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305: What to Do Before You Quit the High-Pay & Benefits of Corporate World
30 mei 2022 · 1 uur 15 min
Before you quit your job, you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business. As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business. Lees meer
This is doubly true if you’re like Daniella Flores from I Like to Dabble, who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life, so she can avoid the instant shock of being an overnight entrepreneur.
Daniella has some helpful tips for anyone who thinks their time at a job is close to the end. She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom.
In This Episode We Cover
The importance of having a side hustle (especially when you’ve been working for a while)
Job hopping and negotiating more than just salary at your new or current job
Prioritizing yourself in your company and the downside of saying “yes” too often
Building a stable reserve fund so you can quit with confidence
Self-Directed 401k and other retirement options that self-employed individuals have
Self-employed health insurance and how to keep your benefits as you step away from full-time work
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Connect with David
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, …
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304: Finance Friday: The Fastest Way to Pay Off $300k in Student Debt
27 mei 2022 · 1 uur 11 min
It’s a strange time for student debt. On one hand, many college graduates are electing not to pay their student loans while they sit in forbearance. On the other, some debtors are choosing to take advantage of the zero-percent interest period as a way for them to pay down their loans faster. While neither of those choices is inherently wrong, they may also not be right. Today’s guest, Colton, finds himself in this position with a good $300,000 worth of student debt. Lees meer
This number encompasses both Colton and his wife’s student loan payments. A good portion of their loans can be forgiven over twenty years, so which loan balance should he handle first? Thankfully, with Colton’s sizable take-home pay, he has options that many wouldn’t think of. Scott and Mindy debate on whether or not paying off debt early, waiting for forgiveness, or investing instead would be the best course of action for Colton.
Regardless of whether you have student debt, a car loan, a medical loan, or any other type of timely payment due soon, this is a calculation worth performing. Scott and Mindy also take a look at Colton’s diversified portfolio of assets, arguing that diversification could be leading him down a long path to FI, instead of helping him gain financial footing.
In This Episode We Cover
How over-diversification can set you back from reaching your financial goals
Why the “grind to FI” doesn’t have to destroy the life you love
Real estate investing as a hedge against large amounts of personal debt
Student loan forbearance and forgiveness, plus when to start paying back your loans
Private mortgage insurance and the multiple options you have to get rid of it
Live in flip tips and how to keep your sanity while renovating your primary residence
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe…
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303: The Secret Steps to Getting Qualified for the Best Mortgage Possible
23 mei 2022 · 1 uur 5 min
You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group, but rarely do you get preapproval tips straight from a lender themselves. As the housing market stays hot and interest rates continue to rise, it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability, you can get answers directly from the source! Lees meer
Joining us today is Jon Lallande, former mortgage lender, now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays”, and how tax deductions can be dangerous for self-employed professionals.
No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal, primary residence, or next investment property!
In This Episode We Cover
The easiest way to make yourself “attractive” to a lender
Lender overlays and how to get around them so you can get preapproved
The easiest way to raise your credit score so you can get the best loan possible
The upside of PMI (private mortgage insurance) and how to purchase properties with low money down
Why many investors put themselves in mortgage fraud territory and how you can stay out of it
How to get a mortgage as a self-employed individual and when NOT to take deductions
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On…
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302: Finance Friday: Can I Live in Flip My Way to FI at 55 Years Old?
20 mei 2022 · 1 uur 20 min
Almost every age group wants to know how to retire in ten years. Whether you’re in your teens, your mid-thirties, or your mid-fifties, retirement can seem like an eternity away. Those who retire early and find financial freedom tend to do so through a combination of smart investing, early saving, and a tenacity for budgeting (without giving up everything they love). But what if you don’t have time on your side? What if you’re still paying off debt? Is it still possible to retire? Lees meer
Thankfully for today’s guest Rik, and all you listeners at home, we can safely say that retirement is in reach, even if you feel like you’re a little off track. Rik has three degrees and as a result, is strapped with some moderate student debt. He wants to retire in five to ten years and realizes that it will take some work to get him in that position. Thankfully, he has some hands-on real estate investing experience—owning a duplex and performing a live in flip on his primary residence.
Rik is more than willing to get his hands dirty in his pursuit of early retirement, whether that means doing remodels himself, limiting his booze budget, or simply living a little leaner. With some smart investments under his belt, he’s been able to set himself up in a good position to take on more projects, have smarter debt, and keep more cash. But, Rik will need to take care of a few things first before he can continue building this retirement runway that’s already underway.
In This Episode We Cover
Student loan debt forgiveness and how to pay off your debt in the smartest way possible
House hacking, live in flipping, and turning your home into a cash-flowing machine or equity check
Building a strong cash position/safety reserve and having the funds to invest faster
HELOCs (home equity lines of credit) and using them to pay off renovations
Whether to rent or sell a property in these high-interest times
Building a retirement nest egg that allows you to travel, take time off of work, and creative…
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301: Why You’re (Probably) Wrong About Prenups
16 mei 2022 · 1 uur 4 min
Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it could be the thing that secretly saves your marriage. The everyday American knows very little about the prenuptial agreement and has gotten most of their information from movies, reality TV shows, and hearsay from friends and relatives. We wanted to know the truth about prenups, so we invited attorney Aaron Thomas on the podcast. Lees meer
Aaron Thomas has a wide range of experience in family law, divorce law, and anything that comes from legally joining (or separating) a couple. He knows how difficult divorce cases can be and saw the same mistakes repeated by couples. The lack of communication over finances, minimal planning (if any at all), and wishful thinking led to more and more couples seeking separation shortly after marriage.
Now, Aaron and his team work with couples to form strong prenuptial and postnuptial agreements so that they have a rock-solid financial foundation to stand on when dealing with the daily joys and struggles of marriage. Aaron argues that the prenup may be the most important step in mitigating a divorce and that the protection of a prenup goes far beyond wealth. If you never thought about getting a prenup or postnup before, you definitely will after this episode!
In This Episode We Cover
Prenuptial and postnuptial agreements explained and what they protect
Added stipulations in a prenup that most couples don’t know about
The optimal way to combine finances as a couple and how to split uneven paychecks
How to bring up a prenup or postnup to a partner who’s feeling averse to one
The cost of divorce vs. a prenup and why you DON’T want to leave a legal separation up to state laws
Which couples shouldn’t look into signing a prenuptial or postnuptial agreement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPocke…
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300: Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth
13 mei 2022 · 1 uur 10 min
You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a far less known type of middle-class trap, the type that keeps your wealth growing but limits the amount of “freedom” you feel in the process. Oftentimes, savers can find themselves in a position with a big cash surplus but hold tight to it to feel “safe” instead of feeling flexible. Lees meer
Today’s guest, April, falls into this category. She’s done a phenomenal job at building a millionaire life, keeping large cash savings, and diligently investing in retirement accounts. She’s in a favorable position, but it’s not the position she wants to stay in. April wants to feel a true sense of financial flexibility, with the option to leave her job or decrease the amount of time she spends working. But, to do this, she’ll have to confront her limited “cash scarcity” mindset and chase other investing options.
Scott and Mindy guide April on exactly how to do this, walking through various types of investment options that she (and you at home) can use to maximize a lifestyle for freedom, not just wealth. Even a financial powerhouse like Mindy struggles with these same issues, and you might too once you hit millionaire status!
In This Episode We Cover
Whether or not you’re overinvesting in retirement accounts (and how to find out if you are)
Converting from a scarcity mindset to money abundant mindset to truly take worthwhile risks
Investing in passive income streams like rental properties, syndications, and dividend stocks
How much to keep in your cash position and when to start investing your excess capital
HELOCs (home equity lines of credit) and how they can combat a low-cash position
Whether or not to pay off your mortgage early (or your car loan!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
…
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299: Food Spending Eating Away at Your FI Plans? Here's How to Eat for Cheap
9 mei 2022 · 51 min
Budget meals, cheap eats, and deliciously discounted recipes are all in this episode of the BiggerPockets Money Podcast. As many of you financial freedom chasers know, one of the biggest monthly expenses on your budget tends to be food costs. Whether that be going out or grocery shopping to feed yourself, your spouse, your kids, and anyone else in your family— eating well isn’t cheap…or so most people think. Lees meer
Beth Moncel is here to tell you that the preconceived notion of good food = expensive food, isn’t exactly right. Beth started her blog, Budget Bytes, over a decade ago during the great recession, when many families struggled to put food on the table. With a degree in nutrition, Beth knew that she could scientifically design recipes that not only filled up her family but helped her do so on a budget.
If you’re constantly going over your food budget, this is the episode to listen to. Beth gives a masterclass on food budget savers vs. sinkers, pantry staples and go-to recipes, meal planning, eating out, and whether or not you should shop on an empty stomach. Prepare to upgrade your dinner time while keeping more cash in your pocket!
