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355: All the Money Hacks We WISH We Had Known About
21 november 2022 · 55 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! Lees meer
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 M…
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354: Frank Advice on What to Do When a Real Estate Investment Goes Wrong
18 november 2022 · 58 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. Lees meer
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 mo…
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353: Ask the Money Experts: Debt, Diversification, Retirement, and Real Estate
14 november 2022 · 58 min
What should retirement planning look like? How can I invest if I am still paying off student loan debt? What makes a perfectly diversified portfolio? And when is the right time to pay off my rental properties? We went to the BiggerPockets Money Facebook Group to ask what you would like to know from a money expert. And thankfully, we found a couple of them who are friends of the show. Amanda Wolfe and Kyle Mast are here to answer some of your most-asked money questions! Lees meer
Amanda Wolfe was recently a guest on the BiggerPockets Money Podcast, sharing her story of reaching financial freedom after going through serious financial struggles and childhood poverty. Kyle Mast, Certified Financial Planner, has recently “retired” after helping his clients reach their financial goals with minimal stress and maximum freedom. They’re helping Mindy on today’s show to take questions directly from listeners about everything ranging from real estate to retirement planning and never feeling like you have enough.
If you’ve struggled not knowing how to pay down debt, how much cash to have on hand, or are having a mental block when switching from saving to spending mode, this episode could alleviate your worries. If you’d like to get more connected with the BiggerPockets Money community and potentially get your questions answered on a future show, be sure to join the BiggerPockets Money Facebook Group!
In This Episode We Cover
How to invest while paying down student loan debt, or any other debt for that matter
Transitioning from saver to spender when you have enough to finally retire
Real estate vs. index funds and which is more optimal for a post-retirement portfolio
Roadblocks on the way to financial freedom and why you DON’T need retirement accounts to invest for retirement
What a diversified portfolio looks like (it’s much simpler than you think)
Money moves to make if you don’t have much cash, but do have consistent income
And So Much More!
Links from the Show
Find an Inve…
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352: Common Money Fears That Are Costing You BIG
11 november 2022 · 1 uur 3 min
With so much going on—a recession, rampant inflation, rising interest rates—overcoming your money fears can be more challenging than ever before. The world is changing, and many of us feel like we’re being swept along with it. Our dollars are worth less, our retirement accounts have fallen sharply, and our cash is wasting away. What should we do when it feels like every financial move has a benefit and drawback attached to it? Should we even be making moves right now? Lees meer
Don’t get overwhelmed with financial anxiety because today we’re bringing you an episode full of financial fixes for the everyday investor! We posted on the BiggerPockets Money Facebook Group a few months back, asking you which money fears keep you up at night. Now, we’ve got answers! Back on the show are J Scott and Kyle Mast! They join Mindy in giving solutions to your greatest financial fears.
J and Kyle give suggestions on topics ranging from rising home prices and the inability to become a homeowner to being nervous about how inflation is eating away at the dollar. We also touch on the age-old question of whether or not we’redoing enough right now to set us up for retirement and how a recession could affect our hard-earned assets. J, Kyle, and Mindy all give their suggestions on these situations and spill some of their own financial fears to show you that even the experts still worry like everyone else.
In This Episode We Cover
Our biggest financial fears and what we’re doing to mitigate them in turbulent times
Growing up with very little and why the “never enough” mentality always lingers
Why buying a home isn’t your only option for building wealth in this market
Setting yourself up for a plentiful retirement even if you got a late start
Whether or not keeping a large cash position is a smart move to make
Changing jobs to get more personal time and when flexibility trumps finances
Inflation, interest rates, and how to stay sane during a recession
And So Much More!
Links from the Show…
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351: Does the 4% Rule Hold During 2022's Stock Market Crash?
7 november 2022 · 1 uur 8 min
Stock market crashes aren't good news for anyone. For retirees though, this dip in prices can feel like a death wish, as active income is no longer an option. Have the hopes and dreams of financial flexibility gone out the window? Or is a market crash like we're experiencing today just a small blip on a retiree's radar? Pairing this with inflation, how will someone who has just retired make it? Lees meer
We’ve got Michael Kitces, retirement planning expert and financial genius with enough acronyms coming after his name to spell out the alphabet, on the show to answer whether or not retirees are in trouble. Michael has advised his clients for decades on the right way to save and invest for retirement. He’s been a proponent of the 4% rule and was bold enough to hold his claim even during the flash crash of 2020. But, with such high inflation and stark drops in equity values, does he still agree with his past predictions?
Michael takes us on a trip down memory lane, visiting some of the worst financial crises in American history, showing how they compare to today. He also proposes that holding large amounts of cash, even during high inflationary times, isn’t the worst move to make, and whether or not he’s still investing as the market finds its bottom. If you’re worried about retiring during times like today, this is the man to listen to!
In This Episode We Cover
The 4% rule explained and whether this sage retirement advice still holds up
How past retirees fared during high inflation, low growth time periods
Which types of market crashes can be “dangerous” to retirees (and who should be worried)
Why some of the brightest minds in personal finance are clinging to cash
Purchasing power and how withdrawal rates are affected by high inflation
The smartest move to make if you’re worried your retirement savings aren’t enough
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance …
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350: Why We Turned Down a 5% Rate Mortgage | Mindy & Carl’s Budget Review
4 november 2022 · 39 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. Lees meer
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 d…
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349: When to Buy New vs. Used and is That Car Repair Worth the Cash?
31 oktober 2022 · 1 uur 16 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. Lees meer
In the first half of this show, we talk to Liz Frugalwoods, financial blogger and borderline professional at buying and selling cars. She recently made the bold decision to buy new—a shock to many of her readers. How could Liz, a financial independence expert, do something as careless as buying a brand-new car? Had she given up on the path to frugality? Not exactly. Liz shares some good reasons why buying new instead of used makes more sense, especially today.
