BiggerPockets Money Podcast

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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(00:00) Intro

(00:56) You Can STILL Save on 2024 Taxes

(05:54) Lowering Your Taxable Income

(10:27) You Can STILL Contribute for 2024!

(14:22) Estimating Your Taxes

(16:22) Itemizing vs. Standard Deduction

(18:21) Commonly Overlooked Write-offs

(21:41) Audit Red Flags!

(23:06) Will Tax Rates Rise or Fall?

(28:03) Opportunity Zones Have Changed

(31:08) How to Prepare for 2024/2025

(35:15) Connect with Amanda!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-608

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Has the FIRE Formula Changed? Why 100% Index Funds Isn’t the Answer

14 februari 2025 | 39 min

The Points Guy's Travel Hacking Tips to Fly for FREE in 2025

11 februari 2025 | 49 min

Travel hacking allows you to fly and travel for free, often in luxury, without spending tens of thousands of dollars on flights or hotels. So, how do you do it without managing thirty different credit cards in your wallet? Brian Kelly, AKA The Points Guy, world-renowned travel hacking expert and author of the new book How to Win at Travel, is here to show you as we rapid-fire our top credit card rewards questions at him.

In this show, you’ll learn how to fly to Europe, Asia, and beyond for FREE, even in business class, all by spending the same amount of money you typically would every month. These cards can turn your weekly grocery run into free flights, hotel stays, cashback, and more, plus give you huge perks like airport lounge access, travel protection, and even a credit to spend on your next trip. Love free money? This is how you get it.

Plus, we’re asking The Points Guy what cards he has in HIS wallet, what he spends on which card, and why he does NOT recommend staying loyal to a specific airline, even if you travel often. These tips alone could save you thousands of dollars this year while turning your economy seat into a lie-flat first-class experience. Don’t let your money go to waste; start travel hacking!

In This Episode We Cover

How to travel for free by spending money on groceries, eating out, and business expenses

The Points Guy’s three favorite credit cards that everyone should keep in their wallet

Why you (probably) shouldn’t stay loyal to a specific airline, even if you have their credit card

Why Chase points can get you even MORE free travel than American Express points

Evaluating annual credit card fees and whether a $300+/year credit card is worth it

Best credit cards for renters and those who live a frugal lifestyle (but still want to travel!)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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Learn to Save and Spend the Right Way with “Set for Life”

How to Earn Free Vacations With Travel Rewards Credit Cards

(00:00) Intro

(01:39) Travel for FREE!

(06:06) Best Credit Cards for Beginners

(13:48) Annual Fees

(17:56) Brian’s Favorite Credit Cards

(20:51) Airline and Hotel Partner Cards

(27:49) Keeping Track of Cards

(29:34) Best First Card?

(31:21) Cards for Low-Spenders

(34:03) Inheriting Points?

(36:52) WIN at Travel!

(39:01) Get Your Points!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-606

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The 4% Rule Naysayers Are Wrong (We Retired at 47 Using It!)

7 februari 2025 | 48 min

Sahil Bloom: The “X Factor” for Financial Freedom and Why FIRE Won’t Make You Happy

4 februari 2025 | 59 min

Do we focus too much on just one type of wealth? What if the key to a happy life isn’t retiring early, ascending the corporate ladder, or having more money than you know what to do with? Serial entrepreneur Sahil Bloom spent years chasing money, only to find that it didn’t provide happiness—it robbed him of it. Find yourself in the same boat? This episode is for you!

Welcome back to the BiggerPockets Money podcast! Today, Sahil joins the show to discuss the core concepts from his latest book, The 5 Types of Wealth. Many FIRE-focused folks believe that financial wealth unlocks time, social, mental, and physical wealth, but Sahil is living proof that this isn’t the case. In this episode, he shares about his own journey from financial illiteracy to financial independence, the different levers he pulled along the way, and how he was able to dig himself out of a rut that was slowly destroying his life.

Whether you’re stuck on the happiness hamster wheel, burned out at your nine-to-five job, or lacking in any area beyond money, you’re not alone! Sahil will show you the “x factor” that leads to financial freedom, the best and most scalable side hustles to start, and how to transition from your W2 to entrepreneurship!

In This Episode We Cover

The five types of wealth explained (and why you shouldn’t focus on just one!)

The “x factor” that catapults you from a decent living to financial freedom

Why increasing your income is more important than controlling your expenses

The number one thing the FIRE community gets wrong about building wealth

How anyone can start (and scale) their own online business in 2025

Steps every person must take to lay a strong financial foundation

The “safety net” you need when moving from stable W2 income to entrepreneurship

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Try REsimpli, The Only All-In-One Real Estate Investor CRM Software That Helps You Manage Data, Marketing, Sales, and Operations

The 5 Types of Wealth

Sahil’s Instagram

Buy the Book “Pillars of Wealth”

How to Build, Grow, Scale, & SELL Your Online Business

(00:00) Intro

(01:02) Sahil’s Money Journey

(03:18) Building a Financial Foundation

(13:29) Leaving the Fund & Moving Home

(21:43) The “Scalability” of the Internet

(28:09) Structuring His Company

(33:18) The 3 Pillars of Financial Wealth

(39:09) Riding Out the Market

(43:40) The 5 Types of Wealth

(46:08) Connect with Sahil!

(47:03) Build “Well-Rounded” Wealth!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-604

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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How to FIRE Faster with a Self-Directed IRA

31 januari 2025 | 56 min

How can you use your retirement accounts to reach FIRE faster? We’ve talked a lot about the “middle-class trap”—having too much of your net worth trapped in your retirement accounts and home equity—and we may have the secret weapon to help you escape it. Not only that, this strategy allows you to keep more of what you earn, take control of your investments, and build a (relatively) passive real estate portfolio while you get closer and closer to FIRE.

Of course, we’re talking about self-directed IRAs and Kaaren Hall’s new book, Self-Directed IRA Investing: A BiggerPockets Guide (use code “SDIRA10” for 10% off)!

Never heard of them? Self-directed IRAs (SDIRAs) are retirement accounts that give you more control over what you invest in. So, instead of just stocks and bonds, you can use your retirement funds to buy rental properties, become a passive private money lender, and invest in real estate syndications. These investments can often get higher returns than stock market averages, helping you reach your retirement goals faster!

So, how do you use it to escape the middle-class trap? Today, Kaaren shares some of the often overlooked strategies to withdraw early from your self-directed IRA so you can FIRE in your forties or fifties instead of waiting until your sixties!

In This Episode We Cover

Self-directed IRAs explained, plus why they’re a “secret weapon” for retirement

Self-directed IRAs vs. traditional IRAs and what you can invest in with each

Escaping the “middle-class trap” with early withdrawal strategies for retirement accounts

Completely passive real estate investments you can put inside your self-directed IRA

How to turn your old employer-sponsored retirement account into a self-directed IRA

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Get fast, affordable landlord insurance with Steadily

uDirect IRA

BiggerPockets Money Listeners Get 10% Off the Book with Code “SDIRA10”

Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement

Connect with Kaaren

(00:00) Intro

(01:23) Self-Directed IRAs Explained

(05:49) Buy Real Estate with Retirement Accounts!

(10:37) Opening a Self-Directed IRA

(13:55) Escaping the Middle-Class Trap

(17:41) Real Estate IRA Rules

(20:52) Best Alternative Investments

(23:56) 401(k) vs. IRA and Minimum Distributions

(27:57) Withdraw from Your IRA for FIRE!

(34:49) Self-Directed HSAs! (Timestamp)

(36:59) When to Use a Self-Directed IRA

(41:48) 403(b)s and TSPs

(43:20) BIG Changes!

(48:20) Grab the Book!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-603

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The Middle-Class Trap That Could Keep You from FIRE (How to Escape It)

28 januari 2025 | 42 min

Buying a house, maxing out your 401(k), and leveraging real estate can help you achieve financial independence. But suppose your goal is to retire early. Could relying too heavily on these principles actually delay early retirement? Today, we’re going to show you how to break free from the “middle-class trap” that stops so many from retiring early!

Welcome back to the BiggerPockets Money podcast! Is most of your net worth “stuck” in home equity and retirement accounts? This is a widespread issue in the FIRE community. On one hand, you could sell your home or refinance your mortgage to tap into your equity, but interest rates are too high! Meanwhile, you can’t withdraw money from your 401(k)—not without incurring severe penalties. In theory, you could already be a millionaire but have little to no cash flow to fuel your retirement. So, what should you do?

In this episode, you’re going to learn all about the middle-class trap, how to avoid it, and, if you’re in it, how to get out! Mindy and Scott will share the “ideal” portfolio for an early retiree and the bridge accounts you need to retire today. Finally, is the FIRE community wrong about the 100% index fund portfolio? Stay tuned to find out!

In This Episode We Cover

The middle-class trap explained and how to avoid (or escape) it

The “ideal” investment portfolio for the early retiree

Tweaking your asset allocation to achieve financial freedom

The power of owning a paid-off rental property in retirement

Bridge accounts and investments that will allow you to retire today

Why a 100% index fund portfolio could come back to bite you

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine

Achieve FIRE with Scott’s Book “Set for Life”

BiggerPockets Money 554 - Should I Pay Off My Mortgage or Invest? (We Did the Math)

(00:00) Intro

(00:42) What Is the Middle-Class Trap?

(03:42) The “Ideal” Retirement Portfolio

(10:31) Scott’s Path to Financial Freedom

(16:13) Mindy’s Early Retirement Roadmap

(24:12) The Power of Paid-Off Property

(29:18) Middle-Class Trap “Timeline”

(33:55) Share YOUR Portfolio!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-602

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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The One Thing Most FIRE Chasers Get Wrong (and Later Regret in Retirement)

24 januari 2025 | 47 min

Why do so many in early retirement struggle with happiness? We know you’ve told yourself, “Once I hit FIRE, I’ll be living the dream! Every day will be like a vacation.” This is what Mindy was telling herself for years before becoming financially independent, and once she hit her goal, she realized life’s same problems still exist. If you’re FI already, this may sound familiar. So, how do you enjoy the path to early retirement so that when you reach your financial goal, the party doesn’t stop?

Jordan Grumet, AKA Doc G, practiced full-time medicine for years but wasn’t completely satisfied, even with financial success. After reflecting on his “purpose,” he found that hospice medicine brought him true fulfillment. Through conversations with patients on their deathbeds, Jordan uncovered a common thread: most regrets stemmed from not living a purposeful life, regardless of financial achievement.

In his new book, The Purpose Code, Jordan walks you through exercises that uncover your view on purpose, success, financial freedom, and what it means to truly “win” in life. His goal? Make sure you enjoy every day on the path to financial freedom so that when you get there, you know exactly how to live the life you love. If you want to reach FIRE happy, less stressed, and full of energy to live your early retirement life, we’ve got what the doctor ordered.

In This Episode We Cover

Why even the wealthiest people in the world are still so unhappy (and what they’re missing)

Why money is NOT the only tool you can use to find lifelong happiness

The four “anchors” you can use to find your life’s purpose before it’s too late

How to enjoy the path to financial freedom without burning out or pushing through unhappiness

The number one thing in life that leads to humans being happy (it’s completely free)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine

Jordan’s Website

Buy “The Purpose Code”

The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G

(00:00) Intro

(04:39) The Comparison Trap

(06:38) You're Getting "Purpose" Wrong

(10:16) How to Start Enjoying Life

(14:07) The Reason So Many Aren't Happy

(23:30) The Huge Impact of "Little" Purpose

(29:10) Purpose Exercises

(30:52) Finding Your Community

(33:54) Connect with Jordan!

(34:27) Find Purpose BEFORE FI!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-601

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7 Maxed Out Credit Cards to Money Expert by Making a BIG Mental Shift

21 januari 2025 | 47 min

Are you building wealth but feel like you can never enjoy it? Do you struggle with money, fearing you carry the same poor financial habits as your parents? Whether you’ve got a lot of money or a little, many of us face the same mental financial challenges—anxiety, shame, and stress—but it doesn’t have to stay this way.

Today’s guest is living proof that change is possible. After completely turning his financial life around, from maxed-out credit cards, a rock-bottom credit score, repossessions, and empty bank accounts, to achieving financial success, he now teaches others how to do the same.

Steven Hughes, a money therapist, focuses on uncovering the financial beliefs shaped during childhood. Steven recognized that the negative money mindset affecting him in his youth also impacted countless others. To address this, he founded the non-profit “Know Money” to help people cultivate a stress-free, anxiety-free, and guilt-free perspective on money, empowering them to achieve true wealth—both mentally and financially.

Do you feel like, even though you’ve got money, you’re constantly worrying or unable to keep a cent in your bank account? Steven provides practical tools to help you finally break free from an unhealthy money mindset.

In This Episode We Cover

How to find the “root” of your money fears and address it once identified

Why some people with extraordinary incomes struggle to save money

Healthy vs. unhealthy financial emotions and ways to stop feeling guilty about success

Tools to manage your emotions around money so you can truly enjoy your wealth

The “family fund” that empowers you to give generously without being taken advantage of

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine

Steven’s Website

Steven’s Affirmations

Groove Money

Grab Your Copy of “The Richest Man in Babylon (BiggerPockets Edition)"

How to Use Your Financial Fears to Build Wealth Better

(00:00) Intro

(01:13) 7 Maxed Out Credit Cards?!

(05:56) Teaching Others to Avoid His Mistakes

(07:34) Identifying Your Money "Root"

(10:08) Getting Out of Debt

(11:55) Financial Therapy

(16:28) Mental Money Challenges

(18:53) Healthy vs. Unhealthy Money Emotions

(22:24) What to Do AFTER FIRE

(25:46) Tools to Manage Money Emotions

(32:34) Family Asking for Money?

(38:34) Connect with Steven!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-600

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The Macro Analysis is Clear: Why We Are Reallocating (Away From Stocks) to Real Estate in 2025

17 januari 2025 | 54 min

Is it a good time to invest in real estate? Yes, and we have proof that real estate may be underpriced, even as we hover around the most expensive average home prices in history. How can real estate be undervalued when prices are at historic highs? Dave is sitting down with Scott Trench, CEO of BiggerPockets, who has condensed ten hours' worth of research into one episode to prove to you that, without a doubt, real estate will be winning over the next few years. Plus, he’s about to make a BIG financial bet on it.

We’ve been talking a lot about entering the “upside” era recently—the new cycle of real estate investing—and wanted Scott’s take on it, too. He has invested in real estate for over a decade, reached financial independence through rental properties, and has been openly critical about multiple sectors of the real estate industry over the past few years.

Today, Scott makes a compelling case for real estate as a better investment than stocks, crypto, or gold. Some specific real estate niches could see prices drop even more, making 2025 (and 2026) phenomenal opportunities to buy. Make your choice: tune into this episode and build wealth while others sit on the sidelines or wish you had done so in a few years.

In This Episode We Cover

Why residential real estate may actually be undervalued in 2025

One sector of real estate with enormous buying opportunities nobody is noticing

Scott’s MASSIVE real estate bet and why he’s selling much of his stock portfolio

Where interest rates will be in 2025 and whether they could rise even more

Rental housing demand and the almost irrefutable case that rent prices will rise

Why Scott believes Bitcoin will be going to $0 in the long term

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Real Median Household Income

Rent Growth

Treasury Yields

Median Sales Price of Houses

S&P 500 Ten-Year Returns vs. S&P 500 P/E

Connect with Dave

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-599

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From $300K in Debt to Millionaire at 39 (Financial Freedom in 8 Years!)

14 januari 2025 | 50 min

From over $300,000 in debt to a millionaire in just eight years?! No matter where you’re at, it’s never too late to get on the path to financial freedom. This entrepreneur is proof that a little discipline, frugality, and creativity can radically change your financial trajectory!

Welcome back to the BiggerPockets Money podcast! Today, we’re speaking with Bernadette Joy, founder of Crush Your Money Goals. In 2016, Bernadette had dug herself a six-figure hole—a combination of student loans, credit cards, and mortgages—simply by listening to bad money advice. But in just THREE years, she paid off all of her debt and has since built a net worth of $1.8 million! How did she create such an enormous swing in less than a decade? In this episode, she’ll show you the exact steps she took so that YOU can do the same!

Want to accelerate your journey to FIRE? Bernadette has all kinds of budgeting tips, debt paydown strategies, and side hustles that will help you reach your financial goals much faster. Stay tuned to learn how to wipe out your debt as quickly as possible, save for retirement, and even make an extra $100 a day alongside your nine-to-five job!

In This Episode We Cover

How Bernadette paid off $300,000 in debt in just THREE years

Making an extra $100 a day with side hustles (while working a W2 job)

The three-bucket, zero-based budget that balances frugality and freedom

Using the “snowball” method to pay off student loan debt faster

Whether you should keep a large cash position (or invest it!)

How to manage financial anxiety on the road to financial independence

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Grab Scott’s Book “Set for Life”

BiggerPockets Money 586 – Average Net Worth by Age (How Do You Compare?)

Connect with Bernadette

(00:00) Intro

(00:59) Getting Into $300K of Debt

(04:52) The Zero-Based Budget

(14:00) Starting Side Hustles

(18:33) Making an Extra $100/Day

(24:44) Bernadette’s Portfolio

(37:47) Connect with Bernadette!

(39:16) Crush Your Money Goals!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-598

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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Can You Retire…Now? This FIRE Calculator Will Tell You!

10 januari 2025 | 58 min

Ramit Sethi’s Life-Changing "Money Conversation" Script for Couples

7 januari 2025 | 71 min

How to Make an Extra $100 a Day in 2025 (Working from Home!)

3 januari 2025 | 45 min

Want to know how to make $100 a day in 2025, all while working from home? We brought the queen of side hustles, Jackie Mitchell, back on the show to share how her money-making journey has been going. Jackie set a goal to make $100 a day to save up for a down payment. She did just that, making close to $11,000 in total in her one-hundred-day side hustling stretch. Now, she’s bought a house, still side hustling, and saving a TON of money. How’s she doing it?

Jackie reveals the easiest and most profitable side hustles from her $100-a-day challenge. Some side hustles made her $500 for just three hours of work, while other more casual tasks paid her anywhere from twenty to twenty-five dollars per hour while she was hanging out at home. But what has she done with that extra money?

Today, Jackie shares the huge money moves she’s made to put herself in a FIRE position early on in life. She’s got a big goal: pay off her new house in her thirties! Can she do it? With these side hustles, it’s looking likely. Plus, she shares how she pays for trips, holiday gifts, and more with her easy work-from-home side hustles anyone can sign up for.

In This Episode We Cover

The $100-a-day work-from-home side hustles you can do entirely online

One side hustle that paid Jackie over $100 per hour and how she found it

The time-consuming side hustle that is NOT worth the money

Paying off your mortgage early vs. investing and why Jackie is going against FIRE advice

Budgeting hacks Jackie and her husband use to spend just eighty dollars a week on groceries (seriously!)

Why Jackie DOESN’T want to retire early (but WILL still reach financial independence!)

And So Much More!

Links

BiggerPockets 299 - Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap w/Budget Bytes

BiggerPockets Money 590 w/All the Hacks’ Chris Hutchins

BiggerPockets Real Estate 955 - Real Estate vs. Stocks, the Ultimate Wealth-Building Debate w/The Motley Fool and Chris Hutchins

Jackie’s TikTok

Jackie’s Newsletter

r/beermoney

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-595

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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The Money Date: What Couples Should (& Shouldn't) Do to Align Finances

31 december 2024 | 58 min

Calling all couples! You and your partner may be on the same page financially or off in two different directions; regardless of where you’re at, it’s a great time to start having money dates!

In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well!

If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves.

If you have a partner who may be a bit averse to the concept of a money date, have no fear. Mindy and Scott have perfected their plan for setting up a successful money date and how to make it enjoyable when you’re in it.

With the new year coming up very soon, this is the perfect time to plan a money date with your special someone. You won’t regret it!

In This Episode We Cover

What is a “money date”

What to do before you suggest a money date to your partner

How to make the money date successful and what topics to bring up

Following up on your money date and setting up systems for success

The importance of keeping your ideas simple in a money date

How to present the idea to a partner who may not be too keen on finances

Why money dates help create healthier, happier relationships

And So Much More!

Links

The Intention Journal

Money Date Homework Template

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-594

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Chasing Financial "Stability" After $100K+ in Debt and Layoffs

27 december 2024 | 34 min

The Mad Fientist’s New Rule To Retire Early Even Sooner

24 december 2024 | 70 min

Broke at 50? How to Retire On-Time (Or Early!)

20 december 2024 | 44 min

2025’s Best Money Hacks to Save $1,000+/Month (and Retire Earlier!) w/All the Hacks

17 december 2024 | 58 min

Finance Friday: Can I Still Reach FI by 45 If I Quit My Job?

13 december 2024 | 54 min

Alex Preziosi wants to reach financial independence by the age of forty-five, and with several hundred thousand dollars in retirement accounts, brokerage accounts, and savings, she’s on pace to do just that. But now, she’s thinking about quitting her W2 job. Can she still hit her FI goal? Today’s guest has good problems, but problems, nonetheless!

Welcome back to the BiggerPockets Money podcast! Since we last spoke with Alex, she has made two major leaps on her journey to financial independence. First, she has taken up house hacking, which pays for most of her mortgage in an expensive area of the US. But that’s not all. She has also grown her side hustle as a real estate agent into a full-fledged business, where she now earns more than she does at her W2 job! These moves have only widened the gap between her income and her expenses, and, as a result, she’s sitting on an even bigger pile of cash.

Now, Alex finds herself at yet another crossroads. Is her W2 holding her back? Should she pursue full-time entrepreneurship while she has such a strong cash position? Stay tuned as we dive into the numbers and try to figure out Alex’s best path to FI by forty-five!

In This Episode We Cover

The best path for Alex to reach financial independence by forty-five

When to leave your W2 job and pursue full-time entrepreneurship

How to lower (or eliminate!) your housing cost with the house hacking strategy

Where to invest a large amount of cash (stock market versus real estate)

Tax strategies that could help you save a fortune over your lifetime

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

How to Talk to Anyone

BiggerPockets Money 395 – Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45 w/Alex Preziosi

Connect with Alex

(00:00) Intro

(01:14) Alex’s Money Journey

(04:26) House Hacking Numbers

(08:01) Money Snapshot

(14:24) Leaving Her W2?

(23:30) Buying More Rentals

(29:57) Alex’s Investing Strategy

(36:13) HUGE Cash Position

(43:21) Connect with Alex!

(44:57) “Unlock” Your Potential!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-589

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The 5 Biggest Money Fears Keeping You from FIRE (and How to Overcome Them)

10 december 2024 | 42 min

$200K/Year & Early Retirement in 10 Years by Being a "Lazy" Investor

6 december 2024 | 35 min

Average Net Worth by Age (How Do You Compare?)

3 december 2024 | 54 min

Are you beating the average American in personal finances? Today, we’re sharing the average net worth by age to see where exactly you stack up. Whether you’re in your twenties, thirties, forties, or fifties, we have the data showing whether you’re behind (or ahead of) the norm. What do you do if you feel like you’re falling behind? Don’t worry; we’re also giving tips on how every age bracket can improve its net worth.

Don’t know how to calculate your net worth? It’s easy, and you can do it in minutes after (or even during) this episode. Once you know your net worth, it’s time to decide your next move. Do you need to make more money so you can invest faster? Are you close enough to FIRE that you can let your foot off the gas a bit? Should you buy that new boat? No! Don’t ever buy a boat.

We’re also sharing our own net worth journeys and the money moves we made that skyrocketed our wealth to millionaire status. You can’t go back in time and copy everything we did, but you CAN copy some of our same strategies to boost your net worth!

In This Episode We Cover

The average net worth for Americans in their twenties, thirties, forties, and fifties

How the rich invest differently than most of us (and what they’re buying)

How to calculate your net worth and whether primary residence equity is included or not

What everyone in their twenties should be doing with their money to secure a comfortable retirement

Why you DON’T need to be a mega-high income earner to become a millionaire

The reason Scott thinks YOU should be starting a business to FIRE faster

And So Much More!

Links

BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop

BiggerPockets Money 416 - Codie Sanchez: These “Boring Businesses” Will Make You Rich

BiggerPockets Money 491 - Why You DON’T Need a College Degree to Reach Financial Freedom w/Adrian Zapata and Javier Leyva

Visual Capitalist Composition of Wealth

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-586

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

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Finance Friday: Middle-Class Trap on Steroids ($3.8M but CAN'T Retire!)

29 november 2024 | 62 min

There’s a “middle-class trap” that can keep anyone from FIRE—yes, even high-income earners. Today’s guest has a sizable nest egg that should allow her to retire early, but there are a few roadblocks in her way!

At forty-seven, Allie has already built a net worth of $3,800,000. She would like to retire, and most people would assume she has enough to retire, but there are two problems. First, she lives in Orange County, California, one of the most expensive areas in the U.S., and has no plans to leave. The other issue? She has no cash! All of her money is tied up in home equity and retirement accounts. To retire, Allie has a BIG bet to make—one that could have a multi-million-dollar impact on her portfolio!

Using Scott’s “Keep or Sell Your Home” worksheet, we’ll look at whether it would make more sense for Allie to keep or sell her Laguna Beach property. Will turning this home into a rental property give her the cash flow she needs, or is selling it and investing in the stock market the better long-term play? Tune in as we attempt to thread the needle and provide Allie with the best roadmap for a long, early retirement!

In This Episode We Cover

What Allie should do to reallocate her $3,800,000 nest egg and achieve financial freedom

What to do with money locked up in home equity and retirement accounts

Keeping your home as a rental property versus selling it and investing elsewhere

Creative ways to improve your cash position so that you can retire early

Building wealth with short-term rentals, live-in flips, and other real estate strategies

Escaping the “middle-class trap” of earning high income in a high-cost-of-living area

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Buy Scott’s Book, “Set for Life”

Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement

(00:00) Intro

(01:00) Allie’s Money Journey

(03:36) Money Snapshot

(13:50) Retiring in Laguna Beach

(19:01) Keeping vs. Selling Her Home

(26:06) The BIG Bet on Real Estate

(34:01) Growing Cash & Renting Her Home

(43:41) Real Estate vs. Stocks

(52:02) What Should Allie Do?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-585

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

7 Scorching Money Hot Takes That Will Make Your Financial Advisor Cringe

26 november 2024 | 49 min

FI by 34 After Making “Calculated” Bets that 99% of Us Would NOT Take

22 november 2024 | 53 min

Making Six Figures While Living Abroad (NO W2!) to FI Even Faster

19 november 2024 | 46 min

Would you move abroad to reach FI faster? That wasn’t Brooklin Nash’s original goal when he left the US and began freelancing from afar. But now, years later, he realizes how much of a leg up he has financially by going all-in on “geo arbitrage.” He’s saving a boatload in Guatemala, paying less to live the life he loves, and enjoying a tiny tax bill. Now in his mid-thirties, he’s already Coast FIRE and works when and where he wants.

But Brooklin’s money story didn’t start so stable. Being raised in a home with “risky” finances, to say the least (pyramid schemes, gambling, etc.), left him scarred and constantly worrying about keeping enough money in the bank. Thankfully, he changed his ways and realized that making money, rather than just saving every cent, was crucial to becoming financially free.

He’s paid off a significant sum in student loans and did it all while making a very meager income. Then, he scaled from freelancing abroad to building an entire business, making a phenomenal income while living in a low-cost-of-living area. He’s living his dream life outside the US, making more money than Americans at home. Imagine what THAT can do for your FIRE number!

In This Episode We Cover

Using “geo arbitrage” to save more, invest more, and lower your cost of living

An almost unbelievable income tax exclusion Americans abroad can access

How Brooklin paid off $80,000 in student debt (even on a lower income)

Turning your freelancing work into a full-blown (and VERY high-paying) business

Why the optimal FIRE lifestyle may actually include working a few hours a day

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Try Baselane, the One Platform for All Your Property Banking & Finances

Beam Content

Reach FI Faster with “Set for Life”

The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?)