In This Episode We Cover
Common mistakes budgeters make when trying to plan weekly meals
The biggest budget busters you’ll find in your local grocery store and what to buy instead
Beth’s go-to recipes that also act as pantry clean-out meals for less food waste
Meal planning and how to start with simple, filling recipes you won’t get tired of
Shopping without coupons and why the best ingredients are often the cheapest
Calculating the exact cost of your meals and tweaking recipes for frugal shoppers
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPoc…
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298: The April Stock Market Slump | Mindy & Carl’s Budget Review
6 mei 2022 · 24 min
Stock market crashes aren’t common, but when they happen, they often catch you by surprise. Thankfully, we’re not in the middle of a stock market crash, but this current correction or “dip” we’re riding has got some early retirement and FIRE chasers feeling a little anxious. Carl and Mindy Jensen, real estate and index fund investors, have seen a twenty-five percent drop in their portfolio just over the past six months alone. What effect does that have on their future financial plans? Lees meer
Welcome back to this month’s episode of Carl and Mindy’s Spending Summary, where we finally get to see an under budget month! Thanks to some family frugality, Carl and Mindy were able to shop pretty light this April, even while going over budget on some essentials like groceries and medical expenses. This may be the last under budget month for a bit as some upcoming trips may prop up their expenses as we roll into summer.
Carl and Mindy have also been keeping an eye on the stock market and how its performance is affecting their portfolio and future retirement plans. When Carl decided to step away from work five years ago, he had the tailwinds of a strong stock market at his back. But, with recent drops in stock valuation, it begs the question: would Carl still be able to retire early if the market conditions mirrored today?
In This Episode We Cover
The budgeting and expense tracking “slog” that helps you spend less and keep more
Expensive summer trips and how to account for future travel in your monthly budget
The Nasdaq’s rough month and what to do when stock indexes start to fall
The 4% rule and how rough market conditions could hurt your early retirement plans
Whether or not you should still retire during a market crash/correction
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The…
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297: How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt w/Robert Farrington
2 mei 2022 · 1 uur 11 min
The idea of college comes with a lot of questions—but there is one question that isn't usually asked: is college worth the cost? Most would say yes, but the honest answer is sometimes. Today’s guest, Robert Farrington, the College Investor, answers college questions in a detailed manner to help you make profitable decisions on your higher education choices. Lees meer
Robert goes over how to look at college as a business decision rather than a necessity. A deciding factor in any college decision should be profitability. Is going to college going to make you more valuable in your field? Will the salary you make post-grad outweigh the student loans you took out? What financial resources are available to you to minimize debt and out-of-pocket expenses? How can you leave college debt-free?
When you start asking the right questions, each decision gets easier. And in today’s episode, Robert gives you the right questions to ask. He also goes over different ways to pay for college, including FAFSA, grants, and scholarships, and how each of them work. College requires a lot of informed choices, and this episode contains the knowledge to equip you to make those choices.
In This Episode We Cover
Looking at college as a business decision and determining whether a college education is financially worth it for you (or your child)
How to finance college through loans, grants, financial aid, and scholarships
529 plans explained and why it's an ideal way to save for college
Saving yourself by using the “Yes Model” to save for college
FAFSA vs. scholarships and how to apply for both
Cutting your college expenses in half with government-sponsored programs
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple P…
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296: Finance Friday: How Do I Get Out Of This Cash Flow Crisis?
29 april 2022 · 1 uur 5 min
Everyone has experienced negative cash flow. If you have a troublesome rental property, you may experience negative cash flow. If you have a low income but an appetite for expensive eateries, you may also experience negative cash flow. But, more common than most, if you’re in the early stages of building your small business, negative cash flow may be a harsh but hard to mitigate reality. Lees meer
Chris is feeling the sting of sinking purse strings every month. At the start of 2020, Chris left his old job as an engineer to start working for himself. He hired a couple of employees and started taking on more and more work. But, he’s spending too much time training his junior engineers and not enough time locking down high-value contracts, leaving him in the red every month. Surprisingly, more business owners face this problem than you would think.
Scott puts on his CEO hat to dive deep into the finances of Chris’ business and gives some challenging, yet reasonable, advice on how he can immediately improve his financial situation. With suggestions from both Mindy and Scott, Chris may have a better picture of how he can go from cash flow negative to very comfortable with highly positive cash flow in the near future. You may not be in Chris’ position now, but if you ever plan on starting a business, or have already, this episode is a MUST.
In This Episode We Cover
Cash savings and why it’s always important to keep a strong safety reserve (especially as a business owner)
How to break down your negative cash flow situation to find the most costly expenses
Starting a business vs. continuing to work at a job and why entrepreneurs should be prepared for risk (and loss)
How to establish whether or not an employee truly brings value to your company
KPIs, goals, and getting on the same page with your team and employees
Executive assistants and why high per-hour earners may need them the most
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPocke…
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295: Fueling Early Retirement at 36 with Just 4 Rental Properties w/Antoinette Munroe
25 april 2022 · 54 min
Early retirement was a goal for today’s guest, Antoinette Munroe, the moment she started making money. Her money journey started in second grade when she sold her Halloween candy for extra cash. By high school, she graduated to selling a wide variety of different things and even started her own distribution network with her cousins at their respective schools. Lees meer
By the time she got to college, her main focus was staying out of trouble, avoiding debt and saving. It wasn’t until her last semester of grad school that she had to take out loans. After graduation, her priorities shifted, and she got a job to pay off her debt. Starting with her first check at her new job, she laid out her budget ABCs. Her ABCs follow a simple principle; automation, balance, and consistency. And after two years, she paid off her $27,000 debt!
In 2015 she decided to start looking for a home, and by the end of 2015, she purchased one. She did a complete rehab on the house while also adding an addition in hopes of getting rid of her expenses to achieve her ultimate goal of not having to work. She put the finished addition on Airbnb, and it now cash flows and pays her expenses. After she realizing the power of real estate investing to build net worth and generate wealth, she did this three more times and now owns four cash-flowing properties. She is now retired and lives the free life of leisure she always envisioned for herself.
In This Episode We Cover
The importance of saving money and the freedom that comes with it
How to make an efficient and realistic budget & how to stick with it
The Budgeting ABCs & how to simplify your budget (and your life!)
Creative financing and using it to buy deals when you don’t have the cash
How to create and maintain a cash-flowing asset
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talen…
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294: Finance Friday: Stable Index Funds or Cash-Flow-Reliable Rentals?
22 april 2022 · 58 min
Index funds and rental properties are at opposite ends of the investing spectrum. On one side, you have highly diversified, almost entirely passive index funds. On the other, you have cash-flowing, yet far more hands-on, rental properties. Both of these beloved types of investments belong in (almost) every investor's portfolio, but how much should you have of one or the other? Lees meer
Today’s guest Cecilia has built a strong net worth while keeping her income high and expenses low. She bought at the bottom of the market in Southern California, so while home prices rise all around her, she’s sitting comfortably with her rock-bottom mortgage payment. Thanks to all the housing expense-related savings, Cecilia has been able to dump a lot of her extra cash into the stock market. But, she’s longing for a more travel-focused life, where she can take sabbaticals in any corner of the world she chooses.
Part of her plan to wealth-gaining greatness is buying a short-term rental in a city she loves, so she can still vacation on the cheap. In order to do this though, she may need to sell off some of her investments or swap her strategy entirely for cash-flowing rental properties in cheaper parts of the United States. Which path will set Cecilia on a fast track to FI?
In This Episode We Cover
How much to have in your safety reserves and what to do when you have too much cash
Index funds vs. rental properties and when to focus on which asset
Long-term rentals vs. short-term rentals and the cash flow that comes from both
Building the perfect investment plan that will coast you to the life you love
Automating your business and spending less time on repeatable tasks
Whether or not early mortgage payoff is a good idea in low-interest times
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The…
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293: Why 40% of Master's Degrees Aren’t Worth It (and Which Are) w/Preston Cooper
18 april 2022 · 1 uur 13 min
A master’s degree shows quite simply that you’re a master (at least to some extent) in a certain subject. For decades, getting a master’s degree has been seen as a financially savvy move to open you up to higher pay, better job opportunities, and golden networking connections. But times have changed, and as more students see college as an inferior option to working, it begs the question: is a graduate degree worth the price? Lees meer
You can’t know the answer unless you compile tens of thousands of pieces of data. Thankfully, we didn’t have to do that, we just invited Preston Cooper on the show to explain the research he and his team at FREOPP did. You may recognize Preston from his previous episode on the BiggerPockets Money Podcast where he mapped out which undergraduate degrees were worth it. Now, he’s back to show which master’s degrees have the highest (and lowest) ROI.
You’ll hear Preston answer questions like when is the right time to go back to school, which master’s degrees are fatal for financial freedom, and how students should go about choosing a degree or a combination of degrees. So, whether you’re pondering going back to school to get a degree in underwater basket weaving, horse training, or law, Preston has the data to help you make that decision!
In This Episode We Cover
Why different schools can have dramatically different degree ROIs
The best (and worst) master’s degrees to pursue
How degree combinations can help you make more money in a related career
When is the right time to pursue a graduate degree (after college or after working)?
