DIY
How he learn DIY
Made a choice to quit his job, buy an rv and hit the road
What a spousal IRA is
Their formal budget and money dates
The importance of having a wife that is in the same page as yours
Reshaping mindset and habits
And SO much more!

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Kyle Mast first visited us on Episode 41 of the BiggerPockets Money Podcast, and he BLEW US AWAY with his suggestions, ideas, tips and tricks for early retirement.

Kyle is back again today to talk more to traditional age retirees - those of us who are retiring at or near age 65.

Retiring now can seem scary - the market is near all-time highs and has been so for a very long time. Markets are cyclical and unpredictable.

Kyle shares how to ride out the storm with strategies to manage both behavior and emotions. He’s a big fan of Retirement Fund Dates - but not of putting all your retirement eggs into one fund-date basket.

Kyle also looks at Social Security and covers several scenarios to help you decide when to start receiving your benefits.

Kyle is a fee-only Certified Financial Planner - and this episode shows time and again just how valuable a consultation with a CFP can be. If you’re nearing traditional retirement age - and you’re not quite sure what’s next - THIS episode is especially for you.

Topics:

How to set up portfolio transitioning to traditional retirement age
On managing behavior and emotion
What a bucket strategy is
Sequence of returns risk
Delaying social security
On claiming social security
Income limitation for social security
The importance of having an understanding of social security
What people look for when finding a financial planner
Designing lifestyle and expectation around spending
How to plan your expenses on retirement
What a long-term care insurance is
On having a long-term cafe insurance with golden policy
On target date funds
Identifying your own risk tolerance

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Buying your first home - either an investment or a primary residence - can be scary. This is a HUGE purchase, and no one wants to mess that up. But buying a house doesn’t have to be scary, if you’re properly prepared.

This week, Scott and Mindy sit down and talk about the process - what you need to consider BEFORE you even start looking at houses and what to REALLY look for when you’re looking at houses.

They also talk about different funding options, different purchasing strategies and even different ways to hack your housing to live for free - or make big money when you sell.

If you’re in the market for your first property - or second or third - or you’re just starting to think about buying a house, this is an episode you cannot miss!

In This Episode We Cover:

First step that Scott recommend someone once they decide to purchase a home
Consider exit options
Three possible exit options
Don't buy on a busy street
Don’t put yourself in an artificial urgent state on buying your first house
Don't spend every dime you have on your downpayment
How real estate agents and mortgage brokers are incentivise
On funding
Mortgage broker versus a lender
Adjustable versus fixed rate mortgage
What a mortgage insurance is
FHA versus conventional loan
On house hacking
Credit score on Credit Karma
Pre-qualification versus pre-approval process
How to find a real estate agent
Things to inspect and to avoid on buying your first home
7 step checklist for buying your first home
And SO much more!

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Talking to your partner about money can be very difficult - especially when you’re bringing up the conversation for the first time.

Today, we’ve brought Aditi Shekar back to discuss finances from a couple’s point of view. Yesterday we heard Aditi’s personal money story, and today she shares tips for speaking to your partner about your finances.

How to go on a Money Date, all about her $20 prenup and why she feels everyone should have one, her guide to combining your finances. In fact, Aditi is so passionate about personal finance in general, and couples finance specifically, she created an app to help you share and discuss finances with your partner!

Zeta is a personal finance app designed for couples to help you stay on top of your finances, together.

Looking for a way to talk about money with your partner? This episode was made especially for you.

In This Episode We Cover:

The first thing that a couple should do once they discover that they are far apart on money
The importance of talking about money early and often with your significant other
Layers of fights about money
Guide to combining finances
On prenup and how she approach the subject with significant other
On people who didn’t have prenups
How to go on a money date
Finding out who is the CFO in couple
Her relationship advice and tip for listeners
The importance of knowing your money personality
And SO much more!

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Aditi Shekar learned entrepreneurship at a very early age - when she asked her father for a toy and he said no, make your own money. She’s been creating businesses ever since.

Her father’s advice wasn’t the only great money management tips she received early on. In college, a finance professor did two entire classes on personal finance, sharing the benefits of starting early to save for retirement.

Her financial independence journey was kickstarted when her apartment burned down - and she had no renters insurance. “I don’t want more stuff. I just want to figure out the life I want to lead.”

Aditi and her husband took a roadtrip to discover where they wanted to live, and ended up in two separate cities, visiting on the weekends. Time apart made them realize they wanted to be together, so she moved to him, and started the life she truly wanted.

In This Episode We Cover:

Aditi's journey with money
On learning about entrepreneurship and business ethics at age 5
Her philosophy on spending money
How she developed discipline when she got her first job
Saving early for retirement
Big question to ask yourself when you're opening a retirement account
How she started investing
The importance of creating a rule of thumb
Started teaching a class on personal finance
The realisation she had after their apartment burned down
The importance of emergency funds
How her outlook changed in terms of life and finances after the fire incident happened
Her goal in her financial journey
And SO much more!

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Erin Lowry last joined us on Episode 24 of the BiggerPockets Money Podcast, where she talked about getting Financially Naked with your partner. She’s back today to talk about investing - and all the things many people don’t really know. Erin shares the basics that so many articles and podcasts gloss over - but that are so important to know in order to be financially successful. She also has a new book out: Broke Millennial Takes On Investing: A Beginner’s Guide to Leveling Up Your Money, where she tackles investment basics. If you’re new to investing, or just having trouble figuring out all the terminology, this episode is right up your alley. In This Episode We Cover: Where Erin started investing The importance of educating yourself On setting financial goals What a time horizon is Her take on insurance What to think about when it comes to investing Her take on retirement The easiest way to start investing for retirement What a target date fund is Two different ways to think about investing What are the difference between Traditional IRA and Roth IRA How to start investing when you still have debts Credit card debt versus student loans How powerful compound interest is Important thing she wants people to take away from this episode about investing And SO much more! Links from the Show BiggerPockets Forums Getting Financially “Naked” with Your Significant Other — With Erin Lowry NerdWallet MagnifyMoney Bankrate Investor.gov Vanguard Fidelity

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This Bonus Episode of The Money Podcast was recorded live at CampFI, a financial independence retreat for people on all parts of the journey to Financial Independence. Scott Trench was celebrating his mom’s birthday, so Mindy Jensen is joined by Paul Thompson and Paula Pant, asking attendees of CampFI why they are on the path to Financial Independence, and hearing a bit about their stories. Answers range from spending more time with kids, to lifestyle, health, and simply being able to retire at all. If you feel like you’re the only one on the path to financial freedom, this episode shows that you’re not alone, this journey IS possible, and you CAN do it!