Connect with Brooklin

(00:00) Intro

(01:00) Pyramid Schemes, MLMs, and Risky Bets

(04:35) Paying Off $80K Debt

(10:30) Finding FIRE and First $100K

(14:19) Freelancing to Boost Income

(16:40) Building His Business

(20:11) FIRE Progress

(26:40) Why Live in Guatemala?

(30:54) Investing from Abroad

(32:43) Geographic Arbitrage 101

(38:19) Connect with Brooklin!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-582

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

FIRE at 50: The 4-Year Journey That Made Early Retirement a Reality

15 november 2024 | 48 min

Could a few years of aggressive saving put you in the fast lane for financial independence? Is the grind even worth it? Today’s guest was well on his way to a comfy retirement but had never thought about retiring early. Then he discovered the FIRE movement, and with just four years of all-out hustle, he was able to retire at fifty!

Welcome back to the BiggerPockets Money podcast! In 2020, Eric Reinholdt experienced a financial “awakening” that set him on a death march to FI and early retirement. For four years, he minimized his spending, maximized his savings, and threw every extra dollar at his investments. Today, he’s “chubby FI,” has a paid-off house, and is recently “retired”— working just ten hours per week on his own business while preparing to travel the world in 2025!

But was the glamorous destination worth the grueling journey? Should Eric have started earlier or slowed down to reach his FI number? Tune in to hear about the major lifestyle changes he and his wife made to accelerate retirement, the different levers he pulled to grow his nest egg, and the steps you might need to take if you want to replicate his success!

In This Episode We Cover

How this entrepreneur reached “chubby FI” by the age of fifty

When to slow down and enjoy the journey to financial independence

Flexing your “spending muscle” while saving for an early retirement

Why building your own business gives you a huge “buffer” for FIRE

Why you need monthly financial check-ins with your significant other

What Eric plans to do in retirement (and why he’s NOT giving up work entirely!)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Buy Scott’s Book, “Set for Life”

FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement

(00:00) Intro

(01:25) Discovering FIRE

(05:01) Major Lifestyle Changes

(14:15) High Income + Low Expenses

(22:53) “Retired” at Age 50

(27:08) Eric’s Investment Portfolio

(33:35) Life in Retirement

(37:14) Connect with Eric!

(38:06) A “Cheat Code” for Wealth!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-581

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Do You Need Debt to Reach FIRE? How to Use Leverage to Build Wealth

12 november 2024 | 58 min

Is paying off debt or investing (and potentially using more debt) the best way to reach FIRE? The average American has $104,215 in mortgages, student loans, credit cards, and other debt. Where do YOU stand? If the end goal is FIRE, you need a game plan for your debt, in which case this episode is for you!

Welcome back to the BiggerPockets Money podcast! Not all debt is bad. When used responsibly, it can be a powerful tool that allows you to buy appreciating assets and hedge against inflation. Today, guest co-hosts Kyle Mast and Amanda Wolfe join our panel to share their thoughts on debt. We’ll share how much debt we each have (ranging from zero to millions), how our philosophies on debt have evolved, and how debt can ultimately help you reach FIRE.

But that’s not all. We’ll also discuss the types of bad debt that could derail your FIRE journey and the investments you don’t want to be stuck with during an economic downturn. We’ll even get into the most important financial protection against debt risk—savings and reserves—and why these funds should grow proportionally to your debt!

In This Episode We Cover

Paying off debt versus investing (and which strategy is best for FIRE)

Why well-leveraged debt is one of the best long-term hedges against inflation

The types of debt that could propel you toward an early retirement

“Bad” real estate investments you don’t want to be holding during a market downturn

The most irresponsible uses of debt (that you should avoid at all costs!)

Why you should always grow your savings and reserves in tandem with debt

How much debt WE have (and how our opinions on debt have changed)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Pay Off Student Loans or Invest in Real Estate: Which Makes You Wealthier?

Connect with Kyle

Amanda’s Website

(00:00) Intro

(01:23) How Much Debt WE Have

(06:15) Paying Off Debt vs. Investing

(13:46) Starting Your FIRE Journey

(21:51) Debt Strategy 101

(31:38) “Unreasonable” Debt

(38:23) Bad Real Estate Investments

(46:48) Key Takeaways

(50:18) Connect with Kyle and Amanda!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-580

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How to Retire Early in Your 40s by Supercharging Your Savings

8 november 2024 | 26 min

Yes, it’s possible to retire early, even if you’re just now diving into the FIRE movement. Early retirement could be within reach whether you’re in your twenties, thirties, forties, or fifties. Imagine having complete freedom in a decade or less: no office politics, no boss, and, best of all, no spreadsheets! That’s the life Arik Peterson built when he retired early at forty-four, leaving behind a demanding career in corporate investing.

After reading Mr. Money Mustache’s unmatched FIRE blog, Arik drastically changed his saving and investing habits, increasing his savings rate to seventy percent and redirecting his money into simple, steady investments many overlook. Today, his life looks vastly different—he spends his days fishing, biking, creating art, and working on DIY projects instead of staring at a computer screen, crunching numbers.

In this episode, Arik shares his complete strategy for reaching financial independence, why he’s skeptical of the 4% rule, his current investment choices, and how an unexpected layoff turned into his golden opportunity. Ready to ditch corporate America? Follow Arik’s plan!

In This Episode We Cover

Why you must increase your savings rate if you want to reach FIRE fast

The simple, low-cost investment Arik has in his early retirement portfolio

Why you don’t need to follow the 4% rule to finally quit your job and retire

Making money in retirement and living off of side income streams

Arik’s killer advice for Roth investing that could make you tax-free millions

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Live Long Live Often

Get to FIRE Faster “Set for Life”

What to Do Before You Quit the High-Pay & Benefits of Corporate World

(00:00) Intro

(00:58) Discovering FIRE

(02:11) A VERY Stressful Job

(04:58) Secret to Get to FIRE Faster

(08:35) “Obsessing” Over Money

(10:16) What He Invests In

(12:44) Ignore the 4% Rule?

(14:22) FIRE at 44!

(17:07) Connect with Arik!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-579

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?)

5 november 2024 | 40 min

Finance Friday: Signs You’re Saving TOO Much for Retirement

1 november 2024 | 57 min

Are you saving TOO much for retirement (or early retirement)? Could you retire years sooner than you think? Will retirement expenses be even less than what you spend now, allowing you to reach FIRE faster with a smaller nest egg? Today, we’re getting into that exact question as Finance Friday guest Ethan asks how he can ensure he’s on the right track for early retirement by age fifty-five. And if you’re like Ethan, you could retire RIGHT NOW…but should you?

Ethan is spending a LOT of money every month. He’s got two kids in private school, extracurricular sports fees, pricey car payments, and a mortgage. The good news? He’s raking in cash at his high-paying tech job! His current expenses cost him nearly $20,000 per month, but this number could be cut in half (if not more) once his kids leave the house. This means that his FIRE number might be a fraction of what he thinks it has to be to retire early.

Speaking of early retirement, is it wise to leave such a high-paying career to sit on the beach all day? Ethan has the skills and the energy to make a sizable income, so what should he do instead of full-time work once he reaches early retirement? Should he transition to part-time consulting, focus more on rental property investing, or buy a business?

In This Episode We Cover

Why your FIRE number may be WAY off from what you need to retire early

The retirement expenses that disappear once your kids are out of the house

Making money in retirement and whether buying a hands-off business is your best bet

Planning for future weddings and how much you should set aside for your kid’s big day

Limiting your taxes by qualifying for real estate professional status (REPS)

Whether or not you’re keeping too much cash on hand (is the bank account interest worth it?)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Get on the Path to Early Retirement with “Set for Life”

Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper

(00:00) Intro

(04:27) Money Snapsho

(12:44) Current Net Worth

(15:11) Work Less, Travel More?

(21:10) Early Retirement Expenses

(27:02) Buy Rentals for Retirement Income

(33:59) Paying Too Much in Taxes

(38:22) Downsizing Houses and Next Steps

(44:40) Saving for Future Weddings

(48:52) How Much Do You NEED to Retire?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-577

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Learn more about your ad choices. Visit megaphone.fm/adchoices

Reviewing Our FIRE Journeys, Timelines, and Single Biggest Regret

29 oktober 2024 | 46 min

You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE, or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out!

Welcome back to the BiggerPockets Money podcast! Today, Scott and Mindy are reflecting on their journeys to financial freedom—how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently!

Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income. This combination will allow you to save more money, multiply your investments, and accelerate your FI timeline. But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing!

In This Episode We Cover

The crucial figure you need to pin down before setting your FI timeline

Why time, not money, is the resource every FIRE-focused person really wants

When to move the goalposts on your quest for financial independence

The job “trap” that holds you back from FI (and how to get out of it!)

The two-pronged strategy that will accelerate your path to early retirement

Spending less and earning more (so that you have more money to invest)

Scott and Mindy’s number one “regret” from their aggressive pursuit of FI

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

BiggerPockets Money – Episode 563: Why Aren’t More “Normal” People Achieving FIRE?

(00:00) Intro

(00:49) The FI Timeline

(06:59) Lifestyle Changes After FI

(10:25) Getting Your Spending in Check

(17:14) Low Expenses + High Income

(24:40) Escaping the Job “Trap”

(31:04) Creating Milestones

(37:50) Share Your Journey with Us!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-576

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Finance Friday: FI by 40? Make These Career and Investment Moves Now

25 oktober 2024 | 51 min

Everyone wants to become “work-optional” at some point. Having enough money in investments and the bank would allow you to choose the job you love most, whether that’s running your own business, working part-time, or today’s guest, Travis’ dream, becoming a mountain biking guide. With a solid salary, dual income, and no plans for kids, he and his wife are on the fast track to FIRE, but can they get there by his goal of forty years old?

Travis’ wife may have an option to get a significant salary bump, allowing them to travel the country while she works, and Travis stays making money from his computer. But, even this may not be enough to get them to the “work optional by forty” goal they had set out for themselves. Scott and Mindy believe they need a financial “oomph” to get them over the edge, but what’s the next best move?

Should he stop his retirement account contributions to have more cash to invest for early retirement? Should he perform a live-in flip to make more money on the side while working his job? Would a side hustle or part-time job bridge the investing gap between where they are and where they need to be? If you’re stuck feeling like you can’t get to FI fast enough, this episode is for YOU!

In This Episode We Cover

How to fast-track your FIRE and become work optional in under ten years

House hacking and why it’s one of the best ways to lower expenses and build wealth

Live in flipping and how to turn your next home purchase into a money-making investment

Whether you should stop investing or double down on your retirement accounts when shooting for early retirement

Roth conversion ladders, HSAs (health savings accounts), and how to access retirement funds even earlier

Increasing your income by job hopping and leveling up the skills that’ll make you more

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

How to Access Retirement Funds Early

cFIREsim

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Grab the Book “First-Time Home Buyer”

Finance Friday: How to Get to Early Retirement Even Faster

(00:00) Intro

(01:07) Goal: FI by 40!

(03:13) Money Snapshot

(04:14) Work Optionality!

(05:50) Stay at His Job?

(15:00) Traveling to Make More Money

(20:38) Stop Investing in 401(k)?

(31:13) Live in Flipping

(42:39) Can Travis Hit FI by 40?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-575

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Fast-Track FI by “Gamifying” Your Finances and Making Your Own Luck

22 oktober 2024 | 56 min

The combination of saving money and buying rentals is a recipe for reaching financial independence much faster than you thought possible. Just ask today’s guest, who started with tens of thousands of dollars in debt but was able to achieve FI in just a few years!

Henry Washington is a real estate investor, author of Real Estate Deal Maker, and co-host of the On the Market podcast, but he doesn’t have your typical “rags-to-riches” money story. Despite an upper-middle-class upbringing and landing a six-figure job right out of college, Henry was a serial spender. Before he knew it, he had racked up $40,000 in credit card debt and was told by banks that he was unlendable. Horrified by what his family’s future would look like on its current trajectory, Henry was determined to get his finances in check. He caught the real estate bug, attended meetups and networking events, befriended other investors, and found his first deal!

Henry went on to build and scale a real estate portfolio of over 140 units, and in this episode, he provides actionable advice that will help you break into real estate—whether you aspire to own a single rental property or twenty. Along the way, you’ll learn about “gamifying” your way to financial freedom, funding a down payment without money in the bank, and the recession-proof investing strategy Henry still uses today!

In This Episode We Cover

How Henry scaled his real estate portfolio to over 140 units in just seven years

How “gamifying” your finances can turn you from a spender into a saver

Why finding good deals is the key to a recession-proof investing strategy

Getting a crash course in real estate investing through local meetups and networking

Creative ways to come up with the down payment for an investment property

The three phases of rental property investing that lead to generational wealth

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Rich Dad Poor Dad by Robert Kiyosaki

On the Market Podcast

Buy Henry’s Book “Real Estate Deal Maker”

30 Ways to Find Good Real Estate Deals in 2024

Connect with Henry

Henry’s Instagram

(00:00) Intro

(01:10) Racking Up $40K Debt

(06:06) Catching the Real Estate Bug

(11:24) “Gamifying” Finances & Networking

(16:37) Henry’s First Deal

(24:18) Making Your Own Luck

(30:17) Henry’s Current Portfolio

(36:26) Saving His Rental Income

(43:22) How to Get Started in 2024

(46:39) Connect with Henry!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

On Track to Retire a Millionaire After Living Paycheck to Paycheck

18 oktober 2024 | 32 min

Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire. Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt, not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas?

Marisa’s turning point came at rock bottom—stranded without a place to stay or a dollar to her name. But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her.

Now, Marisa is ready to show others that achieving financial freedom, eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt, Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance.

In This Episode We Cover

How Marisa went from a financial “mess” to being on track to become a millionaire in retirement

The spending hack that allows you to treat yourself WITHOUT going over budget

Why you CAN invest while paying off debt (and the right way to do it)

Why taking on good debt to grow your business/side hustle isn’t a bad thing

The “slow” path to becoming debt-free that is MUCH more successful than the beans and rice diet

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Financial Badassery

Get Your Personal Finances in Check with “Set for Life”

How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!)

(00:00) Intro

(01:05) Paycheck-to-Paycheck and Worth $0

(04:29) Enough is Enough

(07:20) Paying Off Debt While Still Spending

(10:21) Investing While in Debt!?

(14:41) Finally Debt-Free?

(16:58) Managing Her Money

(21:38) Best Tip for FIRE

(24:08) Connect with Marisa!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-573

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Should You Keep or Sell Your House? Use This Tool to Find Out in Minutes

15 oktober 2024 | 46 min

Should you sell your house or keep it as a rental property in 2024? What you do with your home today could create a million-dollar swing in your portfolio ten, twenty, or thirty years from now. Fortunately, we’ve developed a powerful new tool to help you make the best decision for your financial future!

Welcome back to the BiggerPockets Money podcast! If you refinanced your mortgage around 2021, chances are you’re sitting on a low interest rate the likes of which we’re unlikely to see again. The recent rise in rates and home prices has created a “lock-in effect,” where millions of homeowners are disincentivized to sell. But does it make sense to sell if you can roll your home equity into another wealth-building asset? Could you convert your house into a rental and create hundreds of dollars in monthly cash flow?

Today, we’re giving you a step-by-step walkthrough of our new “Keep or Sell Your Home” worksheet. We’ll compare four outcomes—selling your home to buy another property, selling your property and investing in stocks, keeping the property and hiring a property manager, and keeping the property and becoming a landlord. Along the way, we’ll use several examples of homeowners so that you can get an idea of where you might stand!

In This Episode We Cover

A step-by-step walkthrough of Scott’s new “Keep or Sell Your Home” worksheet

Two realistic examples of when to sell your home or keep it as a rental property

The numbers you need to make a rock-solid decision on your investment property

The crucial question you should ask before keeping or selling your home

How ONE decision can impact your future by hundreds of thousands of dollars (or more!)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Put Your Vacation Rental on Autopilot with Hospitable

Buy the Book “Real Estate by the Numbers”

Download the “Keep or Sell Your Home” Worksheet

Millions of Americans Should Keep Their Homes as Rentals, Not Sell. Here’s Why

(00:00) Intro

(05:11) Using the Worksheet

(12:15) How Much Would You Make?

(14:36) Breaking Down Your Options

(20:08) Keep or Sell This Property?

(29:11) The “BiggerPockets” Homeowner

(34:54) Try the Worksheet!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-572

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Ways to Make Passive Income from Real Estate (Don’t Quit Your 9-5!) w/Devon Kennard

11 oktober 2024 | 58 min

Real estate investing is one of the best vehicles for building wealth, reaching financial independence, and saving for retirement, but you don’t need to become a full-time investor to reap the benefits. If you have no plans to leave your W2 job or manage rentals, there are several ways to use real estate for passive income!

Welcome back to the BiggerPockets Money podcast! When Devon Kennard entered the NFL, he ran into more money than he had ever made. But with no guarantee of a pay raise or second contract, Devon forewent the flashy car and multi-million-dollar home and started saving and investing instead. Shortly after buying his first rental property, Devon realized that he was going to need passive or semi-passive income streams if he wanted to have success on the football field. He landed on four different types of passive investments that have helped him scale his portfolio to twenty-nine doors and over forty syndications!

In this episode, Devon talks about the importance of increasing your income in your working years and why small wins make all the difference early on in your investing journey. You’ll also learn about the dangers of “shady” real estate syndications and how to properly vet an operator, as well as the differences between fast and slow money!

In This Episode We Cover

How Devon scaled his real estate portfolio while playing in the NFL

Four passive real estate investing strategies you can use today

Speeding up your financial independence timeline with real estate side hustles

Fast money versus slow money (and which bucket you should be filling)

The pros and cons of syndications and how to weed out “shady” operators

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Buy Devon’s New Book “Real Estate Side Hustle”

How to Make Truly Passive Income with “Syndication” Real Estate

Connect with Devon

(00:00) Intro

(07:56) Saving $1M in 3 Years!

(15:37) Making “Small” Bets

(21:08) Passive Real Estate 101

(31:59) Devon’s Portfolio & Strategy

(39:17) “Shady” Syndications

(45:56) Commercial Investing

(47:08) Devon’s New Book!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-571

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)

8 oktober 2024 | 41 min

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)

Podcast Description

What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement!

Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer!

If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime!

In This Episode We Cover

How to calculate your financial independence number (and when to adjust it!)

The four-percent rule explained (and whether it still works in 2024)

Why most people chasing FIRE don’t retire on the four-percent rule

How to control your expenses and protect against inflation in retirement

The “home run” investment that could save you thousands of dollars

And So Much More!

Links

The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?”

(00:00) Intro

(01:18) Calculating Your FI Number

(07:37) Does the 4% Rule Work?

(15:32) Locking in Your Expenses

(22:40) How to Combat Inflation

(31:48) Retiring on a Different Portfolio Mix

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-570

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Why This “Physician on FIRE” Ignored the 4% Rule & Delayed Early Retirement w/Leif Dahleen, MD

4 oktober 2024 | 40 min

Why do many wealthy people wait so long to retire? Despite earning a physician’s salary, living frugally, and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement. Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out!

Welcome back to the BiggerPockets Money podcast! Leif Dahleen, MD, the “Physician on FIRE,” was already financially independent when he discovered the FIRE movement. But rather than calling time on a successful healthcare career, he continued to beef up his nest egg. Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five. Do more FI-focused folks need to follow Leif’s formula to account for the unknown?

We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses!

In This Episode We Cover

Why most people DON’T retire on the four-percent rule (even though it works!)

Fast-tracking the path to early retirement in a low-cost-of-living area

How to actually leave your W2 job once you have enough money to retire

Why earning a high income doesn’t guarantee FIRE (and common pitfalls to avoid!)

Choosing the right retirement withdrawal strategy for your financial situation

Why Leif won’t adjust his retirement lifestyle as he continues to build wealth

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Email Mindy: [email protected]

Email Scott: [email protected]

Physician on FIRE

See Mindy and Scott at BPCON2024 in Cancun!

How Much Money Do I Need to Retire?

(00:00) Intro

(01:58) Leif’s “Unfair” Advantage

(06:33) Leaving the Medical Profession

(12:42) Funding His Retirement

(15:09) Does the 4% Rule Work?

(23:37) Adjusting Your Retirement Lifestyle

(29:23) Retirement Expectations vs. Reality

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-569

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

How to Reach FIRE Based on Your Income ($45K - $100K/Year)

1 oktober 2024 | 41 min

The Realistic, Repeatable Path to Investing for FIRE in Your 20s

27 september 2024 | 37 min

FI With 5 Kids and Debt-Free in Just Over a Decade!

24 september 2024 | 45 min

Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t.

Emily and Joel started with $150,000 in student loan debt. Their accounts dwindled at the end of every month, so they began to pay off their loans with the “debt snowball” method. Fast forward a few years, and they were debt-free, but now they had a new challenge: building their net worth!

Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan!

In This Episode We Cover

How to pay off debt FAST with the “debt snowball” method

Minimizing your expenses and how spending less gets you to FIRE way faster

Why you DON’T need to cut out travel/vacations on your path to financial freedom

The “financial superpower” you must cultivate if you want to retire early

What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth

Starting side hustles that pay for your life and why working while FI is NOT a bad thing

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Kyle on BiggerPockets

50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead

From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!)

ISI Team Camps

Reach FIRE Faster with “Set for Life”

See Mindy at BPCON2024 in Cancun!

The Simple Path to Wealth—Index Funds Explained with JL Collins

(00:00) Intro

(01:07) Six-Figure Debt and Dave Ramsey

(05:58) "Snowballing” $150K in Debt

(08:27) $1,000,000 FI Number

(14:06) Financial Superpowers

(15:27) The “Why” Behind FI

(18:37) Serious Side Hustles

(29:29) Did They Retire?

(34:11) Connect with Emily and Joel

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-566

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Is Refinancing Worth It with Today’s Falling Rates? (+ How Much It’ll Cost)

20 september 2024 | 39 min

564: How to Make Truly Passive Income with “Syndication” Real Estate

17 september 2024 | 41 min

563: Why Aren’t More “Normal” People Achieving FIRE?

13 september 2024 | 35 min

562: Police Officer Surpasses $10K/Month FI Goal w/Out-of-State Sober Living Investments

10 september 2024 | 43 min

Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real estate, skyrocketing their cash flow and passive income and allowing them to make more than almost any other landlord in their area. So, how did they do it, and what was the investment that got them there?

David and Morgan Stanhope weren’t real estate investors five years ago. They didn’t come from investor families and had zero real estate investing experience. One day, at his job as a New York State Police Investigator, David met a mentor who would change how he thought about money, financial freedom, and passive income. This was perfect because David and Morgan were already in a great place to invest—Upstate New York. But David chose NOT to invest in his home market, and for good reason.

They went south to a state known for higher home prices and crushingly high insurance costs. There, they found acreative rental property investing strategy, allowing them to make much more cash flow than regular rentals. Four years later, they’ve surpassed their $10,000/month FI goal. Now, they’re on track to hit an even bigger achievement: $70,000 per MONTH. Today, we’re talking to them about exactly how they’re getting there with investment properties you’ve probably never heard (or thought) about.

In This Episode We Cover

How to hit real estate’s “1% rule” with creative, high-cash flow rentals

Borrowing from your 401(k) to fund your first real estate deal

Making real estate cash flow EVEN with eight percent mortgage rates (yes, it’s possible)

Why David WON’T quit his job, even though he has already hit his FI number

Finding contractors and vendors when out-of-state real estate investing

Using other people’s money to invest in real estate (and why you may want experience before you do)

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

BiggerPockets Money Group

Stanhope Capital

Start Investing with “The Book on Rental Property Investing”

See Mindy and Scott at BPCON2024 in Cancun!

Socially Conscious Investing: How to Start a Sober Living Home

00:00 Intro

01:17 Early Financial Education

05:13 Finding a Money Mentor

09:06 Hitting the 1% Rule in...Florida?

17:31 Current Cash Flow Numbers

20:41 $70K/Month Goal!?

24:09 Is Sober Living Investing Stable?

29:11 Borrowing Money to Invest

32:04 How Much Time Does It Take?

34:46 Connect with David and Morgan!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-562

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

561: What Happens if High Expenses Extinguish Your FIRE?

6 september 2024 | 47 min

560: Dude ACTUALLY Withdraws From His 401(k) and Retires at 47

3 september 2024 | 51 min

559: How I Retired in My Mid-30s While Working Just 4 Hours a Week

30 augusti 2024 | 34 min

558: How to Start Investing for Retirement: 401(k), IRA, Roth?

27 augusti 2024 | 41 min

557: Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38

23 augusti 2024 | 51 min

556: FIRE in 2024: What We’d Do Differently If We Started Over Today

20 augusti 2024 | 39 min

555: Retiring Early Before 30 and Why You DON'T Need Millions for FIRE

16 augusti 2024 | 47 min

554: Should I Pay Off My Mortgage or Invest? (We Did the Math)

13 augusti 2024 | 38 min

Pay off your mortgage or invest? If you’re on the path to FIRE, you’ve probably asked yourself this question. Without a mortgage payment, you could put thousands more in your pocket every month, and your FIRE number would decrease significantly. On the other hand, investing all the money you could have spent on paying off your mortgage may allow you to build considerably more wealth and reach Fat FIRE with more assets to your name. So, which move do you make?

Mindy and Scott are coming on to debate this common investing question. On team “Don’t pay it off!” is Mindy, who just recently made a six-figure profit by NOT paying off her mortgage. How did she do it? Stick around to find out. Scott, who just bought his recent home in cash, is pro-paying off the mortgage (for some), as it may lead you to FIRE much faster than you thought.

In this episode, Scott and Mindy discuss WHO should pay off their mortgage early, the pros and cons of investing vs. going debt-free, and why one move may be MUCH better for those closer to FIRE. Want more money for your future retirement? Sick of your job and want to quit quickly and retire on your terms? We’ve got options for BOTH!

In This Episode We Cover

Whether you should pay off your mortgage early or invest instead

How Mindy made a six-figure stock profit by NOT paying off her home

Why paying off your low-interest rate mortgage may make sense EVEN in 2024

How those close to retirement can shave off a BIG portion of their FIRE number and retire now

Whether you should keep cash in a high-yield savings account instead of paying down a low-rate mortgage

Other BIG cost-saving benefits of paying off your mortgage early

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

BiggerPockets Money Group

BiggerPockets Money 543 - How the “Middle-Class Trap” Stops Your Early Retirement

00:00 Intro

01:27 Why You SHOULDN’T Pay It Off

05:35 Why You SHOULD Pay it Off

15:07 Keep Cash in the Bank?

20:54 Big Benefits of Paying it Off

27:51 What Would You Do?

29:29 Scared of Stock Performance?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-554

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

Learn more about your ad choices. Visit megaphone.fm/adchoices

553: $100K by 23, Coast FI by 27 Thanks to One Smart Money Challenge

9 augusti 2024 | 37 min

552: From Making $40K/Year as a Teacher to Reaching FI in 4 Years by Doing THIS

6 augusti 2024 | 43 min

BiggerPockets Real Estate 2.0 - A New Era of the Podcast

5 augusti 2024 | 1 min

551: Retired Early at 44 by Buying These "Boring" Investments

2 augusti 2024 | 22 min

550: How My Home Makes Me an Extra $1,400/Month (EVEN In an Expensive Market)

30 juli 2024 | 59 min

549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It

26 juli 2024 | 48 min

548: 2 Money Moves We’re Making TODAY to Prepare for a Potential Recession

23 juli 2024 | 51 min

547: Using "ADUs" to Go From Firefighter to FIRE by His Late 30s

19 juli 2024 | 68 min

546: From a Negative Net Worth to FI in Just 5 Years by Living Like a Stoic

16 juli 2024 | 62 min

The road to financial independence isn’t always linear, but stoicism might be the secret ingredient that keeps you on track. This ancient philosophy gets a bad rap, but with its framework as your financial “operating system,” you’ll be able to weather all kinds of storms!