The common misconception about MBAs and why most graduate business degrees aren’t worth the cost
The future cost of college tuition as admission rates drop and inflation continues to rise
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
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292: Mindy & Carl’s Spending Summary: March Money Madness Edition
15 april 2022 · 36 min
Financial independence is not a new concept to Carl and Mindy Jensen. For as long as they’ve been together, Carl and Mindy have been open and upfront about their financial situations. When they learned about the FIRE movement, they knew they had an all-time goal to hit. Fortunately for them, they hit it earlier than they needed, but has their current spending forced them to recalculate what it takes to hit financial freedom? Lees meer
Welcome back to Carl and Mindy's Spending Summary, or as we’re naming it this month, March Money Madness. Carl and Mindy had a few big-ticket items on this month’s expense tracker, namely things like a lovely trip to Seattle and a brand new couch (Mindy bought something new!?). As the months fly by, Mindy has noticed an “over budget” trend, forcing her to either recalculate her FI number or get back into budget mode.
If you’ve gone over budget like Mindy this month, don’t fret! Tracking your expenses and keeping up to date on your budget will still help you achieve the goals you’ve set for yourself. Just be extra mindful in April!
In This Episode We Cover
Frugal vacations vs. relaxing retreats and how to plan for added travel spending
Gas prices, utility bills, and using solar to lower your cost of living
The benefits of budgeting and how expense tracking keeps you frugal
Having “money respect” for your partner when sharing finances
Accounting for big “one-time” purchases like furniture or trips
How to save money on next month’s grocery bill (look in your pantry!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Check the full show notes here: https://www.biggerpockets.com/blog/money-292
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291: Turning eBay Profits into Cash-Flowing Rentals w/The Frugal Gay
11 april 2022 · 1 uur 9 min
eBay flipping isn’t something new. You’ve probably bought something on eBay that was sold by a reseller. Maybe a type of makeup you liked got discontinued. Maybe your favorite pair of jeans from a nationwide chain suddenly disappeared. For eBay resellers like today's guest, Tom Brickman (The Frugal Gay), it’s all about finding the products that people love but can’t get a hold of anymore. Lees meer
Tom is a master of frugality. Raised by a real estate investor, he knew what cash flow could do to a nine-to-five worker's life. So, at age twenty-one, Tom cashed in some company stock to buy his first multifamily. He inadvertently house hacked and was living in his own place for a whopping $138 per month! From there, he moved from his native Ohio to Texas where he got a full-time job, built his eBay flipping business, and never stopped reinvesting into rentals.
As a side-hustle addict, Tom shares numerous stories about how he made (and lost) large sums of money by reselling on eBay. He even bought an entire house on eBay at auction, which came with bullet holes included. Talk about a deal! Now, retired well before sixty-five, Tom lives a life he loves with his partner, thanks to financial frugality!
In This Episode We Cover
Why frugality at a young age can compound into massive wealth-building benefits
ESPP and reinvesting your paycheck so you can use investments to buy cash flow
What makes a great eBay flipping product and how to find the best deals around
Commercial real estate investing and rehabbing properties for enormous equity gains
Buying homes at auction online and why you shouldn’t solely trust the zip code a house is in
Paying off credit card debt quickly through hard work and smart money management
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
5 Frugality Myths Americans Believ…
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290: Finance FAQs: Renting vs. Buying, How to Pay Off Debt, & Creative Real Estate Closings
8 april 2022 · 57 min
Renting vs. buying a home, debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions. Lees meer
In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life!
If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel. We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming!
In This Episode We Cover
The safest investment vehicle in 2022 (and why safest doesn’t always mean best)
Whether to pay off student loans or invest in retirement and real estate
Which debt to pay off first so you can coast to debt-free freedom
Renting vs. buying in today’s hot housing market and how to decide for yourself
Funding home renovation projects (even when contractor costs are high!)
House hacking and using it to lower your expenses, grow net worth, and build financial runway
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Follow Along Mindy’s Live Budget Tracking
BiggerPockets Money Podcast 35…
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289: How to Retire in 3 Years (After MANY Mistakes) with Real Estate w/Hugh Carnahan
4 april 2022 · 1 uur 27 min
Real estate and early retirement go hand in hand. Most people think that it’ll take years (or decades) to build up enough cash flow to simply break even on your monthly expenses (lean FI). Those people probably aren’t thinking as big as today’s guest, Hugh Carnahan, who retired in only three years thanks to speed, diligence, and a courageous amount of risk-taking. Lees meer
You’d probably assume that to retire in three years, Hugh had to be a very financially adept person. Well, you’d be 100% wrong! Hugh struggled for years with his finances and committed almost every cash flow cardinal sin in the book. He made great income, saved almost none of it, then saved way too much of it, and thought that his path to financial freedom was through getting solar panels on his house, NOT buying houses.
When a local business owner set him straight, he consumed as much real estate investing content as he could. He listened to the BiggerPockets Real Estate Podcast religiously and after 386 episodes, decided he should invest in real estate. So Hugh went and bought a nice single-family home, right? Nope. He did something much different—and he’s financially free because of it.
In This Episode We Cover
How to NOT practice the “pay yourself first” principle of investing and saving
Lifestyle creep and how it can eat away at your wealth, even as a high-earner
ESPP programs and the benefits of getting discounted company stock
The BRRRR strategy and using it to force equity on your rental properties
Commercial and portfolio loans, plus how they differ from residential mortgages
How to leverage cash-flowing real estate to hit financial freedom (fast!)
And So Much More!
Links from the Show
Follow Along with Mindy’s 2022 Budget
Make Your Own Free Mobile Expense Tracking App in 30 Minutes
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Apply to Be a Guest on The Money Show
Podcast Talent Search!
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288: Finance Friday: Am I Investing Fast Enough to Retire Early in Portugal?
1 april 2022 · 1 uur 13 min
Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move. Lees meer
Brandy has multiple streams of income—her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion!
Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible.
In This Episode We Cover
Building wealth after bankruptcy, failed businesses, and financial mistakes
Quitting corporate and coming back in a more flexible, entrepreneurial role
Short-term rental investing and the big profits (and costs) that come with it
What to do if you have too much home equity as part of your net worth?
Backdoor Roth IRAs and retirement investing for self-employed individuals
Calculating rental property profits and pitting them against other investments
And So Much More!
Links from the Show:
BiggerPockets Money Facebook Group
BiggerPockets Forums
How I Used Real Estate to Pay for My Newborn Daughter’s College Education
Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders
Equity Rich and Cash Poor?
Calculate Potential Airbnb Earnings on Your Short-Term Rental
How I Live…
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287: How to Ask for a Raise (and Actually Get It!) w/Kassandra Dasent
28 maart 2022 · 51 min
Do you know how to ask for a raise? If you’re like most people, you probably think that we’re asking a rhetorical question. If you think it’s as easy as simply walking up to your boss, asking for more money, and leaving, you probably haven’t ever asked for a raise before. Behind every pay raise request is a clammy-handed employee, hoping that they’ve done well enough to justify that salary bump. Maybe you’re nervous to talk to your boss, maybe you feel unprepared, or maybe you just find it hard to talk about money. Lees meer
On today’s show, Kassandra Dasent, program manager and wealth advocate, touches on how every employee can prepare to get the raise they deserve. Despite what most people think, you should NOT prepare for your salary review days before it happens. Kassandra has a simple timeline that allows employees to maximize their raise potential throughout the year. So, when it finally comes time to talk numbers, most of the discussion is already done.
This type of strategy has not only helped Kassandra but numerous listeners of the BiggerPockets Money Podcast. But, what if you can’t get a raise? What if your boss says no? What if there’s no budget left for you at the end of the day? Don’t fret, Kassandra lays out the exit strategies you should plan for when career hiccups happen (which they inevitably will).
In This Episode We Cover
Building your “success folder” and using it as your greatest tool in a salary negotiation
Taking initiative on pay raises and not letting your boss control your career
Mitigating the fear of talking about money and using your goals to ask for a raise with confidence
How job-hopping really looks to employers and how it will dictate your career path
Strategizing your raise and negotiating for more than just money
How often you should update your resume (even if you’ve been at the same company)
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/money-287
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286: Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn
25 maart 2022 · 1 uur 22 min
It's not uncommon to have irregular income as a business owner or self-employed individual. But with different amounts of money coming in every month, how can you budget, invest, or plan? Some months you’ll make a killing, while other months may have huge burn rates. How do you gain financial clarity when running multiple businesses with multiple income streams? What about becoming debt-free? Is it possible with such inconsistent income? Lees meer
This is how Eric Dunn has been feeling lately. After paying off a significant sum of debt, Eric has seen his income slowly rise and needs help ironing out his finances before he can invest in real estate. Eric has numerous businesses that haven’t been given the accounting love they deserve. Not only that, Eric has been trying to get his safety reserve up to hold himself over during the lean months of self-employment.