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Kiersten and Julien came from two very different money backgrounds. She’s the naturally spendy one, and he’s the natural saver. Their money views came to a head on their first vacation, when she put everything on a credit card—not to earn reward points—because she didn’t have the money to pay for it. The ensuing argument caused them to have some pretty tough money conversations very early on in their relationship. But it also set them up for early financial freedom. Kiersten decided her old, spendy ways weren’t what she wanted out of life. She started shedding her "things" so that she could pay off her debt and start investing. They researched and discovered a hole in the FI community. There just weren’t many blogs devoted to the African American community that focused on tips about money and early financial freedom. So, they started their blog, Rich & Regular, to bridge this gap. Investing in real estate helped create enough passive income for Julien to leave his corporate job, and for the couple to start living the life they truly want. Plus, don't miss when Julien casually drops one of the best paying-for-college tips that's ever been shared on this show. If you’re struggling with spending too much money or reconciling your frugal ways with that of your partner, this is a must-listen episode. In This Episode We Cover: Julien's money journey Frugality as part of his everyday life On feeling he needed different ways to earn income On his job right after college How Julien and Kiersten met Kiersten's money journey On her sales and retail experience How Kiersten had a problem with spending Julien’s hack to pay $25 per semester in college Reason Kiersten got into debt Talking about their relationship journey and how they fixed their money problems Went on a saving spree after paying off all his debts Didn’t get into investing together until after marriage Their philosophies on buying properties On their investment properties How their careers have progressed since marriage And SO much more! Links from the Show BiggerPockets Forums Getting Financially “Naked” with Your Significant Other — With Erin Lowry FinCon Financial 180 Mint CampFI

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Carol Scott has a successful real estate investing company that she runs with her husband, Jay. They have two children, live where they want, and just in general enjoy life on their own terms, free from the stress of having a “real” job, a boss and all the time constraints that come along it. But it wasn’t always this way for her. Carol grew up without having a lot of money. Her financial journey really begins at age 9, when her mother told her if she wanted to have nice shampoo, she had to figure out a way to earn money to buy it. Enter Carol’s hustle. Whenever Carol wanted to buy something, she started a new entrepreneurial endeavor. Face painting, caligraphy - anything related to art was fair game for young Carol. At age 15, she hopped onto her bike and rode up to the convenience store, all but demanding a job. She graduated college into a job where she had regular access to the C-Suite - and mentorship opportunities abound. Carol’s focus turned to learning - and she picked up tips from every person she encountered. She’s here today to share many of these tips with you, and to inspire your journey through her own. This is a tale of never giving up, and not being satisfied with what life throws at you. Go out and grab the bull by the horns. In This Episode We Cover: Carol's background with money On starting her financial independence and entrepreneurial journey at age 9 The importance of having a work ethic Did calligraphy, face painting, signs, and artsy stuff to earn money What she did with the money she earned On her college journey The big transition which occurred between her freshmen and sophomore year On the first internship she got Coming out of college with $35k in student loan debt and $40k in credit card debt Exposure to C-level people How growing up with no money influenced her behavior How she began making lots of money Taking leadership courses her companies pay for Moving to Franklin Covey 8 years into her career Her advice to those who are looking to get into a job that offers a high salary What’s urgent versus what’s important How she began managing her money How she handles her investments What she does post-career at eBay The importance of being resourceful The importance of spending time with the family And SO much more! Links from the Show BiggerPockets Forums eBay FranklinCovey BiggerPockets Money Podcast 70: 7 Tips for Successfully Investing in ANY Market Condition With J Scott

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Parents are supposed to know everything, and talking about money is impolite. So how do you make sure your parents are taken care of and that their wishes are followed throughout their golden years? Today Scott and Mindy sit down with Cameron Huddleston, author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, who shares her story of the journey through her mother’s finances pre- and post-Alzheimer's. Cameron also shares the documents your parents need to have—the documents YOU need to have—to be able to help them navigate their finances as they advance in age. She offers encouragement for continuing the conversation after parents initially say, “That’s none of your business.” She explains everything from the perspective of someone who has been through the more difficult times of parental financial navigation. BiggerPockets Money guests have typically focused on their own journey to financial freedom. But this episode provides guidance for starting challenging conversations with your parents. Use Cameron's advice to sit down with them and make sure their wishes are followed. In This Episode We Cover: Cameron's journey with money Got $1 a week and saved money to buy model horses How she fell into the world of personal finance writing Worked as a reporter before transitioning into the personal finance field Learned about money once she started writing about personal finance The importance of having a will How she reconciled the shift with her parents How to start the conversation with your parents Scenarios to open the door to more conversations with your parents What you can do if your parents say their finances are none of your business or don't want to share any information with you Overview of key things to have in place as far as what your parents should have Legal documents—a will or a living trust Power of Attorney Document Living will or advance directive Long-term care insurance Resources people can go to to get professional help The importance of meeting with an attorney Where people can find an estate planning attorney Some of the fights that occur when there is a lack or prep and how to avoid this The difference between old people’s home and retirement community Mistakes to avoid as parents go into retirement or begin to age And SO much more! Links from the Show BiggerPockets Forums Kiplinger

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Pete Mockaitis grew up in the cheapest place to live, Danville, IL. He watched his mother work her way up the local credit union ladder from teller to CEO, simply by doing more than necessary, repeatedly. His mother strongly discouraged debt, having seen so many of the credit union’s customers declare bankruptcy and have their entire bank accounts wiped out. As a kid, he saw firsthand that hustle pays off. He helped his brother with his paper route for a quarter, only to learn his brother was making $1.80. After high school, he got into college on a full ride scholarship, and graduated into his dream job with Bain & Company. He saved money by skipping the little things like taking a cab when he could walk, having roommates instead of living alone, and drinking water instead of ordering drinks when he was out. Pete’s true calling was entrepreneurship. To prepare for the jump to self employment, he figured out his burn rate - and discovered it was a lot lower than he originally thought. By figuring out how much he was spending, and computing the value of his pre and post tax time, Pete optimized his path to Financial Freedom, and is now enjoying the fruits of his labor. In This Episode We Cover: Pete's journey with money Lessons he learned from his mother How he applied the lessons he learned in his approach to early financial freedom How he pursued early financial freedom On growing up frugal Why it took him 3 years to save a year’s worth of living expenses His advice for people who would like to try the entrepreneurial route The importance of being smart with your savings On being real and quantitative On tracking recurring and non recurring expenses and breaking it down into dollars per day On his revenue generation His advice on building revenue On investing And SO much more! Links from the Show BiggerPockets Forums How to Become an “Overnight” Success in 10 Short Years with David Greene How To Be Awesome At Your Job Episode 386: How to Earn More, Spend Less, and Build Wealth with Mindy Jensen BiggerPockets Money Podcast 73: Ramit Sethi Will Teach You to Be Rich! BiggerPockets Money Podcast 56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances Podcast Movement