Welcome back to the BiggerPockets Money podcast! Today, Darius Foroux is a business owner, landlord, financial educator, and the author of eight books. But as a boy, he watched his family live paycheck to paycheck for many years. Vowing to one day become wealthy, Darius started saving every penny possible, only to find that practicing staunch frugality could only take him so far. After more than a decade of hard work and sacrifice, he had just $10,000 to his name and, after student loans, a negative net worth. But in 2015, Darius made a seismic mindset shift that propelled him to FI in just FIVE years!

In this episode, Darius dispels the myth that stoicism is about suppressing emotions and lacking empathy. Instead, you’ll learn that its tenets revolve around creating balance, staying grounded, and changing how you respond to things beyond your control—virtues that are congruent with building wealth. But that’s not all. He will also show you how to increase your income, gain a “stoic edge,” and invest your money in 2024!

In This Episode We Cover

How Darius went from a low net worth to financial independence in FIVE years

Why reaching FI is easier with stoicism as your “operating system”

Why investing in yourself and learning new skills is the KEY to higher income

The three steps for gaining a “stoic edge” that helps you build wealth faster

The BEST way to start investing in the stock market in 2024

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Scott on BiggePockets

Grab Darius’ Latest Book, The Stoic Path to Wealth

Connect with Amanda on Instagram

00:00 Intro

03:24 Darius’ Money Journey

11:16 Negative Net Worth & the “Aha!” Moment

22:25 Stoicism in Personal Finance

32:11 Building Wealth with Stoicism

41:36 How to Start Investing in 2024

47:04 Reaching FI & Retiring Like a Stoic

52:46 Connect with Darius!

53:19 Find Joy in the Journey!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-546

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

545: Fat FI by 23: Building a 7-Figure Income & 8-Figure Portfolio in 3 Years

12 juli 2024 | 62 min

544: 80-Hour Workweeks to Lean FIRE in 8 Years through Real Estate

9 juli 2024 | 49 min

543: Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement

5 juli 2024 | 78 min

542: DIY Finance Friday: How to Create a Customized Path to Financial Independence

2 juli 2024 | 61 min

541: Finance Friday: I've Got $150K Student Debt at 6.95%, Should I Invest?

28 juni 2024 | 75 min

540: Renting vs. Buying a Home in 2024 and Do You Have Enough in Your 401(k)?

25 juni 2024 | 51 min

539: Finance Friday: Can I Comfortably Retire by 50 with My Current Portfolio?

21 juni 2024 | 62 min

538: Late Start, Early Retirement: The Huge Advantages of Investing Later in Life

18 juni 2024 | 66 min

537: Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI

14 juni 2024 | 42 min

536: My Property Manager Robbed and Ghosted Me ($40K Stolen!)

11 juni 2024 | 53 min

535: Achieving FIRE in Her 40s By Taking "Calculated" Risks

7 juni 2024 | 53 min

534: Coast FI at 24 and a $99K Net Worth Thanks to a Few Years of Pure Hustle

4 juni 2024 | 57 min

533: What Even We Didn’t Know About “Protecting” Our Wealth

31 maj 2024 | 35 min

532: Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake

28 maj 2024 | 46 min

531: Financial Freedom in 9 Steps: The Money Guy’s Financial Order of Operations

24 maj 2024 | 58 min

530: Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property

21 maj 2024 | 47 min

529: FI by 25: How to Buy Time and Freedom with a Few Years of Frugal Living

17 maj 2024 | 47 min

528: The Small Business Owner’s Guide to Taxes, LLCs, Deductions, & Audit Risks

14 maj 2024 | 57 min

527: Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE

10 maj 2024 | 47 min

526: Personal Finance for Beginners: Bank Accounts, Real Estate, and Retirement

7 maj 2024 | 48 min

525: The Rational Investor’s Case Against Bitcoin

3 maj 2024 | 38 min

524: Lessons From the Rich That Took Me from $0 to a $1,000,000+ Business

30 april 2024 | 48 min

523: Americans Say THIS Is How Much You Need to Retire (More Than You'd Think)

26 april 2024 | 41 min

522: How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom

23 april 2024 | 40 min

521: Full-Time FIRE and Traveling the World…All Thanks to Rentals!

19 april 2024 | 44 min

520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!)

16 april 2024 | 48 min

519: HSA vs. FSA and When to Drain Your Emergency Fund to Pay Off Debt

12 april 2024 | 39 min

518; Shrinkflation: How to Outsmart The Grocery Stores’ Rising Prices

9 april 2024 | 47 min

517: Everything You Need to Know Before You Buy a Business

5 april 2024 | 48 min

516: Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke

2 april 2024 | 45 min

515: How I Paid Off $150K in Debt and the 5 Factors That Boost Your Credit Score

29 mars 2024 | 46 min

514: How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More!

26 mars 2024 | 48 min

513: The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager

22 mars 2024 | 55 min

Please be advised: this podcast episode contains discussions about sensitive topics, including suicide, which may be distressing for some listeners. If you are experiencing thoughts of suicide or emotional distress, help is available. You can contact the National Suicide Prevention Lifeline by dialing 988 to connect directly with trained counselors who can provide support and assistance 24/7.

____

Could you be ensnared in an elaborate Ponzi scheme? According to today’s guest, cases of financial fraud are MUCH more common than the average investor suspects. Tune in to learn how to protect your nest egg rather than leave your financial future in the hands of untrustworthy people!

Welcome back to the BiggerPockets Money podcast! Today, we’re sitting down with investment fraudster turned anti-fraud advocate, James Brandolino. In 2003, James set out to start his own hedge fund, pooling over three million dollars from friends and family. But one “down” month was the catalyst for eight years of fraudulent activity—a Ponzi scheme that included lying to investors, mailing false statements, and pulling money from the fund to keep the lights on. When the guilt became too much to bear, James turned himself in and has since committed his life to warning investors about the real threat of fraud.

In this episode, James shares his whole story—from starting his fund to serving six years in prison. He talks about common “red flags” to look out for when investing and the importance of due diligence when something seems off. Of course, fraud is prevalent in the real estate investing space as well. Stick around for tips on avoiding real estate scams and how to vet a syndication partner before entrusting them with your money!

In This Episode We Cover

How this former fraudster built a $3.8 million Ponzi scheme

How to prevent investment fraud from happening to YOU

The most common fraud “red flags” to watch out for

How to properly vet someone before entrusting them with your money

Investment fraud in real estate syndications (and how to avoid scams!)

Using your own network to help uncover fraudulent activity

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Scott on BiggePockets

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-513

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

512: Unemployment Inches Up, Inflation Returns, & Serious News for Student Loans

19 mars 2024 | 34 min

511: Pay Your Rent and Level Up Your Home with THIS Creative Side Hustle

15 mars 2024 | 41 min

510: Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich

12 mars 2024 | 52 min

509: How to Build, Grow, Scale, and SELL Your Online Business

8 mars 2024 | 41 min

508: Budgeting Tips for Families Living on ONE Income

5 mars 2024 | 39 min

507: The Path to Early FI, Transferring 401(k) Funds, & Wiping Out Bad Car Debt

1 mars 2024 | 44 min

506: How to Use Your Money "Archetype" to Address Your Biggest Financial Burdens

27 februari 2024 | 42 min

505: Need a Financial Advisor? Start Here!

23 februari 2024 | 29 min

504: Early Retirement at 36 by Doing What EVERY Entrepreneur Should

20 februari 2024 | 41 min

503: How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)

16 februari 2024 | 44 min

502: The Money Apps, Habits, and Productivity Hacks That Helped Us Find FI

13 februari 2024 | 33 min

501: Finance Friday: When to STOP Investing and Start Saving Cash Instead

9 februari 2024 | 50 min

500: FIRE Advice from Codie Sanchez, Ramit Sethi, Money with Katie, and More!

6 februari 2024 | 45 min

499: How to Make Money as an Artist

2 februari 2024 | 46 min

498: Paying Off $118K of Debt in 2 Years and Buying Real Estate (16 Units!)

30 januari 2024 | 44 min

497: Persuasion Secrets and Predatory Practices Businesses Use on YOU

26 januari 2024 | 44 min

By the time you finish this episode, you’ll be ten thousand dollars richer. Just read this testimonial from a recent BiggerPockets Money listener, “I’m so rich now, I have no idea what to spend all my money on. And all it took was listening to this episode.” But act fast because, in five minutes, this episode WON’T be available anymore.

None of the above is true. But you probably caught on to a few of the psychological tricks many marketers use to push you into purchasing, even when you’re not ready to. And with so much mentoring, online course-selling, guru-ing, and get-rich-quick promising, it’s hard NOT to fall into these traps. How do you know who actually wants to help you and who’s just waiting to grab onto your wallet?

Tarzan Kay has spent years using persuasion-first business tactics to prompt potential customers into purchasing, building a seven-figure income stream in the process. It wasn’t until she realized that these tactics did more harm than help that she decided to burn down the business she had built. Now, she’s sharing all the persuasion secrets marketers are using on YOU and teaching you how to build a business the better way.

In This Episode We Cover

The “principles of persuasion” businesses use to trick you into buying

Common predatory practices online gurus and mentors commonly use

HUGE red flags to watch out for before you buy ANY online course

How to ensure your business NEVER tricks potential customers into buying

Vetting your own clients and customers BEFORE they have the chance to pay you

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Warning: Why You Shouldn’t Buy What the Gurus Are Selling

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-497

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496: 24 Money Tips for 2024: How to Save on Rent AND Travel for Free!

25 januari 2024 | 12 min

495: The Digital Nomad’s Guide to High-Income Skills and Making Money Online

23 januari 2024 | 56 min

Learning high-income skills can help you make money online—and a LOT of it! Just ask today’s guest, who worked not one but SEVEN internships to develop professional skills that would help her launch several successful online businesses down the road!

Welcome back to the BiggerPockets Money podcast! Jo Franco is an entrepreneur, YouTuber, podcast host, and digital nomad with multiple income streams. Born to undocumented immigrants, Jo didn’t have much growing up other than her family and a chance to pursue the American Dream, but what she lacked in money and resources, she made up for in pure work ethic. Throughout her teens and twenties, Jo worked all kinds of jobs, side hustles, gigs, and internships that allowed her to save money and even travel the world for FREE.

Since then, Jo has had her own Netflix show, built a successful YouTube channel, and launched her own journaling company. In this episode, she shares exactly how she made all of this happen, the keys to her success, and important money management tips for entrepreneurs. She also talks about the biggest mistake she has made in her career to date: hiring the wrong people!

In This Episode We Cover

The high-income skills you NEED to become a successful entrepreneur

How to become a digital nomad (and travel the world for FREE)

Reducing your financial risk by keeping your expenses down

The true value of unpaid internships (and how to make the most of them!)

Crucial money management tips for all entrepreneurs

How to save money WITHOUT the consistency of a W2 paycheck

How to get the highest return on your investment in people

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Our 24 Money Tips for 2024:

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-495

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494: How to Buy a House, Fund a Business, & Invest “Extra” Cash in 2024

19 januari 2024 | 49 min

493: 24 Money Tips for 2024: The BEST Ways to Invest Your Money THIS Year

18 januari 2024 | 12 min

492: How Much Do You NEED to Retire? It’s Less Than You’d Think

16 januari 2024 | 55 min

491: Why You DON’T Need a College Degree to Reach Financial Freedom

12 januari 2024 | 72 min

490: 24 Money Tips for 2024: How to Slash Your Expenses and Save MORE This Year

11 januari 2024 | 15 min

489: Humphrey Yang: How to Save $100K, Quit Your Job, and Build a Business

9 januari 2024 | 48 min

488: How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!)

5 januari 2024 | 45 min

Today, we’re going to show you how to pay off credit card debt FAST. It isn’t glamorous, and it won’t be easy, but if you can do it, an entire world of wealth-building, opportunity, and financial freedom awaits. So, if you’ve gotthousands in credit card and consumer debt and are tired of feeling shackled to failing finances, get ready to take some notes—this is what it takes to become debt-free!

Brittney Reynolds found herself like many Americans: out of money, maxed out on credit cards, living well above her means, and having no financial independence. She was going on vacations she couldn’t afford, renting in a high-cost-of-living area, seeing her debt climb with every swipe, but realizing too late how much of a problem it was. By the time Brittney faced reality, her credit card debt had ballooned to $36,000. But, instead of ignoring it, she made some drastic life changes.

Now, only a few months into her debt payoff journey, Brittney has already paid off $12,000 in credit card debt, with plans to be entirely debt-free by the start of the summer. How will she pay off such a massive amount of debt in under a year? Stick around to hear her strategy; if you’re in a situation like her, you too could be debt-free faster than you think!

In This Episode We Cover

How to pay off credit card debt FAST, no matter how big your balance is

Building wealth as a complete beginner and how to invest when starting from zero

The simple ways that we overspend without even realizing it

How not having enough savings can leave you vulnerable in life

One move that will help Brittney pay off her debt in record time

Whether to invest, save, do both, or neither while paying off debt

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

How to Pay Down Bad Debt—Fast

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-488

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487: 24 Money Tips for 2024: Credit Scores, Subscriptions, & Claiming FREE Money

4 januari 2024 | 11 min

486: JL Collins: You Don’t Need to Be Rich to Reach Financial Independence

2 januari 2024 | 52 min

JL Collins is one of the most respected authors in the financial independence community. His book, The Simple Path to Wealth, became the FIRE movement bible, giving clear, concise, easy-to-follow, and often unbelievably simple advice on achieving financial independence and retiring early. One of the most striking lessons from the book? You DON’T need to be rich to retire early or build wealth. Whether you make $40K or $400K per year, you can start building your financial freedom TODAY.

Since its publication, The Simple Path to Wealth has inspired millions of people to find financial freedom, and many who have achieved financial independence or are well on their way have been in contact with JL. In his new book “Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence?And How to Join Them,” JL shares stories of the rich, poor, and even bankrupt readers who were able to turn their lives around and find financial freedom, no matter their circumstance.

So, if you’ve been telling yourself that you CAN’T retire early because of a low paycheck, dire financial situation, or expensive lifestyle, think again. In this episode, JL will show you EXACTLY why YOU can be rich IF you follow some simple steps on the path to financial independence!

In This Episode We Cover

The simple, repeatable path to wealth that ANYONE can follow to become rich

How to achieve your huge retirement goals even when starting from zero

Why financial independence is NOT just for the rich and already wealthy

The lifestyle “trap” that will stop you from ever achieving FIRE

The problem with the 4% rule and why you CANNOT trust it for a happy retirement

How to build wealth when everything (and we mean EVERYTHING) goes wrong

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

How Has The 4% Rule Held Up Since The Tech Bubble And The 2008 Financial Crisis?

Hear Our Past Episodes with JL

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-486

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485: How to Start Thinking, Acting, and Investing Like the Rich

29 december 2023 | 46 min

Everyone wants to know how to get rich. And here’s the truth: getting rich might be much easier than you think. While most people would assume the wealthy grind their way to success, this isn’t always the case. In fact, rich people are FAR lazier than you think, and we’re not saying that in a bad way. Rich people make money while they sleep, so they don’t HAVE to work harder every day. Want to know how you can do the same? Vivian Tu, AKA “Your Rich BFF,” will show you how!

Vivian grew up with super-saver immigrant parents who taught her the value of money. When she went off to college, she realized a whole new world of wealth existed—this was only multiplied when she became a Wall Street trader. Vivian saw the fancy suits, the designer bags, and the jewel-studded bracelets and realized that these “rich” people were doing something most people didn’t know about. After her friends and coworkers wouldn’t stop asking her for financial advice, she decided to take her knowledge to the masses.

In her new book, “Rich AF: The Winning Money Mindset That Will Change Your Life,” Vivian details what the rich do that you (probably) don’t. These habits of the wealthy can change your life and upgrade you from the position you’re in now. In today’s episode, we talk about the tools you can use to get rich, why you’re playing real-life Monopoly all wrong, and how rich people think to build wealth even when they’re not working.

In This Episode We Cover

Habits of the rich that most Americans have no idea about

Why you need to STOP saving money and start doing this instead

Financial literacy for all and how to start learning the money game even if you think it’s too late

Asking for raises, job hopping, and how to start getting paid what you deserve

The ONE place you should put your cash that could be making you extra money every month

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Hear Our Last Interview with Vivian on Money and Relationships

5 Habits of the Wealthy That Helped Them Get Rich

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-485

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484: The Late Starter’s Guide to Financial Independence (Even in Your 50s!) | ENCORE EPISODE

26 december 2023 | 54 min

Ho ho ho! We hope you had a holly, jolly, frugal, and festive holiday season. With the BiggerPockets elves off tinkering to make even greater shows for next year, we bring you one of our FAVORITE episodes for an encore! In this show, you'll hear about two VERY late starters who were able to reach retirement right on time!

If you think it's too late to retire, think again!

______

Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have anegative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility.

Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty. Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away, a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account.

If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero, the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track!

In This Episode We Cover

How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s

Lifestyle creep and why a high income is dangerous for most Americans

How to reverse your “spend first, save last” mindset and start investing for your future

The “wake-up call” that caused Becky and Bill to change their financial mindset

Whether or not it’s ever “too late” to retire (and what to do if you’re there)

Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s

Why you should NEVER buy a boat

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-484

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483: Lean FI in 6 Years, Fat FI in 10, and Quitting Your Job The FIRE Way

22 december 2023 | 53 min

482: How I Turned My Tiny Side Hustle into a Multi-Million Dollar Business

19 december 2023 | 51 min

How do you turn a TINY side hustle into a full-on income stream? Even more, how do you make your side hustle a multimillion-dollar business that employs dozens of people and gives you the financial freedom to do what YOU’RE passionate about? Today, we chat with Mari Llewelyn, founder of Bloom Nutrition, about her incredible journey of weight loss, financial literacy, starting a side hustle, and growing a HUGE business.

Mari’s entrepreneurial journey started long before she decided to make supplements. One day, she woke up and realized she had hit rock bottom. She was the heaviest she had ever been, had no money to her name, zero autonomy, and close-to-no willpower to pick herself back up. After growing tired of relying on her parents for money in college, she decided to get a job at the front desk of a gym.

She was making money, and things were starting to improve, but there was one big hurdle left: the weight. In this episode, Mari talks about her incredible journey to losing ninety pounds, how she started selling five-dollar workout programsfor extra cash, and her explosive social media growth that allowed her to build a multimillion-dollar business before age thirty!

In This Episode We Cover

Building money skills after being raised in a household where finances are “taboo”

How to pick yourself up when you’ve hit “rock bottom” financially and emotionally

Turning your social media followers into loyal customers when you start a business

Starting tiny side hustles and the EASY way Mari made her first self-employed dollars

Paid ads, marketing your product, and the one thing that helped Mari’s business explode

Developing products and how to know you’ve made something that customers will love

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Building a Massively Profitable Business Around Your Passions

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-482

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481: Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate

15 december 2023 | 58 min

480: The Millionaire Fast-Track: How to Hit Financial Freedom Before 30

13 december 2023 | 55 min

This eighteen and twenty-two year old are on track to reach financial freedom by the age of thirty. And if you think that you can’t make big money moves because you don’t have the experience, resources, or income to build wealth, think again. These two young adults are on the path to making millions in their lifetime, and if you’re in your late teens or twenties or have children or grandchildren who are, THIS is the episode to watch.

First, we talk to Gloria Stonelake, an eighteen-year-old who runs a social media marketing agency on track to bring in six figures in income a year. She’s still technically a high school student but spends almost all her time working on her business, learning leadership, and getting leads for her clients. She ditched the traditional route of getting a diploma, a degree, and THEN a job and skipped right to the money-making part. She has some incredible advice for ANYONE who wants to start their own business, no matter your age!

Next, Ben Carver joins us to talk about his high school house-flipping side hustle, how he became a real estate agent before getting his college degree, and the newest house hack he’s set to buy at just twenty-two years old! By thirty, both Ben and Gloria should be financially free, and if you want to hit FIRE in your 30s, 40s, 50s, or 60s, these wunderkinds are two to watch!

In This Episode We Cover

How to build a six-figure business, no matter your age or experience level

Why ditching the college degree may be a smart move for entrepreneurial teens and twenty-year-olds

Why your financial background does NOT determine whether or not you’ll hit FIRE

Entrepreneurial tips to take and challenges you must prepare for to succeed

How to live for free and start building a real estate portfolio EARLY in life

The one piece of advice Mindy and Scott wish they could give their younger selves

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Make an Extra $100/Day with These Work-From-Home Side Hustles

Is It Time to Give Up on Financial Independence? (Mad Fientist)

Join the Sheeks Freaks

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-480

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479: How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap

12 december 2023 | 49 min

Don’t strive to become rich. Instead, become a “quiet” millionaire like Tae Kim, the “Financial Tortoise.” You’ve seen the flashy cars, fancy champagne, and private jets of the online financial “gurus.” Then, like clockwork, you see these same people lose their wealth, go bankrupt, or disappear from the online world entirely. What happened to them, and where did all the “riches” go?

In today’s show, we talk to Tae about the slow, steady, unsexy way to build wealth and become a millionaire that most Americans will never understand. It’s far less risky than gambling your money away, day trading, or going high-leverage on risky real estate. Instead, you can sleep like a baby every night, knowing you have hundreds of thousands in the bank, millions in investments, and enough money to chase your dreams IF you follow Tae’s advice.

Tae’s path to wealth wasn’t complicated, but he did make a handful of money mistakes you won’t want to repeat. Afterpaying off over six figures in debt, Tae now serves as the financial hero we need but don’t deserve, teaching EVERYONE why the slow, quiet way to wealth is the smartest, most sustainable way to truly become “rich.” If you want to quit your job, do what you love, and live every day on YOUR schedule, stick around!

In This Episode We Cover

The “quiet” millionaire and why you want to be wealthy, NOT rich

Money mistakes that you should avoid at ALL costs when on the journey to financial independence

How much money you should have in the bank BEFORE you quit your job

Why so many financial “gurus” go broke within a few years of acquiring their wealth

How to define your “enough” so you don’t end up working your life away

Tae’s unbelievably simple investment advice for those just starting out

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

10 Life & Money Lessons From Broke Financial Gurus

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-479

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478: Need Funds for Your Business? How to Get FREE Money Through Business Grants

8 december 2023 | 45 min

Are you sitting on an amazing business idea? Knowing how to get money to start a business is a critical first step to getting your concept off the ground. While there are all kinds of funding options, you may be able to get FREE moneywith a grant. That’s exactly what today’s guests did!

Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Cheryl Edmundson and Erin Jacobsen from Inclusive GameWerks—a fledgling business that has developed an inclusive pinball controller for people with disabilities. After building the first prototype for a close friend, they realized the device’s incredible potential. So, they went right to work—fine-tuning the design, structuring their business, and, of course, looking for ways to fund their new venture. Before long, they had landed a ten-thousand-dollar grant to get their operation up and running!

If you’ve got an entrepreneurial spirit and a great business idea, this is an episode you won’t want to miss! Tune in as Cheryl and Erin show you how to launch a business alongside your nine-to-five job, find your lane in an established market, and get FREE money for your business!

In This Episode We Cover

How to get FREE money to start your new business

How to find, apply, and get approved for a business grant

Using grant money appropriately within a for-profit business

The best ways to structure your new business

Building a business without leaving your nine-to-five

Driving your business forward through the power of networking

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Building a Massively Profitable Business Around Your Passions

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-478

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477: Year-End Tax Planning Tips You NEED to Know Before the 2024 Tax Season

6 december 2023 | 48 min

With 2024 right around the corner, it’s time for a final year-end tax planning push! There are all kinds of ways to pay less to the IRS, and today’s guest is here to help you save as much money as possible!

Welcome back to the BiggerPockets Money podcast! Today, we’re joined by certified public accountant and financial planner Sean Mullaney. In this episode, Sean delivers a thorough breakdown of everything you should be doing to lower your tax burden for not only 2023 but also over your entire lifetime. While there are many moves you can make before this year’s filing deadline, you don’t have to make them all at once. Sean shares how most tax moves fall into one of three “buckets”—moves that should be handled urgently, by year-end, or in early 2024.

Whether you’re rushing to tie up loose ends in 2023 or looking to maximize retirement savings, Sean offers a variety of helpful tax tips for those in different phases of life. You’ll learn how to reap the tax benefits of donor-advised funds, how to time a Roth conversion, and how to avoid giving the IRS a large interest-free loan!

In This Episode We Cover

Tax moves to make immediately, by year-end, and in early 2024

New tax-saving strategies to start implementing next year

Lowering your total lifetime tax burden with the Roth conversion strategy

How to get a tax deduction and avoid capital gains tax with a donor-advised fund

The BEST retirement accounts for entrepreneurs and self-employed individuals

How to choose the perfect health insurance plan for you in 2024

And So Much More!

DISCLAIMER: "The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Scott, Mindy, BiggerPockets, and the BiggerPockets Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services."

Links from the Show

Network with Other Investors on the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

What You Need to Do NOW to Pay Fewer Taxes in 2024

I’m Over Paying Taxes, So Here’s How I Plan to Significantly (and Legally) Lower My Liability

The FI Tax Guy

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-477

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476: The Real-Life Girlboss: How I Built Nasty Gal to a $100M Business

5 december 2023 | 51 min

475: How to Get Rich Without Investing in Real Estate

1 december 2023 | 42 min

474: Mindy and Scott's Favorite Sleepaway Camp for FIRE Chasers

29 november 2023 | 40 min

Deep in the forest, a secret financial independence summer camp is being held. Multiple times a year, all across the country, millionaires, financial freedom achievers, and those still on or just starting their FIRE journey meet up for a weekend like no other. Those who have achieved FIRE in their 30s, 40s, and 50s give advice, tips, and tactics to those who want to leave their jobs behind and see what a life of financial freedom feels like. It’s such a can’t-miss event that Mindy and Scott are regulars there too!

Of course, we’re talking about CampFI, where you can roast marshmallows, talk about Roths, scheme with other investors on the best way to make millions, or simply meet the financial independence heroes you’ve only seen online. Throughout the year, these camps are held in every corner of the country, and today, you’ll get to hear exactly what happens around the campFIre.

For that, we brought on CampFI founder Stephen Baughier to tell us more about this exclusive financial independence experience and his own journey to FI. After a tough wake-up call in his mid-30s, Stephen made it his goal to reach financial freedom, but not on the fast-paced schedule most FIRE chasers think of. Hear how Stephen was able to downsize his life, cut his spending, and have ultimate time freedom without having to work his tail off!

In This Episode We Cover

The one thing that made Stephen reevaluate his financial decisions in life

Downsizing, cutting spending, and how to reach financial freedom faster

Advice from millionaires and those who’ve already achieved FIRE

CampFI costs, activities, events, and why you MUST attend

Why you can (and SHOULD) slow down your path to FIRE

Scott’s accidental run-in with a fireside cult-like chanting circle

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Past Episodes Mentioned in Today’s Show:

Doug Nordman

Mr. Money Mustache

CampFI Website

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-474

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473: Holiday Shopping Hacks That’ll Save You Hundreds (or Thousands) This Season

28 november 2023 | 38 min

472: All the Money Hacks We WISH We Had Known About (ENCORE Episode!)

24 november 2023 | 60 min

Happy Thanksgiving! This Turkey Day, we're giving you an encore of one of our favorite episodes on the money hacks EVERYONE should know about! This was one of our top shows of last year and will teach you how to save better, spend less, and travel for CHEAP! Enjoy!

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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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

All The Hacks Podcast

Apps Mentioned in This Episode:

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-472

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471: The Secret to Saving More, Spending Less, and a Perfect Credit Score

21 november 2023 | 49 min

470: Make an Extra $100/Day with These Work-From-Home Side Hustles

17 november 2023 | 43 min

469: David Greene’s 3 Steps to Building Wealth EVEN in a Bad Economy

15 november 2023 | 37 min

468: ‘Bar Rescue’ Host Jon Taffer on the “Secret Recipe” for a Successful Business

13 november 2023 | 42 min

Bar Rescue host Jon Taffer has spent more than a decade finding the most disgusting, poorly-run, money-hemorrhaging bars in America and turning debt-ridden dumps into successful money-making businesses. How does he do it? In today’s show, this hospitality, restaurant, and bar legend will uncover the ONLY reason why businesses fail and the “secret recipe” for a successful entrepreneur.

And even if you don’t own a business or don’t plan on owning one, Jon drops some knowledge that cannot be missed and could turn WHATEVER you’re struggling with in life into a smooth path to success. Jon talks about the over two hundred bars and businesses he’s saved, the biggest mistake the owners are making, and how to get out of business debt if your business is in WAY too deep.

Lastly, Jon talks about what makes a successful entrepreneur and gives his most crucial advice for those who are about to launch or have plans to launch a business. Trust us, Jon’s advice could save your entire business!

In This Episode We Cover

The number one reason why businesses fail and what their owners should do NOW

Taking responsibility and why your excuses are STOPPING you from achieving your dreams

How Jon and the Bar Rescue team complete bar renovations in just thirty-six hours (seriously!)

Screaming, yelling, crying, and how Jon breaks through to failing business owners

The “secret recipe” for a successful entrepreneur and Jon’s biggest piece of advice in 2024

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

The Main Reason Most Businesses Fail and How to Avoid It

Grab Jon’s Books

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-468

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467: Switching Jobs, Becoming a Landlord, and Investing vs. Paying Off Debt

10 november 2023 | 41 min

466: The Retirement Planning Roadmap: 401(k)s, Real Estate, Bonds & More

6 november 2023 | 48 min

465: Finance Friday: Should I Double Down on Real Estate or Start a Side Hustle?

3 november 2023 | 48 min

464: How HGTV’s Heather Rae and Tarek El Moussa Flipped Over 1,000 Houses

1 november 2023 | 42 min

HGTV’s Heather and Tarek El Moussa have built an empire that any entrepreneur would be jealous of. They’ve collectively flipped over a thousand homes, started syndications with tens of millions of dollars invested, have a TV show that rakes in money for them to flip more houses, AND they do it all while raising a family. And while they’ve created the life they’ve always dreamed of, some unintended side effects have recently emerged that make things less-than-glamorous.

We’ll touch on the recent “drama” in today’s episode, but before we do, Heather and Tarek break down precisely what they did to build the business they own today. And if you’ve ever thought of flipping houses before, Tarek gives invaluable advice on finding deals, hiring (and firing) contractors, why he’s spending more money than EVER before on renovations, and how you too can build a multi-million dollar house flipping business.

But that’s not all. After a recent slew of negative press, Tarek finally breaks the silence on a recent deal gone wrong and gives the story none of the news outlets would share on how he’s handling a barrage of tenant complaints, online harassment, and even death threats.

In This Episode We Cover

How the El Moussas flipped over one THOUSAND homes across California

Finding house flipping deals and how to see the “potential” in a hideous home

Wholesaling real estate and why Tarek was forced to stop flipping

Why Tarek sees “rough times” ahead and how YOU must pivot if you invest

On-air “drama,” how much of it is real and raw, and the effects it has on Heather and Tarek

Tarek’s recent deal gone wrong and how he’s doing everything he can to make it right

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Hear Tarek on the “BiggerPockets Real Estate” Podcast

Flipping Houses: How to Get Started and Everything You Should Know

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-464

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463: How to Teach Your Kids About Money (Saving, Investing, Spending, and FIRE)

30 oktober 2023 | 45 min

462: Finance Friday: Could a Franchise Fuel My FIRE in 10 Years (Or Less)?

27 oktober 2023 | 63 min

Want to reach FIRE long before you’re sixty-five? If you make a decent income, invest diligently, and watch your spending, you STILL could fall into the “trap” most FIRE-chasers find themselves in. By making one BIG mistake, you could be accidentally forcing yourself to work for years or decades longer to finally retire, even if you’ve reached your FIRE number! What “trap” are we referring to, and how do you ensure you’ll hit FIRE on your schedule? Stick around to find out!

Today, we talk to Chris, who works in medical sales and makes an income anyone would be happy to have. He lives in a high-cost-of-living area with a million-dollar home, expensive property and state taxes, and high expenses. But he still saves a solid amount of income every month. What’s he doing with his extra cash? Investing in index funds, generously donating, and…saving to buy into a franchise?

This franchise investment could make Chris millions, but there are a few red flags that Mindy and Scott can’t ignore. With a substantial initial investment and a partnership that could be tested at any point, Chris wants to know the best place to deploy his ample capital. Does he go head-first into the franchise, stick with index funds, or build robust retirement accounts? And with a FIRE timeline of ten years or less, how does he ensure he'll have enough money to support his lifestyle?

In This Episode We Cover

The common FIRE “trap” that could force you to work for far longer at your job

Investing in retirement vs. after-tax brokerage accounts and which to focus on for FIRE

How to access retirement funds even earlier if you decide to retire early

Investing in a franchise and what you MUST know before you put your money into one

The perfect FIRE portfolio and how to allocate your investments to support your early retirement lifestyle

Building/buying your forever home and when to put it off to invest

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Accessing Retirement Funds Before Age 59½ with The Mad Fientist

Franchises 101: How to Find, Fund, and Profit from Owning a Franchise

How to Access Retirement Funds Early

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-462

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461: How to Pull Yourself Out of Car, Student, or Credit Card Debt

23 oktober 2023 | 43 min

You want to retire, but you’ve got credit debt, auto loans, and student loans. It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way?

Seth Godwin was fired from his job while holding $30,000 in credit card debt. He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free, increase his credit score by hundreds of points, and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans, realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away.

Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards—but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you, how to escape credit card debt confidently, what to do now that student loans are resuming, and why you SHOULDN’T trade in your old car.

In This Episode We Cover

The common auto loan scams that trick you into spending FAR more than you should

Why you should NEVER trade in a “negative equity” car to upgrade

The best car makes to buy (and two that rarely break down)

How to crawl yourself out of credit card debt and come out with a 700/800 credit score

How much money Seth makes on TikTok every month (it’s WILD!)

Student loan resumption and whether college is worth the increase in salary

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Is College Worth It (Part1)

Is College Worth It (Part 2)

Liz Frugalwoods

Tinian Crawford

Side Hustle Resources:

Side Hustle Nation

Budgets Are Sexy

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-461

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460: The Fast Road to FIRE and Our Housing Market Crash Predictions | Ask Mindy and Scott

20 oktober 2023 | 38 min

459: Divorce Season: How to Protect Your Financial Future During Separation

16 oktober 2023 | 48 min

458: Finance Friday: Pay Off Debt, Invest in Real Estate, or…Buy Vending Machines?

13 oktober 2023 | 46 min

457: Money and Relationships: How to Have “The Talk” Before It’s Too Late w/Vivian Tu AKA “Your Rich BFF”

9 oktober 2023 | 43 min

456: The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024

6 oktober 2023 | 58 min

455: REITs: How to Make Real Estate Money WITHOUT Owning Rentals

2 oktober 2023 | 52 min

Want passive income? Well, DON’T invest in rental properties. Buy REITs (real estate investment trusts) instead. Yes, you read that right. Although rental properties are a phenomenal way to build wealth and cash flow and pay fewer taxes on your income, they aren’t the most “passive” type of investment around. Between the 2 AM tenant phone calls, leaky toilets, evictions, and common headaches of owning a house, rental properties might not be worth the extra incomefor most Americans. But REITs probably are.

REITs are traded on the stock market just like your favorite index fund. The difference between REITs and traditional stocks? REITs let you buy a share in a large landlord company, which passes their income down to you via dividends and often an appreciating share price. And now, as many commercial real estate values are dumping, top REITs could be selling at a HUGE discount. So, how do you start investing in them? We brought Jussi Askola on to help.

Jussi runs Leonberg Capital, where he consults with some of the largest REITs in the world. He also writes the “High Yield Landlord” newsletter for Seeking Alpha and is arguably the world’s most up-to-date REIT expert. In today’s episode, Jussi gives you a top-to-bottom breakdown of REIT investing, who should (and shouldn’t) invest in them, how to know whether one is worth buying, and why rentals PALE in comparison to the passive income REITs provide.

In This Episode We Cover

REITs vs. rental properties and why one beats the other on profit and passive income potential

How to make TRULY passive income by investing in REITs today

Private vs. public REITs and which are safer, easier to exit, and provide better returns

The MASSIVE REIT discount in today’s stock market and which companies are worth investing in

REIT industries to avoid in 2023 that may continue to see their prices drop

And So Much More!

Links from the Show

Connect with Scott on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Passive Income (Without the Properties!) by Investing in REITs w/Matt Argersinger

What Are REITs And How Can You Invest In Them?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-455

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454: Finance Friday: We Spend $12K a Month...Can We Still Retire in 10 Years?

29 september 2023 | 59 min

Tyler and Jenna need to know how to retire in ten years or less so they can spend less time working and more time with their family. The problem? They’re spending more than $10,000 monthly in expenses, and even with a high salary, that hurts their bottom line. But, a bigger problem to take care of is the six-figure savings sitting in their bank account, not bringing them any closer to becoming financially free. So, what should they do next?

Today, Mindy is joined by her husband, Carl, as these lucrative lovebirds advise a young couple who just had their first child and are looking to speed up their early retirement timeline. Tyler works in finance, taking home a stable income, and Jenna runs her own business that’s still expanding. They want to increase their incomes, invest more, and move closer to early retirement, so where do they start?

With three FI-friendly investment options—index funds, short-term rentals, and syndications—Tyler and Jenna can use any (or all) of these to multiply their wealth. But, one of these options poses a substantially bigger risk than they may think, and Mindy and Carl feel that they MUST warn this couple about it before they pull the trigger. If you dream of hitting FI in a decade or less, this episode can help you get there!

In This Episode We Cover

How to hit financial independence in ten years or less (and what to invest in)

Tracking your expenses and categories you may want to cut out of your budget

Syndication investing 101 and why now may NOT be the time to invest in passive deals

Private money lending and becoming the bank for active real estate investors

Buying a short-term rental and how to ensure it’ll actually turn a profit

Index funds for early retirees and the easiest way to make your money grow

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

The Best Alternative Investment No One Knows About

Syndications: Everything You Need to Know BEFORE You Invest

Making $2,000/Month with Etsy Printables

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-454

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453: How to Conquer Financial Trauma & Develop a HEALTHY Relationship with Money

25 september 2023 | 65 min

452: The 6 Investment Accounts You NEED for Financial Freedom

22 september 2023 | 44 min

451: The 9-Step “Stairway to Wealth” That ANYONE Can Use to Become Rich

18 september 2023 | 52 min

450: The “Middle Class Trap” That’s Keeping You in Debt

15 september 2023 | 55 min

The fear of Job loss has become real for most Americans. And if you’re falling into the “middle-class trap,” a sudden loss of income could be even more severe. After the recent tech layoffs of 2022 and 2023, businesses outside of the Silicon Valley bubble are starting to feel the effects of higher interest rates and lower consumer spending. But what happens if YOU’RE the one who’s getting laid off? Will you be able to pay the bills? How much of a severance package can you expect? And what moves should you make NOW to get ahead?

Mindy and Scott are taking questions directly from listeners to put YOU in the best financial position possible. On this show, you’ll learn what to do AS SOON as you hear about layoffs in your company, how much you could get paid for severance, and why you CAN NOT rely on unemployment for everything. Next, we hear from a high-income earner who can’t get out of debt and is stuck in the “middle-class trap.” For those with too much cash on their hands, Mindy and Scott get into investing in syndications, plus what to do if your house bills are slowly eating you alive.

Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or click here to submit your question on our next Q&A episode!

In This Episode We Cover

What to do if you get laid off and how to start making income ASAP

Severance packages and questions you NEED to ask your employer if you lose your job

The “middle class trap” that high-income earners get stuck in

Syndication investing 101 and when to RUN away from a potential investment

What to do if you’ve "bought too much house” and payments are putting pressure on your finances

Unemployment income and why you CAN’T rely on it to pay for your life

Why EVERYONE needs a side hustle to survive (yes, even YOU!)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Syndications: Everything You Need to Know BEFORE You Invest

Want More Syndication Info? Email Scott

Check Out Mindy’s ENTIRE 2022 Budget

Surviving a Layoff: What HR Wants You to Know

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-450

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449: Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings

11 september 2023 | 50 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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

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448: The Average American’s Guide to Investing $10K–$100K

8 september 2023 | 59 min

447: How to Use Your Financial Fears to Build Wealth Better

4 september 2023 | 48 min

446: FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement

1 september 2023 | 63 min

445: Can’t Afford to Travel? Nomadic Matt Says You’re (Probably) Wrong

28 augusti 2023 | 45 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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

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444: Financial Advisor Fees, LLCs, and Stock Investing 101 | Ask Mindy and Scott

25 augusti 2023 | 37 min

443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger

21 augusti 2023 | 50 min

442: Finance Friday: Planning for a Family Costs More Than I Thought…

18 augusti 2023 | 40 min

441: Foreclosures Are Rising Across the Nation, But Who Should Buy Them?

14 augusti 2023 | 51 min

440: Why ROE Beats ROI, and How to Earn Truly “Passive” Income from Real Estate

11 augusti 2023 | 47 min

439: Watch Out for These Financial Infidelity “Red Flags” in Your Marriage

7 augusti 2023 | 47 min

438: The Beginner’s Guide to Investing (Start with Just $100!)

4 augusti 2023 | 43 min

437: Wedding Costs Are WILD: Is Your Dream Day Worth Going Into Debt?

2 augusti 2023 | 47 min

436: How to Get Rich Slowly and Retire Earlier Than Most with a Modest Portfolio

31 juli 2023 | 54 min

435: Ask Mindy and Scott: Early Retirement, Asking for a Raise, and Stolen Money

28 juli 2023 | 37 min

434: Financial Astrology for the Star-Skeptical Investor

26 juli 2023 | 35 min

The views and discussions presented in this podcast are for informational and entertainment purposes only. BiggerPockets does not endorse or promote financial astrology as a reliable method for making investment decisions. Listeners are encouraged to seek advice from qualified financial professionals before making financial choices.

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Listen to The Real Estate InvestHER Show

Join The Real Estate InvestHER Community on Facebook

Register for an Upcoming InvestHER Event

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

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433: Ramit Sethi Revisited: Spend Like Your Life Depends on It

24 juli 2023 | 51 min

432: Hesitant to Invest? How to Avoid Running Out of Money During Retirement

21 juli 2023 | 60 min

431: Women in Real Estate: Closing the “Investing Gap” and Getting Started

17 juli 2023 | 45 min

430: The Secret Way to Save 50% on Your Electricity Bill (EVERY Month!)

14 juli 2023 | 48 min

429: What Most First-Time Home Buyers Get Wrong with Nicole Lapin and Scott Trench

13 juli 2023 | 35 min

428: The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates

10 juli 2023 | 67 min

427: Finance Friday: Building a $200K/Year Portfolio on an “Average” Income

7 juli 2023 | 59 min

426: The New Path to Financial Independence is HERE

3 juli 2023 | 36 min

425: Financially Free in 4 Years by Making One VERY Smart Money Move

30 juni 2023 | 46 min

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

Connect with James BiggerPockets

Watch James on the “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-425

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424: How This Teacher Squashed $20K in Credit Card Debt and Hit Coast FI by 32

26 juni 2023 | 61 min

423: Burned Out? How to Quit Your W2 Job and Still Achieve FIRE

23 juni 2023 | 54 min

422: The Late Starter’s Guide to Financial Independence (Even in Your 50s!)

19 juni 2023 | 62 min

Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility.

Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty. Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away, a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account.

If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero, the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track!

In This Episode We Cover

How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s

Lifestyle creep and why a high income is dangerous for most Americans

How to reverse your “spend first, save last” mindset and start investing for your future

The “wake-up call” that caused Becky and Bill to change their financial mindset

Whether or not it’s ever “too late” to retire (and what to do if you’re there)

Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s

Why you should NEVER buy a boat

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

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: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

421: Finance Friday: How to Retire in Your 40s by Building Multiple Income Streams

16 juni 2023 | 54 min

420: Trading His Man Cave for a “Money Cave” That Makes THOUSANDS a Month

12 juni 2023 | 57 min

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

Connect with James BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

419: Finance Friday: Barely Breaking Even? Here’s How You Can STILL Invest

9 juni 2023 | 55 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Grab “6 Steps to 7 Figures”

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Fire by 45

Investment Plan

418: Replacing His Wife’s $100K Salary in Year ONE with THIS Online Side Hustle

5 juni 2023 | 49 min

417: Finance Friday: Why I Spent $100K+ on My Four-Legged Friend

2 juni 2023 | 60 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Take a Trip with Blaze Adventure Tours

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

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: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

416: Codie Sanchez: These “Boring Businesses” Will Make You Rich

29 maj 2023 | 59 min

Want to replace your nine-to-five? You'll need to know how to buy a business. And while you may think that you need to be some high-level executive or business-building savant, the reality is that TONS of profitable businesses are selling for pennies on the dollar, just waiting for you to come in, scoop them up, and start making six (or even seven) figures without doing all the work. This is the EXACT strategy that Codie Sanchez used to leave her high-paid banking career to make millions running so-called “boring” businesses.

Whether it’s a laundromat, landscaping service, or law firm, businesses are up for sale without you even knowing it. You DON’T need to be an industry expert to get in on any of these deals. Many of the businesses that Codie has bought have been outside of her core competency. She’s gotten so good at business-buying that Codie now helps other want-to-be entrepreneurs get out of their jobs and into businesses that’ll help them build wealth. Codie’s ten simple steps to business buying can help ANYONE buy, build, and profit from a “boring” business.

Codie breaks down exactly why she left the big paychecks behind to start buying businesses, the repeatable steps to acquiring and growing a business, which business you should be looking for, and five to NEVER buy. You’ll also hear how she funds these business purchases and what to do AFTER buying a business that massively multiplies revenue and makes you millions!

In This Episode We Cover

The “boring” businesses that can replace your salary and make you a millionaire

How to buy a business from start to finish and five business types you MUST avoid

Jobs vs. businesses and how to ensure you buy cash flow, not another nine-to-five

Codie’s buy box and EXACTLY what she looks for when acquiring a business

Where to find funding for business purchases (and which sellers will offer you financing)

Hiring, firing, and becoming the CEO of your first business

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

The Cash-Flow Boosting Businesses that Savvy Real Estate Investors Own

Hear Past BiggerPockets Episodes with Codie:

The MOST Profitable Skill to Learn (From a $200M+ VC Investor)

How to Buy Yourself a 6-Figure Income Stream w/Tim Delaney

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-416

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

415: Finance Friday: How to Achieve Your “Dream Life” Decades Before Retirement

26 maj 2023 | 48 min

Retirement is always some far-off goal. When you’re older and much more wealthy, you can live the golden years of your life without a care in the world. The problem? None of us know how much time we have left, how healthy we’ll be as we age, and whether or not these years are the best we’ll ever get. So, why wait to retire in your sixties when it’s possible to retire in your twenties, thirties, forties, or fifties? If you had the choice to live your ideal life NOW, wouldn’t you choose to do so?

On this Finance Friday episode, we talk to Sara, who had a recent wake-up call about waiting for retirement. While on a casual run, Sara suffered sudden cardiac arrest, prompting her to be put into a medically-induced coma. Without any signs of something like this happening, Sara started to ask whether or not she was living her life to the best of her ability and if waiting for retirement age was worth the risk.

With six figures in student debt from her husband but solid salaries to support their low-cost-of-living lifestyle, Sara wants to know how she can transition to part-time work while still saving and investing for early retirement. Thanks to smart decisions Sara has made, she’s in a phenomenal position to take her foot off the gas, but how can she do so without sacrificing her future?

In This Episode We Cover

Student loans and whether to pay off debt or invest for early retirement

Switching from full-time work to part-time hours while keeping benefits and saving your sanity

Planning your “ideal life” and why waiting until traditional retirement age could be a big mistake

Cash reserves and how much you should have when planning to leave a full-time salary

Building your investment plan based on what you (and your partner) really want out of life

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

How to Retire Early (From Someone Who Did at Age 27)

Should You Pay Off Debt or Invest?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-415

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

414: Nicole Lapin's Money Hacks to Rehab Your Finances & Say Goodbye to Bad Debt

22 maj 2023 | 42 min

Wish you had a few money hacks to help with things like getting out of debt, finding the right assets to invest in, and growing your nest egg? The average person may not even know where to start! Today’s guest is using her platform to help simplify money concepts and improve financial literacy at a time when it is sorely lacking.

Welcome back to another edition of the BiggerPockets Money podcast! Today, we’re joined by Nicole Lapin, founder of the Money News Network, host of Money Rehab with Nicole Lapin, and author of multiple New York Times and Wall Street Journal bestselling books, including Rich Bitch, Boss Bitch, Miss Independent, and Becoming Super Woman. Born into a first-generation American family, Nicole lacked financial literacy early on in life and was easily intimidated by financial concepts. Only after learning the language of money was she able to take control of her finances and pay off the consumer debt she had accumulated.

In this episode, Nicole spills some of the top money hacks she has learned over the past 20 years. Wherever you are in your financial journey—whether it’s neck-deep in consumer debt or well on your way towards achieving financial independence and retiring early—you won’t want to miss what Mindy, Scott, and Nicole have to share about investing in today’s climate, assessing your risk tolerance, and making the most out of your money!

In This Episode We Cover

Money hacks for investing and rehabbing your personal finances

Two methods of getting out (and staying out) of consumer debt

How to create a “spending” plan using the “three E’s”

Living below your means to fast-track your journey towards financial freedom

How to assess your risk tolerance and find the right assets to invest in

An alternative to financial independence, retire early (that could allow you to “retire” even sooner!)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

The Pillars of FI: Designing the Life You Want

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

12 Things to Give Up to Become Debt-Free This Year

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-414

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

413: Finance Friday: How to Use Your Home to Retire YEARS Earlier

19 maj 2023 | 54 min

412: The Beginner's Blueprint to Buying $0 Down Real Estate w/ “Creative Finance”

17 maj 2023 | 62 min

Pace Morby built an 1,800-unit real estate portfolio using none of his own money. Unbelievable right? Well, it’s 100% true, and he’s here today to tell you why most of what you know about real estate investing is entirely wrong. For years, you’ve been told to save up 20% down, keep your credit in tip-top shape, and NEVER buy at, or over, asking price. But, Pace did the opposite of what traditional investors told him to do. He’s bought thousands of properties withno money down, without a single credit check, and over asking price. His reason for doing so might surprise you.

Just a decade or so ago, Pace was a hard-working contractor, swapping toilets and painting walls to provide for his family. He thought he was running a successful business, but in reality, he was running his finances and potential of passive income into the ground. He was tied to the clock and needed to work to make money until an unexpected mentor gave him some stern advice. From there, everything changed, as Pace flipped from “worker” to “investor” and began building a massive passive income portfolio.

Now, as the king of creative finance, and author of Wealth without Cash, Pace is teaching the tricks of the trade that his mentor taught him. We’re talking about buying properties with no money, credit, or credentials and turning dud deals into cash-flowing monsters by using little-known investing strategies like subject to, owner financing, and others. This beginner guide will give you everything you need to know to invest without cash, credit, or years of experience!

In This Episode We Cover

How to invest in real estate with no money, credit, or credentials

The “bunnies” you MUST look out for when you start investing in real estate

The business owner lie you’ve been told, and why working for money ISN’T the right way to build wealth

Creative financing 101 and using it to buy deals other investors overlook

Seller financing, subject to, and other strategies to invest with no money down and low mortgage rates

The one question you MUST ask a seller to uncover what they really want

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Connect with Other Investors and Swap Strategies on the BiggerPockets Forums

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Meet Other Investors at a BiggerPockets Real Estate Meetup

Boost Your Knowledge with Pace’s Creative Financing Bootcamp

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-412

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us to: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

411: How to “Quiet Quit” Your 9-5 Job and Become a Full-Time Boss

15 maj 2023 | 54 min

410: From Homeless at 14 to Debt-Free Homeowner AFTER Prison Time

12 maj 2023 | 51 min

A debt-free homeowner with an emergency fund and a keen eye for personal finance? A few years ago, Jazmyn Gray wouldn’t have dreamed that’s how her life turned out. From a young age, Jazmyn was thrown into drug addiction, homelessness, a life of crime, and later, prison time. She was a teenage mother whose silver lining was running a successful business until she was robbed, abused, and pushed into relapsing. But that’s not Jazmyn’s whole story.

Through some entrepreneurial pursuits behind bars and putting her finances first, Jazmyn has had an almost unbelievable path to recovery. Even after her time in prison, Jazmyn was forced to pay restitution and other debts she had piled up before her incarceration. However, through a chance meeting with none other than our own Scott Trench, Jazmyn was given the master plan she needed to rebuild her financial position, even when the odds were stacked against her.

Now, in a completely different position than she was in just a few years ago, Jazmyn is ready to tell her whole story, not only to provide hope to those that need it but give actionable steps to improving your financial life. You’ll hear how she built a six-figure business within a few months, how she recently bought a house with a record low interest rate, the debt snowball method she used to become debt-free faster than most Americans, and how she’s using her rough road to help others build their own wealth.

In This Episode We Cover

Hitting financial rock bottom and starting your journey when you have nothing

Building a six-figure business and what caused Jazmyn to give up hers

Homelessness, drug addiction, and fighting to survive as a teenager

The “debt snowball” method Jazmyn used to pay off her debt in record time

Buying your first home and how to do so only a few years after being dead broke

Jazmyn’s easily-repeatable advice for ANYONE starting their financial journey

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

The Real Estate Rookie Podcast

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes

12 Things to Give Up to Become Debt-Free This Year

Get Involved with CrossPurpose

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-410

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know!

Learn more about your ad choices. Visit megaphone.fm/adchoices

409: How to Use Your First Home to Fast-Track Wealth

8 maj 2023 | 57 min

408: Finance Friday: Why Retiring Early Isn’t As Simple As You Think

5 maj 2023 | 49 min

407: 8 Rentals in 8 Years and Unlocking MASSIVE Tax Breaks with One Career Move

1 maj 2023 | 59 min

406: Finance Friday: Why FORCING Your Way to FIRE Isn’t The Way

28 april 2023 | 52 min

The road to early retirement isn’t easy. Once you become dead-set on finding financial freedom, your entire world turns upside down. For many of us, this means spending as little as possible, ditching takeout, saying goodbye to expensive events, and becoming a frugal hermit in our own financially-focused worlds. But, this can lead to serious burnout since a life without fun is a hard life to live. Today, we talk to Sam, who’s feeling his own type of frugal fatigue.

Sam was blindsided by a sudden divorce, separating him from his daughter and prompting him to restart his career. He went the unconventional route, getting his pilot’s license and slowly building up his income. But, switching from stay-at-home dad to breadwinner in an instant left a mental mark on Sam. As a result, he’s kept an extremely lean budget, even as his income has grown into six figures. He’s doing a phenomenal job on the path to early retirement, but with time freedom in sight, Sam is still struggling to live life in the present moment instead of always focusing on the future.

In this Finance Friday episode, Mindy and Scott walk through paying off unconventional student debt, building a financial runway, the difference between being frugal and cheap, and whether house hacking vs. renting is the right move in this housing market. They’ll also chat over employee stock purchase programs and investing for early retirement, all while making dozens of pilot puns along the way!

In This Episode We Cover

Investing for early retirement and what to focus on to hit financial freedom

Being frugal vs. cheap and whether your FIRE obsession is making life harder

Student loan debt and when selling investments makes sense

House hacking and using extra space in your home to make more money

Building your “financial runway” and when it’s time to reallocate your investment portfolio

Employee stock purchase programs and the GUARANTEED profit you’ll make

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom

How to Get to Early Retirement Even Faster

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-406

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know!

Learn more about your ad choices. Visit megaphone.fm/adchoices

405: Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals

26 april 2023 | 46 min

Healthy meals that taste great AND save you money? Surely, you can’t have all three! Today’s guest would beg to differ. After deciding roughly six years ago to embrace a healthy lifestyle, she made it her personal mission to find clean recipes that were equally affordable and flavorful. Today, she saves roughly $150 - $200 on her grocery bill each week!

Welcome to a special bonus episode of the BiggerPockets Money podcast. Today, our hosts Mindy and Scott pick the brain of Jenn Lueke, a food blogger who teaches people how to curb their monthly food spend and prepare healthy, craveable dishes that keep food exciting.

Have you always wanted to improve your diet without breaking the bank or spending countless hours in the kitchen? Do you wish that healthy choices tasted a little better? Tune in as Jenn talks about how she plans and preps all of her meals ahead of time, sticks to a tight grocery budget even amidst inflation or an economic downturn, and keeps all of her food organized in a one-bedroom apartment. You’ll even learn about her top budget-saving foods, go-to one-pan recipes, and favorite places to shop!

In This Episode We Cover

How to save on your grocery bill ($150 or more!) each week

The best ways to optimize food storage with limited space

Finding easy, cheap, and healthy recipes that become household staples

How to plan and prep meals for HUGE time savings

When to buy organic produce instead of conventional

Shopping seasonally to take advantage of lower prices (and fresher produce!)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know!

Learn more about your ad choices. Visit megaphone.fm/adchoices

404: How to Build Wealth in Three Simple Steps

24 april 2023 | 50 min

The formula to build wealth isn’t complicated. Most American millionaires have figured it out, and you might have as well. It’s safe to say that almost every wealthy American has followed these three steps that lead to a life of riches. If you follow the same path, you, too, can end up with financial independence, early retirement, and generational wealththat will propel your family forward. But, even though these steps are simple, most Americans can’t or won’t follow them.

Joining us in the fight to help every American reach financial freedom are Brian Preston and Bo Hanson from The Money Guy Show. Brian and Bo both boast numerous financial acronyms after their names. As licensed financial professionals (CPAs, CFPs, PFSs, CFAs), it’s fair to say that they know their way around a portfolio. They’ve been helping their clients and podcast listeners build wealth no matter what stage of life they’re in. And their newest study on millionaires has illuminated some surprising takeaways.

In today’s show, Brian and Bo break down EXACTLY what millionaires are doing that average Americans aren’t, the three core principles you MUST follow to build wealth, diversification vs. concentration, and whether or not real estate should be a part of your portfolio. So whether you just got your first job, are nearing retirement, or hover somewhere in between, Brian and Bo give actionable advice you can take away to not only build wealth but keep it for generations to come!

In This Episode We Cover

The three core principles you MUST follow to build wealth and become a millionaire

Self-made riches and the surprising facts about starting from SCRATCH

How to protect your generational wealth after you’ve made it

Why those that reach financial independence rarely choose to retire early

Diversification and whether your business, home, or stock portfolio owns too much of your wealth

The right way to invest in real estate for early retirement (and when it’s TOO risky)

Rising interest rates and how this will affect those pursuing financial independence

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Listen to “The Money Guy Show”

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Download the Financial Order of Operations

Work with Brian and Bo

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-404

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know!

Learn more about your ad choices. Visit megaphone.fm/adchoices

403: Finance Friday: Stay at Home with Kids or Work to Hit FI Faster?

21 april 2023 | 55 min

402: Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS

17 april 2023 | 43 min

401: The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

14 april 2023 | 58 min

400: Mindy and Scott’s Money Stories and Why They WON’T Retire Early

10 april 2023 | 55 min

399: Financially Free in 10 Years by Using Real Estate the Right Way

7 april 2023 | 52 min

Want to retire early in your 30s? Early retirement may be closer than you think. With smart money moves, intelligent investments, and the ability to save more than you spend, you could trade forty-hour work weeks for full days with your family. But, before you do, you’ll need to set yourself up with some killer cash flow, so your assets can pay for your lifestyle while you sit back and enjoy ultimate time freedom.

This is exactly what Jenny Bayless did over the past ten years. After college, Jenny was able to score a well-paying job but realized only a few months in that the “work for forty years, retire at sixty-five” plan wasn’t worth the grind. So, shestarted aggressively saving, doing whatever she could to get into her first property. From there, she stumbled upon the BRRRR strategy of real estate investing, allowing her to recycle her cash to buy more properties in far less time than it took to save up for a down payment.

In this episode, Jenny explains precisely how this method led her to financial freedom, what FIRE-chasers in 2023 can do to retire even earlier, and why EVERYONE should have a financial exit plan, no matter how much they love their work. Jenny’s repeatable system to financial freedom through real estate isn’t as complicated as you might think, and she gives three crucial tips that, when followed, will lead to FIRE even faster!

In This Episode We Cover

How to retire in ten years (or less!) by using the BRRRR investing method

Leaving your W2 and how to know it’s the right time to walk away from a paycheck

Three tips ANYONE can follow to hit financial freedom faster

“Failing forward” and why those that make mistakes are the ones who get ahead

Cash-out refinances and how to recycle your down payment funds to buy more property

Life after FIRE and why you’re still allowed to make money even when retired early

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Connect with James

Meet Scott and James at BPCon2023

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398: How to Change Your Financial Life with a Money “Reset”

3 april 2023 | 58 min

For so long, early retirement has been THE goal of those chasing financial independence. Can you imagine waking up with unlimited time, not having to work, and reporting to no one but yourself? Now imagine that day in and day out. Before long, the luster of never working gets to you, and that's because if you've achieved financial independence, the regular type of "retirement" just won't work. But what if you could restart your career, do something you REALLY cared about, or build your dream business?

Jill Schlesinger, author of The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life, has redefined what FIRE should mean. Instead of financial independence, retire early, she's opting for financial independence, new endeavor. Now, those skills you've been building for decades can be put to good use, working how much you want, for who you want, and doing what you want.

But what if you're not at financial independence yet? What if you're stuck feeling miserable in a job, slogging your way to retirement? Jill suggests performing a "money reset." Through a five-step system, you'll see where you stand financially, what's important to you, and how to change your life entirely so you can stop doing what you must and start doing what you love. Whether you're retired, retired early, on the path to FI, or don't know where to start, Jill's money thoughts will rock your financial world.

In This Episode We Cover

Why you (probably) AREN'T pursuing your dreams, and whether money is REALLY the issue

Resetting your career and why it's a smart move to make MULTIPLE times in life

The FINE alternative to the FIRE movement, and why working after early retirement is a blessing, not a curse

The 'Fabulous Five" that will give you an overall picture of your financial health and money wealth

How to perform a "money reset" no matter what stage you're at in life (or how much money you have)

And So Much More!

Links from the Show

Henry's BiggerPockets Profile

Henry's Instagram

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On The Market

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-398

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397: Estate Planning, Wills, and What to Do NOW to Protect Your Heirs

31 mars 2023 | 47 min

Financial freedom allows you to do what you want, when you want, and with who you want. But it’s not just for lounging in hammocks or jet-setting around the world. When tragedy strikes, a sudden loss occurs, and you need time to spend with your family, friends, and loved ones, financial freedom becomes the bedrock of what helps you recover. This is why the option to retire early is so crucial for the everyday American; you never know when you’ll need to take some time for yourself.

Jordan Klint, former guest on episode sixty-three, achieved financial freedom at a surprisingly young age, with five children to boot! His time freedom and ability to live on his terms was an added bonus the last time we talked to him, but now, we understand that it was necessary for Jordan to keep sane during the past year. Jordan’s family went through a significant tragedy, resulting in the loss of not one but multiple relatives all at once. This was an incredibly hard time for Jordan and his family but has allowed him to reflect on what FIRE-chasers need to do to ensure their families are protected when they pass.

While this episode does bring up some difficult points, it’s full of extremely useful tips that Jordan used to get his family’s finances together. We get into estate planning, why you need a will, life insurance, car insurance, and the “emergency binder” that EVERYONE should have. Don’t wait until the unexpected happens. If you’re building wealth, you NEED to put these plans in place.

In This Episode We Cover

Estate planning 101 and why trusts, wills, and other documents can protect your family’s wealth

Self-care, mental health, and why investing in your friends is so important

Life insurance and why buying a policy is crucial for family members who rely on you

Financial planners and how to use their expertise to help you structure an after-passing plan

Early retirement and how Jordan was able to take time to recover and recharge

Jordan’s post-retirement portfolio and how he’s spending his days after reaching financial freedom

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Hear Our Last Episode with Jordan

Everything You Need to Know BEFORE You Invest in Syndications

Grab the “Emergency Binder”

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-397

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396: The Investments That Will Give You COMPLETE Time Freedom

27 mars 2023 | 58 min

You want to retire early, but odds are, you think that you can’t. Whether it’s a high-stress job, a business that requires your full attention, or just the belief that you MUST be working, most Americans don’t think they can regain their time freedom. But most people don’t know about “lifestyle investing.” Instead of trying to be the wealthiest investor with the biggest house, fastest car, and most money in the bank, lifestyle investing asks, “what do you TRULY need to be financially free?”

And there’s no one better to answer this question than Justin Donald, author of The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom. Justin redefined what it means to be rich by focusing on time, not money, as the most important metric. He went from working as a stressed-out business owner to having complete time and financial freedom simply by putting the lifestyle he wanted before everything else. And he has a lot to teach those of us that have yet to hit financial independence.

Today, Justin will define some of his cash flow commandments, explain why passive income is the most essential investment you can make, and detail how to start living a proactive, not reactive, lifestyle. No matter where you’re at financially, this shift in understanding will help you build the life you love, WITHOUT creating more tasks for yourself to take care of!

In This Episode We Cover

Lifestyle investing explained, and why time freedom is far more important than money

How to find out whether you run your business or your business runs you

The ten commandments of passive cash flow and where to find it

Real estate investing and other income streams EVERYONE should know about

Diversification vs. concentration and which builds wealth faster

De-risking your investments and how to get money out of any deal your enter

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Jamil's Profile

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

12 Ways To Make Passive Income From Real Estate Investing

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395: Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45

24 mars 2023 | 56 min

Want to hit FIRE? You’ll need a smart side hustle. We’re talking about income-doubling, cash-printing, serious side businesses that will allow you to leave your job and grow a substantial income stream, so you can invest the rest andreach the early retirement you’ve dreamed of. And for today’s guest, Alex, this is exactly the goal. Alex left college and went straight into the corporate world, only to realize that her potential wasn’t being met and there were alternative income goldmines that she could be chasing.

So, she got her real estate license as a side hustle, helping buyers and sellers get into and out of homes. Her commissions boosted her income to unforeseen amounts, and now, Alex is sitting on a stack of cash that could help launch her to financial independence. But, even now, with a better job and a serious side hustle, Alex wants to venture deeper into the entrepreneurial realm. The next big dream? Becoming a financial coach for those that want to be in her position.

But, before she starts, Alex needs help figuring out what to do with the savings account she’s been diligently growing. Should she use it to put twenty percent down on a house hack that would limit her living expenses? Or, is there a savvier, more creative way to finance her next property that could put Alex in a FAR better position? If you’re trying to hit FI before, after, or at forty-five, this episode is one you can’t afford to miss!

In This Episode We Cover

Starting your side hustle and boosting your income by turning extra time into money

Creative financing and how to buy your first property at a rock-bottom mortgage rate

How to know if you have too much cash (and what to do with it)

HSAs, IRAs, 401ks, and other retirement accounts you should be throwing cash at

Becoming a real estate agent and whether or not it’s worth it for the commission checks

Designing the perfect portfolio for early retirement (even if you’re just getting started)

House hacking and how to use your primary residence to generate passive income

And So Much More!

Links from the Show

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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS

How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles

From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-395

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394: Ask the Money Experts: Backdoor Roths, Bad Debt, & When to Fire Your Financial Advisor

20 mars 2023 | 53 min

Retirement investing, bad debt, backdoor Roth IRAs, bonds, and starting a business. If you’re just beginning your personal finance journey, this can all seem a bit complicated. Where do you invest first? What should you do with extra cash? And how do you know a financial fiduciary is genuinely looking out for your best interest? Don’t worry; you don’t need all the answers. Just tune in, and listen to what financial expert Amanda Wolfe and Certified Financial Planner Kyle Mast have to say.

It’s been a few months since we spoke to our go-to money experts. But we’ve been receiving a ton of finance FAQs in our Facebook group. So, we rounded up some of the best and got Amanda and Kyle’s take live on this episode. First, we’ll go over when to pay off bad debt when starting a business and what a “no money down” business really means. Then, Amanda and Kyle give their strong stances on if bond investing makes sense for the average FIRE-chaser.

You’ll also hear the OPTIMAL way to set up your retirement investing, which accounts are worth hitting first, and the financial order of operations you should follow to optimize your retirement planning. And try not to send your financial advisor this episode because we’ll be discussing when an advisor is and isn’t worth the money and why a commission-based fee structure could be a big red flag when deciding who to invest with. All this (and much more) is coming up in this episode!

In This Episode We Cover

The exact way to invest for retirement and which accounts deserve your cash the most

The backdoor Roth IRA explained and how to invest a MASSIVE amount in one of the most tax-advantaged retirement accounts

Whether you should pay off bad debt BEFORE starting your own small business

Investing in bonds and why this “safe” investment might not be worth the lost profit

HSAs (health savings accounts) and when to get reimbursed for past medical purchases

Fee-only vs. commission-based financial advisors and why the two are DRAMATICALLY different

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

She Wolf of Wall Street Website

How MLMs and Pyramid Schemes Trap Average Americans

Amanda’s Past Episodes: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes

Kyle's Past Episodes: A Personal Finance Masterclass

Retirement Planning During (and After) the Coronavirus with Kyle Mast

How to Find the Best Possible Certified Financial Planner

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-394

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393: SVB's Risky Bailout and The Bank Run “Domino Effect”

17 mars 2023 | 46 min

Both SVB (Silicon Valley Bank) and Signature Bank have crashed and burned dramatically over the past week. What once was a few large customers making withdrawals quickly turned into a bank run of epic proportions. Within just a few days, SVB went from one of the largest banks in the United States to one of the biggest bank failures in the nation’s history. But what led to such a fast-paced collapse, and are more banks on the chopping block?

You don’t need to be an expert economist to understand what happened at SVB and Signature Bank this week. But you will want to hear Dave Meyer’s take on what could come next. With bailouts back on the table, many Americans fear we’re on the edge of a total financial collapse, mirroring what unfolded in 2008. With more and more Americans going on cash grabs, trying to keep their wealth safe from the “domino effect” of bank failures, what should everyday investors prepare for?

More specifically, for our beloved real estate investors, how could SVB’s failure affect the housing market? Will the Federal Reserve finally be forced to end its aggressive rate hikes? Could money flood into real estate as hard assets become more attractive? Stick around as Dave explains this week’s wild events and what it could mean for the future of the US economy.

In This Episode We Cover

SVB’s (Silicon Valley Bank) collapse explained and why it failed so fast

The bank run “domino effect” that could put other intuitions at risk

Why a “bailout” happened so quickly, and whether customer funds were secured

Bond yields and why making long-term investments was a risky bet for SVB

The future of mortgage rates and how SVB’s failure could lead to fewer rate hikes

The psychology behind a bank failure and how it affects the entire economy

And So Much More!

Links from the Show

BiggerPockets Bootcamps

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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Dave’s BiggerPockets Profile

Dave’s Instagram

How Did A $200B+ Bank Collapse In 48 Hours? Is Real Estate Going To Be Impacted?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-393

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392: Kevin O'Leary: Ultimate Investing Advice from Mr. Wonderful

13 mars 2023 | 48 min

Kevin O’Leary (AKA Mr. Wonderful) might be the world’s favorite (and most outspoken) investor. You’ve probably seen him on Shark Tank, where he’s doing deals with startups, putting overconfident entrepreneurs in their place, and often making boring products into billion-dollar companies. Kevin has the Midas touch, or at least it seems that way on television. Still, he doesn’t shy away from mentioning failures and the enormous lessons he’s learned that eventually led him to make hundreds of millions of dollars.

But before Kevin was Mr. Wonderful, he was just Kevin, the local ice cream scooper who learned a hard lesson about being an employee. After college, Kevin started a production business, which eventually led him to create The Learning Company, a $4.2 billion business that allowed Kevin to enter into a new stage of wealth. Since then, he’s been aggressively investing in (and building) private companies inside and out of Shark Tank. And after investing so heavily and working so hard, Kevin knows EXACTLY what makes a company (and investment) succeed or fail.

Today, we get a glimpse inside Kevin’s personal investment portfolio, the three things he thinks EVERY entrepreneur should have to make it big, and why diversification is one of the most CRUCIAL ways to build and protect your wealth. You’ll also hear how to invest in startups like Kevin does, why Kevin makes big bets on women entrepreneurs, and how he’s investing during today’s recessionary environment.

In This Episode We Cover

Kevin’s investment portfolio exposed and which assets he’s all-in on

The difference between an entrepreneur and an employee and why Kevin only worked one job

Why you MUST start tracking your income and expenses unless you want to remain broke

The three things EVERY investor/entrepreneur needs to make it big

Why building a portfolio beats investing in single stocks, companies, or ideas

The government program that could pay you hundreds of thousands if you own a business

How to start investing in startups and small businesses like Kevin does on Shark Tank

And So Much More!

Links from the Show

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Money Moment

3 Rules for Crushing It in Business

Here’s What It Takes to Succeed as an Entrepreneur

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

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391: Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS

10 mars 2023 | 62 min

Your small business could be the key to financial independence, early retirement, and more income than your W2 is paying you. But, most small business owners don’t understand the best way to grow their income stream. With a DIY mentality, you could be stuck doing the skilled work, answering the emails, picking up phone calls, bookkeeping, and spinning ten plates at the same time while your business fails to grow. Instead, you must step out of the “solopreneur” role and into the “business owner” mindset that can help you quickly make a six-figure income while working for yourself.

Today’s guest Amy took a big risk, leaving her job to start her physical therapy practice. She’s been slowly building up her income to a stable monthly amount but wants to spend more time on money-making activities in her business and less on administrative work that she could easily hire out. With a few quick calculations, Scott and Mindy devise a scalable way for Amy to start bringing in six figures while outsourcing all the work she doesn’t love.

And even though Amy wants to make more income, she’s not obsessed with hitting FIRE fast. Instead, she wants a slow path to FI, one where she can focus on raising her son, spending time with her family, and helping the patients that need it most. So if you’re stuck in a small business or side hustle that takes too much time while making too little, stick around for some stellar advice from Scott and Mindy!

In This Episode We Cover

The slow path to financial freedom and why you DON’T need to race to retire early

Small businesses, side hustles, and when it’s worth quitting your job to pursue your passion

Outsourcing and how to take the most menial tasks off your plate so you can focus on making more money

Websites, referrals, and other marketing tactics to bring in new business

Auto loans and the “gray area” of interest rates that EVERY listener should be careful of

Unit economics 101 and what all solopreneurs need to do to grow a full-on business

And So Much More!

Links from the Show

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Money Moment

How to Outsource Your Way to Multiple Streams of Income

The 3 Main Stages of Scaling Your Small Business

Buying and Growing a Small Business With Little to No Risk

21 Ideas for Part-Time Gigs & Side Hustles

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-391

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390: Why Your Whole Life Insurance (Probably) Won’t Ever Profit

6 mars 2023 | 67 min

Is whole life insurance a scam or a worthwhile investment? You may have heard us talk about whole life insurance before, but we’d bet we’re not the only ones mentioning it to you. Your financial advisor, business partner, parents, or fellow investors could have also let you in on the “amazing benefits” that only whole life insurance can provide. But how much of this is fact, and how much is fiction? And, if whole life insurance is such a bulletproof investment, why not buy a policy right now instead of investing for retirement?

We brought on Dr. Jim Dahle, better known as, The White Coat Investor, to explain the truth behind the whole life insurance system and whether or not it really is a scam. Jim started his financial education during his medical school residency after realizing that almost every financial professional was trying to take advantage of him. Whether it was a real estate agent, financial advisor, or accountant, Jim felt like he couldn’t hold his own when in casual conversation with them. So, he beefed up his knowledge of investing and finance and started The White Coat Investor to help doctors, just like him, make sense of their cents.

Early in his investing career, Jim spent over seven years paying into a high-priced whole life insurance policy, only to realize that he made a negative return. Now, he’s here to educate EVERY investor on what whole life insurance really is, who truly needs it, and the MASSIVE commissions salespeople make when selling you a policy. If you have whole life insurance, you NEED to hear this. And if you don’t, you’ll now understand why it’s pushed so hard on everyday Americans.

In This Episode We Cover

Whole life insurance explained, and the real benefit of having a policy

Term life insurance vs. whole life insurance and which is better bang for your buck

Sales commission schemes and why whole life insurance policies are so expensive

The situations when a whole life insurance policy makes sense (and when it DOES NOT)

The “infinite banking” illusion and why this capital-raising tactic isn’t as clever as it seems

Rebuttals to make next time your financial advisor pushes a policy on you

Fee-based vs. fee-only financial advisors and which have your best interest at heart

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast

Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To)

Why All Real Estate Investors Should Have Solid Life Insurance Coverage

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-390

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389: Finance Friday: How to DOUBLE Your Net Worth in 1 Year (or Less!)

3 mars 2023 | 56 min

Doubling your net worth in only a year? Seems impossible, right? Is making such massive money moves during a down market even realistic? If you think it can’t be done, tune in, and you’ll hear exactly how repeat guest Yourri Dessureault did it. Yourri’s name may sound familiar; we talked to him back on BiggerPockets Money episode 236, where he spoke about trying to achieve a massive $7,000,000 retirement goal while making $120K per year. But, a lot has changed in seventeen-or-so months.

Yourri has returned with a much bigger paycheck, a ten-unit real estate portfolio, and a net worth that dwarfs what he presented in 2021. So, how did he make such big moves, and what was the catalyst for him to get on the financial freedom fast track? Over the past year, Yourri has been extremely disciplined with his finances, looking at every dollar he had and asking whether or not it was doing the best it could. As a result, he’s decided to sell off some significant stock holdings, put his Bitcoin mining on pause, and go headfirst into the world of real estate investing.

Now, with nine rental properties out of state, Yourri is starting to build an outsourced team that can work to help his wealth grow while he spearheads an effort to fund bigger, better deals. Through intelligent networking, Yourri found a “golden goose,” slowly feeding him real estate deals that’ll make him rich in no time. If you want to repeat Yourri’s almost unbelievable system for building wealth quickly, you’ll need to tune in!

In This Episode We Cover

Why Yourri said “bye-bye” to Bitcoin and hello to real estate investing

How to get a raise at work and taking on more responsibility for a much larger paycheck

Out-of-state real estate investing and using it to buy cheap houses with phenomenal cash flow

Financing your rental properties and what to do when no one will fund your mortgage

Selling stocks and when it’s time to trade passive investing for active income

Traditional 401(k)s vs. Roth 401(k)s and which to pick when you’re in a high tax bracket

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Finance Friday: Enjoy Life Before FI with Simple Investing Strategies

Your Step-by-Step Guide to Buying Out-of-State Investment Properties

Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-389

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388: Twitter’s “Warning Shot” and What to Look for When Investing in Tech

27 februari 2023 | 62 min

Twitter’s massive layoffs affected the tech industry more than people think. For years, tech stocks ran with enormous valuations, with over-inflated workforces of employees getting paid six-figure salaries with even more impressive bonus packages. This wasn’t sustainable by any means, and as a new type of CEO steps in, tech companies are looking to get leaner, more operationally efficient, and return to their startup-like roots. But how does this reforming tech market affect the US economy?

We brought on Aman Verjee, founder of Practical Venture Capital, to explain what’s happening in Silicon Valley and what it means for your finances. Aman has worked in the tech sector for almost as long as it’s been relevant. FromPayPal to eBay, Sonos, and more, Aman has been on the ground floor of some of the most promising tech companies, helping them operate with leaner teams while bringing in bigger revenues. And as an industry expert, Aman isn’t surprised or disappointed by the recent tech layoffs.

He touches on why these layoffs aren’t what most people think, how they could affect the overall economy, what CEOs need to know to survive this market, and what everyday investors should look at BEFORE buying tech stocks. Aman’s practical advice is CRUCIAL for anyone investing. And as the stock market becomes more and more tech-centered, knowing some of this information could help you make FAR more lucrative decisions on which companies you’re rooting for.

In This Episode We Cover

Tech layoffs in 2023 and why the number of employees being cut isn’t what it seems

Twitter’s “warning shot” that sent other CEOs into an efficiency-first mode

Work-from-home culture and whether or not a return to the office is happening

What to look for in a tech company that’s about to IPO and telltale signs of solid growth

Investing in public markets and why Warren Buffet’s super simple advice still applies

What business owners should know when trying to grow and scale their small businesses

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Annual Event 2022 - Peter Zeihan Presentation

Silicon Valley Investors Club

Finance Friday: First Down Market? Here’s How to Stop Stressing

Surviving a Layoff: What HR Wants You to Know?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-388

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387: Finance Friday: Is Staying At Your Job Costing You More Than You Think?

24 februari 2023 | 46 min

Most people assume that buying rental properties is only for those making six-figure salaries. How can the average American afford the sizeable down payment and high interest rates of today’s housing market? Let us introduce you to Tiffany, a twenty-three-year-old from Colorado who’s using her $41,000 salary to build wealth at an early age. Tiffany is doing this all while bringing in just a few thousand dollars a month without a four-year degree. She’s ready to buy her second property this year but wants to speed up her timeline.

With a smaller salary, Tiffany has had to be smart with her expenses. She’s already house hacking, allowing her to wipe out a significant portion of her mortgage. She also has side hustles and keeps her costs low to save as much as she can every month. But, with years of experience in her social media management job, she could be leaving money on the table by not job hopping to greener pastures with bigger paychecks. This could make a HUGE difference on her bottom line every month.

Tiffany is also debating whether a college degree is worth it as she looks to bring home a business degree. With “YouTube University” and numerous free and low-cost education platforms online, Tiffany doesn’t know whether a college degree is what it once was and wants to be sure the investment she’s making will pay dividends, not just present her with a glorified piece of paper. So, if you’re starting your investing journey or want to invest on a lower income, this is the episode for you!

In This Episode We Cover

House hacking explained and how you can live mortgage-free by renting out extra rooms

Raises, boosting your income, and when to leave your job for a higher-paying employer

The 203(k) loan and using it to “live in BRRRR” your way to a significant real estate portfolio

The ROI of college and whether or not a degree is even worth the effort in 2023

401(k) matching and how having an employer with benefits can be a BIG boost to your wealth

Starting your side hustle and turning your skills into income by sacrificing a few hours a week

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

House Hacking 101: What It Is and How to Get Started

Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”:

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386: How to Build Wealth While Working for Tips

20 februari 2023 | 67 min

385: How to Use Equity in Your Home to Reach Financial Freedom Faster

17 februari 2023 | 57 min

Your home equity could be the secret sauce to earlier retirement. With so many homeowners and rental property investors across the nation sitting on hundreds of thousands in home equity, one asks, “what if you used this trapped equity to build wealth?” And although most homeowners won’t want to sell their primary residences, refinance into higher mortgage rates, or risk taking out a high-priced HELOC, rental property owners are in the perfect position to use their massive equity positions to upgrade to bigger, better investments. We brought on Chris Lopez, Denver-based investor and agent, to explain.

Chris has been able to build a sizable real estate portfolio quite quickly, but even he admits to starting a little later. After working most of his career as an internet marketer turned day trader, Chris gave it all up to go head-first into real estate as an investor-friendly agent and investor. And, as a Denver investor, he’s seen homes he bought just a few years ago EXPLODE in value, and many other investors feel the same. So, if you’re in Austin, Boise, Raleigh, Phoenix, or any other real estate boom markets, it can seem as if you’re sitting on a pile of wealth that can’t be touched. But you’d be wrong.