Mindy and Scott work with Eric to build a financial framework that allows him to scale simply and with minimal effort. They also talk through self-employment tax, financial planning, safety reserves, renting vs. buying real estate, and more. If you’re a regular listener, you probably have more than one stream of income (or will in the future) making this advice worth its weight in gold so you don’t make some of the mistakes Eric is trying to avoid!
In This Episode We Cover
Paying off consumer debt and using it to propel forward your financial position
Separating business and personal expenses so tax time is headache-free
Financial planning and analysis, plus using it to model and predict future income
Self-employment taxes and quarterly tax penalties that you can avoid as an entrepreneur
Whether to rent or buy a home in today’s hot housing market (and strategies for both)
Why your emergency fund is meant to be spent on the right things
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/money-286
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285: The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins
21 maart 2022 · 1 uur 18 min
When most people think of JL Collins, they think of smart stock and index fund investing. In his classic, The Simple Path to Wealth, JL lays out the foundational path that investors can follow to secure financial freedom simply, easily, and without a ton of stress. So it may come to many FI chasers’ surprise that JL has written a new book on real estate investing, and not index funds, the stock market, or our current state of high inflation. Lees meer
In, How I Lost Money in Real Estate Before It Was Fashionable, JL lays out, quite candidly, how not to invest in real estate. And before you get mad about that type of advice on a BiggerPockets Podcast, please note that JL isn’t saying to NOT invest in real estate, but to invest in real estate in a smarter way than he did.
JL is the first to admit that real estate is a phenomenal way to build wealth, create passive income, and retire early. But, if you haven’t fulfilled your 250+ hours of real estate investing education, you probably shouldn’t be purchasing income properties. In today’s show, you’ll hear JL explicitly list out all the mistakes he made when investing, and how you can mitigate these risks and come out profitable instead!
In This Episode We Cover
“Stagflation” and how 2022 is looking more and more like 1979’s burdensome economy
How following the herd mentality to buy real estate may cost you time and money
The biggest home renovation mistakes and how to manage contractors correctly
Staying cautious when buying in a hot housing market and making an offer based on the fundamentals of real estate investing
Capital gains taxes and preparing for depreciation recapture when selling a property
The biggest real estate mistakes rookie investors can avoid when getting started
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/money-285
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284: Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again
18 maart 2022 · 37 min
Travel budgeting, sky-high gas prices, and “free” utilities are coming up in this month’s episode of Carl and Mindy’s Spending Summary. Like many Americans, Carl and Mindy didn’t have the easiest time sticking to their March budget. With rising food, gas, and utility prices, it may seem that your budget is squeezing you more and more as the months go on. Lees meer
This month, Carl and Mindy touch on their biggest budget busters and wins, plus why budgets are meant to be adjusted when life permits. Carl and Mindy have been publicly tracking their budget and have found it to be a little trickier than they originally thought. That being said, both of them agree that if you have the financial means to do something you love, it’s probably worth the extra money for a once-in-a-lifetime experience.
If you’ve felt strained while expense tracking and budgeting throughout the start of 2022, just know that two of the most respected voices in the financial space also stumble from time to time. If you make a mistake, overspend, or forget to track your expenses, get back on track, hit your goals, and keep chasing financial freedom!
In This Episode We Cover
What happens when a big expense bursts your budget early
Optimizing your budget so you have breathing room when prices go up
Offsetting your electricity bill with solar and siphoning off some free natural gas
Downsizing your costs and reviewing utility bills so you only spend on what you need
Travel budgeting and keeping extra money to build life-long memories
Conferences where you can find Carl and Mindy in 2022!
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/money-284
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283: 8+ Income Streams as a Single Mom and Money Master w/ Tiffany Grant
14 maart 2022 · 1 uur 1 min
Multiple streams of income are a must if you’re trying to hit financial independence, retire early, and have the luxury of time brought back into your life. While most people simply rely on one stream of income, their W2, others want more than one leg to stand on when it comes to their financial wellbeing. How would you feel if every day you had eight (or more) income streams flowing into your bank account? Lees meer
Tiffany Grant from Money Talk with Tiff spent over a decade building the income streams that would eventually set her free from the golden handcuffs of corporate life. But, that road wasn’t made easy for her. Tiffany unexpectedly became a teen mom, forcing her to pivot her journey from aspiring chef to community college business student. Thankfully, her natural knack for anything related to money allowed her to advance quickly through college and later the corporate world.
She was making good money, she enjoyed her job, and she was saving almost all of her income. Tiffany knew that her real dream was to own her own business, grow her wealth, and build the life she dreamt of. So, thanks to her smart money management, Tiffany was able to leave corporate, build over eight streams of income with one business, and regain control of her time. If you’re looking to do the same, then definitely don’t skip out on what Tiffany teaches in today’s episode.
In This Episode We Cover
Building credit at an early age and disputing false claims on your credit report
Fighting income/lifestyle creep as soon you begin to make more income
Quitting corporate life and having the emergency reserves to support yourself
Strategizing your current position so you can make more and work less
Building multiple income streams from a single business and how anyone can do it
Investing in yourself and doing whatever it takes to stay on the path to financial independence
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/money-283
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282: Finance Friday: Got a Late Start? Here’s How to Ramp Up Your Passive Income
11 maart 2022 · 1 uur 5 min
Passive income is the name of the game when it comes to real estate investing. While equity can help you build wealth, passive income is what can get you on the road to financial independence. But what if you got a late start in your investing career? With so many millionaire twenty-or-something-year-olds on the internet, it seems like you have to start investing at age eighteen to hit financial freedom. Lees meer
This couldn’t be more wrong. Even if you feel like you’re a late bloomer when it comes to investing, you’re probably only a few years away from hitting FI—if you make the right decisions. This is the quandary that today’s guest, Nicole, finds herself in. Nicole has recently gone through a divorce and lost a good chunk of her net worth thanks to it. But, she’s poised on investing in real estate so she can hit financial independence sooner rather than later.
Thanks to her service in the military, Nicole has access to the ever-so-helpful VA loan, allowing her to purchase homes with little (or no) down payment. She also has a military pension that will kick in soon, allowing her to mitigate her cost of living even more. So, does Nicole have enough time to build her rental empire and enjoy the Floridian beaches on her time off?
In This Episode We Cover
Why it’s never too late to start investing for your future
Using VA loans to purchase house hack properties with little to no money down
Short-term rentals, medium-term rentals, and other rental property strategies
Generating more income through side hustles, job-hopping, and more
The 2022 housing market and the risks/benefits of buying in today’s hectic atmosphere
Whether or not to invest in retirement accounts when your main goal is cash flow
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/money-282
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281: Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig
7 maart 2022 · 1 uur 10 min
Inflation can be a detriment to any early retirement plan. At first, you may think you only need a certain amount of money to retire, and maybe you’re adjusting for inflation when you do these calculations. But what happens when inflation runs more than triple the average or crosses into double-digit numbers. How does your investment strategy change? How does your “dream retirement” come true when it costs ten percent more than you originally accounted for? Lees meer
These are all questions that average Americans are asking themselves: when can I retire? Can I retire? How can I afford food or gas or pay my bills? Although we can’t solely blame high inflation on the Federal Reserve, we can see how their policies lead to the situation we’re in now. Someone who stood up against the policies of quantitative easing and massive stimulus packages, is former president of the Federal Reserve Bank of Kansas City, Tom Hoenig.
Tom was in favor of quantitative easing back at the start of the great recession, but as this power to pump more money into the economy started to get abused, he rallied against the choice of the fed. Today, Mindy and Scott use this episode to ask Tom the hard-hitting questions that average investors want answered so they can make the best financial moves possible while still building wealth.
In This Episode We Cover
The rampant inflation of the 1980s and how it affects Fed policy to this day
Quantitative easing explained and how it artificially inflates asset prices
How asset values and price inflation go hand in hand
The goal of the Federal Reserve and how many of their policies have backfired
Whether or not the 4% rule still stands true in an inflationary environment
What a “good” unemployment rate looks like and how it maps the health of the economy
How investors can prepare to take advantage of times of economic uncertainty and high inflation
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance R…
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280: Finance Friday: Who Should (and Shouldn’t) Be Investing in Real Estate
4 maart 2022 · 1 uur
Investing in real estate is a proven way to build wealth, produce more cash flow, and retire early. But, not everyone is cut out to do every type of real estate investing. Some strategies take dramatically more time and effort than others. House hacking may be perfect for investors or couples without kids, live in flips could work best for those with some rehab experience, and BRRRR investing is reserved for those with proven investing experience. Lees meer
While some of these strategies are as simple as buying a house and renting out a side, others require far more of a time commitment—time that many investors, like today’s guest Jeff, may not have. Jeff is already an established investor, currently living in a house hack that’s helping him offset his mortgage. But, he wants to expand into more return-focused real estate like live in flipping and BRRRRing.
But, with a high-paying job and lots of money in the bank, Scott and Mindy ask the question, “is real estate investing even worth it for Jeff?” Should he be sticking to stocks or does a labor-intensive rehab clearly outweigh the costs? If you’re wondering whether or not you should choose the real estate investing path to FI, make sure you hear out the arguments in today’s episode.