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John and David didn’t have "the money talk" right away. They both worked in the financial industry, and each thought the other would be great with money. About a year and a half in, they discovered they were both AWFUL with money. Both had lots of debt with no real plans to pay it off. Enter the spreadsheet. David is a self-professed numbers nerd. He entered every expense from the last 12 months into a spreadsheet and discovered some shocking spending habits in several categories. These were places they could easily cut their spending so they could start paying down their debt. And like everyone else who finally figures out money, they hit it hard—planning menus, making grocery lists, and clipping coupons. (They didn’t buy anything they didn’t have a coupon for!) Rather than the debt snowball or debt avalanche methods, they approached their debt paydown with a new method: the debt lasso. They gathered up all their debt—mostly credit card—transferred it to 0% interest cards, and hit the payments hard. In the process, David and John discovered that no one is talking about money in the LGBTQ community. So they set out to change that, opening up the topic to help their community stop being fearful of money and start aligning their spending with their values. In This Episode We Cover: David and John's journey with money How they amassed such a huge debt Having a "money" conversation in regards to their expenses The importance of having a conversation about what their life goals are Cut about $30,000 of food spending a year Using the spreadsheet and looking at their net worth each month Paying off the smallest loan and gaining momentum Debt Snowball versus Debt Avalanche Their investment approach after their paying off their debt Built up emergency savings of $1,000 Ways to get yourself out of debt (by spending less than you make!) Why people are afraid to talk about money And SO much more! Links from the Show BiggerPockets Forums Waffles On Wednesday BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180 Financial 180 BiggerPockets Money Podcast 73: Ramit Sethi Will Teach You to Be Rich! Dave Ramsey

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Justin grew up without a lot of money in a small town. His parents divorced when he was eight, and his mother eventually quit her job to attend school. Necessity is the mother of invention, and a year of no income led to some very creative ways to squeeze more value out of every dollar. This "invention" stayed with Justin for his entire life, and he applies it to every facet of his finances. From his very low rent (in a high rent area) to his ridiculously low grocery bills to collecting travel rewards points, Justin gamifies every cent he spends. Today we hear how Justin actually made money from his college scholarships and military stipends, how he negotiated a smoking deal on his rent, and how his five tenets of grocery shopping pay off. Justin calls this "the lazy path to financial independence," but really he’s just being incredibly efficient with his resources. If you’re looking to cut expenses, listen to this show with a notepad handy. In This Episode We Cover: Justin's journey with money The idea of squeezing the amount of a dollar and cutting something out of your life Joining the military through the ROTC program and getting free tuition from the government What a career starter loan is and what his decision-making process was What his position looks like after going to college The moment he got serious about creating wealth The reason he is still very unhappy after achieving his goals The first investment he made On his expenses How he lived on $24,000 a year in Boston What's inside his sacred freezer The importance of getting to know your specific local grocery store His commandments on groceries On saving $69,000 a year Investing in real estate On retirement How he found his apartment And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman BiggerPockets Money Podcast 71: 5 Years to Financial Freedom Through Real Estate Investing With Sarah P. Mr. Money Mustache BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 57: Financial Freedom, House Sitting & Travel Hacking With GoWithLess

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Side hustle is a big topic on BiggerPockets. But finding the right one—and one that isn’t a scam—can be difficult. Today’s episode focuses on not only a legitimate side hustle, but also one that involves real estate AND can be as much or as little as you want it to be. Best of all, the most popular time to use this side hustle is at night and on the weekends. Signing agents work when their clients don’t—meaning they’re busiest at night and on the weekends—perfect for an actual side hustle. Startup costs are extremely low. They hover around $1,000. Working four to six jobs will pay off your initial investment! Mark Wills shares what you need to get started and how to find jobs once you’re all ready to go. If you’re looking to generate extra income, this episode is right up your alley. In This Episode We Cover: What a notary signing agent is The only requirement to become a signing agent How he became one What signing services exist for Biggest skillset you need to be a notary signing agent Startup cost when doing appointments On doing 10 to 15 appointments a day Who are not ideal candidates for the position The importance of paying attention to details On getting a notary commission The importance of taking a course to become a notary signing agent Other ways to make money through notary commissions outside of loan signing Kind of salary for signing appointments Attorney states versus escrow states And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner Newsletter Signup - I Will Teach You To Be Rich The Jerry Springer Show Bogleheads forum Bogleheads Investing Advice and Info

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Ten years ago, Ramit Sethi released his groundbreaking book I Will Teach You to Be Rich. Now he’s back, with an all-new, updated version, delivered with the same authority and enthusiasm as the original. But wait, there’s more—MUCH more! Ramit...

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Dawn Brenengen’s money story begins a bit differently than most. Dawn’s parents shared their finances with her. She knew what things cost, she knew her parents worked hard to pay off their mortgage, and she saw her mother writing checks to pay bills every month. She went to college and graduated with relatively little debt—around $21,000 in student loans and credit cards combined. After graduation, she stayed at her low-paying college job until her father suggested she get a real estate license. Dawn completed the work for the license and got a job making almost the same money, working for a builder and selling their new homes. But she was the assistant to the agents who were making the BIG BUCKS, and she knew that’s what she really wanted to be doing. At the time, real estate agents were eligible to take the test to open up their own brokerage simultaneously with the licensing test, so she did that. While working as an assistant, she laid the groundwork to strike out on her own, eventually ramping up her income to multiple six-figures—with virtually limitless potential. Here Dawn share her story of how hard work and determination paid off tenfold—and all in just four short years! In This Episode We Cover: Dawn's background with money How she grew up in a financially literate household The debts she accumulated during and after graduating college How she paid off her debts Is it possible to invest your student loan? What happened after she got her real estate license How she got serious about making money and building her financial position Having a goal to get a job where she was making a bulk of the commission Started her own brokerage business on 2010 People she recommend to hire out on starting a business How much time and money needed on starting a business The benefits of having a business partner Applying all the money she makes in terms of her wealth building philosophy Dawn's investment approach Private lending on her surplus cash What a private lending is Her annual spending and her income And SO much more! Links from the Show BiggerPockets Forums Mr money Mustache Frugality as a Muscle - Mr. Money Mustache BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman

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Like so many of our guests, Sarah P. did not grow up understanding how money works. She wasn’t bad with money, she just wasn’t very good with it. She learned about financial independence through Mr. Money Mustache and completely revamped her...