To close out the episode, we bring on local mechanic Jesse Johnson, who gives a brief masterclass on buying, selling, and maintaining cars. As a mechanic with decades of experience, he knows exactly what car owners do to slowly destroy their daily drivers. He also knows how to get the most bang for your buck and when it’s the right time to sell that clunker sitting in your driveway.
In This Episode We Cover
The reasoning (and math) behind buying a new car vs. buying a used car
Taxes, registration, fees, and other trade-offs when buying new vs. used
The most important questions to ask yourself when shopping for a vehicle
Tips when selling a used car and the #1 thing to NEVER do
What parts of a car are worth repairing and which can wait
How to find a great mechanic in your area and get a free car wash
Trade-in tips and what to know to get the most out of a dealer
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Tw…
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348: Finance Friday: How to Start Investing After Becoming Debt-Free
28 oktober 2022 · 1 uur 3 min
Unless you’re a money nerd, knowing how to start investing from scratch isn’t as easy as it seems. With so many options out there and the economy faltering, how do beginners avoid getting burnt? Is something like real estate investing out of reach for new investors in times like today? These questions become even more complicated if you’re like today’s guest, Steven. Lees meer
Steven recently became debt-free (woohoo!) after paying off six figures worth of combined student, auto, and credit card debt. But because he’s been so focused on paying off debt, investing isn’t coming easy to him. With a baby on the way, he wants to be sure he’s making the smartest moves possible to put himself, his wife, and his child in a position to succeed. But real estate investing, stocks, and other assets aren’t his only worry.
With two job offers on the table, both with separate benefits and drawbacks, Steven is suffering from analysis paralysis, unsure how to move forward. Should he take the job with higher pay and remote flexibility or go with thelower-paid job that offers career growth potential? Thankfully, with Scott out on dad duty, Mindy doesn't have to serve as the lone suggester. Joining her on this episode is J Scott, experienced investor, father, and author of the newest book, Real Estate by the Numbers!
In This Episode We Cover
Paying off $100K in debt and how today’s guest did it in just three years
Finding your financial tribe by attending meetups, joining Facebook groups, and connecting on the BiggerPockets forums
Flexibility vs. finances in a job and which is more important for a new parent?
Eating out expenses and how investing a few meals’ worth of expenses could change your child's future
How to start investing as a beginner and the dangers in diversifying for those who want to build wealth
Side hustles, moving to inexpensive areas, and more financial tradeoffs for a flexible lifestyle
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Big…
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347: Why “Just Keep Buying” is The Smartest, Simplest Way to Get Rich
24 oktober 2022 · 52 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! Lees meer
Nick’s investing theory is simple. But, the math backs it up. Doing less will make you more money—much more money. In his book, Just Keep Buying, Nick lays down the time-tested, proven ways to build wealth without being an expert day trader, cryptocurrency coder, or stressed-out landlord. This simple system of investing will allow you to build an almost unspendable nest egg without being glued to the market charts and graphs all day long.
But maybe stocks aren’t your thing. Maybe you're chasing hundred-millionaire status? Don’t worry, Nick also gives his take on achieving monumental money goals without following the same path as everyone else. No matter where you’re at in life, this is an investing lesson worth learning as early as possible!
In This Episode We Cover
Dollar-cost averaging vs. buying the dip and which will make you more in the long run
How to invest with a falling stock market, high interest rates, and higher bond yields
Individual stocks vs. index funds and who should pick which type of investment
Cryptocurrency, NFTs, and investing in alternative assets
The downside of diversification and why it won’t help you build a big portfolio
Why even billionaires don’t feel like they’re rich enough
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Scott's Instagram
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTub…
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346: Finance Friday: How Sabbaticals Make You Happier, Healthier, and Wealthier
21 oktober 2022 · 51 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? Lees meer
Today’s guest Cindy, left a high-paid, stable job to take some much-needed time off. And after doing so, she’s urging you to do the same. Cindy, like most Americans, hasn’t taken time off since starting her working career. Besides the regular vacations and holidays, there never seemed like a good time for Cindy to take a break, recollect, and ask herself what she truly wanted. After taking a mini-sabbatical, she built up the courage to leave her job and hop off the grid for a bit.
Surprisingly, Cindy’s net worth didn’t dwindle during her time off—it grew! This positive push from the markets and her newfound clarity allowed her to discover new passions, try self-employment, and later snag a much better job while continuing to work towards early retirement. If you’ve been debating taking some time off, this episode will give you all the tips you need to do so!
In This Episode We Cover
Building your list of “alternative careers” to widen your job possibilities
Branching out far beyond your job title and doing more than what your degree is in
How to sample a sabbatical to see whether or not you could handle the real thing
Quitting your job during turbulent times and how to temporarily prepare for life without work
Funding life with a job and what to do before you quit
Planning out your passions so your sabbatical isn’t put to waste
How employers look at applicants who just took a sabbatical (it’s not what you think!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest…
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345: Divorced and $250K in Debt to Financially Free in 10 Years
17 oktober 2022 · 53 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? Lees meer
Monica Scudieri, author of Grab Your Slice of Financial Independence, wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt, get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same.
After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digging herself out of debt, building up a cash-flowing rental property portfolio, and financially optimizing her life in every way she could. Now, she’s financially free, coaching others on how they can do the same!