In This Episode We Cover
Whether or not PMI (private mortgage insurance) is worth it on a low down payment loan
How to make moves to buy a rental property in today’s hot housing market
Active income vs. passive income and which yields greater benefit
Live in flipping and the benefits of doing your own work on a rehab
What to do when you have too much cash on hand in an inflationary environment
Rolling over your 401k to maximize your non-taxable retirement income
And So Much More!
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279: Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/Amy & Tim from GoWithLess
28 februari 2022 · 1 uur 13 min
Health insurance for early retirement? Is that even a thing? If it is, it doesn’t seem self-evident in the United States. For most early retirees within the USA, you have a couple of options for healthcare—make a low enough income to qualify for government-subsidized healthcare or pay an exorbitant amount of money to either buy healthcare upfront or pay out of pocket any time you get sick. But, that’s not a terribly safe way to live, especially when you’re working with a (relatively) fixed income. Lees meer
Throughout their world travels, Amy and Tim from GoWithLess have had to learn this the hard way. They were originally insured on a healthshare plan but found it far riskier than they would have liked. Now, as they travel throughout the United States, Mexico, and the world, they’re making sure they’ve covered all bases so a random surgery or two doesn’t force them back into the working world.
Early retirement health insurance is one of the biggest reasons that financial independence-chasers stay at their jobs, so if you’re itching to get your post-work-life travel on, listen to this whole episode. In it, Amy and Tim drop gems about finding health (and auto) insurance when retiring early (or abroad). They also discuss the best questions to ask a healthcare provider or broker, what to look for in a healthcare plan, and how to save money with digital nomad insurance.
In This Episode We Cover
How Amy and Tim’s post-pandemic travel plans unraveled in 2020 and 2021
House-sitting, dog-sitting, and other ways to creatively lower your travel costs
“Quick traveling” and the time/mental energy it takes to be a full-time nomad
Roth conversions and using resident-specific tax benefits to convert more
The top questions to ask a healthcare broker when choosing health insurance
Car insurance as a retiree and how to pay less to be more protected
And So Much More!
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278: Finance Friday: How to Quell Your Money Anxiety (Even as a High Earner!)
25 februari 2022 · 1 uur 9 min
If you want to know how to save money, just look at your expenses. Odds are, if you’re like most people, you aren't budgeting or tracking your expenses to a tee. But there’s no need to be so hard on yourself, even our money mages themselves, Scott Trench and Mindy Jensen don’t always write down every cent spent. That being said, if you’re planning for a big trip, different expenses, or a sudden life change (like leaving your job), there is no better time than NOW to start tracking your expenses. Today’s guest, TJ, knows this all too well. Lees meer
TJ makes a phenomenal income and already has a multi-million dollar net worth. But, he still suffers from money anxiety and not knowing how much he’ll need to step away from full-time work. Not only that, TJ is planning to take his children on a two-year-long expedition around the globe, all while TJ and his wife aren’t bringing in their regular high incomes.
But he isn’t just relying on his salary for monthly cash flow. TJ has also invested in rental properties as well as real estate syndications—both of which are providing him thousands a month in passive cash flow. But, after the globe-trotting ends, will TJ have to find himself another job or can he happily ski his way to early retirement upon re-arrival?
In This Episode We Cover
Retirement accounts, private pensions, and setting your future self up for financial success
Cash savings and emergency funds, plus who needs them (and who doesn’t)
Rental property investing and real estate syndications for passive cash flow
Reducing spending and building a “future budget” that forecasts future spending
Money anxiety and how to mitigate it even if you have a high income and net worth
The 4% rule and using it to easily map out your date of financial independence
And So Much More!
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277: Fighting the “Hustle Culture” That Ruins The Joy of Financial Independence w/ Pete McPherson
21 februari 2022 · 1 uur 22 min
“Hustle culture” has been a term for the past decade or so. It somehow became a badge of honor to prove that you’re working the hardest, longest, and most stressful job around. You can handle it, you’re making money, putting in the hours, but what do you have left at the end of the day? This constant grind is what Mindy likes to call the “death race to FI” due to its unnecessary harshness on your free time, relationships, and mental health. Lees meer
Pete McPherson foresaw this “hustle culture” taking over his life when he quit his sixty-hour week accounting job and decided to start his own business. This wasn’t the first, or second, or fiftieth time Pete had started a business, and he was driven to never set foot in an office again. He wasn’t making phenomenal money the first year, but he made enough to provide for his family, and that was enough for him.
Mindy and guest host Sarah Putt from OT 4 Lyfe talk with Pete about the rarely discussed downsides of chasing early retirement and financial independence. Make no mistake, even if you decided to work twenty hours a week, like Pete, you can still make plenty of money all while being able to watch your favorite movies in the middle of the day or spend time with your kids!
In This Episode We Cover
The detriment of “hustle culture” and why working hard doesn’t mean burning yourself out
The importance of having an available safety reserve in case you get let go from a job
Jumping into entrepreneurship and developing the grind to make it work
Learning from your mistakes and seeing every failure as a lesson
Picking your “good enough” number and living life on your terms
Why time freedom is the ultimate goal of FI, not exorbitant wealth
And So Much More!
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276: Carl and Mindy’s Spending Summary: Why Did We Go So Over Budget in January?
18 februari 2022 · 45 min
Emergency funds, frugal experiments, free photons, and “thoughtful spending” were just a few things that came to light during Carl and Mindy Jensen’s January 2022 budget recap. If you didn’t know already, Mindy has been publicly tracking her expenses and budgeting for BiggerPockets Money listeners (and the world) to see. But of course, as soon as Mindy shared her public budget, things started to go awry. Lees meer
Nothing says “let’s start the month off right” like car repairs, furnace replacements, and sky-high gas prices. But, Mindy isn’t a quitter! Even with some big emergency expenses, she and Carl have managed to stay within budget for most of their costly categories in spite of life's fun financial curveballs.
Carl and Mindy discuss their January “frugal experiment” including hotels and air fryers, how “dry January” became “moist January”, and why this financial powerhouse has opted out of the traditional emergency fund. If you’re starting this year with a few budget busters like Carl and Mindy, don’t let it keep you from hitting your overall 2022 spending goals. Track it, stick with it, and shoot for FI!
In This Episode We Cover
How expense tracking inadvertently stops you from overspending
Using money in the most efficient way possible so you can increase your “thoughtful spending”
Budgeting wins (and challenges) that Mindy and Carl faced this January
Preparing from unexpected budget busters and whether or not an emergency fund is necessary
How to allocate large bills throughout the year so you don’t go over budget
Splurging on things you truly enjoy while keeping everyday costs as simplistic as possible
And So Much More!
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275: The Most Common (and Rarely Discussed) Money Mishaps w/ David Pere
14 februari 2022 · 52 min
Lifestyle creep, budget hesitancy, and cash scarcity are problems you’d likely hear from someone just getting into the realm of financial independence/literacy. But, funnily enough, these wealth woes aren’t coming from newbies—they’re coming from two asset-stacking veterans, Mindy Jensen and David Pere from The Military Millionaire Podcast. Lees meer
While on the outside David and Mindy may look like squeaky clean financial figures, they’ve realized recently that they have to tighten up their systems to maximize wealth. Mindy has seen a slow and steady lifestyle creep, and although her income can support her, she still wants to have a strong sense of strategy when it comes to budgeting and expense tracking.
David has tried time and time again to budget, but it’s never really gone to plan. He also is feeling a bit stressed at times due to his “cash poor, asset rich” lifestyle that has allowed him to build so much wealth. Our two hosts serve as financial therapists for one another other in this episode as they dive deep into how each other can re-strategize their financial situations. Even the gurus don’t always get it right!
In This Episode We Cover
How to turn budget hesitancy into expense-tracking mastery
Stocking up your emergency reserve so you (and your business) can survive life’s hiccups
Entrepreneur income and why you should go lean on your business spending, without compromising quality
Lifestyle/income creep and how to fight it so you can save and invest more
Why everyone (even our money gurus) make mistakes from time to time
And So Much More!
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274: Finance Friday: What’s The Best Way to Buy Rentals—Partnerships or Solo?
11 februari 2022 · 1 uur 17 min
Rental properties can be a phenomenal second source of income for the majority of us who work at regular jobs. One or two rental property purchases every year or so can slowly, but surely, build a strong foundation for financial independence, sometimes within only a few years. Today’s guest Connor has taken this approach to wealth building and now sits on six rental units, splitting some of the profits with his partners. Lees meer
Connor runs a lot of the operation for these rental properties. He has a background in construction management, making him an integral piece of any future BRRRR, flip, or rehab project he and his partners decide to take on. But, could these real estate partnerships be slowing down his personal wealth growth? And if so, how does he mitigate the risk of being an independent investor in a cash-intensive business?