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J Scott is a successful real estate investor (to say the least). But he’s also a student of the markets—and his studies have shown him that we are teetering near the top of this current real estate cycle. In this week’s episode, J shares three reasons why he believes we’re at or near the peak based on past market cycles, and he details seven things investors should be doing to prepare for a softening market. His number one piece of advice? Educate yourself! J brings his A-game in this episode, just like he does with every other podcast he's featured on. And make sure to stick around until the very end of the show for a special BiggerPockets announcement you'll definitely want to hear! In This Episode We Cover: Reasons J believes a market crash is coming On the 33 case studies of what economic cycles look like Talking about the last 2 recessions J Scott's analogy with economy to the seasons Phases of the economic cycle and indicators he knows the market is on the peak What a yield curve and GDP is The reason why the price drops in the market How can someone who is considering jumping into the real estate market invest with confidence What might happen in the next recession of the market How does a newbie investor get affected by the potential of being on peak phase of the economic cycle What should people be doing now in preparation for the next phase The importance of building credit and paying your debt on time His recommendations for someone who is investing right now The biggest mistake he sees people make And SO much more! Links from the Show BiggerPockets Real Estate Podcast BiggerPockets Bookstore J Scott's Books on Amazon Using the Power of Goal-Setting to Fundamentally Alter Your Financial Path with J Scott (episode) BiggerPockets Forums Mint Credit Karma Annual Credit Report TransUnion Equifax Experian

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Liz has always been a frugal gal and self-proclaimed personal finance nerd. Discovering The Wealthy Barber as a teen cemented her course down the financial independence path, even if there wasn’t a formal name for it at that time. And it’s a good thing for her family that she was so frugal - a botched surgery for her husband turned a routine procedure into a nightmare that involved a coma, a month in the hospital and years of recovery. Without her financial savvy, her family could have been financially ruined! Now, 7 years later, she has paid off her house and replenished her emergency fund using a Tiered Emergency fund that allows her maximum liquidity while also maximizing her earnings on those funds. Her unique plan combines online savings with CD ladders, savings bonds and money market funds. Liz explains just how important it is to her family to have the peace of mind a paid-off mortgage can provide, and how planning for unforeseen events is truly the best course of action. In This Episode We Cover: Liz’s background story On being smart with money throughout her 20s and 30s What happened after her husband's surgery On her work and immediate debt consequences while working towards financial independence On having the mindset of saving for retirement, for college, and for an emergency fund Having various accounts: Flexible Spending Account, High-Deductible Health Plan, Health Savings Account, & Health Reimbursement Account Learning financial independence through the book "The Tightwad Gazette" How she cuts off their expenses and the free entertainment they did Paying off their house for financial security The importance of not depending on stocks Tiered emergency plan On the concept called college compact Her philosophy on paying his son's college Financial independence retirement elective And SO much more! Links from the Show Mad Fientist HSA - The Ultimate Retirement Account BiggerPockets Money Podcast 64: Scholarships and Other Ways to Pay for College with Zach Gautier Harvard Business Review - Case Study BiggerPockets Podcast

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J Grayson grew up poor. But with food on the table every night, he didn’t realize it. Then his sister tragically passed away from brain cancer, financially ruining the family. J fell into a pattern: skipping school, drinking, and doing drugs. A few...

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Steven Donovan graduated from high school and went to college—because that’s what you do. He graduated from college but got cold feet when it came time to get a “real job.” So, he bounced around random jobs with no plan and no focus. Despite...

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Paula Pant has seen it all and learned a thing or two... thousand. Today, we sit down and chat with her about, well, everything. Paula shares her habits, her take on journaling, and her morning routine. We delve into her fascinating backstory with...

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Jacqueline Burch got married and did what all newlyweds do, spent time with her husband. They continued down the road of "things you’re supposed to do"—had dinners out with friends, purchased a home, and had a baby! After her first son was born,...

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Zach Gautier oversees academic and college counseling at a Denver-area high school. He reached out to us, and proposed a show to share creative ways to fund college tuition—and blew us away with the depth of his knowledge! This episode is for anyone who has children who have not yet graduated from college. And if you know someone else who can benefit from this information, please share it with them, too! This show includes tips that apply to kids of every age, from elementary school to middle school to high school students. We cover multiple ways to reduce higher education costs, such as transfer credits, AP courses, and CLEP tests, along with early college programs and dual credit options. We also discuss work-based scholarships and military options, as well as preparation for high school that starts in grade school. Zach shares his advice on taking the ACTs or SATs and also ways to decide which one to take (and whether to retake if you get a low score). This episode can help shave tens of thousands of dollars off your child’s college expenses! In This Episode We Cover: How Zach paid for college The CLEP test Systematic approach to transform college options The best financial choices that somebody can make Interventions that are very effective for your child to learn and figure out their love for school On helicopter parenting Things parents need to do when their children are pre-high school and high school age to save for college 529 plans as the biggest avenue that needs to be considered Brandon Turner's approach for his child college education 3 ways to fund college Dual credit program How much does SAT and ACT prep cost How to apply scholarships Two college batches when it comes their application review process His perspective on brand name college Things that people should be looking for in a school Ways to save money on college application process Other avenues to approach prior to entering college to get excess funding What is a loan and a grant And SO much more! Links from the Show Paychecks & Balances Khan Academy BiggerPockets Money Podcast 56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances Fastweb Cappex Scholarships.com BigFuture - The College Board Scholly BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby BiggerPockets Forums

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One of the most common misconceptions of financial independence is that you can’t do it with kids. But Jordan Klint doesn’t listen to what other people say. He became financially independent with kids—and not just one or two of them. He did...

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Anna Li moved to America from Uzbekistan when she was 22. On today’s episode, she shares the opportunities she’s been presented with—and taken advantage of—from an opportunity to learn at the first non-government university in Uzbekistan that...

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Reshawn and Rob got married nine years ago, joining their lives, families and bank accounts. Premarital counseling revealed two different views on money—and they knew if they wanted to stay married, they needed to get themselves on the same page....

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Gino Barbaro was a chef, working hard every day. He made good money and had no debt, but never seemed to be able to save more than 10%. He started dabbling in real estate investing, and after closing his fourth deal worth $11 million, he...

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Scott Rieckens was raised in a Navy family. He lived on base and often shopped in the commissary. It gave him a rather skewed sense of what things actually cost. Fast-forward to adulthood. He knew he should be investing, but he wasn’t sure what to...

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Grant grew up knowing his parents didn’t have much money. He recognized their constant stress about finances throughout his childhood, and one of his first memories was his dad telling him, “Money is freedom.” Graduating from college in the...

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Tim and Amy were frugal—or so they thought. They spent less than they earned, so they figured they were doing it right. Then one day, they happened upon the concept of financial independence. Turns out, they had a LOT of room in their budget to cut...