In this episode, Chris walks through how homeowners and real estate investors can unlock the “trapped” equity in their homes. He goes through when to buy, sell, or refi and how to use the BiggerPockets Rental Property Calculatorto decide the best move. Chris knows that not every property is worth selling/upgrading, but if you trade a few lackluster properties for cash-flowing ones, you could reach your retirement goals YEARS faster, with more money coming in and less stress. So, want to unlock your home’s equity and speed up your path to early retirement? Stick around!

In This Episode We Cover

Home equity explained and how to use it to build wealth even faster

When to buy, sell, or refinance and how to calculate the best option for you

Cap rates and using this simple metric to decide whether a rental property is worth keeping

HELOCs (home equity lines of credit) and which banks will offer them on rental properties

Chris’ five-step framework to reassess and upgrade your rental portfolio

When to cash-out refinance and whether or not doing so makes sense with today’s high interest rates

And So Much More!

Links from the Show

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Finance Friday: Living Paycheck-to-Paycheck with 9 Rental Properties

Chris Lopez Profile

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384: How Red Robin’s Waiter of the Year Built MULTIPLE 9-Figure Businesses

13 februari 2023 | 71 min

Every entrepreneur wants to build a nine-figure business. Even a million dollars in revenue seems like a dream to the everyday American. So how did a Red Robin waiter, making five-dollar tips, leave college to start one of the fastest-growing real estate businesses in the country? Even better, how did he do it multiple times, creating not one, not two, but a group of entrepreneurial endeavors that casually bring in over nine figures each year? If you want to hear his system to success, you’ll have to stick around.

James Dainard didn’t know much about real estate before college. After his roommate (and now business partner) started door knocking for local wholesalers, James decided to give it a try. He was miserable at it, barely getting a single deal done before leaving college. But, when offered a cushy six-figure salary, James declined, knowing that there were still riches to be made in real estate, but only if he worked smart.

Fast-forward fifteen years and James owns a slew of real estate-related companies. From a luxury house flippingbusiness to hard money lending, a successful brokerage, a real estate development firm, and more, James didn’t just master one business—he mastered anything he could get his hands on. The best part? You can do this too! James drops some time-tested gems on starting, building, and scaling a business that will allow you to grow at an almost unbelievable rate like he did.

In This Episode We Cover

Why James declined a $200K salary (out of college) to make a business-bet on himself

Door knocking, wholesaling, and the BEST ways to make money as a college student

Frugality, keeping expenses low, and the massive benefit of reinvesting every dollar you have

Hard money lending, real estate syndications, and other highly-profitable businesses most investors are unaware of

Structuring your team and how to scale your business even if you don’t have leadership experience

The struggles of being a CEO and what to do when your strategy isn’t working

Why every business needs a “quarterback” and a “coach” to succeed

And So Much More!

Links from the Show

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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

On The Market

Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio

How to Become an “Overnight” Success in 10 Short Years with David Greene

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383: The Hidden World of Credit Hacks That Leads to 0% Interest Loans

10 februari 2023 | 44 min

Knowing how to build business credit could be the difference between starting your dream business or waiting on the sidelines. And while most people think that building business credit requires years of income, million-dollar revenue, or a personal connection with your local bank, Jack McColl is here to tell you otherwise. Jack has been able to unlock half a million dollars in business credit in record time through a simple system. He did this using means that EVERYONE has access to and is here today to teach you how to do the same.

Jack is a credit master, knowing the ins and outs of every credit score rating, travel credit card, business credit card, line of credit, and everything in between. He teaches some basic techniques in today’s show about how you can get your personal credit score to 700+ quickly and then use that to grow your business credit profile, allowing you to access 0% interest credit cards that can jumpstart your business when you’re low on cash. And even if you aren’t planning onbuilding a business anytime soon, Jack’s tips will help you get a better credit card, a lower mortgage rate, and easier access to lines of credit.

Jack also touches on the exact steps you need to follow to reach an 850 credit score and why the “no credit, no debt” line of thinking will hurt you later in life. He shares the best banks to get business credit from, which cards will help your score the most, and why you should always open a checking account BEFORE asking for a business line of credit. If you want to boost your score, build a business, or just travel for free using points, stick around for this episode.

In This Episode We Cover

How Jack scaled from $0 to $500K in business credit (and how you can too)

FICO vs. VantageScore and which credit score is the most important

Personal vs. business credit and how the two impact each other

0% interest credit cards and how to unlock them by building your business credit

Boosting your credit limits and the three cards to apply for to boost your credit profile

Lines of credit, SBA loans, and other options business owners have to draw funds from

Credit card hacking and how to use travel point cards to globetrot for free!

And So Much More!

Links from the Show

Money Moment

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

My Score IQ

CreditKarma

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382: HGTV Dream Home or Financial Headache? The Truth About Winning

6 februari 2023 | 52 min

What if you won the HGTV Dream Home? If you’ve heard of the sweepstakes before, you know what it feels like to watch the walkthroughs, read about the top-tier renovations, and imagine yourself soaking in the bliss of winning a mansion, tucked away in some of America’s most serene areas. But this dream may never come to fruition because the reality of winning the HGTV Dream Home is much different than most people think. To explain, we brought on CPA and tax expert Amanda Han.

Amanda admits that even though she threw her name in for the Dream Home drawing, she has some reservations about winning. While HGTV promises a multi-million dollar mansion in the mountains of Colorado, the reality is far from a turnkey option. With so many winners either choosing to sell the home or take the cash prize, one wonders, “what really happens when you win?” If you decide to keep the home, you better have mountains of cash available to pay for it because this prize is far from free.

But even if you don’t, you aren't entirely out of luck. Amanda highlights a few strategies that one lucky winner can use to keep the home, how to dodge an almost unbelievable tax burden, what to do if you opt for cash, and whether turning the Dream Home into a rental property makes more financial sense. We hope you win, and if you do, please send a housewarming party invitation to BiggerPockets at 3344 Walnut Street, Denver, CO 80205!

In This Episode We Cover

The 2023 HGTV Dream Home and why it’s a perfect Colorado wilderness getaway

The MASSIVE tax implications of winning a sweepstakes and what you can expect to owe

Taking the cash prize option and why this may be a better bet than keeping the home

Tax saving strategies that can help you owe even less to the IRS

How much you need to make to afford the upkeep on this $2M+ mansion

Donating the Dream Home to charity and whether you’ll still owe taxes after

Real estate professional status, depreciation, and turning the Dream Home into a rental for ongoing cash flow

And So Much More!

Links from the Show

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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-382

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381: Is Financial Fear Stopping You from Living the Life You Dream Of?

3 februari 2023 | 52 min

Knowing how to build wealth may come as a given for most investors. Buy assets, hold on to them, profit, and repeat. While this formula may seem simplistic at first glance, the emotional side behind investing is something rarely ever talked about. For those just starting to build wealth, wanting to become financially free, it can be anxiety-provoking tosacrifice most of your money for a single investment that could profit or end up failing. Rookie real estate investors constantly feel this fear before doing their first deal. But what about the fear of never moving forward?

Tamar Hermes grew up without much money, and for most of her life, she never felt she deserved to have a financial surplus. For Tamar, money was something tied to guilt, but she knew to become a self-made millionaire, she’d need to change her mindset. Now, she’s helping other investors, many of whom relate to Tamar’s “starting from zero" story, get their start by building passive-income-producing empires. If you want to repeat Tamar’s path, you’ll have to stick around!

In this episode, Tamar breaks down the simple ways anyone can start building wealth in 2023. She also hits on breaking past financial fear, building your money mindset, and why big goals should always be done in small steps, so you can hit your milestones faster than you think. 2023 is your year, and this is the best way to get started!

Tackle your 2023 goals with the help of BiggerPockets Pro! Sign up and use code “MONEYSHOW23” for a special discount!

In This Episode We Cover

Overcoming money fears and why so many of us don’t think we deserve wealth

Knowing your “worst-case scenario” and how it can set you free when investing

2023 goals and how to turn yours into bite-sized steps you can accomplish every day

Becoming the person you need to be to build wealth in 2023

What to do when your social circle/partner disagrees with your financially-free dreams

Pushing through “the grind” and why sacrifice is a prerequisite for success

Scott and Mindy’s simple 2023 steps that you can use to get on the right financial footing for this year

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-381

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380: Surviving a Layoff: What HR Wants You to Know?

30 januari 2023 | 57 min

The 2023 tech layoffs have already begun to make the 2022 tech layoffs look like small-scale firings. What started as a few large companies firing unneeded hires quickly ramped up to an industry-wide cost-cutting exercise as hundreds of thousands of employees were forced to walk away from their stable salaries, free lunches, and healthcare. With tech companies being some of the most generous in terms of compensation, it makes sense that these would be the first businesses to force mass layoffs. But what about those of us who aren’t in tech? Or those that are in tech but still have a job?

Tara Pramme joins us as a human resource expert, explaining exactly why layoffs are happening now, who will be most affected, what to do if you’re let go, and getting back into the job market. Tara knows how hard layoffs can be, especially for those with families to feed or work visas that only last as long as they’re employed. She knows precisely which document means what, what you should know before signing layoff contracts, what you can expect as severance, and how to keep yourself mentally stable during this challenging period.

With large-scale layoffs looking to last for at least the near future, Tara wants to ensure you’re ready for whatever happens next. You’ll also hear about the common warning signs that a layoff is about to happen, why you should NEVER post negatively online after a firing, and what to do on your last day at work.

We hope a layoff never happens to you, but if it does, this episode will leave you prepared to bounce back stronger than ever!

In This Episode We Cover

The 2023 tech layoffs explained and why so many companies are letting employees go

Common warning signs that a layoff is heading your way

Who is first to be fired when a layoff is announced, and how to tell if your company is planning one

Severance packages, non-disparagement agreements, and how to avoid your final paycheck getting taken away

Healthcare, COBRA, and how to make sure you’re insured when you lose your job

Getting back into the job market and why it’s never too early to update your resume

The “why” behind layoffs and how companies choose to cut staff

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Silicon Valley Investors Club

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379: Finance Friday: Stock-Based Compensation Explained and Tax Traps to Avoid

27 januari 2023 | 61 min

For the entry-level worker, employee stock options may seem completely foreign. But for most tech workers, this is commonplace and can be highly lucrative if understood correctly. In short, employee stock options, employee stock purchase plans (ESPPs), and restricted stock units (RSUs) all give an employee far more upside (and downside) than a traditional salary. As a result, you’re trading steady take-home pay for the potential to own company stock sharesthat could be valued at even more when you decide to sell. But is this gamble ever worth it?

JT, long-time tech worker, has spent most of his life tinkering away as an engineer at some of the biggest companies in computing. He’s no stranger to the world of stock-based compensation and knows it can be worth the lack of salary if done correctly. In this episode, JT gives a complete overview of what stock-based compensation means, the three different types of stock you’ll be offered, and how this type of payout compares to a regular salary.

He also goes in-depth on timing the sale of your stocks, the tax traps that could cost you thousands, and how to create a plan that lets you profit when getting paid in shares. If you ever foresee yourself working at a startup, tech company, or publicly-traded conglomerate, you MUST know what these types of compensation mean. Or, you’ll risk losing the real reward of a stock-based salary.

In This Episode We Cover

Stock-based compensation explained and why companies would rather pay shares than a salary

ESPPs, RSUs, stock options, and the different ways you could get paid at a tech company

When to sell your company shares and tax tips that can stop you from owning a big IRS bill

Who is eligible to be paid in stock, and whether or not entry-level workers can get access

The stock-payout schedule and when employees can expect to receive full compensation for years of company loyalty

JT’s stock-selling strategy and whether he chooses to sell or hold on to company stock

And So Much More!

Links from the Show

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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-379

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378: Billion-Dollar Jackpots and the Bright Side of Buying a Lottery Ticket

25 januari 2023 | 62 min

“What to do if you win the lottery." This question is getting more online searches than ever before. But what would you do? The wheels start turning as soon as those lucky numbers get picked. You stare down at your ticket in disbelief. Then, you make sure to match the ticket in your hand to the numbers on the screen. You could be staring at a million or billion-dollar prize, and for a second, most of your financial worries start to slip away, soon to be replaced by a new set of challenges. How will you manage it? How much will you owe back in taxes? Should you take the annual payouts or the lump sum? A better question is, “how do I redeem this thing!?”

The lottery is played by millions across the United States, hoping to get their hands on the winning prize. But how does the lottery work? Where does the money you spend on a ticket go? And do you really have a chance of ever winning? Carolyn Becker from the California State Lottery knows more than most. She’s been working with lottery agencies for years, making sure that winners are genuine players and ensuring that a percentage of the lottery profits go to good causes within the Golden State.

She outlines exactly how the lottery works, how the winning numbers are chosen, the philanthropic side of buying a ticket, and what to do when you win millions or billions of dollars at once. She also drops some tips on better ways to play the lottery and why there’s a higher chance of you winning than you think. So, if you’re buying a ticket in hopes of a billion-dollar jackpot, Carolyn’s advice could help!

In This Episode We Cover

The history of the lottery and using ticket sales to fund philanthropic causes

Why Mega Millions and Powerball jackpots are hitting the billion-dollar mark

The actual odds of winning the lottery and the chance of you getting a cash prize

Interest rates and the Federal Reserve’s effect on lottery jackpots

What to do if you win the lottery and why a financial advisor should be your first hire

The “lottery curse” and why so many winners blow their money after hitting a big win

And So Much More!

Links from the Show

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Megamillions

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377: Mr. Money Mustache on Life After FI: The Truth About Retiring Early in Your 30s

23 januari 2023 | 77 min

Mr. Money Mustache is the internet’s poster child for early retirement. At age thirty, Pete Adeney was able to leave a lucrative job as a software engineer to focus on building a financially free life. He brought the FIRE movement to the mainstream by teaching others online how simple spending skills could allow them to quit their corporate jobs, keep more money while working less, and live a life centered around passion, not a paycheck. His popular blog has garnered millions of visits, as early versions of himself flock to the financially-freeing wisdom so rarely talked about in average American society.

Pete has been retired for nearly twenty years now, meaning he’s been FIRE more than double the amount of time he spent in the working world. So, how does he spend his days? What keeps him going? Does he still have enough money?And how can someone repeat his system? Scott and Mindy spend this episode asking the “life after FI” questions, so you can know exactly what you’re getting into when you retire early. Pete’s answers shed light on often untouched topics that most of the money community can’t answer.

We’ll go deep into planning for financial independence, developing “spending skills” that can bring early retirement decades sooner, and the right way to quit your job and wean off work. Pete also shows what the day in the life of an early retiree looks like and how today’s stock market crash has affected his portfolio. Want to retire early? Strap in—we’ve got the man who brought FI to the masses on today’s show!

In This Episode We Cover

Pete’s repeatable plan for FI and the simple steps that can lead to financial freedom

Quitting your 9-5 and why leaving work all at once could be a big mistake

Why most early retirees never touch their nest egg (and why you probably won't either)

Whether or not early retirement truly lives up to the hype

The 2022 stock market crash and how it’s affected Pete’s portfolio and investing mentality

Stocks vs. bonds and why someone who’s chasing early retirement should choose one over the other

And So Much More!

Links from the Show

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Mr. Money Mustache

The Surprising (Scientific) Truth Behind What Makes You Successful

Multpl.com

Cfiresim calculator

Early Retirement Extreme

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376: Margin Loans: Low-Interest Lending or Risky Rates?

20 januari 2023 | 45 min

Margin loans could be the sneakiest way to snag a low-interest rate loan in today’s Fed-influenced environment. What most investors don’t know is that you can use your stock portfolio as collateral to get massively discounted lending, but it comes with considerable risk. Carl and Mindy Jensen used this type of lending to buy their most recent real estate purchase, a medium-term rental renovation project in the same neighborhood as their primary residence.

At the time, Carl could get an interest rate so attractive that it was almost impossible to pass up. We’re talking about mortgage-sized loans with less than 2% interest! This seemed like a steal at the time, but as the market started to tank and big tech stocks like Tesla took a tumble, Carl and Mindy’s margin loan began getting hit. They faced a tough decision: either get liquidated and lose much of their stock portfolio or come up with the difference themselves.

In this episode, you’ll hear exactly how Carl and Mindy grew their stock portfolio to multiple millions in worth, the mistakes they made along the way, why they took out a margin loan, and whether or not they’d do it again. If you’ve got a sizable stock portfolio but don’t know how to get funding for your real estate deal, stick around! Margin loans could be an option for you, but you’ll need to know how to work them first.

In This Episode We Cover

Margin loans explained and the risk that comes with a low-interest rate loan

Investing in tech stocks and whether or not they’re worth it now that stock valuations are down

Index fund investing and why single stock-picking may be riskier than you think

What getting a “margin call” means, and what to do when your stock values drop

HELOCs (home equity lines of credit) and using them as a safety net for paying off debt

Carl and Mindy’s new medium-term rental and whether the headache was worth the new house

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Carl's Email

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Finance Friday: My Home Renovation Put Me in a HELOC Hole

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375: FTX, Fraud, and the Case for Cryptocurrency in 2023

18 januari 2023 | 60 min

Cryptocurrency is dead in the mind of most investors. What started as an awe-inspiring investment reaching massive multiples in just months, quickly became a subject of contention within the investing community. Some moretraditional investors called cryptocurrency an outright fraud, while others claimed it was the final puzzle piece in the battle for a stable fiat currency. Now, with many crypto prices down, is there any reason to invest?

For long-time listeners of the BiggerPockets Money Podcast, you’ll know that hosts Scott and Mindy don’t have a terribly favorable view of cryptocurrency. Not because they think it’s illegitimate, but because of its massive volatility that has borderline bankrupted many inexperienced investors. We wanted a deeper insight into why cryptocurrency could be worth investing in, so we brought Laura Shin onto the show.

Laura is host of the Unchained podcast, where she updates the crypto community on the latest news stories, price action, and more. Laura is an agnostic crypto investor with a level-headed view of the benefits and risks of investing in this volatile asset. She gives us a masterclass on the current state of cryptocurrency, the history of Bitcoin, why assets like Ethereum may be more valuable, and why exchanges like FTX are not to be trusted.

In This Episode We Cover

The history of cryptocurrency and how Bitcoin started a worldwide craze

Ethereum vs. Bitcoin and why “ultra-sound” money could beat the rest

The “crypto winter” and whether or not now is a buying opportunity for investors

Money crypto vs. tech crypto and why there may be more than one coin left standing

FTX, fraud, and how crypto exchanges can lose your coins, and the best way to protect yourself

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Finance Friday: First Down Market? Here’s How to Stop Stressing

Unchained podcast

Bitcoin: Investing Fad or Final Bullet to Fiat Currency?

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374: Private Equity: Passive, Profitable Investments You’ve Probably Never Heard Of

16 januari 2023 | 59 min

Private equity is a term often left undefined. Ask most people if they’ve heard of private equity, and they’ll say yes. But ask them to explain what it is or how it works, and most Americans will struggle to come up with even a sentence. The industry of private equity investing is shrouded in mystery, but it probably shouldn’t be. If you know what private equity is and how to invest in it, you could take home passive income that beats the stock market and real estate investing with none of the headaches or short-term panic of either.

This simple-to-understand but constantly overcomplicated industry could make you better returns, with far less work, investing in businesses you already know and trust. This is precisely what Sachin Khajuria’s book, Two and Twenty: How the Masters of Private Equity Always Win, is all about. As a former partner at one of the world’s largest alternative asset firms with over two decades of experience, Sachin can explain the ins and outs of private equity better than anyone.

Sachin will demystify the often shadowy world of private equity in this episode. He explains why it’s such a lucrative business and how it’s coming close to matching the same firepower as the public markets many of us invest in. With potential returns far higher than traditional assets, Sachin makes a strong case for why you should be looking into private equity now before the masses find out about it and flood the market.

In This Episode We Cover

Private equity explained and the simple yet highly profitable business model behind it

The two and twenty rule and why private equity firms are designed to maximize your money

Private equity returns and whether or not the high profits are worth the long time horizon

The “unloved” businesses that have seen massive growth thanks to private equity

Rising interest rates and how this could affect the value of private equity investments

The businesses you already buy from that are owned by private equity

How to find and invest in private equity even if you’re not a mega-millionaire

And So Much More!

Links from the Show

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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-374

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373: The Money Show’s Guide to Personal Finance for Beginners

13 januari 2023 | 48 min

372: Franchises 101: How to Find, Fund, and Profit from Owning a Franchise

11 januari 2023 | 64 min

Want to buy a business? If so, you’ll need franchises explained. At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesses are up for sale that have proven track records and could put profits into your pocket faster than starting your own business. But first, you’ll need to make sure you’re ready to own and run a franchise, as it’s not always the passive income stream investors believe it to be.

When done right, franchises offer an almost irresistible offer to young entrepreneurs or those trying to escape the corporate ladder. You can trade in your soul-sucking nine-to-five, receive top-tier support and training, and get paid a salary, all while your business grows in the background. But before you start window shopping for which hair salon, water restoration, or pool cleaning business you want to own, you’ll need to talk to someone like Greg Mohr, author of Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth.

Greg acts as a franchise consultant, helping match potential franchisees to a parent company that works best for their schedule, goals, and income-earning potential. You may think you know how a franchise works, what type you’d like to buy, and how much money you would make, but Greg’s in-depth, multiple-decade-long knowledge may tell you otherwise. So, if you want to run a business but don’t know where to start, Greg may be the perfect person to turn to.

In This Episode We Cover

The history of franchises and why buying a business often beats building one

The true profits of running a franchise and how much an owner can expect to make

How much franchise consultants cost (much less than you’d think), and why you need one

Most common franchise mistakes to avoid and why you should never look at JUST the franchise fee

Funding a franchise and how to use retirement accounts, HELOCs, and more to buy businesses

Business partnerships and who should join forces to buy a franchise together

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

The Benefits of Franchising vs. Starting a Business from Scratch

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-372

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371: Bitcoin: Investing Fad or Final Bullet to Fiat Currency?

9 januari 2023 | 74 min

Asking for Bitcoin explained is like asking how a rocket works; it's a little complex. A digital currency is valued at a certain amount of dollars (or euros, yen, etc.) and is used to pay for goods or exchange for other currencies. That makes sense. But things can get complicated as we go deeper into Bitcoin and the blockchain. There's no need to get overwhelmed; we brought Saifedean Ammous, economist and author of The Bitcoin Standard, onto the show to explain.

Saifedean, like many investors, was skeptical of Bitcoin at first. He thought it was merely a fad that would pass away in a few years. But, after researching the history of money, the rise and fall of fiat currencies, and the standard that Bitcoin was built on, Saifedean changed his tone. Now, he's a huge proponent of this new "digital gold" and has spent years of his life warning others of fiat currency's faults and the opportunity behind Bitcoin itself.

In today's episode, Saifedean explains what Bitcoin is, how it works, why the blockchain is needed, and why saving money isn't enough in today's fiat inflationary environment. You'll also hear why "hard money" like Bitcoin beats "easy money" like the American dollar and why the latest cryptocurrency crash isn't as bad as mainstream economists think. So if you've thought of snagging a bit of Bitcoin, this is the best place to start.

In This Episode We Cover

The history of money, fiat currencies, why rare, hard money is always the most safe

The dangers of easy money, debasing currency, and the fallacy of required inflation

How Bitcoin solves the fiat problem and why it can never be inflated or over-printed

The blockchain explained and why it works for Bitcoin and not other applications like real estate

Cryptocurrency's latest crash and why fluctuating Bitcoin prices are more typical than they seem

Whether to bet on businesses, real estate, Bitcoin, or all three when investing

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-371

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370: Finance Friday: How to Build a Six-Figure Business (in Your 20s!)

6 januari 2023 | 53 min

How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars, today’s guest Chris expanded his pressure washing, Christmas light-hanging, gutter-cleaning operation into a profitable business with multiple employees and a stacked schedule. But, as Chris has started to expand, he’s seen his personal profits decline, so should he outsource less so he can keep more of the revenue he’s working hard to bring in?

Welcome back to another Finance Friday episode, where we talk to Chris, a twenty-six-year-old entrepreneur learning to navigate profits, payroll, customer acquisition, and more in his pressure washing business. Chris found an interesting niche to serve; older communities in his home state of California. He’s been able to build a brand, grow his business, and have a Rolodex full of repeat clients, but he still doesn’t know the best way to scale. Not only that, Chris also started investing in real estate, with a cash-flowing house hack allowing him to eliminate his housing costs.

Chris wants to know the best way to expand his business while still retaining his high margins, what type of healthcareplan he should be on now that he’s twenty-six, when he should look to buy another house hack, and how to keep investing. Chris is on a bright path already, but with a few tweaks, he could be financially free in only a few more years!

In This Episode We Cover

How to build a business that will gross six figures even if you have no entrepreneurial experience

Payroll, employees, and how to outsource more of your work so you can focus on expanding

Turning a service-based business into a profitable, repeatable empire

House hacking explained and using it to reduce your cost of living significantly

Healthcare for entrepreneurs and why the HSA is the “ultimate retirement account”

Growing your business so you can reach financial freedom even faster

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Finance Friday: Tips to Build a House Hack STACK in Your 20s

Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl

The House Hacking Strategy with Craig Curelop

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-370

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369: The Capitalist Cult: How MLMs and Pyramid Schemes Trap Average Americans

4 januari 2023 | 57 min

Multi-level marketing companies (MLMs) operate in secrecy. They don’t want you to know where the products are coming from, how they’re being sold, who’s making a profit, and how the business works. They only want you to buy. Buy this starter kit, host that party, convince your friends and join the cult—sorry, the “club.” Operating in darkness is how these pyramid schemes build their membership count, branch into new cities, and keep average Americans in debtbut still chasing an empty dream.

So how did MLMs even come to be, and if they’re so blatantly nefarious, why hasn’t the government permanently shut them down? To answer these questions and many more, we brought on Jenner Furst, director of LuLaRich, the documentary that exposes the multi-billion dollar MLM empire, LuLaRoe. Jenner has worked tirelessly to uncover how these entities exist, what causes them to become so cult-like, and how unassuming Americans can fall prey to their money-making traps.

We also talk about the hierarchy of pyramid schemes, the culture inside of one, and the uneven pay structure that falsely tricks new members into believing they can strike it rich. You’ll learn about the history of MLMs, the so-called “Amway Rules,” and how snake oil salespeople have used social media to grow their empires to even greater heights.

In This Episode We Cover

The history of pyramid schemes and MLMs and how they become popularized in America

MLMs vs. pyramid schemes and the loose differences between these two types of businesses

The cult-like culture that exists inside an MLM and the blatant red flags that stick out

The false pay structure of MLMs and how they artificially promise returns that are impossible to achieve

How social media and live posts caused the MLM fire to grow even faster

How pyramid schemes play to people’s fears and desperations to get them to join

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-369

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368: Lynne Twist’s “Want Less, Obtain More” Philosophy All FI-Chasers Should Follow

2 januari 2023 | 64 min

Lynne Twist’s The Soul of Money sparked a conversation we needed to have. It didn’t make people think “how do I make more money,” instead it asked, “what world am I making with the money I have?” For decades, Lynne has beenfundraising for charities and causes around the globe. From ending world hunger to fighting for the climate, she’s made sure that her dollars are best put to use, helping the most people she can with the money she makes.

Lynne’s rock-solid financial sense came from an unusual background. Her mother was raised well-off, but her family’s wealth came crashing down when they were forced to flee the home abroad they had made for themselves. Then, when Lynne’s father died, her mother became increasingly frugal, but for a good reason. Lynne’s mother wanted to use her money to give, not get, making every cent count in the budget. Later in life, Lynne and her husband lost a massive portion of their wealth, forcing her to ask the question—why pursue riches in the first place?

On today’s show, we have a lively discussion on the toxic money culture that has enveloped American society, why financial independence is worth pursuing, and what those with much can do to help those with so little. Lynne’s take on wealth-building opens up a refreshing debate among early retirees and forces you to ask “why” instead of “how” when it comes to making money. Tune in, and be sure to check out Lynne’s new book, Living a Committed Life!

In This Episode We Cover

The “soul” of money and the scarcity belief that is causing society’s financial anxiety

When is “enough” and how making less but giving more makes you richer

The importance of self-sufficiency and why chasing financial freedom is always a worthwhile goal

Learning to forgive yourself for money mistakes and why losing wealth isn’t always a bad thing

Fighting world hunger and how Lynne is using her voice to tackle huge global issues

Lynne’s brand new book, Living a Committed Life!

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

The Soul of Money

Pacha Mama Alliance

The Hunger Project

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-368

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367: Finance Friday: Tips to Build a House Hack STACK in Your 20s

30 december 2022 | 58 min

Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who could have assumed otherwise from someone like Parker? He’s a financial analyst who made an intelligent move from expensive Boston to sunny Tampato house hack for the first time with one of his best friends. He’s making some impressive moves at a young age, but he still has questions about what to do next.

Although Parker is thankful for buying the house hack, he doesn’t know what he should do after he moves out. Does he sell the property, keep it as a rental, transfer it into an LLC, or go back to renting as he saves up enough money for the next house hack? He also has some very pressing capital expenditures on his mind, like a new roof, HVAC, and other large system replacements that could cost him and his house-hacking partner tens of thousands out of pocket. These replacements won’t be cheap, but they could help improve the property before he potentially sells.

And like most FIRE-minded twenty-something-year-olds, Parker needs to know where the highest ROI for him is. Does he continue to save up to buy another house hack, or should he be contributing to his tax-advantaged Roth, HSA, and 401(k) accounts? Plus, with such an unbelievably lucrative side hustle like couch flipping, how much time should he put into building this income-replacing revenue stream? Parker is on a great path, but with guidance from Mindy and Scott, he could reach financial independence even faster!

In This Episode We Cover

House hacking explained and the benefits of building a house hack stack early on

When to transfer an investment property into an LLC (and whether it’s even worth it)

How to calculate cash flow on an investment property to ensure you’re turning a profit

The “shotgun” clause every investor should sign when partnering on a deal

Couch flipping and how this side hustle can make you thousands every month

Capital expenditures and how to estimate your costs for big future repairs

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-367

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366: The Repeatable Steps to Financial Freedom in 4 Years w/TheFICouple

26 december 2022 | 56 min

Financial independence means something different to everyone. For some, it means having enough to not worry about being laid off. For others, it could mean making more money to buy a yacht, but for Ali and Josh (TheFICouple), financial independence means more time together, growing a family, and a community that helps others reach their highest potential. Just four years ago, Ali and Josh were strapped with six figures worth of debt, living paycheck to paycheck, struggling to survive. Now, they’re financially independent, working their jobs just two days a week, and spending the rest of the time building a better life for their future child.

Ali and Josh are tenacious savers and investors, but they weren’t always like this. They were used to spending everything they made, scared to look at their bank accounts, and hoping that the future would somehow become brighter. Once they took the financial blinders off, Ali and Josh saw that the only way to build their ideal life was to deal with their financial hardships head-on. From there, they house hacked, heavily invested, paid off debt, and began publicly posting their wins, and losses, on social media under the @TheFiCouple handle.

They’ve gone from surviving to thriving, and this episode hints at just a portion of what Ali and Josh are building. With a baby on the way, they’ve become even more aggressive with growing their online brand, their real estate portfolio, and their investment accounts. If you want to repeat the four-year path to FI like Ali and Josh, tune in!

In This Episode We Cover

Paying off over six figures of student debt and the beauty behind taking small steps

Seller financing real estate and using it to buy properties without the big banks

Quitting full-time work and still saving over eighty percent of your income

Growing your online brand and building a community that’ll push you to new heights

Why building a massive real estate portfolio isn’t what it’s all cracked up to be

Tips for those that are still in debt or just starting in their investing journey

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Amanda's Instagram

She Wolf of Wall Street Website

From Fired to FI Couple in 2 Years with Josh and Ali

Budgeting for a Baby: The Costs EVERY New Parent Should Expect

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-366

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365: Finance Friday: How to Become Real Estate Ready in 2023

23 december 2022 | 63 min

Don’t know how to become a millionaire? There’s a pretty simple formula for seven-figure wealth that the average American doesn’t know about. It isn’t complicated, but it does take a fair amount of time to come to fruition. If you follow the same strategy, regardless of where you’re starting right now, you too could become a millionaire in under ten years. This wealth-building formula is exactly what today’s guest, Remy, is looking for.

Remy is doing his mid-twenties the right way. He’s got a great income, contributes heavily to investing, and already has six figures in equity thanks to buying his home two years ago. He’s made moves that many young investors would envy, but he wants to go even further over the next ten years. Remy is looking to become “real estate ready” in 2023, meaning he needs to be in a favorable position to start building his rental property portfolio so he can have a million dollars of real estate by the time he turns thirty-five.

The plan is simple for Remy, but he’ll need to make some serious tradeoffs. Is more real estate worth forsaking his growing retirement accounts? Should he slash his emergency fund to pile more fuel onto the FIRE? And where can he cut his budget so he’s saving as much cash as possible, ready to invest in the next great deal that comes his way? If you want to get real estate ready like Remy, stick around!

In This Episode We Cover

How to invest more when you’re financially treading water every month

Why requoting your car insurance after a certain age could save you thousands

Real estate vs. retirement investing and which one is worth a bigger contribution

Renting vs. selling your primary residence and when freeing up cash is the right move to make

Emergency reserves and the certain situation when Scott and Mindy are against them

Why retirement accounts can be a “trap” for the investor who wants to retire early

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-365

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364: Divorce: The Biggest Marriage and Money Mistakes to Avoid

19 december 2022 | 59 min

Everyone makes financial mistakes, even those that we trust with money the most. Rachel “Money Honey” Richardsto many people online is the epitome of someone who has their finances locked down. She grew a massive real estate portfolio in her twenties, hit financial freedom before thirty, and has written bestselling books that others use to increase their financial acumen. And although Rachel still is a financially free money nerd like no other, her recent divorce changed most of what she knew.

Through a few simple mistakes, Rachel’s recent divorce dragged on longer, cost more, and left more up to chance than she would have liked. After going through the pain, struggles, and anxiety of leaving the marriage, Rachel wants everyone, whether single, dating or married, to not make the same mistakes she made. These mistakes are often small, and can be easily overlooked, but making them could be deadly to your finances and allow an unplanned divorce to bury you.

But this isn’t all advice on what to do before or during a divorce. Rachel shares personal advice on red flags you should look for when starting a relationship, how to separate your finances so you keep what is yours, and why overlooking a prenup can be one of the worst moves to make when starting your marriage. No one plans for a divorce, and Rachel didn’t as well. So happily ever after or not, these life-saving moves are ones you should be thinking about making.

In This Episode We Cover

The “misaligned vision” that led to Rachel and her ex-husband’s divorce

Red flags to watch out for and an instant sign that a relationship may not work out

Losing 50% of your real estate portfolio to divorce and how to protect against it happening again

What most couples get wrong about marital assets and how they’ll get split during a divorce

Rachel’s four biggest money mistakes that you should NEVER make when married

The trust cost of divorce and how much Rachel had to pay to separate

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen

Why You’re (Probably) Wrong About Prenups

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-364

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363: Finance Friday: Savings Stuck At Zero? Here’s How to Grow Your Bank Account

16 december 2022 | 61 min

Once you know how to save money, you can start stacking those savings to buy real estate and businesses or invest in long-term wealth-building investment accounts. But, without a steady stream of savings coming in, you're treading water, and one emergency expense could completely blow you off course. In a high-cost-of-living area like Washington, DC., this can seem even harder as rent, gas, and going out prices are far above the national average. But, there are some surefire ways to save (and make) more every month.

On this Finance Friday episode, we talk to Richard, a government tech worker who makes a great salary but could potentially be bringing in much more. Richard’s dream of being the President naturally led him to real estate investing, and now he’s focused on building bigger, stronger, and smarter income streams so he has ultimate time freedom (and a high net worth) in the next few decades. But even with his tech salary, Richard struggles to save every month, with random expenses knocking him out as soon as they arise.

Mindy and Scott go through Richard’s income and expenses as well as his debts, much of which are forgivable student loans. Richard debates whether sticking with his perk-heavy government job is worth the pay difference he could gain in the private sector. And whether or not buying cash-flowing businesses is a smart move, especially for someone without much savings. If you’ve struggled to boost your bank account, this episode may hit close to home!

In This Episode We Cover

Public student loan forgiveness and the “trap” many government workers find themselves in

Emergency funds, safety reserves, and how to build one from scratch

When to change jobs for more pay vs. when to keep big benefits, but a lower salary

How to budget and the better way to track your expenses if you struggle to save

Buying a business and what it takes for first-time entrepreneurs

Creating a vivid vision of what your life, job, and business will look like in five to ten years

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-363

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362: Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan

12 december 2022 | 49 min

361: Finance Friday: Got Extra Cash? Here’s the Investment Plan for You

9 december 2022 | 53 min

Retirement planning is something best started early on. The more time you give yourself to invest, the faster your accounts can grow, giving you early financial independence well before the age of sixty-five. But what are the two best ways to do this? On one hand, you’ve got cash-flowing rentals that appreciate while giving you freedom-enabling income with long-term wealth growth. On the other hand, you’ve got passive retirement accounts, many of which can save you boatloads on taxes and grow discreetly in the background while you work away.

It’s hard to say which is a better bet, so why not do both? Today’s guest Benjamin is feeling a little under-diversified after heavily investing in real estate, but without much in his retirement accounts. Benjamin is well versed in the pros and cons of pre and post-tax retirement investing, but with a high income, he’s worried that he may have already reached the income cap for his Roth IRA. Thankfully, he’s unlocked the “holy grail” of retirement accounts, one that will skyrocket his retirement quicker than he thinks.

But before all of this is done, Benjamin and his partner need to build their investment plan. This will help them stay the course when life events come up, allowing them to still retire rich, hopefully in less than a decade. If you want to build your own investment plan, we highly recommend using the one from our own Scott Trench!

In This Episode We Cover

Paying off six figures of student debt and using the extra income to invest heavily

House hacking and using primary residences to build wealth

Roth IRA investing and what to do if you’ve hit the income limit

The best way to invest in your retirement with stocks and index funds

The right way to do diversification and safely building wealth at a young age

Speeding up your path to financial independence with rental property investing

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Fidelity Investments

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-361

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360: Year-End Tax Tips and How to Owe Even Less in 2023

5 december 2022 | 45 min

359: Finance Friday: My Home Renovation Put Me in a HELOC Hole

2 december 2022 | 62 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-359

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358: Giving Tuesday 2022: Which Charities Will Use Your Money Wisely?

29 november 2022 | 50 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Give Well

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-358

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357: Budgeting for a Baby: The Costs EVERY New Parent Should Expect

28 november 2022 | 61 min

356: Finance Friday: First Down Market? Here’s How to Stop Stressing

25 november 2022 | 69 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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355: All the Money Hacks We WISH We Had Known About

21 november 2022 | 61 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

All The Hacks Podcast

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-355

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354: Frank Advice on What to Do When a Real Estate Investment Goes Wrong

18 november 2022 | 64 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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353: Ask the Money Experts: Debt, Diversification, Retirement, and Real Estate

14 november 2022 | 64 min

352: Common Money Fears That Are Costing You BIG

11 november 2022 | 69 min

351: Does the 4% Rule Hold During 2022's Stock Market Crash?

7 november 2022 | 73 min

350: Why We Turned Down a 5% Rate Mortgage | Mindy & Carl’s Budget Review

4 november 2022 | 45 min

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!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Carl's Email

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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349: When to Buy New vs. Used and is That Car Repair Worth the Cash?

31 oktober 2022 | 81 min

The new vs. used car debate has been going on for as long as automobiles have existed. For almost the entirety of time when cars were being bought and sold, it seemed like a responsible, frugal decision to buy used, save up some money, and take the repairs with the deal. But inflation has changed this debate in 2022 (and beyond). Used car prices are high—sometimes even higher than new cars—prompting shoppers to reconsider what makes the most financial sense.

In the first half of this show, we talk to Liz Frugalwoods, financial blogger and borderline professional at buying and selling cars. She recently made the bold decision to buy new—a shock to many of her readers. How could Liz, a financial independence expert, do something as careless as buying a brand-new car? Had she given up on the path to frugality? Not exactly. Liz shares some good reasons why buying new instead of used makes more sense, especially today.

To close out the episode, we bring on local mechanic Jesse Johnson, who gives a brief masterclass on buying, selling, and maintaining cars. As a mechanic with decades of experience, he knows exactly what car owners do to slowly destroy their daily drivers. He also knows how to get the most bang for your buck and when it’s the right time to sell that clunker sitting in your driveway.

In This Episode We Cover

The reasoning (and math) behind buying a new car vs. buying a used car

Taxes, registration, fees, and other trade-offs when buying new vs. used

The most important questions to ask yourself when shopping for a vehicle

Tips when selling a used car and the #1 thing to NEVER do

What parts of a car are worth repairing and which can wait

How to find a great mechanic in your area and get a free car wash

Trade-in tips and what to know to get the most out of a dealer

And So Much More!

Links from the Show

The “Mile High FI” Podcast

1500 Days YouTube Channel

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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348: Finance Friday: How to Start Investing After Becoming Debt-Free

28 oktober 2022 | 69 min

347: Why “Just Keep Buying” is The Smartest, Simplest Way to Get Rich

24 oktober 2022 | 58 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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346: Finance Friday: How Sabbaticals Make You Happier, Healthier, and Wealthier

21 oktober 2022 | 57 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-

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345: Divorced and $250K in Debt to Financially Free in 10 Years

17 oktober 2022 | 59 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-345

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344: Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions

14 oktober 2022 | 58 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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343: Is Now the Time to Buy as The Housing Market Starts to Dip?

10 oktober 2022 | 59 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

On the Market Podcast

RealWealth Website

Jamil's Instagram

James Instagram

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342: Finance Friday: Financially Independent, But Not Feeling “Free”

7 oktober 2022 | 57 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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

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341: Money with Katie’s Middle-Class Myths and The Great Roth vs. 401K Debate

3 oktober 2022 | 64 min

Katie Gatti Tassin from Money with Katie had her “financial awakening” earlier than most. She saw the middle-class wealth trap of working, spending, and repeating for what it really was. This cash-gobbling cycle is one that many Americans fall into, but once you see the light, it’s hard not to almost automatically do better. And that’s what Katie did, trading twenty-dollar daily lunches and “hot girl expenses” for more saving, investing, and skyrocketing net worth.

Through a few short years of self-education, Katie was able to more than double her income, build profitable side businesses, and have a master-like grip on her finances. She’s become an expert in retirement investing, passive income, and saving simply through reading blog posts, listening to podcasts, and starting something of her own. This, coming from someone who just a few years ago had less than $500 to their name.

Katie walks through what spurred her “financial awakening” and how sharing the same thought process could activate your own. She also touches on financial myths that the middle class commonly falls into, the great Roth vs. 401(k)debate, and why lifestyle creep isn’t such a bad thing. She’s proof that you can turn your entire financial situation around in only a few short years, and if she could do it, why can’t you?

In This Episode We Cover

The “financial awakening” that’ll have you saving more and spending less

Financial “truths” that could destroy your wealth if you follow them

Self-education and the best personal finance podcasts and blogs and you should tune into

Retirement investing and whether it makes sense to invest pre-tax or post-tax

Starting side hustles and job hopping to more than double your salary

The bright side of lifestyle creep and using it as a reward for your hard work

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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340: Finance Friday: When Rental Property Investing Doesn’t Make Sense

30 september 2022 | 77 min

Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in-law suite brings in enough cash flow for many to pay off a sizable amount of their mortgage. One such investor is Allen, who turned his low-interest rate primary residence into a lucrative short-term rental in the Portland, Maine area.

Allen is a vacation rental house hacker, leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move.

With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you. Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose.

In This Episode We Cover

When is the right time to buy real estate and how high-interest rates hurt your chances of getting a good deal

Limiting your monthly spending and taking advantage of earning a high income

Short-term rental house hacking and using it to cover most of your living expenses

Stocks vs. real estate investing and when it’s the right time to choose one over the other

Aggressive debt payoff and how to know whether an interest rate is too high

Credit score tips and the factors that make yours go up and down

And So Much More!

Links from the Show

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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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339: From Sociology Major to Seven-Figure Agent Commissions

26 september 2022 | 83 min

Everyone knows that real estate agent commissions are hefty. Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollars really went. It’s not hard for a new agent in today’s world to lock in six-figures worth of real estate commissions within their first few years. But, not many agents, even uber-experienced ones, have been able to hit what Pat Hiban has.

Pat was one of the first “billion-dollar” real estate agents. Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent!

But how did Pat, a sociology major without any connection to real estate, reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors, you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today!

In This Episode We Cover

Everything you ever wanted to know about real estate agent commissions and broker splits

Why so many new real estate agents fail during their first few years

Leveraging out your work, hiring employees, and scaling a business instead of building a job

Real estate investing basics and the downsides of taking too much depreciation

Quitting a lucrative career and the financial moves to make that ensure a successful transition

The six steps to reaching seven figures for real estate agents (and any other entrepreneur!)

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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-339

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338: Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought

23 september 2022 | 65 min

337: College is NOT for EVERYONE: Joining the Military & Become Financially Free

19 september 2022 | 60 min

College isn’t the only option after high school. In fact, it’s not even the best option. Typically, twenty-two-year-olds fresh out of college are launched into the workforce with a lot of debt and little life experience. So how do you enter the workforce debt-free with life experience? Join the military.

Today’s guest, David Pere, is a financially free veteran with 100 rental units, all thanks to his time in the military. He enlisted fresh out of high school in 2008. While he did the usual “stupid young guy stuff” for a few years, once he read Rich Dad Poor Dad in 2015, he decided to get serious about financial freedom. After thirteen years of active duty, in 2021 he was honorably discharged with a net worth of a million dollars.

The military offers various benefits, from the ability to learn trades to getting life experience to its financial advantages. As a service member, you are in an ideal position to become financially free. Your housing and food get paid for, and you have access to government-backed savings plans and loans. You also get tuition assistance for yourself and your family. With all the support and benefits the military provides, you can start building the life you always dreamed of straight out of high school.

In This Episode We Cover

Why the military may be the best option straight out of high school

The various opportunities to start a career through the military

The GI Bill vs. tuition assistance and how to make sure you qualify

The tangible and intangible skills you learn in the military and how they translate into the workforce

The VA Loan, qualifications, and how to get rich with it via house hacks

The TSP and the SDP and how to use them to grow your wealth faster

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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336: Finance Friday: Six-Figure Passive Income in Just 4 Years!

16 september 2022 | 59 min

335: The (Almost) Guaranteed Way to 31x Your Investments

12 september 2022 | 48 min

334: Finance Friday: The 5 Questions to Ask if You Want to Fast-Track FI

9 september 2022 | 50 min

333: From Broke at 40 to FI at 50 While Raising 4 Kids

5 september 2022 | 57 min

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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332: Handling Finances as a Couple: Individual, Combined, or a Bit Of Both?

2 september 2022 | 61 min

Having shared finances, for most couples, is an automatic thing to do once married or after being together for many years. It seems natural to want to combine income, expenses, and investments all in one big pot. This was the norm for most couples over the past hundred years, but as technology has made individual accounts more defined, some couples are finding freedom in keeping their finances separate from their relationship.

We thought we’d put this theory to the test by having Doug Cunnington and Carl Jensen, hosts of the Mile High FI podcast, on the show. Doug and his wife have separate finances, Carl (Mindy’s husband) has completely combined their cash flow, and David Pere (our trusted military millionaire) has walked the tightrope between combined and separate finances with his wife. But which couple is fairing the best?

Unfortunately, we will not be having a couple vs. couple cage match?—but we will discuss the pros and cons of each strategy. Carl, David, and Doug all bring up interesting, and often emotional, arguments as to why they think their money-splitting strategy works best for their specific relationship. If you’re currently in a relationship, married, or about to be wed, this may be a crucial topic worth exploring before your spouse spends $50,000+ on an impulse Tesla order!

In This Episode We Cover

Three couples with three different ways of splitting finances

How to combine monthly cash flow so that bills are paid

The bright side of prenuptial agreements and why every married couple should have one

Respecting your partner's money mindset by building a spouse-specific system for the two of you

Saving for your child's college and whether or not higher education is worth it as college becomes increasingly optional

Advice for couples who will (or already) combine their finances and investing

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Why You’re (Probably) Wrong About Prenups

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331: From Food Stamps to Six-Figure Flips and Debt-Free On a Teacher’s Salary

29 augusti 2022 | 65 min

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!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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

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330: The Ultimate Teen Money Hack for Parents

26 augusti 2022 | 49 min

You’ve heard of money hacks before, but probably not like this. For the teenagers and parents of teenagers listening, this episode will give you everything you need to make yourself, or your child, financially successful, straight out of high school. Most parents think that a strong financial foundation is built through allowances, debit cards, and making their child get an after-school job. While none of that is bad advice, it doesn’t leave the teenager with a sense of financial security or knowledge of how to manage money.

Thankfully, the Sheek Freak himself, Dan Sheeks, is back on the show to give his “ultimate teen money hack for parents.” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path. This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independence, responsibility, and the ability to save and invest for a better future.

But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too!

In This Episode We Cover

The “ultimate teen money hack” every parent should try with their high-schooler

Teen debit cards, credit cards, and building up basic frugality

Teaching your teen to “pay yourself first” through strategic spending and investing

Letting your child make mistakes now, so they don’t make life-long mistakes later

The perfect age to implement this strategy and when it matters most

Common questions your teen may ask and getting them excited about money management

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Escaping The Rat Race Before Your First Job w/ Dan Sheeks

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329: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street

22 augusti 2022 | 70 min

Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought, or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future.

But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again.

But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!

In This Episode We Cover

Escaping childhood poverty through basic financial education

DIY financial literacy by asking questions others are too intimidated to

401ks, Roth IRAs, HSAs, and other tax-advantaged investing accounts

Tweaking your “money mindset” to place yourself on the path to building wealth

Amanda’s biggest financial mistake that, once corrected, increased her income two-fold

Building your emergency reserves and using them to catapult your investments

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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328: The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson

19 augusti 2022 | 107 min

For average investors, private money lending has been mentally squared away as “something mega-wealthy people do.” Most investors will write off lending money because they think they lack the experience or funds to do a successful deal. But what if we told you private money lending requires less money than you thought, that it’s almost completely passive, and that today’s high-interest-rate environment may be the perfect time to start?

Alex Breshears and Beth Johnson are graciously coming in as our private money messiahs, teaching us all how easy (and lucrative) it is to be a private money lender. They’ve been lending for years, not only to supplement their real estate portfolios but often to outright replace them. Private money is far more passive and flexible than performing a flip or BRRRR yourself, and almost anyone (and yes, we mean anyone) can do it in one way or another. It’s such a good way to make more money that Alex and Beth wrote the new BiggerPockets book, Lend to Live, on this exact subject.

But before you print off business cards that say “private money expert” under your name, listen to what Alex and Beth have to say. They drop some valuable gems on who should (and shouldn’t) be a private money lender, how to protect yourself when you lend, points, rates, and fees you can charge, and building a pool of borrowers you can trust. If you’re anything like Scott and Mindy, then there’s a good chance you’ll walk away from this episode far more interested in private money than before!

In This Episode We Cover

How any investor can become a private money lender and build a pool of borrowers

Why 2022 presents an interesting opportunity for new private money lenders

Points, rates, laws, and setting up your private money structure

Building the perfect private money team that can protect you on any deal

The insane returns lenders get when doing different types of deals

Betting on the “jockey” vs. the "horse” when vetting a potential borrower

Private lending red flags that new lenders can easily fall prey to

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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327: Why the Stock Market Should NOT Scare You (Even As It Crashes) w/Brian Feroldi

15 augusti 2022 | 53 min

A stock market crash looks like bad news. The world is ending and everything is down. There won’t be any more profits to take…until the stock market gets back on track, which it always does. We’re not kidding—take a look at the past hundred years of total stock market performance and you’ll see something not-so-shocking. The stock market always finds a way to head back up, even after massive crashes like the great depression and great recession.

You don't need to trust David and Mindy on this, instead, trust a stock investing expert like Brian Feroldi. Brian wrote the book on why the stock market always goes up, appropriately titled, Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren't. Brian uses this book to educate, inform, and enhance investors’ abilities to invest without stress, headache, or anxiety about future prices.

In this episode, Brian demystifies the calculations behind investing in the stock market. From price to earnings ratios to company valuations, and why individual stock picking only makes sense if you’re the right type of person. He also hints at a “multimillion-dollar mistake” some investors are making when investing for retirement. Simply hearing his warning could save you millions of dollars in the future!

In This Episode We Cover

Why stock market crashes shouldn’t scare the average investor

What causes the stock market to go up in the long-term, even with short-term dips

Price to earnings ratios explained and using them to value companies before you buy

How long you should hold stocks and why consistent trading could cost you more than you think

The 4% rule and how the gold standard of retirement calculations is holding up in 2022

Avoiding the “multimillion-dollar mistake” many investors are making

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Why You’re (Probably) Wrong About Prenups

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-327

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326: Finance Friday: Still Feeling "Money Anxious" After Hitting FI

12 augusti 2022 | 67 min

325: How to Buy Yourself a 6-Figure Income Stream

8 augusti 2022 | 89 min

Buying a business may sound out of your element. Stocks are one thing, and real estate is another, but what about buying businesses? Isn’t business buying something reserved for large companies, wealthy entrepreneurs, or seriously experienced store owners? Funnily enough, the business of buying businesses may be one of the most overlooked, yet most profitable ways to make more money, work less, and retire richer. Don’t believe us? Just listen to Tim Delaney.

Tim did not take the standard wealth-building route. He was making just over $2,000 per year while working in the Peace Corps after college. From there, he was hired on by other non-profits when the opportunity to buy a business fell into his lap. It didn’t require a ton of money, but it did require some sweat equity and a fair amount of time. While he didn’t end up taking the first opportunity that came his way, he did end up buying a business shortly after. And if you like hops-laden libations as much as Mindy and Scott, you’ll love hearing about Tim’s business.

Tim invested in a local liquor store that had almost zero technological improvements. No point of sale system, no running inventory, and a cash register that was appropriate for the 1950s, not the 2010s. Tim saw an opportunity, and with the right upgrades, he was able to turn this into a full-fledged business with multiple employees, hundreds of thousands in profit, and the best part of all, a 10-hour per week work schedule for Tim. Today you’ll hear exactly how Tim did it, how much money it took, and how you can repeat the process.

In This Episode We Cover

Living frugally even when making very little and how your savings can catapult your wealth

How to buy a business and what it takes to turn an outdated trade around

What types of opportunities to look for when shopping for a business to buy

SBA loans, seller financing, and how to finance a small business with very little down

Hiring, firing, and how to keep a passionate staff paid and happy with work

Commercial real estate investing and turning profits into property

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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324: Finance Friday: Why Even Millionaires Still Have to Budget

5 augusti 2022 | 61 min

What is a millionaire? By definition, someone who has a million dollars or more in net worth. But what do you think of when we say “millionaire”? Are you picturing sports cars, expensive vacations, big houses? The reality is that most millionaires are people just like you and me, living in regular homes, still attending their jobs, and trying their hardest to budget. Being a millionaire doesn’t mean you’ve “made it,” but it does mean you’re on the fast track to building wealth.

Gracie is a millionaire, but she doesn’t feel like it. When she discovered financial freedom, she set an impressive goal to hit millionaire status by the time she and her husband hit their mid-30s. They worked hard, were diligent savers, and ended up hitting that goal right on time, but it came with a lot less flexibility than they had hoped. While Gracie was able to quit her job, her husband wasn’t able to, and even as he brings in a great salary, the family still is close to breaking even every month on their budget.

But Gracie isn’t doing anything wrong. She’s got a tame budget, regularly reviews her spending, and knows that something has to change if she wants to reach the life of financial freedom she had been promised. So what should she do, change her assets, completely revamp her budget, or move to a lower cost of living area to increase her monthly cash flow? Scott and Mindy give Gracie some good advice that will most likely apply to you, even if you’re not a millionaire yet.

In This Episode We Cover

Coast FI and using it as an alternative to traditional financial independence

Budgeting, expense tracking, and knowing where your monthly income is going

Pivoting to part-time when trying to slowly leave a job you don’t love

Increasing your “financial flexibility” without sacrificing a ton of time

Budgeting red flags and where most families fail in saving money

Whether or not being heavy in retirement funds is a wise move in early retirement

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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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323: Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers

1 augusti 2022 | 67 min

Coast FI is an interesting concept. Unfortunately, to much of Mindy’s surprise, “coast FI” doesn’t mean having enough money to live by the coast. But, just like living down by the beach, the coast FI lifestyle is far more enjoyable than most. We constantly hear from online personal finance bloggers about how you need to save as much as you can, eat at home every night, and never take a vacation. While this does allow you to hit financial independence faster, it makes the journey a highly stressful one at worst and a barely bearable one at best.

What about a different way to reach financial independence? What about still eating out and taking trips, all while working to retire early? This is the path that Jessica from The Fioneers has chosen to take. She and her husband learned about the financial independence movement while they were making just $30,000 per year combined. As their income grew, so did their savings rate. But, Jessica realized that the stress of climbing the corporate ladder wasn’t worth it when she ended up taking a six-month mental health break from her work.

Jessica never ended up going back to work, but she did start working for herself. Now, she’s on the path to coast FI, or as she also likes to call it, “slow FI.” She still takes trips and lives comfortably, but she does so with full autonomy of her time and a plan to retire in her early 50s. She is living proof that you don’t need to burn yourself out to hit financial freedom, and you definitely don’t need to do so just to reach retirement.

In This Episode We Cover

Coast FI explained and how it’s a far more enjoyable alternative to standard financial independence

Saving and investing even while making a below-median income salary

Resisting lifestyle creep and how to use pay raises to increase your net worth

The danger of going “too fast to FI” and how retiring too early can be a detriment

Part-time jobs, side hustles, and other ways that you can make more apart from your W2

Spending money to “escape” and how quitting a stressful job could save you more money

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Change Your Money Mindset, Change Your Life with Vicki Robin

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322: Finance Friday: Living Paycheck-to-Paycheck with 9 Rental Properties

29 juli 2022 | 70 min

Rental property cash flow is one of the most important metrics to calculate when analyzing real estate. Your cash flow not only helps you make a little extra money every month but also keeps your property afloat during months of heavy expenses or when large repairs need to take place. If you don’t do the correct cash flow calculations, you could find yourself with a cash-hemorrhaging property.

This is why running (and re-running) your “true cash flow” number is so important. It’s also what Pam, today’s guest, might need to do to figure out which rentals to sell and which to keep in her portfolio. Pam owns nine rental properties, which is doubly impressive since she declared bankruptcy just a decade ago. She’s been able to rebuild a financial position that many would envy. And even though Pam and her husband make a great income, they’re struggling to figure out where it’s going every month.

As six-figure earners, they’re barely breaking even on some months and overspending on others. Is Pam being too relaxed with some of her budget categories, or is there another cash flow leak coming from somewhere she isn’t looking? Scott and Mindy go through Pam’s current financial situation and quite quickly come up with a solution that could save her thousands every month.

In This Episode We Cover

How to calculate “true cash flow” for your rental properties so you know what actually comes in every month

Selling vs. refinancing vs. holding and which choice to pick for which property

Why so many six-figure earners feel like they’re living paycheck to paycheck

Capital expenditure (CapEx) costs and why every rental property investor must anticipate them

Climbing out of bankruptcy and finding financial success after starting from zero

Using private money lending to grow a rental portfolio quickly

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Finance Friday: How to Get to Early Retirement Even Faster

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

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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321: From Spending Six-Figures a Year to Saving 80% of His Income

25 juli 2022 | 80 min

320: Finance Friday: How to Invest When the 20-Year Grind Pays Off

22 juli 2022 | 68 min

319: The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable

18 juli 2022 | 62 min

318: Finance Friday: The Median Earner’s Guide to Fast-Tracking FI

15 juli 2022 | 61 min

The “semi-retired” lifestyle seems to go against everything early retirement chasers have been taught. For years, it’s been pushed into our brains that “retirement” is one stark event. You retire once, do what you want for the rest of time, and that’s that. But life doesn’t always go that way. Today’s guest Amanda has spent the past two decades raising children, working, and focusing on getting an advanced degree. Now, with extra money coming in she’s finally in the position to invest.

Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts, saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it.

Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement. In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life?

In This Episode We Cover

After-tax vs. pre-tax investment accounts and which to prioritize for early retirement

Pensions and whether or not they’re worth working at the same job for

HSA vs. FSA investing and how to maximize your tax-advantaged healthcare accounts

Index fund investing and how to aggressively invest without making things complicated

The four levers of financial independence and which to pull when you don’t have many assets

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Finance Friday: How to Get to Early Retirement Even Faster

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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317: Early Retirement by 30 with $20K/Month in (Actually) Passive Income

11 juli 2022 | 65 min

Early retirement is something people in their forties and fifties do, right? It would seem almost impossible for someone to retire in their mid/late twenties or early thirties without a large inheritance or winning the lottery. Today you’ll meet the woman who did the impossible—Rachel “Money Honey” Richards. Her voice may sound familiar as not so long ago Rachel was a guest on The BiggerPockets Real Estate Podcast where she talked about retiring in just two years thanks to “aggressive” real estate investing.

This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income, much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college. She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be.

Fast forward a few years and Rachel has a strong real estate portfolio, bestselling financial literacy books, an exclusive mastermind and coaching program, as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here.

In This Episode We Cover

Using your age as a benefit and how to get around clients/customers judging you by your youth

Where to find the most cash-flowing real estate deals that no one else knows about

Living frugally as you make more money and resisting lifestyle creep at all costs

The multitude of passive income streams almost anyone can create

Selling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to be

Imposter syndrome and why self-doubt could be costing you tens of thousands

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

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

MoneyHoney Website

Download Rachel's "Passive Income Starter Kit"

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Learn more about your ad choices. Visit megaphone.fm/adchoices

316: Spending Categories to Cut During a Downturn | Mindy & Carl’s Budget Review

8 juli 2022 | 41 min

When building your budget, do you have a line designated for “economic downturn” or “high inflation?” Probably not. Many financial freaks like Carl and Mindy Jensen don’t prepare for economic anomalies like rampant inflation or double-digit stock market losses. And like most Americans, they’re finding it hard to not spend more money every month.

Carl and Mindy understand this, but can't seem to rein in their rebellious budget. This month was their most expensive month ever. And even though these expenses were planned, they nonetheless stung when reviewing them later. But even without these accounted expenses, Carl and Mindy have noticed the cost of goods going up while their stock portfolio continues to drop.

If you’re worried about high inflation, rising home prices, food prices, and everything in between, this is a great time to make the needed adjustments to your budget. This will save you not only a bunch of time but also stress when seeing shockingly high prices for everyday things.

Even financially free couples like Carl and Mindy need to reassess, and you may want to as well!

In This Episode We Cover

Mindy’s most expensive month ever recorded and why you should never books flights a month in advance

Categories you can cut when an economic downturn hits so you (and your family) stay safe

Why saving is more special when you can truly enjoy the things you’re spending on

Rethinking early retirement and why now may not be the best time to leave the workforce

Budgeting, expense tracking, and keeping an eye on your overspending (before it gets out of hand)

And So Much More!

Links from the Show

BiggerPockets Events

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

1500 Days

1500 Days YouTube Channel

Learn more about your ad choices. Visit megaphone.fm/adchoices

315: From 400 Credit Score to Making $17,000/Month in Passive Income

4 juli 2022 | 110 min

Passive income and credit scores. While they don't entirely rely on each other, having good credit does allow you to build passive income streams far faster. Andrew Brazell learned this the hard way, but thankfully profited big time by making some needed changes. Less than a decade or so ago, Andrew was living in a rat-infested apartment, riddled with credit card and student loan debt, spending all of his money every month. He felt financially hopeless until he struck up a conversation with his Rugby teammate, and BiggerPockets CEO, Scott Trench.

Scott personally helped Andrew dig himself out of a debt hole, start house hacking, and get well on his way to financial freedom. From there, Andrew understood the formula—save your money, buy income-producing assets, and repeat until financially free. Andrew took this lesson to heart, and shortly after paying off his debt, began rental arbitraging his apartment, helping him eliminate his cost of living. That’s when he met Haley Ferguson, his future wife, and a soon-to-be top short-term rental host.

The duo saved their money and bought their first house hack property. And, because of smart landlording, they were able to bring in more than double their mortgage payment in rent alone, allowing them to live at a profit. Now, they’re well on their way to buying even more properties, helping them go from financial fiasco to financial freedom, and finally financial abundance.

In This Episode We Cover

How to save money every month so you can pay off debt, invest, or just have peace of mind

House hacking, rental arbitrage, and other ways you can eliminate your cost of living

Reducing your credit card, medical, or other debts by making a simple phone call

Lifestyle creep and why every financial freedom chaser should resist it

Vacation rental investing and the massive profits that come with it

Purchasing properties with the VA loan and using low down payment loans to scale your real estate portfolio

And So Much More

Links from the Show

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

Biggerpockets Bookstore

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

300 Doors, 100% Creative Financing with Pace Morby

Airbnb

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314: Finance Friday: How to Get to Early Retirement Even Faster

1 juli 2022 | 81 min

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!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Amazon

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

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

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Learn more about your ad choices. Visit megaphone.fm/adchoices

313: The “Perfect” Investment Portfolio for Early Retirement w/Ask The Money Coach

27 juni 2022 | 57 min

Early retirement is one of those common personal finance topics that always comes up on the show. It’s arguably the most talked-about subject in our Facebook group and is a common theme among guests on the show. But what does a time-tested, well-respected financial journalist and coach think about retiring early? What does the “perfect” early retirement plan look like if you’re starting from scratch?

Today we’re joined by Ask The Money Coach’s Lynnette Khalfani-Cox, who is used to getting personal finance questions thrown at her all day long. She’s dug deep into everything surrounding investing and early retirement. From stocks to I Bonds, to real estate investing and cryptocurrency—if you’re interested in building (and maintaining) wealth, Lynnette’s website and books have something that will help you on your benjamin-stacking journey.

Mindy and Scott take some of the top investing, saving, and retirement questions from the BiggerPockets Money Facebook Group and ask Lynnette her opinion on them. Hear answers to top questions like when to invest and when to pay off debt, what makes the “perfect” portfolio, how to stop saving and start spending when you retire, and whether to invest for retirement or start a business.

In This Episode We Cover

The debt payoff schedule you should follow if you want to invest while shedding consumer debt

I Bonds explained and how to get around the $10,000 personal purchase limit

Transitioning from “save mode” to “spend mode” when you’ve hit your retirement goal

How to introduce others to personal finance (without it sounding like a lecture)

What to do before you start a business and getting your personal finances in order

Why younger generations of investors are choosing more “risky” investment options

And So Much More!

Links from the Show

Fueling Early Retirement at 36 with Just 4 Rental Properties

Biggerpockets Bookstore

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Investopedia Stock Simulator

Money Coach University

Learn more about your ad choices. Visit megaphone.fm/adchoices

312: Buy Now, Pay Later: Consumer Convenience or Predatory Pricing Scheme?

24 juni 2022 | 53 min

“Buy now, pay later” companies have been around for decades, but not in the form they take today. You may have noticed that when you check out from an online store, a little prompt asks you if you want to purchase your goods for just “four easy payments of…” It seems like a good deal, doesn’t it? You can buy the same goods, for less, today, with no interest payments! Before you add those shoes to your cart, think twice before selecting the “buy now, pay later” option.

Alexi Horowitz-Ghazi, NPR reporter and host of Planet Money, was interested in how this type of interest-free internet shopping is affecting consumers. Through his research, he found numerous examples of online shoppers overspending, getting into debt, and not knowing their total purchase price. The ease of paying just a fourth of a product’s price and getting it delivered in days became too much for many consumers to resist. And now, they’re paying the price.

If you don’t want to fall prey to this type of split-up pricing, you’ll want to hear what Alexi, David, and Mindy have to say. Using this type of “interest-free” credit could put your financial freedom in jeopardy—and no one wants to trade early retirement for a new swimsuit.

In This Episode We Cover

The “buy now, pay later” programs and how they target online shoppers

How buying now and paying later could affect your credit score in the long run

What happens when shoppers can’t pay their future installment loans?

Why US legislators are taking “buy now, pay later” companies to court

The marketing tactics used by these companies to get you to spend more at checkout

Why saving now and buying later will help your future finances

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

20 juni 2022 | 90 min

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!

Links from the Show

How to Become an “Overnight” Success in 10 Short Years with David Greene

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington

How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

17 juni 2022 | 61 min

Retirement investing is a crucial part of planning for financial freedom. While early retirement is a status that almost everyone would love to achieve, the second-best thing is standard retirement, where you can use your smart investments to make the later years of your life that much easier. But, oftentimes those who are born with a strong work ethic don’t know when the right time to ease off retirement investing is. In some cases, even intelligent investors can find themselves with a lot of retirement income that can’t be touched until decades later.

Jill is trying to end up with a future of financial flexibility. She wants to be able to travel the world with her family,leave her W2 job (if she feels like it), and invest more in assets that give her the power of choice today. She has a very good income, impressive retirement accounts, and wants to take her first step into real estate investing. She’s planning on turning her primary residence into a short-term rental, while her family moves into the live in flip she’s buying next.

This rental property income should give her and her family a cushion of passive income to rely on, but she’ll need much more than this to become truly financially free. Scott and Mindy debate the “invest for later” vs. “invest for now” frames of mind, tackling which one will work best for Jill in her high-income but low passive cash flow situation.

In This Episode We Cover

How to get over your fear of debt when investing in real estate
Why you may want to sell your primary residence instead of rent it out (once you move)
Avoiding capital gains taxes and taking home a BIG profit when selling a primary residence
Building equity and net worth through simple cosmetic live in flips
Achieving financial flexibility and how overinvesting in retirement can hurt you in the short-run
The Rule of 72 and using it to quickly calculate how much you’ll have in retirement
And So Much More!

Links from the Show

BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Learn more about your ad choices. Visit megaphone.fm/adchoices

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

13 juni 2022 | 80 min

I Bonds, and treasury bonds in general, have always been thought of as the “retiree's investment choice.” For those that have a short time horizon on investments, bonds have made perfect sense. With a guaranteed return, there isn’t a lot to risk for someone close to retirement age who simply wants to watch their investments stabilize—not grow or decline. And in today’s high-inflation environment, more and more individuals are realizing how worthwhile bonds are, especially as their traditional assets start to nosedive.

Neither Mindy nor Scott have heavy allocations in the bond market, so to understand these interesting assets a bit more they invited Shane Shepherd, Assistant Professor at USC’s School of Business, to the show. Shane has seen a recent pique in interest from his students in a few certain subjects—inflation, rising interest rates, and bonds. It seems like even the young generation of investors want to safely store their cash during pre-recession markets. But, does Shane think that I Bonds are a smarter way to save?

If stock market slumps are starting to hit your portfolio hard, this may be the perfect episode to listen to. Shane describes exactly why so many Americans are investing in I Bonds while also explaining who should not contemplate investing in something as stable as bonds. His advice could help you keep pace with inflation or buy killer deals in the coming months!

In This Episode We Cover

I Bonds explained and how they can help you minimize the effects inflation has on your portfolio

Nominal yield vs. real yield and why you must understand the difference before you invest

What happens to bonds if the US enters into an deflationary period

Who should (and more importantly shouldn’t) start investing in bonds

The downside of diversifying and why bonds are a safe, but static investment

How taking on real estate debt could beat bond rates while building wealth for you

And So Much More!

Links from the Show

Coronavirus: Is It Time to Give Up on Financial Independence?

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig

Learn more about your ad choices. Visit megaphone.fm/adchoices

308: Why You Can’t Stop Overspending | Mindy & Carl’s Budget Review

10 juni 2022 | 43 min

Many FIRE chasers want to know how to stop overspending. But maybe the solution to overspending is simply knowing about it in the first place. For many Americans, credit card debt, exuberant living, and buying more than what they need are ongoing problems. And even for money masters like Carl and Mindy Jensen, it’s no different. As two leaders in the personal finance space, they understand why people overspend and how to stop it. But, as they’ve found out this year, giving advice can be easier than putting it into practice.

As many listeners know, Carl and Mindy have been publicly tracking their household spending. They’ve tried their hardest to stay within the limits they set for themselves, but some months' bills creep up on you more than others. In this monthly budget review, Carl and Mindy talk about why they’ve overspent, how to become more “money conscious”, and how to stop yourself from living a “money rich, lifestyle poor” life.

Editorial Correction: On a previous episode of the "BiggerPockets Money" podcast, we stated that gains in a 529 Plan account would be forfeited if not used for educational expenses. This is incorrect and we apologize for the mistake. If you’d like to know more about the 529 Plan rules and regulations, please visit this blog post. Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing!

In This Episode We Cover

How to budget and expense track the right way (stay up to date on your inputs!)

Umbrella insurance and how to get better insurance coverage for even less

Why many millionaires choose not to use a budget

Carl and Mindy’s newest live in flip project purchase

May’s budget busters and how buying quality goods can save you more in the long run

How to stay “money conscious” while living a proactive (not reactive) life

And So Much More!

Links from the Show

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

529 Plan Rules - Nerdwallet article

Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap

Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again

1500 Days

1500 Days YouTube Channel

Learn more about your ad choices. Visit megaphone.fm/adchoices

307: The 4 Steps to Financial Freedom and Debt-Free Wealth

6 juni 2022 | 77 min

Want to work less and make more? With a forty-hour workweek, it seems hard to imagine a reality where you can do less but still get the same results. How can you fit an entire week’s worth of work into only one day’s working hours? Jason Wojo and Peter Kolat, hosts of The Lifeonaire Show, argue that it’s easier than you think to cut out much of your workday, enjoy your life more, and reach financial freedom faster.

Both Jason and Peter grew up in troubling financial environments—raised in households where fighting about money was the norm. As Jason and Peter grew up, took on careers, got married, and had families, they saw themselves falling into the same traps as their parents—taking on debt, overspending, and working far more than they had liked. After hitting “rock bottom”, they decided to take a step in the right direction and change their financial future.

With the help of a financially-free “vision”, Jason and Peter now live lives almost unrecognizable to their pasts. They now help others find their passions, chase their dreams, and achieve financial freedom with ease. So, if you’re tired of the grind, the stress, and the financial anxiety, you may want to consider becoming a “Lifeonaire” like Jason and Peter.

Links from the Show

Why healthy finances are key to keeping a family (and marriage) in-tact

Hitting “rock bottom” and climbing out of credit card and consumer debt

Building a rental property portfolio debt-free and how you can do it too

The four core tenants of money philosophy and why everything starts with your “vision”

The 80/20 Rule and why working less can help you make more money

Calculating the cost of financial freedom and why it’s probably less than you think

And So Much More!

Links from the Show

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

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Lifeonaire Website

Learn more about your ad choices. Visit megaphone.fm/adchoices

306: Finance Friday: Self-Employed Income and Short-Term Rental Investing

3 juni 2022 | 65 min

305: What to Do Before You Quit the High-Pay & Benefits of Corporate World

30 maj 2022 | 81 min

Before you quit your job, you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business. As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business.

This is doubly true if you’re like Daniella Flores from I Like to Dabble, who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life, so she can avoid the instant shock of being an overnight entrepreneur.

Daniella has some helpful tips for anyone who thinks their time at a job is close to the end. She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom.

In This Episode We Cover

The importance of having a side hustle (especially when you’ve been working for a while)

Job hopping and negotiating more than just salary at your new or current job

Prioritizing yourself in your company and the downside of saying “yes” too often

Building a stable reserve fund so you can quit with confidence

Self-Directed 401k and other retirement options that self-employed individuals have

Self-employed health insurance and how to keep your benefits as you step away from full-time work

And So Much More!

Links from the Show

Connect with David

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

I Like to Dabble

Learn more about your ad choices. Visit megaphone.fm/adchoices

304: Finance Friday: The Fastest Way to Pay Off $300k in Student Debt

27 maj 2022 | 77 min

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington

Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie

Learn more about your ad choices. Visit megaphone.fm/adchoices

303: The Secret Steps to Getting Qualified for the Best Mortgage Possible

23 maj 2022 | 71 min

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

Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Finance Friday: Should You Pay Off Your Mortgage Early or Invest?

Ginnie Mae Website

Credit Karma

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302: Finance Friday: Can I Live in Flip My Way to FI at 55 Years Old?

20 maj 2022 | 85 min

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

MintMobile.com

Amazon Prime

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?

Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth

Finance Friday: How Do I Get Out Of This Cash Flow Crisis?

Learn more about your ad choices. Visit megaphone.fm/adchoices

301: Why You’re (Probably) Wrong About Prenups

16 maj 2022 | 70 min

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

ATL Aaron Thomas Law

BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry

Prenups.com

Learn more about your ad choices. Visit megaphone.fm/adchoices

300: Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth

13 maj 2022 | 76 min

299: Food Spending Eating Away at Your FI Plans? Here's How to Eat for Cheap

9 maj 2022 | 57 min

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

BiggerPockets Money Podcast 251 with Preston Cooper

Flipp.com Website

BudgetBytes.com

Connect with David

Learn more about your ad choices. Visit megaphone.fm/adchoices

298: The April Stock Market Slump | Mindy & Carl’s Budget Review

6 maj 2022 | 30 min

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Hear Our Interview with 4% Rule Creator, Bill Bengen

Michael Kitces’ Interview on FIRE and the 4% Rule

The “Mile High FI” Podcast

Connect with Carl on BiggerPockets

Learn more about your ad choices. Visit megaphone.fm/adchoices

297: How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt w/Robert Farrington

2 maj 2022 | 77 min

296: Finance Friday: How Do I Get Out Of This Cash Flow Crisis?

29 april 2022 | 71 min

295: Fueling Early Retirement at 36 with Just 4 Rental Properties w/Antoinette Munroe

25 april 2022 | 60 min

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

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check the full show notes here: https://www.biggerpockets.com/blog/money-295

Learn more about your ad choices. Visit megaphone.fm/adchoices

294: Finance Friday: Stable Index Funds or Cash-Flow-Reliable Rentals?

22 april 2022 | 63 min

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

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Check the full show notes here: https://www.biggerpockets.com/blog/money-294

Learn more about your ad choices. Visit megaphone.fm/adchoices

293: Why 40% of Master's Degrees Aren’t Worth It (and Which Are) w/Preston Cooper

18 april 2022 | 79 min

292: Mindy & Carl’s Spending Summary: March Money Madness Edition

15 april 2022 | 41 min

291: Turning eBay Profits into Cash-Flowing Rentals w/The Frugal Gay

11 april 2022 | 75 min

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

5 Frugality Myths Americans Believe That Would Make Ben Franklin Cry

A Beginners Guide to Hack Your Housing and Live for Free

How to Pay Down Bad Debt—Fast!

Check the full show notes here: https://www.biggerpockets.com/blog/money-291

Learn more about your ad choices. Visit megaphone.fm/adchoices

290: Finance FAQs: Renting vs. Buying, How to Pay Off Debt, & Creative Real Estate Closings

8 april 2022 | 63 min

289: How to Retire in 3 Years (After MANY Mistakes) with Real Estate w/Hugh Carnahan

4 april 2022 | 93 min

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

Check the full show notes here: https://www.biggerpockets.com/blog/money-289

Learn more about your ad choices. Visit megaphone.fm/adchoices

288: Finance Friday: Am I Investing Fast Enough to Retire Early in Portugal?

1 april 2022 | 79 min

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:

How I Used Real Estate to Pay for My Newborn Daughter’s College Education

Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders

Equity Rich and Cash Poor?

Calculate Potential Airbnb Earnings on Your Short-Term Rental

How I Live Overseas & Still Manage My U.S. Rentals

Check the full show notes here: https://www.biggerpockets.com/blog/money-288

Learn more about your ad choices. Visit megaphone.fm/adchoices

287: How to Ask for a Raise (and Actually Get It!) w/Kassandra Dasent

28 mars 2022 | 56 min

Do you know how to ask for a raise? If you’re like most people, you probably think that we’re asking a rhetorical question. If you think it’s as easy as simply walking up to your boss, asking for more money, and leaving, you probably haven’t ever asked for a raise before. Behind every pay raise request is a clammy-handed employee, hoping that they’ve done well enough to justify that salary bump. Maybe you’re nervous to talk to your boss, maybe you feel unprepared, or maybe you just find it hard to talk about money.

On today’s show, Kassandra Dasent, program manager and wealth advocate, touches on how every employee can prepare to get the raise they deserve. Despite what most people think, you should NOT prepare for your salary review days before it happens. Kassandra has a simple timeline that allows employees to maximize their raise potential throughout the year. So, when it finally comes time to talk numbers, most of the discussion is already done.

This type of strategy has not only helped Kassandra but numerous listeners of the BiggerPockets Money Podcast. But, what if you can’t get a raise? What if your boss says no? What if there’s no budget left for you at the end of the day? Don’t fret, Kassandra lays out the exit strategies you should plan for when career hiccups happen (which they inevitably will).

In This Episode We Cover

Building your “success folder” and using it as your greatest tool in a salary negotiation

Taking initiative on pay raises and not letting your boss control your career

Mitigating the fear of talking about money and using your goals to ask for a raise with confidence

How job-hopping really looks to employers and how it will dictate your career path

Strategizing your raise and negotiating for more than just money

How often you should update your resume (even if you’ve been at the same company)

And So Much More!

Check the full show notes here: https://www.biggerpockets.com/blog/money-287

Learn more about your ad choices. Visit megaphone.fm/adchoices

286: Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn

25 mars 2022 | 88 min

285: The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins

21 mars 2022 | 83 min

284: Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again

18 mars 2022 | 42 min

283: 8+ Income Streams as a Single Mom and Money Master w/ Tiffany Grant

14 mars 2022 | 67 min

Multiple streams of income are a must if you’re trying to hit financial independence, retire early, and have the luxury of time brought back into your life. While most people simply rely on one stream of income, their W2, others want more than one leg to stand on when it comes to their financial wellbeing. How would you feel if every day you had eight (or more) income streams flowing into your bank account?

Tiffany Grant from Money Talk with Tiff spent over a decade building the income streams that would eventually set her free from the golden handcuffs of corporate life. But, that road wasn’t made easy for her. Tiffany unexpectedly became a teen mom, forcing her to pivot her journey from aspiring chef to community college business student. Thankfully, her natural knack for anything related to money allowed her to advance quickly through college and later the corporate world.

She was making good money, she enjoyed her job, and she was saving almost all of her income. Tiffany knew that her real dream was to own her own business, grow her wealth, and build the life she dreamt of. So, thanks to her smart money management, Tiffany was able to leave corporate, build over eight streams of income with one business, and regain control of her time. If you’re looking to do the same, then definitely don’t skip out on what Tiffany teaches in today’s episode.

In This Episode We Cover

Building credit at an early age and disputing false claims on your credit report

Fighting income/lifestyle creep as soon you begin to make more income

Quitting corporate life and having the emergency reserves to support yourself

Strategizing your current position so you can make more and work less

Building multiple income streams from a single business and how anyone can do it

Investing in yourself and doing whatever it takes to stay on the path to financial independence

And So Much More!

Check the full show notes here: https://www.biggerpockets.com/blog/money-283

Learn more about your ad choices. Visit megaphone.fm/adchoices

282: Finance Friday: Got a Late Start? Here’s How to Ramp Up Your Passive Income

11 mars 2022 | 70 min

281: Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig

7 mars 2022 | 75 min

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