Aside from his real estate portfolio, Connor also wants to simplify his personal portfolio, plan for future baby expenses, maximize his retirement, and get a better handle on his financial situation in total. Scott and Mindy leave Connor with some clear action items that may help him achieve financial freedom in his five to seven-year time horizon!
In This Episode We Cover
Real estate partnerships and establishing the value that you bring to them
Generating more income (and reducing expenses) through live in flips and house hacking
Land contracts and seller financing on rental properties that allow you to scale faster
Student loan repayment, deferral, and when you should plan on starting up your payments again
Shopping for a baby as frugally as you can so you can invest for their future
And So Much More!
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273: Breaking Down Barriers: From Homelessness to Renowned Surgeon w/Dr. David L. Rhoiney
7 februari 2022 · 1 uur 20 min
The poverty cycle is a hard one to break out of. For some people, it is near impossible to climb yourself out of the hole that society, family, or unfortunate circumstances have placed you in. But sometimes, through sheer willpower alone, those who break through can crush this cycle and bring their families up with them. Someone who’s done this (and much more), is Dr. David L. Rhoiney from surgiFI. Lees meer
Dr. David is a renowned “robot surgeon”, operating on patients using the finest precision that modern technology has to offer. He holds two degrees, has two homes, and invests heavily. You’re probably assuming he was raised in a family that taught him the worth of hard work, education, and investing early. You wouldn’t be more wrong.
Dr. David’s childhood consisted of a combination of living in cars, homeless shelters, sleeping on friend’s couches, and surviving completely on the edge. After being accepted into the US Naval Academy, he knew that he had to do everything he could to never return to that life. He has been told “no” thousands of times, that he wasn’t good enough, didn’t look the part, or simply that he wasn’t worth it. He proved every doubter wrong and has had the last laugh as he and his family now are on the path to a phenomenal financial future.
In This Episode We Cover
Growing up and poverty and using it as fuel to strive for something greater
Why you should always choose the “hard path” and pursue something others would fear
Medical student loans and going debt-free through intelligent financial decisions
House hacking and using rental properties to propel your net worth higher
Affordable housing and what real estate investors can do to help those in need
Giving yourself no other choice but to succeed, even when all bets are against you
And So Much More!
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272: Finance Friday: Should You Pay Off Your Mortgage Early or Invest?
4 februari 2022 · 1 uur 6 min
Ahh, the age-old question: pay off your mortgage early or invest? It’s no wonder so many members of the financial independence community have strong feelings about one or the other. With a paid-off mortgage, you’re less in debt, with more free cash to invest or spend on things you love doing. But, there’s another side to that cash flow coin. If you’re paying off your mortgage early, you’ll have less money to invest, leaving you with less compound interest. Lees meer
If you’ve been asking for someone to answer this question for you, be sure to thank today’s guest, Javier. He’s been doing a phenomenal job paying down his mortgage as quickly as he can, especially at such a young age. Javier has a respectable net worth and works not only at his W2 but also as a real estate agent on the side. Javier is struggling to find where to best put his extra $1,300/month once he pays off his primary residence.
And while this is a BiggerPockets Podcast episode, Scott and Mindy do not immediately vouch for real estate investing. Instead, they take a look at his overall risk tolerance, personal finance situation, and work backwards from his goals to find what he really wants out of early retirement, instead of just grasping for cash.
In This Episode We Cover
Setting up your “bare-bones emergency fund” so you can invest with confidence
Whether or not you should pay off your mortgage early
When the right time to leave your W2 job is and pursue your side income streams
How to pay for healthcare when you’re self-employed or without work subsidies
How much to allocate towards taxes per month as a self-employed individual
When real estate investing does and does not make sense for your lifestyle
And So Much More!
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271: The 4 Rules of Managing Your Money w/Jesse Mecham from YNAB
31 januari 2022 · 58 min
You Need a Budget is the expense tracker/budgeter that requires no introduction…but we’ll give it one anyways! In 2004, Jesse Mecham launched this ground-breaking software, allowing money masters and novices alike to easily track their money and plan for a financially stress-free future. Jesse may have been the perfect person to build a product like this—he started tracking his expenses at age sixteen for fun! Lees meer
As Jesse grew older, he continued to track his expenses regularly, allowing him to have a tight hold on his money and fight back the urge to go into debt. When his wife decided to take a backseat on working and have children, Jesse started to work harder at converting YNAB from a simple spreadsheet to a full-blown business. He was so conservative that three years into the business when he was making twice as much as his accountant salary, he continued to reinvest almost every cent of profit so he could have a strong financial foundation behind him.
Now, some eighteen years after launching, Jesse still holds the principles that he started YNAB with. He lives a simple lifestyle, enjoying “parlor time” with his seven children, keeping a strong emergency fund, and investing in a very, very conservative manner. Take it from someone like Jesse who has “made it”—budgeting can change your life.
In This Episode We Cover
Why budgeting and expense tracking are important at an early age
How simple expense tracking allows you to save and invest more while starving off debt
The four money rules that will change the way you think about your finances
Where to keep the money that you’re saving for emergencies, down payments, and more
How to know it’s the right time to quit your job and pursue your passions
Running your real estate business through YNAB’s intuitive budgeting
Why Jesse refuses to invest in high-risk assets while building his business
And So Much More!
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270: Finance Friday: How to Achieve “Financial Flexibility” on a $65K/Year Salary
28 januari 2022 · 1 uur 16 min
Financial flexibility is one of the hidden stages along the path to financial independence. When you hit financial flexibility, you have far more choices than you did before. You can invest more, spend more, save more, and work less if you choose to do so. But, this type of lifestyle can only be achieved by being mindful and proactive about where your money is going, as today’s guest Kevin, knows very well. Lees meer
Kevin’s story was posted on the BiggerPockets Money Facebook Group, where he relived the horror of his credit card being declined at his girlfriend’s birthday dinner. This struck Kevin, since he made a decent salary and was relatively responsible with his money. He contributed to retirement accounts and kept a lean emergency fund, so where was all his money going?
In today’s discovery, Scott and Mindy walk Kevin through which parts of his budget need a tune-up, and whether or not aggressive loan paydown is worth it for optimal financial flexibility. So where can you tweak your budget to maximize flexibility while minimizing credit-card-induced stress?
In This Episode We Cover
How to pay off bad debt fast and work your way to debt-free status
Achieving “financial flexibility” before financial independence and the steps to get there
Tracking your expenses and budgeting for spending (every single month!)
How to cut food and eating out spending so your stomach and wallet stay happy
What to do with extra income once you’ve paid off all your debt
The importance of a strong emergency fund and always having a safety reserve
And So Much More!
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269: From Filing Bankruptcy to $1.4 Million in Income Producing Assets
24 januari 2022 · 1 uur 27 min
Today’s guest, Jennifer Grimson, is a prime example that every problem has a solution. Jennifer has always been a hard worker so she had no problem working through college as she aspired to be a foreign service officer, but her life took a turn when she fell in love and married her (now) ex-husband. Her dynamic with money completely changed as he spent money frivolously while she spent conservatively. When things ended poorly 8 years later he sued her 25 times, not including when he sued her mother and brother, and left her with $500,000 worth of attorney fees. Lees meer
At this point, she was left with nothing and had two children to raise on her own. While most would be completely devastated, Jennifer focused on finding a way out. Jennifer had never been scared of a little hard work so she found a job with a steady paycheck and filed for bankruptcy to help with her attorney fees. She continued to file for bankruptcy and start from scratch until she could build herself back up financially. She was then able to rebuild her credit through various methods and gain financial autonomy.
Her overall goal was to experience financial peace— but she didn’t stop there. She started building small pockets of wealth and always had at least three streams of income at all times. Once Jennifer found out about short-term rentals, she saw an opportunity and started buying houses to convert into Airbnb properties and turn a profit. After 4 years she created an astounding $1.4 million in income-producing assets!
In This Episode We Cover
How to properly intertwine money and romantic relationships (and how to protect your personal wealth)
Filing for bankruptcy and how it can be your saving grace from future lawsuits
Borrowing against a 401k and investing with retirement funds
Rebuilding your credit from scratch (and even bankruptcy!)
Short term rentals, passive investments, buying land and other ways to build long-lasting wealth
Cost Segregation and how to greatly reduce your tax burden
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268: Finance Friday: Why You Should Focus on ‘Hitting Singles’ for Early Retirement
21 januari 2022 · 55 min
Expats and rental portfolios go together like peanut butter and jelly. It’s no surprise that a fair amount of retired globetrotters owe their freedom to real estate investing. While many real estate investors are looking to retire themselves and their families in the US, today’s guest Paul has other plans. Lees meer
Paul thoroughly enjoys his full-time job in Utah. He gets paid well, has access to some phenomenal benefits, and isn’t planning on quitting anytime soon. That being said, Paul has had the itch to live as an expatriate abroad, hopping from country to country, enjoying world travel. But, in order to do this, Paul has to create an income stream that can support him and his partner along their travels.
Of course, as a smart investor, Paul has already been building this extra income in the background. Since starting his rental property investing journey only a year and a half ago, Paul is already at five doors, with a sixth closing soon. He needs to be at ten doors to have enough rental income to cover his expenses in the US, but how much farther could that money go abroad?
In This Episode We Cover
Why rental properties are perfect for those planning on retiring abroad
Keeping your expenses low as your income grows so you can retire early
When to transition from traditional retirement accounts to real estate investing
Roth conversion ladders and turning pre-tax retirement accounts into post-tax savings
Out-of-state investing and leveraging your high income to invest in low-cost areas
Using a HELOC (home equity line of credit) to fund real estate purchases
And So Much More!
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267: Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/Robert Farrington
17 januari 2022 · 46 min
Student loan forgiveness was a hot topic during the 2020 election cycle. With so many outstanding student loan payments, will the government step in to wipe out the debt? While many theorize about this, Robert Farrington takes the opposite angle, urging those who have student loans to prepare for repayment, rather than cancellation. This way, even if your student loans get forgiven, you’re put in a financially advantageous spot. Lees meer
Robert runs The College Investor, a website dedicated to investing and personal finance for millennials. It comes as no surprise that the biggest thing on millennials’ minds are student loans, especially after two years of repayment moratoriums. So, how does someone strapped with student loans prepare for repayment, especially when so many variables are up in the air? Well, according to Robert, there are some simple steps you can take to make sure you’re paying on time and with as little stress as possible.
Episode note: This episode was recorded prior to the new student loan pause, set to expire on May 1st, 2022. Mindy and Robert record a special intro to update listeners on the new dates set by the Biden Administration. All other topics discussed in the show, especially around repayment strategy, are still viable and accurate for those who have student loans.
In This Episode We Cover
The most recent student loan repayment moratorium update
The difference between federal and private student loans and which are preferable
Refinancing your student loans and why most people shouldn’t
Student loan forgiveness and whether or not it will come to fruition this year
Steps you need to take NOW to ensure you don’t miss a payment or accrue extra interest
Which repayment plans work best for your lifestyle and allow you the most financial flexibility
And So Much More!
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266: Finance Friday: How to Pay Off Bad Debt + When Is Life Insurance Worth It?
14 januari 2022 · 1 uur 18 min
Bad debt is more common than it seems. Many people you know have a car loan, personal loan, credit card loan, or some other form of high(er) interest debt. If you find yourself with bad debt, the first thing to do is formulate a plan to get rid of it, unless you want your savings and potential investments to suffer the consequences. Lees meer
Today’s guest, Stephanie is in a financially solid position, but she has some bad debt to take care of. She’s on her way to financial freedom by forty after already owning a home and having some retirement investments growing in the background. But, her $13,000 window loan at ten percent interest is causing leakage of investable cash flow.
Yet, Stephanie may be in a better position than she thinks. Since buying her house, she’s seen a big increase in her property value, which may enable her to secure some lower interest financing to pay off her window loan. Scott and Mindy also help Stephanie develop an expense tracking plan, debate whether or not whole life insurance is worth it, and put her in the driver’s seat to become a cash-flowing landlord only a few short years down the road!
In This Episode We Cover
The importance of tracking your expenses and why every dollar needs its place
Good debt vs. bad debt and how to know whether or not an interest rate is too high
HELOCs (home equity lines of credit) and using them to pay off bad debt
Whole life insurance vs. term life insurance and which makes more sense for you
Whether or not that bathroom upgrade will have a positive ROI
Becoming a financial expert slowly through podcasts, books, and enjoyable education
And So Much More!
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Protecting Your Home (and Wealth!) When a Natural Disaster Strikes w/ Steve Longenecker (Bonus Episode)
12 januari 2022 · 45 min
Home insurance isn’t the sexiest topic, but in the world of financial independence, predictability is quite an attractive trait to have. That’s why money nerds across the world value insurance as a natural hedge against catastrophic wealth-ending disasters. Whether you’re a homeowner, a renter, or a landlord, home insurance could help you rebuild quicker after the unexpected happens. Lees meer
Recently, a large fire broke out around the Denver, Colorado area, affecting families in Mindy’s home city of Longmont. Thankfully, Mindy and her family are safe, but many didn’t share the same fate. Hundreds of households were left without homes, while they watched their old neighborhoods turn to ashes and embers. This prompted Mindy to invite her good friend and insurance expert, Steve Longenecker, onto the show to discuss how you can financially protect your family when disaster strikes.
Are you underinsured thanks to rising home prices? How much will your insurance company pay you if your home is destroyed? How are renters protected during natural disasters? And who should you contact to make a claim? All these questions (and more) are answered in today’s bonus episode of the BiggerPockets Money Podcast.
In This Episode We Cover
How home price appreciation greatly affects your insurance coverage
Checking to make sure you’re not underinsured or overinsured
“Binding restrictions” and how insurance companies use them during disasters
Tips for homeowners on getting the most appropriate insurance policy for their needs
Renters insurance and how renters can stay protected as well
How to submit and process a claim with your insurance agent
And So Much More!
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265: Death and Finances: What to Do (Before and) After A Loved One Passes w/ Allison Nichol Longtin
10 januari 2022 · 1 uur 7 min
Death and finances can arguably be called the two things that people hate talking about most. Unfortunately, these are two topics that cannot be kept in the dark, as we all must deal with loss, both emotionally and financially over our lifetime. What can the average person do when they’ve just received the heartbreaking news that a loved one has died. Even worse, what if it’s their partner? Lees meer
This almost unimaginable shock came to Allison Nichol Longtin when her husband passed away six years into their marriage. Not only did Allison have to carry the emotional burden of losing her partner, but she also had to deal with the financial fallout of his death. She spent over a year carrying around a portfolio of papers, proving to numerous different entities that she indeed was the new owner of her husband’s accounts.
Allison admittedly made some mistakes in not preparing for the unexpected, but she’s since then made a strong case that every couple should do what she overlooked. Today, Mindy and Allison go through the top steps that every couple (married or unmarried) should take in order to keep their financial burden as minimal as possible during an unexpected death.
This was a very difficult episode to record (due to the subject matter at hand). We wholeheartedly thank Allison for coming on and giving advice that will benefit every couple listening to this episode.
In This Episode We Cover
How to prepare for the unexpected death of your spouse or partner
The importance of creating a will and estate planning
Why having joint bank accounts is an often overlooked financial failsafe
Having a plan in place to share passwords and login information for financial accounts
Defeating your money anxiety and becoming less avoidant about finances
How to have a money date with yourself or your partner
And So Much More!
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264: Finance Friday: Passive Income, Syndications, Real Estate, and Retirement
7 januari 2022 · 1 uur 9 min
“Can I retire yet?” If you’re today’s guest Jenn, then the short answer is a resounding “yes”. And if you aren’t Jenn, you’ll probably want to be in her position upon retirement. Jenn has a lot of income options: a military pension from her spouse, a great full-time income, real estate syndication cash flow, and a LOT of assets. Jenn’s net worth has reached the height of around $4 million, with more than a million alone in retirement accounts. Lees meer
If Jenn is so set, why is she coming on the Money Podcast to talk with Scott and Mindy? Well, Jenn has a pretty large amount of expenses: somewhere in the ballpark of nine thousand dollars a month. She wants to know if she has enough passive income and investable assets to continue living life the way that she sees fit. Her family will also be moving to Europe for the next year or so, making it even more crucial that she has enough to enjoy traveling.
This show talks about some pretty high-level concepts specifically around real estate equity and syndications. Even if you’re not an accredited investor, this information will be worth its weight in gold to you as you scale your income and net worth. Soon, you could be in a position just like Jenn!
In This Episode We Cover
Military pensions and how to value them for retirement
Spending less than you earn and joint vs. separate bank accounts for couples
Building (and then selling off) a high-value real estate portfolio
Investing in real estate syndications and the tax benefits that come with it
How to avoid “one more year” syndrome when thinking about retirement
Maximizing your portfolio’s income and calculating your return-on-time
And So Much More!
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263: Becoming Debt-Free and Generating $320,000/Year from Simple Side Hustles w/Jannese Torres-Rodriguez
3 januari 2022 · 1 uur 13 min
Most people assume wealth is built from a singular source, but the most successful people have multiple streams of income. 2020 was the year of the side hustle. People started to find ways to monetize their hobbies, create services, and capitalize on their talents. While some people are just now catching on, today’s guest, Jannese Torres-Rodriguez, was ahead of the curve. It all began with a food blog she started for fun that has turned into passive income for her $320,000 salary composed solely from her various “side hustles”. Lees meer
Before the start of her money journey, Jannese was on the traditional path to what most would consider the ideal type of success. She not only graduated from college but got her master's in pharmaceuticals and landed a job that led to her dream, a six-figure salary. Despite this, she was still unhappy and soon realized she was unaligned with the power of money. Over time, she made several lifestyle changes and started learning about financial independence. Using what she learned, Jannese finished paying off her $57,000 student loans and became debt-free in February of 2020.