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Rich Jones and Marcus Garrett are the men behind Paychecks and Balances, a podcast aimed at helping Millennials figure out their finances. And they should know a little on the subject—both Rich and Marcus made some pretty epic money mistakes in their youth. From Rich just not looking at his bills to Marcus actively going into almost $30K of debt in 72 hours (NOT a typo!), they know what owing money to someone feels like. Marcus details his D.E.B.T. plan so you can pick yourself up, dust yourself off, and pay off your debt for good. Are you looking to be debt-free in 2019? This episode can help you formulate a plan that works for your specific situation, with tips for staying out of debt once you arrive. In This Episode We Cover: Marcus and Rich's money journey How Marcus spent $26K in just one weekend How Rich optimized his budget around things he wants versus the things he needs The concept of the debt snowball Rich's hybrid approach to tackling his debt The purpose of an emergency fund Advice for being financially responsible The importance of focusing on priorities first Their advice for people on paying debts The importance of being conscious about your decisions, especially when it comes to paying debt Building responsible habits And SO much more! Links from the Show FinCon Podcast Movement Mint Annual Credit Report Bankrate Paychecks & Balances Podcast - How I Reached Six Figures in My Trading Account ft. Jason Brown- PB105 Uber Lyft We Read the 15 Best Personal Finance and Investment Books and Summarized the Action Items From Each That Will Make You Rich - Paychecks and Balances

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A little over halfway into BiggerPockets Money Podcast episode 55, Bryce dropped a bombshell: “We had three years of runway before we actually pulled the trigger.” What he meant is that they tested their portfolio for three years before quitting...

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Kristy Shen grew up poor. Knowing her parents couldn’t help her financially, she gave up her dreams of being a writer, and went to school to make big bucks as a software developer. She even graduated on the five-year program with an internship to...

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Preparing For Retirement By Reducing Taxable Income & Saving More. In today’s episode, we chat with Eric Brotman, CEO of BFG Financial Advisors, who discusses his top 6 ways to reduce taxable income. Eric dives deep into each of these 6 methods,...

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2018 Financial Freedom Lessons Today, Scott and Mindy go guest-less to recap and review the things they’ve learned over the first year of podcasting. Topping the list—and surprising no one—is tracking your spending. But we did learn some new things this year too, like how money dates are a great way to bring your spouse on board. Looking for change your financial situation in 2019? THIS is the episode that can start you down the path to financial freedom. In This Episode We Cover: What Scott and Mindy's goal is The most important thing that their guests have done for their success in achieving their financial goals A discussion on tracking your spending Why relentless self-education is so vital How to get your spouse on board with money dates Why there's no secret sauce for making more money How past money mistakes do not dictate your future money life How to apply intelligence and work ethic to earn more income How real estate helps people to pursue financial independence The four major categories people spend on: Housing Transportation Childcare expense Healthcare And SO much more! Links from the Show BiggerPockets Money Podcast BiggerPockets Podcast BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday Waffles On Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes Mr. Money Mustache Blog BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner The Busy Budgeter BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Frugalwoods BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry Broke Millennial BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners 5 Dollar Dinners BiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant BiggerPockets Money Podcast 32: Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio Planting Our Pennies BiggerPockets Money Podcast 08: From Financially Perfect to Rock Bottom (and Back Again) with Tiffany “The Budgetnista” Aliche The Budgetnista BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180 FI 180 BiggerPockets Money Podcast 49: Wealth Transfer—How to Financially Prepare for Inheritance Money with Hari Mix BiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington BiggerPockets Money Podcast 12: How to Become an “Overnight” Success in 10 Short Years with David Greene BiggerPockets Money Podcast 01: The Surprising (Scientific) Truth Behind What Makes You Successful with Mr. Money Mustache BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen BiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire Guy on FIRE BiggerPockets Money Podcast 16: Financial Security Through Passive Income with Joel Larsgaard BiggerPockets Money Podcast 21: How Losing 265 Pounds Spurred Job & Investing Success with Tony Gayden BiggerPockets Money Podcast 19: The Ultimate Real Estate Retirement Plan with Chad Carson BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Forums BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby BiggerPockets Money Podcast 48: Breaking the Impulse Shopping Twitch to Embrace Minimalism with Anthony Ongaro Turo Airbnb BiggerPockets Money Podcast 29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Paros BiggerPockets Money Podcast 38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist

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Finding Financial Freedom Before Retirement Roger Whitney learned early on that your life doesn’t always cooperate with your plans. The passing of his mother - who had always worked hard and saved for ‘later’ made him realize that ‘later’ doesn’t always happen. So he set out to create a life he loves - and NEVER wants to retire from. But first, he made a bunch of money mistakes. His free-wheeling 20’s gave way to his more responsible 30’s, where he cleaned up his debt and got serious about his finances. Now he’s living his best life, and shares tips for having the conversation with your partner to allow you to live your best life, too.

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Prioritizing Family with Financial Freedom Carlos Fuego is an emergency room doctor with a superpower—the ability to realize that money doesn’t buy happiness and family time is far more important than the status of being a doctor. He realized that...

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Patrice Washington was flying high in 2006, the multi-million dollar real estate company she had started with her husband was practically printing money. But 2007/2008 came, and things went south fast. A high-risk pregnancy finally pushed her over the...

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Hari Mix figured out money in grad school and started saving for his future before he graduated. He became an assistant professor at Santa Clara University—and then, his mother was diagnosed with terminal cancer and his whole focus shifted. Today, Hari shares his experiences with his mother’s passing and how discussing it before she died made it easier for him to manage her estate afterwards. He shares some REALLY great tips for ways to handle an estate, including having all your documents in order and having a will. This episode gets pretty deep into topics that no one ever wants to think about, but that everyone will have to deal with, both with their parents and for their children. Having a will is a great first step, but there are lots of other things you can do to ease the financial transfer burden—and things you need to know before making any moves. The more prepared you are, the easier this process will be during one of the most difficult times of your life. If you’re in a position to inherit wealth from a parent or transfer wealth to heirs upon death, this is an episode you cannot miss. In This Episode We Cover: Hari's journey with money Why prioritizing saving and long-term goals for retirement is so vital The steps he took to handle his mother and grandfather's financial affairs How he ended up creating his own estate plan The importance of being open and honest with your family about financial affairs Steps for approaching your loved ones' financial affairs How to avoid the probate process How he fielded the discussion with the other heirs in his grandfather’s financial affairs The importance of talking to a professional The right time to contact an estate planning attorney Tips for investing an inheritance His written investment policy statement How he came up with his investing plan What he did after his mother died His idea of inflating his lifestyle The checklist you need for when somebody dies Peculiarities of inheriting money and IRAs And SO much more! Links from the Show Mr. Money Mustache American Academy of Estate Planning Attorneys LegalZoom Nolo.com Bogleheads Investing Advice and Info

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Anthony Ongaro had a habit. Every time he had a bad day, every time life wasn’t amazing, he opened up his online shopping site, and One-Click purchased something. Anything. It didn’t matter. He didn’t need it, it didn’t matter what it was, but...

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Jim Wang has been sharing his views on money for more than 14 years—more than enough to earn him the title of Great Uncle of Personal Finance Blogging. And he’s learned a LOT about money in those 14 years. Today, Jim shares his "big money...