In This Episode We Cover
Financial red flags to look out for when dating (and what to do if you spot them)
Budgeting, tracking your expenses, and the smarter way to ensure you’re not overspending
Having the “money conversation” with your partner or spouse before it’s too late
Downsizing and ignoring lifestyle creep even if your partner can’t
Building a small rental property portfolio and the huge benefits of investing early
Side hustles and doing whatever you can to get out of consumer debt
Why the Honda Civic remains the FIRE movement’s vehicle of choice
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Listen to All Your Favorite BiggerPockets…
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344: Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions
14 oktober 2022 · 52 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. Lees meer
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 f…
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343: Is Now the Time to Buy as The Housing Market Starts to Dip?
10 oktober 2022 · 54 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. Lees meer
Joining us today are James Dainard, Jamil Damji, and Kathy Fettke, a gaggle of real estate veterans and the expert guests on BiggerPockets’ On the Market podcast. They’ve seen up markets, down markets, and confusing markets like today. As investors who touch almost all corners of the United States, with different areas of expertise, they bring the facts on what’s happening in today’s housing market.
We talk about interest rate updates, when the “inventory crisis” will end, why demand has taken a nosedive, and whether or not it’s still a good time to buy real estate. We also talk about the state of the economy, inflation, and how the Federal Reserve may be working to put us into another recession. This up-to-date episode will give you everything you need to make smart buying or selling decisions in today’s housing market.
In This Episode We Cover
Why interest rates are up and what it means for the housing market
Whether or not the Federal Reserve is trying to cause a real estate correction
When and where you can expect price drops and how long they’ll last
Is now still a good time to buy real estate (investments AND primary residences)
Adjustable-rate mortgages (ARMs) and why they’re worthwhile in times like today
The housing inventory crisis and how Millennial demand drove up prices
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Scott's Instagram
Listen to All Your Favorite BiggerPoc…
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342: Finance Friday: Financially Independent, But Not Feeling “Free”
7 oktober 2022 · 51 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? Lees meer
This is just one of the topics we touch on with today’s guest, Mark. Mark is in a great position, and he’s already financially free. But, he doesn’t know what to do next, how to optimize his portfolio, and whether or not he’s making the right moves. With a blend of stocks, bonds, and real estate, Mark has a million-dollar diverse portfolio, but where can he tighten it up? And, if he’s able to do so, how does he get his wife on board?
This episode serves as a reminder that even when all the hard work pays off, there is still a life to live. If you’ve spent years, or decades, grinding to finally reach a comfortable position in life, it’s necessary to know how to use that time once you have it. Do you keep stacking up investments so your children are ensured a comfortable life, or do you take some time for yourself, chase after your own dreams, and live a life you would love to live?
In This Episode We Cover
Why cutting down your expenses remains one of the fastest ways to hit financial independence
Recalculating your rental property profits and making sure your cash flow is correct
Turnkey rentals and using them as a low-stress way to quickly build a profitable portfolio
Selling off investments to pay for your lifestyle and the risk of doing so
Combining finances as a couple and how to propose the idea to a not-so-convinced spouse
Defining your goals and drafting your “vision” that’ll help you make the right steps to achieve ultimate freedom
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review …
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341: Money with Katie’s Middle-Class Myths and The Great Roth vs. 401K Debate
3 oktober 2022 · 58 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. Lees meer
Through a few short years of self-education, Katie was able to more than double her income, build profitable side businesses, and have a master-like grip on her finances. She’s become an expert in retirement investing, passive income, and saving simply through reading blog posts, listening to podcasts, and starting something of her own. This, coming from someone who just a few years ago had less than $500 to their name.
Katie walks through what spurred her “financial awakening” and how sharing the same thought process could activate your own. She also touches on financial myths that the middle class commonly falls into, the great Roth vs. 401(k)debate, and why lifestyle creep isn’t such a bad thing. She’s proof that you can turn your entire financial situation around in only a few short years, and if she could do it, why can’t you?
In This Episode We Cover
The “financial awakening” that’ll have you saving more and spending less
Financial “truths” that could destroy your wealth if you follow them
Self-education and the best personal finance podcasts and blogs and you should tune into
Retirement investing and whether it makes sense to invest pre-tax or post-tax
Starting side hustles and job hopping to more than double your salary
The bright side of lifestyle creep and using it as a reward for your hard work
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Scott's Instagram
Listen to All Your Favori…
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340: Finance Friday: When Rental Property Investing Doesn’t Make Sense
30 september 2022 · 1 uur 11 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. Lees meer
Allen is a vacation rental house hacker, leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move.
With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you. Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose.
In This Episode We Cover
When is the right time to buy real estate and how high-interest rates hurt your chances of getting a good deal
Limiting your monthly spending and taking advantage of earning a high income
Short-term rental house hacking and using it to cover most of your living expenses
Stocks vs. real estate investing and when it’s the right time to choose one over the other
Aggressive debt payoff and how to know whether an interest rate is too high
Credit score tips and the factors that make yours go up and down
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twit…
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339: From Sociology Major to Seven-Figure Agent Commissions
26 september 2022 · 1 uur 17 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. Lees meer
Pat was one of the first “billion-dollar” real estate agents. Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent!
But how did Pat, a sociology major without any connection to real estate, reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors, you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today!
In This Episode We Cover
Everything you ever wanted to know about real estate agent commissions and broker splits
Why so many new real estate agents fail during their first few years
Leveraging out your work, hiring employees, and scaling a business instead of building a job
Real estate investing basics and the downsides of taking too much depreciation
Quitting a lucrative career and the financial moves to make that ensure a successful transition
The six steps to reaching seven figures for real estate agents (and any other entrepreneur!)
And So Much More!
Links from the Show
BiggerPockets Mon…
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338: Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought
23 september 2022 · 59 min
Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable. Lees meer
Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom.
Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too!