After 5+ years of accruing income from her food blog, Jannese discovered she could make her side hustles a full-time business and finally be fulfilled by the work she was doing. She began a podcast about financial independence that aims to help people of color learn more about financial freedom. She also does virtual workshops, digital courses, and brand partnerships as well as several other services that contribute to her salary. Jannese is a perfect example that you don’t have to give up what you love to make money, you just have to capitalize on it.
In This Episode We Cover
How to find financial independence, even if you’re in a lot of debt
How to minimize excessive spending while still enjoying your money
Becoming a full-time entrepreneur and managing the struggles of being self-employed
Outsourcing work and its importance especially when you’re stretched thin
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262: Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen
31 december 2021 · 1 uur 3 min
Mindy may seem like a financial superhero to most listeners of the Money Podcast, but she’s nothing without her financial education inspiring partner, Carl Jensen. Carl is known quite well around the personal finance community as co-host of the Mile High FI podcast and writer over at 1500days.com. Carl and Mindy are just closing in on their twentieth anniversary, so there’s no better occasion to have them both on the show than right now! Lees meer
Surprisingly, Carl and Mindy didn’t talk about money for a significant time once they started dating. Mindy credits her faith in Carl’s money skills by how he acted more than how he spoke. Carl was driving around a used car, he lived in a house he inherited from his grandmother, and he used a coupon on their first date (smart move, Carl).
Now as a financial and romantic powerhouse, they both share thoughts on prenuptial agreements, protecting your wealth, 401k investing, and questions to ask a potential partner. Whether you’re single, dating, married, or a money-hoarding hermit, this episode sheds light on twenty years worth of money lessons learned so you can live a happier, more FI-focused life!
In This Episode We Cover
When a prenup is worth having and whether or not it will protect your wealth
The telltale “context clues” of dating someone who has a frugal mindset
Frontloading your retirement accounts so you can build wealth faster
The importance of tracking your expenses and regularly updating your FI number
Margin loans and getting low-interest debt on your stock portfolio
When to start talking about money with a potential partner
And So Much More!
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261: Stop Taking Money So Seriously w/ Joe Saul-Sehy & Emily Guy Birken
27 december 2021 · 1 uur 1 min
Building wealth takes decades with some serious hard work and many, many mistakes along the way. The problem? Most financial independence chasers see themselves as having to be perfectionists. Every investment must be perfect, every dollar spent housed within a budget, and at no time can money become something fun or playful. Lees meer
Joe Saul-Sehy and Emily Guy Birken rightfully see this type of “serious money attitude” as a mistake that should be avoided at all costs. Every financial guru, expert, or leader in the field has made money mistakes, stressed about money, and finally overcame to accomplish greatness. This is exactly what Joe and Emily want you to accomplish through their new book Stacked: Your Super-Serious Guide to Modern Money Management.
Joe and Emily threw out the old-fashioned mentality about money having to be a serious subject. Instead, they littered their new book with humorous anecdotes, financial innuendo, and lessons that will allow you, your child, your spouse, or your best friend to succeed. If you’re tired of stressing about money and want to start stacking it instead, preorder the new book today!
In This Episode We Cover
Why most personal finance books tend to miss the mark on being entertaining and informative
Risk management and how it goes far beyond simply buying insurance
The importance of having a financial plan in place NOW before disaster strikes
401ks vs. Roth IRAs and the future tax implications of retirement accounts
Tax brackets and the simplicity of calculating yours
Why Joe needed to “fire” his own mother from working on his book
And So Much More!
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260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)
24 december 2021 · 1 uur 4 min
Stocks vs. real estate is a regular feud among many financially savvy forums on the internet. While some investors love the passive aspect of stocks, other investors love the tax savings and flexibility of real estate. Regardless of your preferred asset, it’s better to stick your hard-earned money in something that makes money for you, instead of spending it or letting it sit. Lees meer
Our guest today, Madison, is having trouble deciding which asset class she and her husband are best suited for. They have high-income jobs, a great net worth for their age, and just moved from the expensive San Francisco Bay Area to far more reasonable Texas. They’ll have a lot more money to stash away without the high rent, gas prices, or child care they had in California.
But neither Madison nor her husband have plans to retire early, so should they even plan for early retirement? Scott and Mindy walk Madison through her multiple different investing options, along with giving her the structure to formulate a three, five, and ten-year plan for wealth building and financial freedom. We may hear back from Madison very soon on the progress she’s made!
In This Episode We Cover
Why relocating to another state can be a massive savings lever
Understanding when you want to retire and how your assets play a part in retirement
Putting in your “500 hours” to any asset you truly have an interest in
Turning your primary residence into a rental property after you upgrade
Stock investing vs. real estate and the pros and cons of both
Reducing your spending so you can save (and invest) much more
And So Much More!
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259: Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus
20 december 2021 · 1 uur 13 min
If you need pension funds explained, there’s no better person to talk to than the internet’s leading voice on all things pensions and retirement, Grumpus Maximus. After spending twenty or so years in the military, Grumpus began to put his health, happiness, and passions first. Now, retired with plenty of money coming in (thanks to pensions and retirement accounts), Grumpus spends his time blogging and helping others ask the meaningful question, “is my pension worth it?” Lees meer
Guest co-host Joe Saul-Sehy from the Stacking Benjamins podcast is here to help Mindy tee up some pension-related questions for Grumpus. Whether or not you have a job offering a pension or you’re debating accepting a job with a pension, the research-based questions asked today will help you evaluate whether or not a pension is truly worth it.
You’ll hear about the safety of pensions, healthcare-impacted pensions, annuities, and Cost-of-Living Adjustments (COLA) so you can make the best possible decision regarding your (early) retirement plans!
In This Episode We Cover
“Cashing out” of a pension and what to do with the money
Understanding the healthcare implications that come with leaving a pension
Which industries have the riskiest pension plans
Is an annuity ever worth the fees?
Researching your pension and understanding the benefits
How to analyze the safety of an organization’s pension plan
And So Much More!
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258: Finance Friday: Are “High Cash Flow” Rentals Still Realistic in 2022?
17 december 2021 · 1 uur 9 min
A common debate in real estate is cash flow vs. appreciation. While some investors rely on their rental property income to reach FI, others argue that appreciation will provide them the equity gain to truly build wealth. You’ll hear this discussion in-depth on today’s episode as guest Jackeline walks Mindy and Scott through her $20,000 rental property in Northern Illinois. Lees meer
Jackeline is already doing well in other aspects of her life. She’s got a high net worth, with fully-funded retirement accounts and a big cash cushion, but she wants to reach FI by 45 so she has the option to retire. One of the best ways to do that? Cash flowing rentals! The only problem is that Jackeline is buying these rentals in a less-than-optimal area.
With rentals in C or D-class neighborhoods, you can count on more tenant problems, repairs, and headaches. But, these downsides come with the big upside of higher cash flow. Scott and Mindy both help Jackeline balance the scales on what is most important to her: buying in an appreciating market but using more of her cash or continuing to purchase low-cost, riskier rental properties.
In This Episode We Cover
Building multiple financial safety nets between retirement accounts, cash, and cash flow
Buying rentals in C to D-class neighborhoods and the pros/cons associated with them
Properly screening tenants to minimize turnover and maximize ROI
Experimenting with different rental property classes to find a strategy that works for you
Finding your real estate tribe and networking with others who can help you grow
1031-ing a property to avoid a tax penalty and grow your real estate portfolio
And So Much More!
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257: 20 Year-Old Minimum Wage Marine with $850k in Real Estate
13 december 2021 · 1 uur 27 min
We have a lot of impressive guests on the show, and they just seem to get younger with every new episode. You’ve heard the stories of people in their twenties buying rentals, people in their thirties hitting coast FI, and people in their forties and beyond making many, many millions. But, what about a marine recruit, making a low salary, buying more than $800k in real estate within his second decade on earth? Now that sounds like an interesting story. Lees meer
Jabbar Adesada fits the bill exactly! After moving in with his father, he was given strict instruction to read books like Rich Dad Poor Dad, I Will Teach You To Be Rich, and Automatic Millionaire. Jabbar decided to put down his NBA/med school dreams and open up a brokerage account. Lucky for him, right around the time he started investing was the 2020 stock market crash, giving him all the discount he needed to make his first profits.
After running some “when will I be a millionaire?” scenarios, Jabbar realized that real estate, and not the stock market, was the best path to financial independence. Jabbar shares the story of how he was able to find funding, a down payment, and a property that would allow him to house hack, Craige Curelop style. Not only that, Jabbar just closed on a short-term rental in the Smoky Mountains, which puts his real estate portfolio north of $800k! Let’s mention this again: He’s twenty years old!
In This Episode We Cover
Why early financial education can make or break your child’s path to success
The best finance books that you (or your child, cousin, niece, or nephew) should read
Why crashes aren’t a sign to panic, but a sign to buy more
House hacking at a young age, and how to get pre-approved for loans without an extensive job history
Having an “obsessive mindset to be wealthy” and using it to help not only yourself but others
Practicing delayed gratification and building a brighter future with each investment
And So Much More!
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