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This week’s episode features Sam Dogen from Financial Samurai. After one month working for a top investment firm, Sam knew 70-hour workweeks were not the life he wanted. So Sam took action immediately. Instead of fancy cars and dinners out, Sam shared a studio apartment with a friend and socked away HUGE sums of money—50% of mediocre starting salary. He invested in real estate (shocker), stocks, and bonds—and continued his massive savings rate. Taking advantage of the economic downturn, Sam engineered his layoff and an enormous payout. Sam now lives the life he wants, having set up multiple passive income streams during his working years. He spends time with his family every day and embodies the concept of financially free. He no longer trades his time for money; his money just simply reproduces itself and does all the heavy lifting. This episode is a great look at how a little upfront discomfort can lead the your best life. Links from the Show Craigslist PayPal BiggerPockets Jobs Why Households Need To Earn $300,000 A Year To Live A Middle Class Lifestyle Today (blog) Don't Quite, Get Laid Off Instead (blog)

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Matt Giovanisci is a serial entrepreneur. He decided early on that “working for the man” was not in his cards, and set out to never have to do that again, creating side hustles that generated income so he could be his own boss and do everything on...

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Tinian Crawford went to college - and took 6 years to complete his Associates Degree in Graphic Design. College just wasn’t for him - he didn’t enjoy it and didn’t get much out of it. He knew he needed a job, but wasn’t sure what he wanted to...

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You’ve probably heard J Scott’s real estate story (spoiler alert—he’s killing it!). But he’s never really told his money story that led up to this massive real estate success. Today, we talk to J and discover that in his 20s, he knew nothing...

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Real estate is a hot topic right now, and who better to talk about the subject than BiggerPockets founder Joshua Dorkin and BiggerPockets Real Estate Investing Podcast Host Brandon Turner? No one, that’s who. So we went to these experts, and grabbed some excellent real estate advice. We get a brief history of their experiences with money and chat about their new book, How to Invest In Real Estate. Buy the book at www.biggerpockets.com/investinre This fun episode also includes tips for managing your money while you save for your first investment, Josh’s inverted funnel analogy and Brandon’s Harry Potter references. Thinking about adding real estate investing into your portfolio? This episode will educate and inspire. Links from the Show BiggerPockets Forums FinCon BiggerPockets BiggerPockets Podcast (to find all shows mentioned) BiggerPockets Blog BiggerPockets Forums BiggerPockets Webinar Bitcoin is a Stupid, Horrible Thing to Invest In! Scott's Email

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Zina Kumok’s parents immigrated to the United States, with no money education and completely unprepared for the consumer society they found themselves in. They quickly got into credit card debt in order to have the lifestyle they “deserved.” An avid listener of Dave Ramsey, Zina quickly determined she did not want to ever be in debt. However, she graduated with $24,000 in student loan debt and made it her mission to pay that off as soon as she could. Every single extra dime she found, she threw at her debt until it was all gone. So once the debt is gone, Zina realized that she needed to ramp up her investing. Not one to just ‘show up and wing it,’ she set about learning how to invest properly. Zina’s story illustrates that you CAN pay off debt while making a lower salary, you CAN pursue financial independence while self-employed, and that your past does not define you. Links from the Show FinCon Dave Ramsey’s Podcast Behavior Gap (Carl Richards) BiggerPockets Money Podcast 35 with Craig Curelop

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You’re on the path to financial independence—but you’re not sure what to do with your money. Index funds sound great, but your total financial situation doesn’t end with index funds. Today we sit down with Kyle Mast, a Certified Financial...

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Today we chat with Joe Saul-Sehy from Stacking Benjamins. Joe shares his money story, which starts off with him figuring out how to get into debt, then discovering he didn’t like being there. He learned that you can’t diagnose what’s wrong with...

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Jamila Souffrant grew up watching her mom struggle to provide for her. She decided early on that she wanted to be a millionaire, her solution to not having enough was to simply make a lot of money. She saved like crazy, but didn’t have a plan for it. A good student, she attended college and got into an internship program that places minority students with Fortune 500 companies and pays them well. During college, she saved 80-90% of her salary - but was still considered herself “bad with money,” buying luxury items she doesn’t remember. Internship led to employment, and Jamila changed her focus from IT to the real estate department. But her finances stayed the same. She contributed to her 401(k), but not even enough to get the full company match in her 20s. The switch flipped in her 30s, after an exceptionally bad commute home. She discovered FI through podcasts and blogs, and finally understood this could be her reality, too. Jamila and her husband kicked their savings into high gear and started investing. Jamila went from “bad with money” to saving $169,000 in two years! This episode shows it’s not too late to start your Financial Freedom journey, too. Links from the Show BiggerPockets Forums Mad Fientist Mr. Money Mustache The Millionaire Educator Podcast Movement Mindy's Twitter Profile

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Phillip Taylor studied to be a CPA in college, just like his dad. He graduated with some debt and decided to add to it by buying a house. In order to afford his new house, he didn’t max out his 401k—he didn’t even contribute enough to get the...

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Kyle Renke graduated from college and hopped right on the American dream bandwagon. He started off with a starter house, added a couple of kids and moved onto a bigger, better house—one that he could barely afford. He then went back to grad school, tacking on another $40k in student loans. Kyle and his wife spent money left and right, never seeming to be able to get ahead. Finally, he got sick and tired of being sick and tired. Kyle read books and connected with friends in a better financial position. He sold the big house, threw everything at the student loans, and rented a smaller, MUCH less expensive place. Kyle’s story shows that you CAN make big financial mistakes, change your course, and work toward financial freedom—even with children.

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Jillian Johnsrud grew up lacking the privileges that many of us take for granted. Jillian Johnsrud grew up poor, with an abusive step father and a mother unable to leave due to lack of funds. She emancipated herself during her junior year of high school, living in a camper in high school, waiting tables after class. Still, she managed to save $8,000 by the time she graduated. She married young, and medical debt and student loan debt put her family in a tough starting position. From there, however, Jillian began building wealth. In adventures that span tons of different states and even a stint in Europe, Jillian was able to eliminate her debt and achieve financial freedom—all while never earning more than a median income. Hear Jillian’s story of investing when everyone thinks you’re crazy, adopting a group of siblings, and “creating a life that is such a perfect fit she never wants to retire from it.” Links from the Show BiggerPockets Forums Simplify Your Budget with Fun Money Accounts (Blog) Museum Pass Ultimate National Park Road Trip (Blog) Camp FI

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Graduating from college, Craig Curelop had amassed an impressive $25,000 savings account - AND $85,000 in student loan debt. Conventional advice is to pay off your student loans BEFORE investing. In this episode, we hear how Craig ignored this advice...