In This Episode We Cover
Living on less than half of your income and how to maximize your unused funds
Income-based repayment plans and determining the best loan payoff plan for you
Reallocating your portfolio and finding creative ways to pay off your debt
Time management and how to know when you should outsource or delegate tasks
Preparing for a career shift and how to create a solid financial foundation
Getting into a debt-free mindset and finding financial independence even faster
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Scott's Instagram
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Mon…
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337: College is NOT for EVERYONE: Joining the Military & Become Financially Free
19 september 2022 · 54 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. Lees meer
Today’s guest, David Pere, is a financially free veteran with 100 rental units, all thanks to his time in the military. He enlisted fresh out of high school in 2008. While he did the usual “stupid young guy stuff” for a few years, once he read Rich Dad Poor Dad in 2015, he decided to get serious about financial freedom. After thirteen years of active duty, in 2021 he was honorably discharged with a net worth of a million dollars.
The military offers various benefits, from the ability to learn trades to getting life experience to its financial advantages. As a service member, you are in an ideal position to become financially free. Your housing and food get paid for, and you have access to government-backed savings plans and loans. You also get tuition assistance for yourself and your family. With all the support and benefits the military provides, you can start building the life you always dreamed of straight out of high school.
In This Episode We Cover
Why the military may be the best option straight out of high school
The various opportunities to start a career through the military
The GI Bill vs. tuition assistance and how to make sure you qualify
The tangible and intangible skills you learn in the military and how they translate into the workforce
The VA Loan, qualifications, and how to get rich with it via house hacks
The TSP and the SDP and how to use them to grow your wealth faster
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
David on BiggerPockets
David’s Site From Military to Millionaire
Listen to All Your Favorite BiggerPockets Podcasts in On…
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336: Finance Friday: Six-Figure Passive Income in Just 4 Years!
16 september 2022 · 53 min
Becoming a millionaire by 30 is almost every 20-or-something-year-old’s dream. But what if you want to go even further? Instead of seven-figure net worth, what about an eight-figure net worth? Would this be enough to make your wildest dreams come true, or is planning for ultra-wealthy status a wasted pursuit, as most people could easily retire earlywith just a few million? The question we’re trying to ask is, how much is enough? Lees meer
It’s not Scott and Mindy asking this question, it’s today’s guest, Travis. You could call Travis an overachiever, although he doesn’t have the ego to fit that title. Travis has built close to a million dollars in net worth, with $10,000 of monthly passive income in just four years. He’s done this while working a full-time job and spending just $2,000 a month. If we could give a “You Did It, You Won the Money Show!” award, Travis would be first in line.
But Travis is struggling to get his goals aligned with his portfolio. He set a lofty eight-figure goal for retirement, but with his rock-bottom spending rate, is this dollar figure even worth the work? Travis also wants to pose the stocks vs. real estate question, as he’s almost entirely invested in rental properties with very little left in retirement accounts or any stock accounts in general. So what is Travis’ next move? Quit the job, load up on stocks, or keep doing what he’s been doing?
In This Episode We Cover
Using the BRRRR strategy to grow a large rental portfolio in very little time
Hitting millionaire status by your thirties through smart spending and consistent investing
When to quit your W2 and pursue entrepreneurial pursuits full-time
Stocks vs. real estate and loading up your Roth, 401K, and other retirement accounts
Goal setting and when to take a step back from building wealth
CapEx calculations, cash reserves, and prepaying your mortgage
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding…
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335: The (Almost) Guaranteed Way to 31x Your Investments
12 september 2022 · 42 min
What do timing the market and a circle have in common? There’s no point, literally and figuratively. Some people would like to have you think they’ve cracked the code and there’s some secret formula. There’s not. They may have been able to “time the market” once or twice, but they probably can’t repeat it multiple times. Being correct for the wrong reasons isn’t repeatable, and with the market being so arbitrary, timing it correctly for the right reasons is unlikely. Despite this, there’s still a way to have enormous success while realizing great returns in the stock market, and today’s guest, Jesse Cramer, explains that. Lees meer
In Jesse’s article, The Near-Zero Benefit from Timing the Market, he tells the story of three investors. All three investors have different experiences “timing” the market, and while they all have different outcomes, it’s not the outcome you’d expect. While you can’t time the market, time in the market can be just as lucrative. If you let your money compound interest over time, you’d be surprised at how much more you can earn by simply leaving your money alone.
In This Episode We Cover
Time in the market vs. timing of the market and which one wins over decades
The unpredictability of the market and how to combat it
Advice for new investors on how to manage emotions while investing
The benefits of reinvesting your dividends and letting your investments compound
The importance of self-education and how to use it as insurance when investing
The history of the stock market and its overall growth
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and B…
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334: Finance Friday: The 5 Questions to Ask if You Want to Fast-Track FI
9 september 2022 · 45 min
If someone told you that financial freedom could be achieved by traveling the world, you probably wouldn’t believe them. How can going on a work vacation to Europe make you richer? Surprisingly, doing this can help cut years off your retirement horizon, allowing you to save more, spend less, and invest for your future faster than ever before. Don’t believe it’s possible? Scott and Mindy prove the profits behind doing so in this Finance Friday episode! Lees meer
Today we’re talking to James, who is inches away from retirement. He has only a few years left before he can sail off into the sunset, but James wants to know how he can reach his goals even faster. He keeps his spending low, continuously invests, and has a remote work position, allowing him to work wherever he wants. He dreams of living in other areas of the United States but wants to ensure he has enough money to do so.
His highest monthly cost? Housing! Like most Americans, a majority of James’ spending is for the roof over his head, but could geographic arbitrage turn his travel plans into a seriously profitable excursion? For those who are trying to hit FI, are close to FI, or simply want to spend more time enjoying life abroad, this episode is for you!
In This Episode We Cover
Calculating your FI number and getting to early retirement faster
Defining your retirement goals and knowing what you want to do and where you want to be
The 4% rule and whether or not it holds up as stock values have taken a tumble
Geographic arbitrage and using it to reduce your largest monthly cost
Coast FI and why a more gradual retirement option may work for you
The five questions every investor should ask themselves when planning for retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Scott's Instagram
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talen…
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333: From Broke at 40 to FI at 50 While Raising 4 Kids
5 september 2022 · 51 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. Lees meer
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
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboardi…
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332: Handling Finances as a Couple: Individual, Combined, or a Bit Of Both?
2 september 2022 · 55 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. Lees meer
We thought we’d put this theory to the test by having Doug Cunnington and Carl Jensen, hosts of the Mile High FI podcast, on the show. Doug and his wife have separate finances, Carl (Mindy’s husband) has completely combined their cash flow, and David Pere (our trusted military millionaire) has walked the tightrope between combined and separate finances with his wife. But which couple is fairing the best?
Unfortunately, we will not be having a couple vs. couple cage match?—but we will discuss the pros and cons of each strategy. Carl, David, and Doug all bring up interesting, and often emotional, arguments as to why they think their money-splitting strategy works best for their specific relationship. If you’re currently in a relationship, married, or about to be wed, this may be a crucial topic worth exploring before your spouse spends $50,000+ on an impulse Tesla order!
In This Episode We Cover
Three couples with three different ways of splitting finances
How to combine monthly cash flow so that bills are paid
The bright side of prenuptial agreements and why every married couple should have one
Respecting your partner's money mindset by building a spouse-specific system for the two of you
Saving for your child's college and whether or not higher education is worth it as college becomes increasingly optional
Advice for couples who will (or already) combine their finances and investing
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Davi…
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331: From Food Stamps to Six-Figure Flips and Debt-Free On a Teacher’s Salary
29 augustus 2022 · 59 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. Lees meer
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
Bigge…
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330: The Ultimate Teen Money Hack for Parents
26 augustus 2022 · 43 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. Lees meer
Thankfully, the Sheek Freak himself, Dan Sheeks, is back on the show to give his “ultimate teen money hack for parents.” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path. This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independence, responsibility, and the ability to save and invest for a better future.
But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too!
In This Episode We Cover
The “ultimate teen money hack” every parent should try with their high-schooler
Teen debit cards, credit cards, and building up basic frugality
Teaching your teen to “pay yourself first” through strategic spending and investing
Letting your child make mistakes now, so they don’t make life-long mistakes later
The perfect age to implement this strategy and when it matters most
Common questions your teen may ask and getting them excited about money management
And So Much More!
Links from the Show
BiggerPockets Money …
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329: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street
22 augustus 2022 · 1 uur 4 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. Lees meer
But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again.
But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!
In This Episode We Cover
Escaping childhood poverty through basic financial education
DIY financial literacy by asking questions others are too intimidated to
401ks, Roth IRAs, HSAs, and other tax-advantaged investing accounts
Tweaking your “money mindset” to place yourself on the path to building wealth
Amanda’s biggest financial mistake that, once corrected, increased her income two-fold
Building your emergency reserves and using them to catapult your investments
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your F…
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328: The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson
19 augustus 2022 · 1 uur 41 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? Lees meer
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 len…
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327: Why the Stock Market Should NOT Scare You (Even As It Crashes) w/Brian Feroldi
15 augustus 2022 · 48 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. Lees meer
You don't need to trust David and Mindy on this, instead, trust a stock investing expert like Brian Feroldi. Brian wrote the book on why the stock market always goes up, appropriately titled, Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren't. Brian uses this book to educate, inform, and enhance investors’ abilities to invest without stress, headache, or anxiety about future prices.
In this episode, Brian demystifies the calculations behind investing in the stock market. From price to earnings ratios to company valuations, and why individual stock picking only makes sense if you’re the right type of person. He also hints at a “multimillion-dollar mistake” some investors are making when investing for retirement. Simply hearing his warning could save you millions of dollars in the future!
In This Episode We Cover
Why stock market crashes shouldn’t scare the average investor
What causes the stock market to go up in the long-term, even with short-term dips
Price to earnings ratios explained and using them to value companies before you buy
How long you should hold stocks and why consistent trading could cost you more than you think
The 4% rule and how the gold standard of retirement calculations is holding up in 2022
Avoiding the “multimillion-dollar mistake” many investors are making
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
David on BiggerPockets
David…
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326: Finance Friday: Still Feeling "Money Anxious" After Hitting FI
12 augustus 2022 · 1 uur 1 min
The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats, trains horses, and buys rentals in cash. Before you get squeamish, this isn’t a show about flipping rats for profit. But, it is a show about horse training, unique investments, and how to ease off the gas when building wealth. Even if you’re far from your FI number, thinking about this concept will help you tremendously once you’ve retired. Lees meer
Alexis and Max have an interesting situation, and they aren’t your everyday workers. Both of them work out in the field, up against the elements, making some serious money to help train horses. Max was a self-taught trainer who built an impressive resume while only in his teenage years. He has a passion for finding, training, and flipping horses that will one day be champions. This is his life’s work and it’s allowed him to charge a pretty hefty price tag.
But, the couple hasn’t just been investing in horses. They also have nine paid-off rental properties, subsidizing the entirety of their monthly spending. But, even with their high net worth, they’re struggling to feel comfortable with their financial situation. They’d like to buy a house of their own, take a break from work, and allow themselves more time freedom. But do they really need more money, or do they simply need to rethink their already solid situation?