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On today's show we discuss the highest-probability way that a family can move toward financial independence—without stress and worry—while enjoying incremental freedoms along the way. We’ll also talk about all-cash real estate investing, where...

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Stuart Grazier joined the military and immediately went into debt. A chance encounter with Dave Ramsey’s Financial Peace University showed him how to manage his finances, and he returned from his stint overseas with his more than $40,000 in debt...

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Today we sit down with Mr. and Mrs. Planting our Pennies, or Mr. and Mrs. PoP for short. Mr. PoP never wanted to be anchored to an inflexible job. Mrs. PoP never wanted to be financially insecure. A reward trip to Hawaii after a good sales year at his...

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Continuing where we left off from last week’s episode, this show discusses increasing your income by recognizing existing opportunities and making your own opportunities through side hustles. The show progresses through investing basics, both...

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We’ve interviewed more than 30 people for the BiggerPockets Money Podcast over the course of this year — and we’ve got a LOT more people to interview! We’ve heard from so many listeners: “I’d like to get started on the path toward financial freedom, but I don’t know where to begin." Today, Scott and Mindy share EXACTLY how you get started with tracking your spending, and how to make SIGNIFICANT cuts in your budget to move you down the path faster. Looking to become financially free? THIS is the episode you need. Links from the Show BiggerPockets Forums Mr. Money Mustache Mad Fientist Biggerpockets Money Show Waffles on Wednesday Mint Personal Capital Bureau of Labor Statistics Envelope System ChooseFI – Episode 09: Travel Rewards BiggerPockets Money Podcast 01: The Surprising (Scientific) Truth Behind What Makes You Successful with Mr. Money Mustache BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday BiggerPockets Money Podcast 29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Paros BiggerPockets Money Podcast 27: How to Get Even MORE from Your Travel Rewards Credit Card with Lee Huffman BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 25: Raising a Family While Seeking Financial Freedom with Chris and Debbie Emick BiggerPockets Money Podcast 06: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson

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Nick and Alyssa were high school sweethearts, who went to college where their family attitudes toward money came to light. Nick’s “save up for it” mindset saw him graduate with around $50k in student loan debt, while Alyssa’s more spendthrift attitude towards the college lifestyle had her graduating with $80,000 in debt—and her graduate degree piled another $60,000 on top of that. They got married and quickly discovered their vastly different views on money. Through budgeting, communication, spreadsheets and more spreadsheets, they are now on the same page and working toward financial freedom. Their curveball pregnancy didn’t derail them—it strengthened their resolve to get to FI through real estate and traditional investments. Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby Brandon Turner’s BiggerPockets Profile BiggerPockets Podcast BiggerPockets Forums Do Ask, Do Tell article Yahoo Finance GroVia

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Side hustle is a huge buzzword in the FI community. Make extra money on the side doing something fun, something you love, or even just something that pays really well. Today we bring in Nick Loper, Founder of Side Hustle Nation, to share his expertise...

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Open up a credit card, earn miles, get a free plane trip or hotel room. Sounds great, right? But what if you could exponentially increase your travel rewards? Fly free every time. Never pay for a hotel room again. Lee Huffman travels the world in...

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Cody Berman: Remember that name because this kid is going places. Currently traveling in Australia, Cody began his journey into personal finance and intentional living as a child, when his dad taught him about compound interest and the power of saving...

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Chris and Debbie Emick have two daughters—AND are well on their way to financial independence through a combination of local and long distance real estate investing coupled with frugality and conscious spending. Chris and Debbie are everyday Joes...

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Erin’s parents taught her about money from a very early age. She paid for half of everything she wanted, which helped her figure out financial prioritization. When it came time for college, she decided against her dream college to avoid significant...

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Becky and Noah are in the first half of their gap gear, a pre-FI road trip around America. They didn’t grow up rich, but they carefully planned out their life to avoid student debt. Both earned the same Chick Evans Caddie Scholarship to Purdue...

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Student loan debt is a HUGE problem facing millions of people - and it continues to grow every year. Today we are joined by Travis Hornsby from Student Loan Planner who shares several options for paying back your student loans, including loan...

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Tony Gayden grew up in a lower middle class household where money and finance were not discussed. He sought comfort in food, eventually reaching 476 pounds and drowning in debt. In this episode, Tony shares his weight-loss journey and how he...

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Jim Collins has literally done it all. From busboy, produce, clerk, and gas station attendant, to ad agency founder, sales trainer, radio co-host, and publisher. He is a prolific world traveler, having visited more than 30 countries on five continents via motorcycle, car, train, plane, boat—and even elephant. Jim has lived a very good life. And along the way, Jim has learned that money is a tool that can offer the freedom to live the life you want to live. He’s also figured out that there is a very simple path to wealth. While you can make money picking individual stocks, the index fund is a very easy way to grow your wealth in the stock market without spending time researching companies. This episode truly is the show for anyone who has money or wants to have more. Links from the Show BiggerPockets Forums How I failed my daughter and a simple path to wealth (Article) Stock Investing Series - Part XXXII: Why you should not be in the stock market (Article) Stock Investing Series - Part III: Most people lose money in the market (Article)

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Chad Carson has never had a “real job.” Instead, he has parlayed his experience helping with his father’s rental business into his own real estate rental business. Now, Chad owns enough real estate that he’ll never have to work at a real job. In fact, when we spoke to Chad, he called us from Ecuador — where he’s been living for a year in order to submerse his children in the Spanish language. His rental business ran itself while he was away. He was able to take an extended vacation and truly delve into the area — and now his children are bilingual! Chad’s take on “mini” retirements is very interesting. He obviously loves what he does, but he also enjoys spending time with the people who matter most: his family. Real estate provides him the opportunity to work at his own pace. This episode gives you an alternate look at early retirement — it doesn’t have to be permanent. Links from the Show BiggerPockets Forums FinCon BiggerPockets Money Podcast 12: How to Become an “Overnight” Success in 10 Short Years with David Greene

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Early retirement is a goal many people have. Diligently saving for retirement age to fund your life after you stop working is great, but the same programs that help you avoid taxes while saving come back and hit you with taxes AND penalties if you...

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On this week’s episode of the Biggerpockets Money Podcast, we chat with Alan Donegan. Alan Donegan watched - and helped - his father run a super-successful sportswear company, until the economy shifted and they lost everything. Determined to not...

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As a kid, Joel Larsgaard watched his parents work jobs they didn’t like to pay for things they didn’t need. They missed out on some of the priceless moments that life has to offer, culminating in bankruptcy when Joel was 12. We discuss how that...

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This is the last half of the epic interview with Brad and Jonathan from Choose FI. Continuing where we left off from last week, we finish up the Pillars of FI conversation, including beginner level topics you can be doing such as frugality and index fund investing but also touch on more advanced topics like tax optimization and travel hacking. If you have not yet listened to part one, you can find that here. This episode - along with last week’s part one - is a must-listen for anyone on the path to FI, or just getting started. Links from the Show BiggerPockets Forums Richmond Savers Mr. Money Mustache Articles Listen to the episode on BiggerPockets

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On today’s epic show, we speak with Brad Barrett and Jonathan Mendonsa from Choose FI. Brad and Jonathan share their pillars of financial independence — the 10 things you need to do in order to achieve FI. We cover beginner-level topics such as...

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Tanja reached financial independence (FI) and retired from her full-time, high-stress job at age 38—despite not being a natural saver, having purchased two brand-new cars in the past, and not maxing out her 401(k) in the beginning—pretty much breaking every FI “rule” out there. Tanja was not focused on early retirement or financial independence when she met Mark, but quickly got on board. Her 60-hour-per-week job took up all her time and "brain space,” and more than 100 plane trips per year made it very easy to increase her savings rate to be able to achieve her goal. Hear how she reached financial independence and parlayed that into early retirement in today’s episode of The BiggerPockets Money Podcast.

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While David Greene is a long-time real estate investor, best-selling author, and one of the top real estate agents in California today, his career started in the most unlikely of places—as a busboy at a restaurant. Learning how hard work and hustle,...

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Joel and his wife were barreling down the wrong financial path - saving nothing and spending more than $100,000 every year. A freak car accident literally changed the direction of their lives by causing them to re-evaluate and decide on what was truly...

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In March, 2014, Liz and her husband made the conscious decision to stop their big city, big spending lifestyle, and adopt a frugal mindset in order to realize their new goal of moving out of the hustle and bustle and into the woods. Their 180 turn took them from dinners out every night to 66 acres in the woods of Vermont, where they happily raise their daughters and live the life they want - with no stress, no financial strains and ultimate financial freedom in just over two years, by May 2016. This is a must-listen episode for anyone curious about what it takes to make this lifestyle change. Links from the Show BiggerPockets Forums Americorps How To: Cheap Homemade Seltzer with a Modified Sodastream (Article) Frugality Is A Compounding Game (Article) Your Last Chance To Join The Uber Frugal Month Challenge And Revolutionize Your Finances Mad Fientist Check the full show notes here.

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What would happen if someone had early financial independence in mind right out the gate, upon graduating college? Imagine the amount of money that person could stockpile... Today’s guest had exactly that in mind, and made the kind of decisions that will allow him to retire early (maybe even in his twenties!!!). Meet Drew, the “Guy on Fire.” At age 27, he has already accumulated four properties with seven units in the hot Washington DC housing market. He makes the numbers work, and work well, and is reaping the financial rewards of some sweat, self-education, and side-hustles so he can exit the workforce and live the life of his dreams. Don’t miss this inspirational and totally-repeatable episode with Drew!

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Tiffany Aliche grew up talking about money. Her dad was an accountant, her mother actively engaged the children in grocery shopping and other areas of finance. She was a teacher at a private school and had just bought her first house. Then she met a “friend” who convinced her to invest in his get-rich-quick scheme. Promised future returns led to foolish spending. The economic downturn led to a lost job, and in turn a lost home. Bouncing between family members, Tiffany had a revelation: “I need to take responsibility for my past actions, and turn my life around.” Tiffany took the necessary steps to repair her finances, and then started teaching others how they could fix their finances, too. She’s turned her financial courses into a network of financial resources - including a 350,000+ member facebook group where you can ask and answer questions or get support during your journey. This show is for anyone who is sick of making bad financial choices, and wants to turn their life around. Links from the Show BiggerPockets Forums BiggerPockets Podcast Facebook Group Dream Catchers Live Richer Challenge Full show notes here: https://www.biggerpockets.com/moneyshow08

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Mr. and Mrs. Waffles on Wednesday (WoW) were doing everything wrong. They ran up ridiculous tabs at a local restaurant/bar just ‘hanging out,’ while getting abysmal returns from their financial planner - and paying 1% for this terrible advice....

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Are you tired of hearing success stories from folks who are earning $60,000, $80,000, or even $100,000 or more paying off debt and moving toward financial freedom? Where’s the inspiration for the folks out there that do not earn above average incomes? Look no further than today’s guest for that inspiration. Sarah Wilson paid off $33,000 of student loan debt. Why is this a big deal? Because she did it while making less than $30,000 a year! Not even considered a “living wage” in most places, Sarah was able to save more than most people in general EVERY YEAR for several years while she ferociously annihilated her debt. If you want some serious motivation to get out of debt and start building your net worth regardless of salary then this is the show for you. Fair warning: This approach is not for the faint of heart. From the floor of FinCon 2017, we are excited to bring you, Sarah Wilson a.k.a. “YouTube’s Budget Girl.” Links from the Show BiggerPockets Forums FinCon How the Debt Snowball Method Works Check the full show notes here: http://biggerpockets.com/moneyshow06

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Mindy was born in a small town, and then she moved and moved and moved. In fact, moving doesn’t phase her at all, which plays right into the core component of her investment strategy -- The Live-In-Flip. Mindy moves every two years to take advantage...

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Rosemarie Groner was a State Trooper - a good, recession-proof job. Chronic disorganization led to more than $30,000 in consumer debt when she made the decision to quit her job to stay home with her first child. In this episode of The BiggerPockets Money Podcast, Rosemarie shares how she cut $23,000 out of her spending, paid off her debt in less than 4 years, and grew her income to the point that her husband could also quit his day job. Rosemarie gives you actionable tips for establishing routines that will help get you organized so you can focus your energy on your budget - not your day to day tasks.

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As a mom of (then) two, Erin Chase found herself shopping for groceries without a plan, picking up things that sounded good, but no idea what she’d do with them once she got them home. They made their way into the refrigerator, then on to the trash after they rotted. She knew she had to significantly cut her grocery bill if she wanted to get ahead. In this episode of The BiggerPockets Money Podcast, Erin shares how she cut her grocery bill in half - while adding two more kids to the mix. She gives actionable tips for significantly reducing your grocery bill - without clipping coupons! Don’t miss this awesome episode with Erin! Links from the Show Checkout 51 King Soopers Favado Coupons.com Albertsons Safeway

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Scott Trench wanted something more out of life, so he grabbed it by the horns and pointed it in the direction HE chose. By accumulating a large financial runway through a 50% savings rate on a median income, he gave himself the courage to take...

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On this first episode of the BiggerPockets Money Podcast, we speak with Mr. Money Mustache (AKA Pete) about what truly makes you a happy person. (Hint! It isn't money, and it isn't material possessions.) We'll talk about shifting your mindset to pursue financial freedom, how to live for free, tips for living a frugal life, and how to surround yourself with like-minded people. Since this is BiggerPockets, real estate comes up, too. Don't miss this inspiring episode with one of the founders of the Financial Independence movement!

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