In This Episode We Cover
Flipping horses and the astounding money this unique investment can make
Rental property investing and why being debt-free isn’t such a bad thing
Sheltering business taxes so you can keep more income at the end of the year
When to use leverage to buy real estate vs. buying rentals in cash
What to do with your “lazy money” even if you’ve already hit financial freedom
Getting clear on your financial goals so you can work less and enjoy your wealth
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review G…
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325: How to Buy Yourself a 6-Figure Income Stream
8 augustus 2022 · 1 uur 23 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. Lees meer
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 …
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324: Finance Friday: Why Even Millionaires Still Have to Budget
5 augustus 2022 · 55 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. Lees meer
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 S…
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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 augustus 2022 · 1 uur 2 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. Lees meer
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 m…
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322: Finance Friday: Living Paycheck-to-Paycheck with 9 Rental Properties
29 juli 2022 · 1 uur 5 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. Lees meer
This is why running (and re-running) your “true cash flow” number is so important. It’s also what Pam, today’s guest, might need to do to figure out which rentals to sell and which to keep in her portfolio. Pam owns nine rental properties, which is doubly impressive since she declared bankruptcy just a decade ago. She’s been able to rebuild a financial position that many would envy. And even though Pam and her husband make a great income, they’re struggling to figure out where it’s going every month.
As six-figure earners, they’re barely breaking even on some months and overspending on others. Is Pam being too relaxed with some of her budget categories, or is there another cash flow leak coming from somewhere she isn’t looking? Scott and Mindy go through Pam’s current financial situation and quite quickly come up with a solution that could save her thousands every month.
In This Episode We Cover
How to calculate “true cash flow” for your rental properties so you know what actually comes in every month
Selling vs. refinancing vs. holding and which choice to pick for which property
Why so many six-figure earners feel like they’re living paycheck to paycheck
Capital expenditure (CapEx) costs and why every rental property investor must anticipate them
Climbing out of bankruptcy and finding financial success after starting from zero
Using private money lending to grow a rental portfolio quickly
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to Al…
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321: From Spending Six-Figures a Year to Saving 80% of His Income
25 juli 2022 · 1 uur 14 min
Living paycheck to paycheck isn’t sustainable. But, if you’re in this position, you already know that. The stress of always worrying about bills, scrounging for money, and never really feeling security can eat away at you. This is how Anthony Michael felt, but surprisingly, he wasn’t making a small amount of money. He and his wife were making six figures, but only saving around $200/month. This was far less than Anthony was comfortable with, so he sat down, crunched the numbers, and started taking drastic actions. Lees meer
After he was able to increase his savings rate tenfold, he knew the extra money he was bringing in needed to be deployed. He started listening to The BiggerPockets Real Estate Podcast, read Rich Dad Poor Dad, and saw that house flipping could be his way to real estate riches. He found a partner, picked an area to invest in, and since then has madeflipping homes his top money-marker.
Anthony’s story didn’t always go to plan. He had house flipping budget busters that forced him to use much of his emergency savings, a “partner” who ran off with thousands of dollars, and other fumbles along the way. But, all these mistakes lead to Anthony being in the position he is in today, and maybe you can avoid some of his pricey mistakes simply by hearing his story.
In This Episode We Cover
How lowering your expenses is a faster way to save than increasing your income
Flipping products online and choosing side hustles that can quickly bring in some cash
House flipping and how (when done right) it can be a killer side hustle for new investors
The “BRRRRbnb” short-term rental bringing in over $500 per night
Real estate partnerships and what to look out for before you start sending money
Credit card debt and how to use it the right way when investing in real estate
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in…
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320: Finance Friday: How to Invest When the 20-Year Grind Pays Off
22 juli 2022 · 1 uur 2 min
Retirement strategies range from simple index fund investing all the way to full-on real estate development deals. What works for some investors won’t work for others. What’s most important to you is knowing what will or won’t work for your lifestyle. Some workers can easily do a couple of fix and flips on the side to generate income, while you may have a sixty-hour workweek, without a lot of free time to start investing in more intense asset classes. Lees meer
Chris feels just like this. As a working professional with a hectic schedule, he's concerned that he can’t participate in more “active” income-generating projects like real estate investing. He's been grinding for decades, making decent money but funneling much of it to pay off expensive student loan bills. When his wife sold her business, an unexpected windfall profit resulted, leaving the couple with more options than they thought.
Now they want to “back into retirement” as easily as possible, while still making wealth-building moves. What’s the best option for them? Stocks, real estate, or focusing on work so they can build a large cash reserve? While Scott and Mindy can’t answer this question for him, Chris is presented with a few good options that’ll help him become a multimillionaire in only a few short years.
In This Episode We Cover
Buying and selling a business, plus some lucrative exit options for when you decide to sell
Short-term rental investing and why big profits usually come with big-time commitments
The “perfect” retirement portfolio and how to build your assets around your lifestyle
Planning for your child’s college and how to invest risk-free while taking tax-advantages
Whether to invest in pre or post-tax retirement accounts when you’re coming close to retirement age
Serious side hustles that’ll help you achieve the “four-week work year”
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Min…
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319: The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable
18 juli 2022 · 56 min
Your financial freedom journey won’t look like anyone else’s. It’s your future, your passion, and your life on the line when trying to hit financial independence. But what are we missing out on during the journey? Are we mindlessly walking towards a “money mirage” where everything in life is perfect and happiness is always abundant, simply because we have more money? Or, is the end of the financial independence journey far less satisfying than it’s hyped up to be? Lees meer
Doc G, from The Earn & Invest podcast, knows about regret. When he’s not recording episodes about residual income, he’s helping hospice patients who are months, weeks, or even days away from life’s end. He knows what it looks like when someone harbors regret about what they should have done. So many of our greatest regrets are caused by not knowing what we truly want to do. The question is, do you know what will actually make you happy?
It’s okay if you can’t answer that question right away. In Doc G’s newest book Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, he gives a concoction of stories, exercises, and thought-provoking metaphors to help you not only reach FI but do so regret-free.
In This Episode We Cover
Why stepping away from a high-paying career could make financial freedom easier for you
Finding what you truly want out of life and how to do so before it’s too late
The “mirage of money” that financial independence chasers can’t get enough of
Why the “death march to FI” is rarely worth it and what to do if you’re on that path
The “three brothers” story that will have you rethinking how you want to reach early retirement
What hospice patients regretted most and their advice for those who are healthy
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One …
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318: Finance Friday: The Median Earner’s Guide to Fast-Tracking FI
15 juli 2022 · 55 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. Lees meer
Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts, saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it.
Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement. In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life?
In This Episode We Cover
After-tax vs. pre-tax investment accounts and which to prioritize for early retirement
Pensions and whether or not they’re worth working at the same job for
HSA vs. FSA investing and how to maximize your tax-advantaged healthcare accounts
Index fund investing and how to aggressively invest without making things complicated
The four levers of financial independence and which to pull when you don’t have many assets
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Pla…
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317: Early Retirement by 30 with $20K/Month in (Actually) Passive Income
11 juli 2022 · 59 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. Lees meer
This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income, much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college. She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be.
Fast forward a few years and Rachel has a strong real estate portfolio, bestselling financial literacy books, an exclusive mastermind and coaching program, as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here.
In This Episode We Cover
Using your age as a benefit and how to get around clients/customers judging you by your youth
Where to find the most cash-flowing real estate deals that no one else knows about
Living frugally as you make more money and resisting lifestyle creep at all costs
The multitude of passive income streams almost anyone can create
Selling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to be
Imposter syndrome and why self-doubt could be costing you tens of thousands
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review…
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316: Spending Categories to Cut During a Downturn | Mindy & Carl’s Budget Review
8 juli 2022 · 35 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. Lees meer
Carl and Mindy understand this, but can't seem to rein in their rebellious budget. This month was their most expensive month ever. And even though these expenses were planned, they nonetheless stung when reviewing them later. But even without these accounted expenses, Carl and Mindy have noticed the cost of goods going up while their stock portfolio continues to drop.
If you’re worried about high inflation, rising home prices, food prices, and everything in between, this is a great time to make the needed adjustments to your budget. This will save you not only a bunch of time but also stress when seeing shockingly high prices for everyday things.
Even financially free couples like Carl and Mindy need to reassess, and you may want to as well!
In This Episode We Cover
Mindy’s most expensive month ever recorded and why you should never books flights a month in advance
Categories you can cut when an economic downturn hits so you (and your family) stay safe
Why saving is more special when you can truly enjoy the things you’re spending on
Rethinking early retirement and why now may not be the best time to leave the workforce
Budgeting, expense tracking, and keeping an eye on your overspending (before it gets out of hand)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
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Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
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Check Out Mindy’s 2022 Live Spending Tracker…
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315: From 400 Credit Score to Making $17,000/Month in Passive Income
4 juli 2022 · 1 uur 44 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. Lees meer
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…
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314: Finance Friday: How to Get to Early Retirement Even Faster
1 juli 2022 · 1 uur 15 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. Lees meer
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
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on…
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313: The “Perfect” Investment Portfolio for Early Retirement w/Ask The Money Coach
27 juni 2022 · 51 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? Lees meer
Today we’re joined by Ask The Money Coach’s Lynnette Khalfani-Cox, who is used to getting personal finance questions thrown at her all day long. She’s dug deep into everything surrounding investing and early retirement. From stocks to I Bonds, to real estate investing and cryptocurrency—if you’re interested in building (and maintaining) wealth, Lynnette’s website and books have something that will help you on your benjamin-stacking journey.
Mindy and Scott take some of the top investing, saving, and retirement questions from the BiggerPockets Money Facebook Group and ask Lynnette her opinion on them. Hear answers to top questions like when to invest and when to pay off debt, what makes the “perfect” portfolio, how to stop saving and start spending when you retire, and whether to invest for retirement or start a business.
In This Episode We Cover
The debt payoff schedule you should follow if you want to invest while shedding consumer debt
I Bonds explained and how to get around the $10,000 personal purchase limit
Transitioning from “save mode” to “spend mode” when you’ve hit your retirement goal
How to introduce others to personal finance (without it sounding like a lecture)
What to do before you start a business and getting your personal finances in order
Why younger generations of investors are choosing more “risky” investment options
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Scott's Instagram
Apply to Be a Guest on The Money Show
Podcast Talent Search…
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312: Buy Now, Pay Later: Consumer Convenience or Predatory Pricing Scheme?
24 juni 2022 · 47 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. Lees meer
Alexi Horowitz-Ghazi, NPR reporter and host of Planet Money, was interested in how this type of interest-free internet shopping is affecting consumers. Through his research, he found numerous examples of online shoppers overspending, getting into debt, and not knowing their total purchase price. The ease of paying just a fourth of a product’s price and getting it delivered in days became too much for many consumers to resist. And now, they’re paying the price.
If you don’t want to fall prey to this type of split-up pricing, you’ll want to hear what Alexi, David, and Mindy have to say. Using this type of “interest-free” credit could put your financial freedom in jeopardy—and no one wants to trade early retirement for a new swimsuit.
In This Episode We Cover
The “buy now, pay later” programs and how they target online shoppers
How buying now and paying later could affect your credit score in the long run
What happens when shoppers can’t pay their future installment loans?
Why US legislators are taking “buy now, pay later” companies to court
The marketing tactics used by these companies to get you to spend more at checkout
Why saving now and buying later will help your future finances
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTub…
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311: How to Create Financial Security (From Scratch!) and Become “Set for Life”
20 juni 2022 · 1 uur 24 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. Lees meer
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
BiggerPockets …
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310: Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out
17 juni 2022 · 55 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. Lees meer
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 Gro…
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309: Bonds: The Perfect Inflation Hedge (with One BIG Caveat)
13 juni 2022 · 1 uur 15 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. Lees meer
Neither Mindy nor Scott have heavy allocations in the bond market, so to understand these interesting assets a bit more they invited Shane Shepherd, Assistant Professor at USC’s School of Business, to the show. Shane has seen a recent pique in interest from his students in a few certain subjects—inflation, rising interest rates, and bonds. It seems like even the young generation of investors want to safely store their cash during pre-recession markets. But, does Shane think that I Bonds are a smarter way to save?
If stock market slumps are starting to hit your portfolio hard, this may be the perfect episode to listen to. Shane describes exactly why so many Americans are investing in I Bonds while also explaining who should not contemplate investing in something as stable as bonds. His advice could help you keep pace with inflation or buy killer deals in the coming months!
In This Episode We Cover
I Bonds explained and how they can help you minimize the effects inflation has on your portfolio
Nominal yield vs. real yield and why you must understand the difference before you invest
What happens to bonds if the US enters into an deflationary period
Who should (and more importantly shouldn’t) start investing in bonds
The downside of diversifying and why bonds are a safe, but static investment
How taking on real estate debt could beat bond rates while building wealth for you
And So Much More!
Links from the Show
BiggerPockets Money Facebook Gro…
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308: Why You Can’t Stop Overspending | Mindy & Carl’s Budget Review
10 juni 2022 · 37 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. Lees meer
As many listeners know, Carl and Mindy have been publicly tracking their household spending. They’ve tried their hardest to stay within the limits they set for themselves, but some months' bills creep up on you more than others. In this monthly budget review, Carl and Mindy talk about why they’ve overspent, how to become more “money conscious”, and how to stop yourself from living a “money rich, lifestyle poor” life.
Editorial Correction: On a previous episode of the "BiggerPockets Money" podcast, we stated that gains in a 529 Plan account would be forfeited if not used for educational expenses. This is incorrect and we apologize for the mistake. If you’d like to know more about the 529 Plan rules and regulations, please visit this blog post. Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing!
In This Episode We Cover
How to budget and expense track the right way (stay up to date on your inputs!)
Umbrella insurance and how to get better insurance coverage for even less
Why many millionaires choose not to use a budget
Carl and Mindy’s newest live in flip project purchase
May’s budget busters and how buying quality goods can save you more in the long run
How to stay “money conscious” while living a proactive (not reactive) life
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Appl…
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307: The 4 Steps to Financial Freedom and Debt-Free Wealth
6 juni 2022 · 1 uur 11 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. Lees meer
Both Jason and Peter grew up in troubling financial environments—raised in households where fighting about money was the norm. As Jason and Peter grew up, took on careers, got married, and had families, they saw themselves falling into the same traps as their parents—taking on debt, overspending, and working far more than they had liked. After hitting “rock bottom”, they decided to take a step in the right direction and change their financial future.
With the help of a financially-free “vision”, Jason and Peter now live lives almost unrecognizable to their pasts. They now help others find their passions, chase their dreams, and achieve financial freedom with ease. So, if you’re tired of the grind, the stress, and the financial anxiety, you may want to consider becoming a “Lifeonaire” like Jason and Peter.
Links from the Show
Why healthy finances are key to keeping a family (and marriage) in-tact
Hitting “rock bottom” and climbing out of credit card and consumer debt
Building a rental property portfolio debt-free and how you can do it too
The four core tenants of money philosophy and why everything starts with your “vision”
The 80/20 Rule and why working less can help you make more money
Calculating the cost of financial freedom and why it’s probably less than you think
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Scott's Instagram
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
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306: Finance Friday: Self-Employed Income and Short-Term Rental Investing
3 juni 2022 · 59 min
If you want to invest in real estate, you’ll need a few things: a property, an income source, and some cash. If you’ve got all three, you should be able to finance your way to owning a rental property, but this becomes a little more challenging when you’re someone with fluctuating income. Entrepreneurs, especially those without a consistent client base or consistent schedules, have a seriously hard time tracking, budgeting, and saving their income which changes every other month. Lees meer
Chelsea and Wade feel this way as well. They’re both entrepreneurs, but, as a filmmaker, Wade has far more fluid income than Chelsea does. Some months Wade will bring in tens of thousands, while other months, nothing. Chelsea can subsidize the household budget with her more regular income, but even then, the couple needs to keep a strong safety reserve to ensure they’re never going too over budget without their bank account being refilled.
Thankfully, Chelsea and Wade are very good at managing their money and may actually have too much of it. They’relooking to dive into real estate investing to start building a path to financial freedom. With a serious amount of safety reserves, they’re thinking of buying a short-term rental as their first investment property. But, does their inconsistent income threaten their vacation rental plans?
In This Episode We Cover
How to manage emergency funds and safety reserves when self-employed
Retirement accounts vs. rental property investing and which is best for early FI
Saving for your child’s college and why a 529 plan may limit your child’s future choices
Self-employed health insurance and whether or not getting a job is worth the lucrative benefits
The most important metric to look at when investing in short-term rental properties
Whether or not your cash position is too conservative for your investing goals
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott…