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814 afleveringen, van nieuw naar oud
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256: Finance Friday: Financial Independence in 5 Years w/ Short-Term Rentals
10 december 2021 · 1 uur 5 min
There are many ways to fund your nest egg. You could outright save, or you could invest in index funds, rental properties, or short-term rentals like today’s guest, Charlotte from Charlotte. Working as a teacher in one of the lowest-paid states in the US, Charlotte was able to fully replace her teacher’s salary by operating a single short-term rental cabin in Western North Carolina. Lees meer
When she discovered the FIRE Movement only a year ago, she knew that intelligent investments like this could fund the globetrotting adventures she and her husband had plans for. But, with her husband four years away from securing his government pension, Charlotte wants to be absolutely sure that her short-term rentals will be pulling the fiscal weight of word travel when he steps away from his job.
Charlotte may be a rookie in the terms of real estate investing, but she’s far from it when it comes to taking actionable steps to ensure phenomenal returns. She’ll be hitting a 100% cash-on-cash return with her newest rental addition! If you have dreams of early retirement through real estate, follow Charlotte’s lead by planning, executing, and financing to FI!
In This Episode We Cover
The phenomenal returns of short-term rentals and why now may be the best time to invest
How to plan for retirement with a pension or predictable income stream
Investing in index funds vs. real estate when trying to hit FI
Vacation home, second home, and portfolio loans for your next short-term rental
Why the high price of STR property management may be worth the peace of mind
And So Much More!
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255: Escaping The Rat Race Before Your First Job w/ Dan Sheeks
6 december 2021 · 1 uur 7 min
If you’ve been in the FI community for years, you know the ins and outs of retirement planning, index fund investing, house hacking, and every other money-making opportunity around. But, it’s safe to say that this took you years to figure out, sometimes well into adulthood. What if you were given the same knowledge you have now, but when you were a teenager? Lees meer
Dan Sheeks is trying to do this exactly, by teaching his students about personal finance, saving, investing, and how they can plan for FI. Dan has taken his knowledge of finance, teaching, and working with teens to write First to a Million, a Teenager’s Guide to Achieving Financial Independence. In this book, Dan takes teens on a journey through the four mechanisms of financial independence and teaches them to plan money around what makes them happy.
So many teenagers have seen their parents run off to work only to come home exhausted, constantly checking emails, and rarely present with the family. Dan wants to make this all-too-real future a thing of the past for teens who are willing to work hard, be frugal, and practice financial discipline.
In This Episode We Cover
Why The American Dream may be off-course for modern teens
The financial independence “plan of attack” for teens who want to hit FI fast
Why happiness should be at the forefront of your financial decisions
Whether or not college is still a viable choice for today’s modern working world
The importance of having a strong community you can count on
And So Much More!
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254: Finance Follow-Ups: When to Scale Up (or Down) Your Real Estate Portfolio
3 december 2021 · 48 min
We’re back with another Finance Friday Follow-Up! This week, we talk to two past guests and review three life updates. Fabio from episode 174, Clayton from episode 168, and Rachael from episode 190 all have life updates for the audience! Lees meer
When we last talked to Fabio, he was starting to expand his real estate empire. Since the market has been so hot, he has had to pivot his strategy towards what works best for him in the long term. With a few years of military service left, Fabio wants to wind down his more active income and pursue more passive income streams, while still including real estate and stocks/index funds in the mix!
Clayton shared with us on his solo episode how lucrative living on the road can be. Since then, his girlfriend has turned into his fiancé, he’s been offered a very large pay raise, and he has scaled his real estate portfolio with one more house hack. He also gets to take his foot off the literal gas pedal since he’ll be transitioning into a more stay-at-home role.
Rachael wasn’t able to be here for a video interview but sent Mindy an update on her overall financial situation. Since we last talked, Rachael realized that house hacking wouldn’t be exactly the right fit for her family. Thankfully, she’ll be closing on a new home closer to her children. Rachael also found herself in a particularly scary financial and medical situation since we last talked, something that you’ll hear about in-depth on a new episode in the coming months!
In This Episode We Cover
When is the right time to sell a property, especially in a hot seller’s market?
Paying off high-interest debt so you can reach financial independence faster
The importance of budgeting and expense tracking so you don’t impulse buy
ESPPs (employee stock purchase plans), HSA (health savings accounts), and other lucrative investing options
Sharing the financial knowledge with your significant other in case of an emergency
And So Much More!
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253: 7-Figure Net Worth on a Middle-Class Salary w/ Adam Zaleski
29 november 2021 · 1 uur 24 min
On the last day of a semester in college, Adam Zaleski’s geology professor dropped a bomb on his class: the professor was worth a staggering $10,000,000! The reason for telling the students about his net worth wasn’t to impress but to make the case that exponential growth is more likely than most people think. This taught Adam that he needed to choose a profession he enjoyed so he could continue to work, invest, and grow his wealth exponentially, just like his professor. Lees meer
Adam did just that, and now, he’s a millionaire professor, working a casual thirty hours per week, doing what he loves! Adam knew from the beginning it was more important to make long-lasting, intelligent financial decisions, instead of chasing after a bigger salary. He did this right out of college, taking a serious pay cut to live in a state with far cheaper housing, allowing him to house hack, build wealth, and reach financial freedom.
Now, Adam is looking to expand his real estate empire a little further, without having to sacrifice a large amount of time to do so. If you’re interested in partnering up with Adam or looking to chat about long-distance real estate investing, market analysis, or the best surf spots in Kauai, shoot Adam a message on BiggerPockets!
In This Episode We Cover
Why lifestyle choices are important when choosing your job, house, and investments
Understanding the value that comes with exponential wealth growth
House hacking and analyzing real estate markets with the most growth opportunity
Buying rentals in places you love, so you can write off the trip!
Scheduling your rent raises so you keep up with market cash flow
The most important financial lessons of your 20s, 30s, and 40s
And So Much More!
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252: Finance Friday: Self-Employed Revenue, Health Insurance, and Hiring
26 november 2021 · 53 min
It takes a leap of faith to leave a W2 job and wander through the hills and valleys of self-employment. With the right skill set, time management, and perseverance, you can come out more profitable (and happier) than you were originally at your old job. But, once you succeed, it may be hard to slow down the self-employment train, and your side-gig could become a full-on business, with the need for employees. Lees meer
TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee. Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation?
Scott and Mindy have both spent time outsourcing and hiring before. They help TJ develop a roadmap to getting her first hire on board while keeping crucial revenue in the business. This episode also dives into self-employed health insurance, project management, and hiring a junior position that can grow into a senior in little time.
In This Episode We Cover
Why it’s imperative to keep your costs low while trying to run a business
What to do once you’ve hit your max capacity for work at your business
Whether or not now is the time for you to hire your first employee
Fully mapping out the cost of a full-time vs. part-time worker on your team
Putting together a business plan that allows you to forecast your business’s future
Health insurance while self-employed and why an HSA plan may be your best bet
And So Much More!
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251: Is College Worth the Cost? This 30,000 Variable Study Says "Sometimes..."
22 november 2021 · 1 uur 18 min
Is college worth it? For the first time in history, we may have a definitive answer to whether or not your specific degree and school choice provides a positive ROI. We know that ROI isn’t the only thing that matters when choosing a degree, but when looking at higher education through a financial independence lens, it’s definitely the highest value. Lees meer
Looking through census, employment, and Department of Education data is number crunching crusader, Preston Cooper. Preston and his team over at The Foundation for Research on Equal Opportunity put together the most extensive research on college degree ROI ever created. Preston’s findings allow you to parse through over 30,000 degrees and school choices so you (or your child) can make the best decision on where to get a bachelor's degree.
Preston discusses the discrepancies between nonprofit and for-profit university degrees, whether or not high-cost schools equal a higher payday through life, and why even going to Harvard doesn’t secure a high ROI. Want to know the true value of your degree? Tune in and check out Preston’s full study!
In This Episode We Cover
How much you could benefit, in general, from getting an undergraduate degree
The degrees that have the highest lifetime ROI
Degrees that offer little-to-no or negative financial benefit
Whether investing in real estate or a college degree is more worth it
The biggest criticisms of Preston’s study and how he combats them
Dave, Mindy, and Scott’s ROI on their respective degrees
And So Much More!
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250: Finance Friday: Laying a Strong Financial Foundation in Only a Few Years
19 november 2021 · 1 uur 6 min
Everyone knows that tech salaries tend to be on the higher end. In tech, you could be working as an engineer, programmer, or statistician, like today’s guest Matthew. But, Matthew never planned to go to school for this type of work. Half a decade ago, Matthew was wearing a chef’s apron, working forty to sixty-hour weeks, making slightly above minimum wage. He loved the work (and the food) but realized he couldn’t keep living with the long hours, low wages, and high stress. Lees meer
Mathew went back to school to study statistics and landed a job in tech, which he’s just recently moved on from, and accepted a far higher salary. This all sounds like good news, so what exactly is Matthew having trouble with?
After maxing out many of his retirement accounts, Matthew is wondering where else he should be putting his money. He’s already saving a significant amount every month, thanks to his frugal lifestyle, but wants to be sure he’s standing on a strong financial foundation. Should he look into rental properties, taxable brokerage accounts, or higher-risk assets like tech stocks and crypto? If you’re lucky enough to have a little extra change left over at the end of every month, you may be in Matthew’s position too!
In This Episode We Cover
Changing careers even after you’ve been working in the industry for years
What to do if you’re young and don’t know which field to study
Keeping your expenses low, regardless of how well your job pays
Starting side businesses that can help you float expenses
Investing in after-tax retirement accounts vs. investing in post-tax retirement accounts
Live in flip tips from the master herself (Mindy Jensen)
Calculating out your estimated retirement nest egg using the ‘Rule of 72’
And So Much More!
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249: The #1 Reason Side Hustles Fail to Become Businesses
15 november 2021 · 53 min
You’ve heard the old statistic “nine out of ten businesses fail”, but why is that? If there are so many people willing to risk their livelihood to pursue a great idea, why do so many end up broke and back at a job? Gabe Nelson, certified financial planner and business advisor, has an idea. Lees meer
Gabe advises many business owners and solopreneurs through building their businesses with maximum cash flow and minimum time commitment.
A couple of decades ago, Gabe was in the position many entrepreneurs are in today. He was working seven days a week, almost living at the office, doing anything he could to build his business. Once his daughter was born, he knew he had to take a step back from the seven-day workweek. Then, his second and third daughter were born, forcing him to automate, delegate, and eliminate every unnecessary task on his plate.
Now, with a thriving firm, Gabe knows what does (and doesn’t) work for solopreneurs, and the systems they need to implement now to secure a happy life tomorrow.
In This Episode We Cover
The #1 thing you should do before you start a business or side hustle
Keeping your relationships healthy while working long hours at your business
Outsourcing when you’re ready and growing a self-operating team
Laying the groundwork of communication between you and your partner
Managing cash flow in your business and keeping a healthy safety reserve
Trusting the “whispers” that your gut tells you about your business
And So Much More!
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248: Finance Friday: I Just Got a Big Raise, What Should I Do With the Money?
12 november 2021 · 1 uur 25 min
Your late 20s through early 30s can be a financially troubling part of life. You aren’t making the most money you ever will, but you’re tackling big expenses. A wedding, a down payment, and trying to max out retirement accounts can put you in a financial tizzy. But, it doesn’t have to be so complicated, especially if you stick to a scalable investment strategy. Lees meer
Today’s guest Louise is in this position. She recently changed employers and found herself with a big uptick in monthly income. She has plans on the horizon to marry her girlfriend but knows this will come at the cost of many thousands of dollars (rings, dresses, etc.) She’s also looking at buying a primary residence, but is already familiar with the home buying experience (she has two rentals!) Louise has a plan to hit FI (or at least coast FI) by age 40 and wants to know the best way to optimize her finances to do so.
Scott and Mindy have a healthy debate over 401ks, Roth IRAs, refinancing rental properties, and combining finances as partners, in order to get Louise in the best position possible to tackle her financial goals.
In This Episode We Cover
Why switching jobs may be the ultimate hack to getting a better salary
Whether you should max out your Roth, 401k, Roth 401k, or HSA
Getting a cash-out-refinance instead of stockpiling cash
Whether or not paying off a rental property mortgage is a good idea
Renting vs. buying when living in an expensive market
Combining finances as a couple and having the ever-important “money date”
And So Much More!
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247: Turning 31 Years of Financial Disaster into Ultimate Freedom w/ Alex Felice
8 november 2021 · 1 uur 19 min
There are few people on this earth that can make Mindy laugh as much as Alex Felice. He’s been around the block with BiggerPockets a few times, appearing on episode 301 of the BiggerPockets Real Estate Podcast. Alex has a growing rental property portfolio, a flipping business, and is a professional photographer/videographer. But, beneath his success, was thirty-one years of financial struggle. Lees meer
Alex was taught financial skills growing up. The only problem: he didn’t listen to any of the advice he was given. He joined the Army without any skills, and as soon as he got out, he immediately bought a new car with a high monthly payment. He then was hit with a DUI, forcing him to really think what his life would turn out like unless he made a change.
He needed cash flow but didn’t want to go out and get another job, so he settled on investing in real estate. It was important for Alex to have a “get rich slowly” type asset, one with stability that could take care of him well into retirement. Now, he’s amassed an impressive portfolio, with some large commercial deals and flips on the side. Alex spends his days investing, working on his skills, traveling, and really doing whatever he wants!
In This Episode We Cover
Why self-sustainability is more important than a big paycheck
Using “radical responsibility” to mold your perfect life and never falling into the “it will be okay” trap
Buying foreclosures and BRRRRing properties to minimize cash needed for investing
Having control over your money so you have ultimate financial freedom
Why you MUST surround yourself with like-minded, successful individuals
Focusing on your passions (regardless of whether they pay well or not)
And So Much More!
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246: Finance Friday: I Want to Cash Out My 401k Early, Should I?
5 november 2021 · 1 uur 14 min
“Should I cash out my 401k?” That’s a question you never want to ask in an online financial independence forum. It’s been a well-known rule to never cash out retirement accounts due to withdrawal penalties, tax implications, and the possibility of throwing away your retirement plans. But, what if you had a substantially larger amount in real estate and other assets, what would you think then? Lees meer
Kate is in this exact predicament and has done a phenomenal job at growing her wealth over the past decade. Kate and her husband have acquired $1.8 million in rental properties, bringing in gross rents of over $10,000 per month! She’s currently sitting on half a million dollars in rental property debt and is wondering whether cashing out her 401k to pay off the debt would make sense.
Because Kate is in such a high cash flow position, she may be asking a question that’s not so obvious. Mindy and Scott spend time walking through calculations that allow Kate to visualize what her life would look like with paid-off rentals as opposed to a fully-funded 401k account.
In This Episode We Cover
Why a mentor can help spur you onto to make better, more aggressive investing decisions
Moving to a different part of the country to take advantage of higher salaries
How to calculate whether or not you should withdraw your 401k funds
Switching your job to a more flexible schedule without giving up your salary
Travel hacking and using credit card points to pay for your vacations
The benefit of using financing to buy your primary residence or rental properties
And So Much More!
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245: High Income, New Cars, Profitable Businesses, and $190k in Debt
1 november 2021 · 1 uur 29 min
Brad Finn was raised with a strong work ethic that follows him to this day. He always knew he should be working hard, and that’s exactly what he did. Brad worked throughout high school, college, and started multiple businesses in adulthood. While his work ethic was strong, his financial skills were lacking. When Brad went to college, he remembers using almost a third of his student loans on partying alone. Lees meer
Fast forward to his mid-thirties, Brad is waking up in a beautiful house, with two nice cars in the driveway, a great income, a new business, and a negative net worth. It wasn’t until Brad allowed himself to look at the true number behind his net worth that he realized something needed to change. Fortunately, his wife had been slowly, but surely, trying to tell Brad that they had to make that change.
The day Brad’s first child was born, he and his wife were debt-free. This didn’t come easy, especially since they were facing close to $190,000 in debt. They tracked their spending and realized they spent close to $20,000 in two months, solely on eating out. They dialed it in, worked side jobs to boost their savings rates, and rewarded themselves when they hit milestones. Now their net worth is growing fast, and they’re locked in on investing.
In This Episode We Cover
Calculating how much you need in student loans and taking out that exact amount
How to continue your debt payoff journey without getting discouraged
Rewarding yourself for big milestones, even if it will set you back a small amount
Talking to your partner about money and asking their opinion on strategies
Raising your budget on things that matter while lowering it on things that don’t
Retirement plans for government workers, like 403b and 457 plans
Understanding that the long journey to financial freedom is worth it
And So Much More!
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244: Finance Friday: Why a $1M Retirement Goal Isn’t Far Fetched For Late Starters
29 oktober 2021 · 56 min
Retirement planning can be complicated when you have so many options to choose from. Do you stick with the Roth IRA, the 401k, the Roth 401k, your employee pension plan, or solely invest in stocks and real estate? With all these different types of accounts and their numerous benefits and drawbacks, it’s easy to get stuck financially stalling. Lees meer
One person who has been able to optimize his retirement plans, is Matt, pilot and soon-to-be captain, delivering cargo around the United States. Matt bought a home in high-appreciation St. Petersburg Florida, where his home has already gained a fair amount of equity. Although he loves the ability to rent out his home and create cash flow, Matt doesn’t like staying on dry land for too long. He’s going to captain his own home; living in a houseboat and renting out his primary residence to lower his living costs even more.
Matt talks through questions he has about his 401k, Roth 401k, Roth IRA, and other retirement accounts. Even though Matt feels he could be optimizing his finances for faster retirement, both Mindy and Scott agree: if he keeps doing what he’s doing, he’ll reach his fifty-year-old retirement goal, without any change to his current lifestyle.
In This Episode We Cover
Deciding between the 401k, Roth IRA, Roth 401k, and other retirement accounts
House hacking and taking advantage of low-interest, owner-occupied loans
Whether or not an employee pension should be thought of as a guaranteed retirement
Living on a boat to save money on housing costs and maximize cash flow
How to plan for retirement when you have an age limit for your job
Employee stock purchase plans (ESPPs) and when to invest in one
And So Much More!
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243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together
25 oktober 2021 · 1 uur 30 min
If you’re part of the FI community, you’re probably a saver. Heck, if you’re listening to this podcast you’re probably a saver. While we all are busy optimizing our budget, reinvesting dividends, and contributing to our retirement accounts, do we ever take a step back and ask, “why are we saving so much?” Maybe you have a simplistic answer for this: your kids, your spouse, your “future”. When it comes time to finally reap the rewards of all that saving and investing, we struggle, and often fail to do so. Lees meer
Ramit Sethi, the author of I Will Teach You To Be Rich, has struggled with this in his personal life as well. When he got married, he and his wife spoke about what money meant to them, and they were shocked to have completely different answers. While Ramit loves setting up models and spreadsheets, he also encourages couples to speak about their finances through a shared vision. It isn’t “I’m saving this money so we can be happy”, it’s “WE are saving this money so we can take that camping trip we always dreamed of.”
We touch on other topics like joint bank accounts, creating a “worry-free number”, and building a rich life together, as partners. Ramit also gives personal advice to Mindy to help her realize that she has already won the “money game”, even if it doesn’t feel like it at times.
In This Episode We Cover
Combining finances as a couple and creating a shared vision
How much to keep in your personal and joint bank accounts
Creating your “worry-free” number that allows you to live life without money stress
The “money rules” that Ramit uses in his daily life
Getting over your “savings rate obsession” and finding joy in spending
Why spending can become painful for those who are on the road to financial independence
And So Much More!
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242: Finance Follow-Ups: Short-Term Rentals, Safety Reserves, & More Cash Flow
22 oktober 2021 · 1 uur 3 min
A few weeks ago, Mindy was asked by a listener of BiggerPockets Money, “when are you going to do a Finance Friday follow-up?” Well, listener, your wish has come true! Today we talk to three past guests of the BiggerPockets Money Show, Sarah from episodes 6 and 178, Brian from episode 180, and Erik from episode 170. Lees meer
In Sarah’s most recent episode, she spoke about having large safety reserves and sinking funds for her new property. Since being on the show, she’s taken time to evaluate how safe she really needs to feel. She’s taken a risk and has started to invest in her first short-term rental, as well as being on the house hunt for her next house-hack property!
Brian had the question we all want to have, “what do I do with all this money?” Since coming on the show, he’s expanded his rental property portfolio, purchasing an off-market five-unit in upstate New York, and a short-term rental in North Carolina. He’s currently looking into syndications to see if that would be another great avenue for his wealth accumulation.
Lastly, Erik has returned to the show with more rental units and more cash flow! He’s been able to pay off his HELOC with a very lucrative refinance, allowing him to buy a new condo that is paying him $400/month after all expenses! He was even able to increase his salary thanks to his employer’s free education program! Make sure you stick around for his bonus tip towards the end of the episode!
In This Episode We Cover
Why being too conservative with your savings can become a financial detriment
Making offers on properties that work for your numbers, even if it means rejection
Why short-term rentals are very cash flow heavy investment
Telling everyone you know that you’re investing in real estate (to get more deals!)
Using a cash-out refinance to pay off old loans like equity lines and HELOCs
Taking advantage of employee benefits like free college tuition
And So Much More!
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241: The Keys to Free College, Graduating Early, & Retiring with $10 Million
18 oktober 2021 · 1 uur 6 min
Amber Porter has one of the most optimized retirement plans we’ve ever seen. Seriously, she could give Mindy and Scott a run for their money! Amber grew up in a neighborhood that was anything but rich. Surprisingly, the wealthier people in her neighborhood were more interested in purchasing nice cars instead of investing, which they told her was essentially gambling. Amber quickly saw past this idea and realized that smart, consistent investing could lead her to many millions of dollars. Lees meer
She worked throughout high school and was able to graduate in only three years. Then, she applied for every scholarship possible and did the same in college, graduating in three years and completely debt-free. Suddenly, the idea of law school came into her head. She studied, passed the entrance exam, and got into a top school. The same school even gave her a twenty-five thousand dollar scholarship every year she attended.
After graduating, she started investing heavily, working as much as she could to fund retirement accounts. She started working for the Army on the side, which allowed her to get an even better retirement plan, an army retirement check, and the ability to buy homes with a zero percent down VA loan. If all goes to plan, Amber will be retiring with close to ten million dollars at age fifty!
In This Episode We Cover
How to graduate from college debt-free by taking advantage of scholarships
Graduating early so you can save a year's worth of tuition
Working a government job with the benefit of a pension upon retirement
Military benefits for homeownership, retirement investing, and more
Getting rid of the “investing is gambling” fear many people have
Reaching Fat FIRE upon retirement so you can live exactly how you dreamed
And So Much More!
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240: The Biggest Takeaways from BPCon 2021 | Live Host Panel from NOLA
15 oktober 2021 · 1 uur 29 min
Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders, investors, and authors, learning about everything from running a business to short-term rental markets, to self-storage, and more. Lees meer
On this live episode, your BiggerPockets Money host, Scott Trench, is joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast, Ashley Kehr and Tony Robinson, hosts of the Real Estate Rookie Podcast, and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast, plus special guest Esther, who has a widely impressive portfolio herself.
You’ll hear the hosts talk about topics like how to connect with fellow investors, future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round.
If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year!
In This Episode We Cover
What’s ‘firing up’ the hosts of the BiggerPockets Podcast Network?
What investors can do in today’s market to ensure wealth tomorrow
Future trends that allow investors to profitably pivot
How BPCon helps connect investors, reshape ideas, and build wealth
How do you vet partners before you go in on a deal with them?
The top characteristics that contribute to your success as an investor
Why you should definitely be at BPCon 2022
And So Much More!
Links from the Show:
NPR (National Public Radio)
Kevin Leahy's BiggerPockets Profile
Mark Ferguson's InvestFourMore
Wendy Papasan's LinkedIn Profile
Noah Evans's LinkedIn Profile
Rickey Rodriguez's BiggerPockets Profile
Your First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First Deal
Joe Asamoah's Big…
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239: The Side Hustle Queen’s Guide to a 100% Saving & Investing Rate
11 oktober 2021 · 1 uur 14 min
If you and your sweetheart want to get married, rent a truck in a Colorado ski town, and have your dog watched while you’re doing so, Stephanie Warner is the person you should get in touch with. Even though she has a great W2 job, she still hustles hard with her side income work, making enough to pay for her lifestyle while her nine-to-five pays for her future financial freedom. Lees meer
Stephanie had enough money growing up, but she wasn’t given a ton of financial literacy lessons from her parents. Thankfully, her Grandma who loved driving used cars and buying rental properties taught her the importance of being a homeowner and helping those who are in need. Once she left her hometown for college, graduated, and got a job, she moved all over the country doing all different sorts of work. This gave her a diversified education and allowed her to take on challenges that were interesting to her.
Now, she shares with BiggerPockets Money listeners how she flipped her financial position, thanks to some very lucrative side hustles!
A special thanks to our guest host, Joe Saul-Sehy from Stacking Benjamins, who got so tired of Scott’s puns, he decided to host one of the shows himself.
In This Episode We Cover
The importance of owning your own home and rental properties
Graduating with little-to-no college debt, allowing you to save and invest more
Taking on jobs that interest you, instead of ones that solely pay the bill
The art of side hustles and making thousands after your nine-to-five
Living “paycheck to paycheck” by paying yourself first for investing and saving
And So Much More!
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238: Finance Friday: 250x-ing His Salary from Employee to Business Owner
8 oktober 2021 · 1 uur 10 min
Over at BiggerPockets, we all have much love and respect for our trusted video editor, Joel Esparza. He brings phenomenal work quality, timing, and communication to every project he’s on, but many of us don’t know his inspiring and truly impressive backstory. Lees meer
Joel is originally from Venezuela, which has experienced rampant inflation over the past decade putting its citizens in economic turmoil. Joel went to school in Argentina and was able to leave without debt thanks to an inheritance left to him. When he migrated back to Venezuela, he was hired as a video editor for an agency making, get this, $20/month. Yes, that’s correct, we’re talking about $240 per YEAR.
This was not an uncommon salary for Venezuelans, but through sheer luck, Joel was introduced to some side business that began paying him two to three times the amount he would make in one month, in only two hours. Joel quickly jumped ship as an employee and began building his clientele as a self-employed editor. Now, as the head video editor at BiggerPockets, Joel wants to outsource his business, hire on staff, and move towards more of a leadership role.
In This Episode We Cover
The massive financial struggles of living in Venezuela during exceedingly high inflation
Living as a political refugee in a brand new country on a whole different continent
Using freelance work as a way to substantially increase your income
Starting partnerships with others in your field who may become competitors
Being cognizant of your professional strengths and using them to get more clients
Understanding the unit economics behind growing a business and a team
And So Much More!
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237: $700k Net Worth in 4 Years Thanks to “Super Assets”
4 oktober 2021 · 49 min
It didn’t take Addison Freeman long to realize what worked in school, wouldn’t work in real life. Those who got good grades and followed the standard playbook weren’t rewarded as plentifully on the investing front as they were in the classroom. When Addison realized it would take her over thirty years to hit millionaire status on the conventional track, she knew she needed a change. Lees meer
Addison started to look for, as she likes to call them, “super assets” or assets that grow while putting cash in your hand. She started with a house hack duplex where she was able to pay her mortgage by renting out one side. Then, she started to get into self-storage investing, which is now her husband’s main job. Along the way they tried (and failed) at starting businesses, but never took their foot off the gas on their journey to financial independence.
At the age of 26, Addison and her husband are financially independent, sitting on a net worth of over $700,000 with an almost guaranteed chance at being part of the millionaire class very, very soon.
In This Episode We Cover
Why conventional investing won’t cut it when you’re trying to be a millionaire
Buying as many “super assets” as you can while you’re young
Starting a small business and the reason that it may (or may not) fail
Why self-storage is an excellent industry for real estate investors to get into
How commercial real estate is valued and the immense equity you can add to it
Living below your means and investing hard for years
And So Much More!
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236: Finance Friday: Enjoy Life Before FI with Simple Investing Strategies
1 oktober 2021 · 1 uur 25 min
Strong frugality is hard to come by. Not many people would write off their solar system as a business expense and use bitcoin mining to provide heat to their house, instead of using a space heater. These are just two things that Yourri, an engineer and diversification whiz, has done to make his balance sheet as optimized as possible. Lees meer
Yourri has spent the better part of the last decade at school and was able to graduate with a phenomenal job doing something he loves. He makes $120,000 a year but has a big retirement goal of $7,000,000! While this may seem like a massive number to most, Yourri should be able to hit it with some regular investing due to his age and aggressiveness to invest. But, he’ll need to opt-out of an over-diversified investing strategy if he wants to reach this goal as fast as possible.
Passion projects are also a big part of Yourri’s life, as he’d like to rebuild a vintage motorcycle, get his pilot license, and adopt as many dogs in need as he can. He has a calculated outlook on his financial growth, and there’s no doubt he’ll hit his goals!
In This Episode We Cover
Pursuing high-cost hobbies and understanding that FI isn’t all about saving every penny
Whether or not diversification could be slowing down your net worth growth
The “golden butterfly” investing ratio that helps mitigate risk when investing
Writing off solar systems as a business deduction when in a buy-back program
Mining bitcoin for not only extra income but free heat!
Whether a 401(k) or a Roth 401(k) is the best option for your retirement
And So Much More!
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235: Why a High-Income Doesn’t Automatically Fast Track You to FI
27 september 2021 · 1 uur 4 min
High-income earners have a better shot at retiring early than those making a median income. That being said, with more money comes more investing risk. After the great recession, Bob Haines was sitting on a $300,000 loss from leveraging too many properties to flip. This put the possibility of retiring early multiple years behind. But, even with a money mistake as large as Bob’s, he’s been able to retire at age forty-four, a good twenty-one years before the standard retirement age. Lees meer
You could say that Bob’s early retirement sprung from his ability to take risks, leave jobs, and go where the money was. Bob went from making $40,000 a year at his first job to $500,000 less than a decade later. While a $500,000 salary was not the norm for Bob, these frequent career and company jumps allowed him to build up a massive cash position ($250k) and invest for retirement faster.
Funnily enough, the first time Bob heard about the FI movement, he quickly calculated his FI number and realized he had already hit it. While he took a couple more years to finally pull the trigger and get over his “one more year” dilemma, Bob and his wife were able to retire in 2018 and 2019, allowing them to travel, spend time with family, and enjoy life at the beach.
In This Episode We Cover
Why small salary increases can massively change a financial position
Calculating your market salary and finding a job that matches it
The world of “pre-sales engineering” allows for huge compensation
The mistakes you can make when sitting on a large amount of cash
Over-leveraging yourself in real estate and biting off more than you can chew
How to shake off “one more year syndrome” to enjoy early retirement
Fighting lifestyle creep even as your salary expands exponentially
And So Much More!
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234: Finance Friday: From “We Can’t Retire” To Retiring Early in 5 Years
24 september 2021 · 1 uur 17 min
A rock-solid financial position consists of a few things: budgeting, expense tracking, living below your means, and making extra income. Once those are accomplished, you’re on track to start investing heavily and financial independence is in sight. This is exactly the position Lynsey (mother to Mindy’s pool boy) is in. Lees meer
Lynsey and her husband bring in a moderate salary from his job and her businesses of jewelry making, relationship counseling, and their garage and basement house hack. For a long time, Lynsey assumed she would never be able to retire, but as her income has grown she’s realized that she not only can retire but retire early.
Lynsey has a few key ways she could increase her business revenue: outsourcing, marketing, and scaling. Her husband also has a strong suspicion he’s underpaid, meaning a boost in income could be one ask away for him. The couple also wants to invest in more short-term rentals or buy another house hack property. But, of all the options they’re presented with, which one will push the needle?
In This Episode We Cover
Creating a “hype folder” so you can painlessly ask for a raise
Shopping the sales and feeding a family of five for $700 per month
Creative house hacking by renting out basements, garages, and other dwelling areas
Using a self-directed 401(k) to invest in real estate and grow retirement savings
What to do with a large amount of cash while you’re waiting to invest?
Outsourcing repetitive tasks in your business so you can scale
And So Much More!
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233: How to Financially Plan for 2 Special Needs Family Members
20 september 2021 · 1 uur
Life can be challenging at times. When you think you’re in a stable spot, the universe tends to throw you one (or many) curveballs. In the realm of financial education, the smart early decisions we make can help alleviate the stress of these curveballs. This has happened almost to the tee for today’s guest, Karen Ferrero. Lees meer
Karen grew up in a small town to a middle-class family. She was a first-generation college graduate and worked throughout high school and college. She later took a job and began consulting in the tech world, which offered her a respectable salary. She got married and had two kids with her husband, but shortly after, her husband was paralyzed in a motorcycle accident. Not only that, her son was diagnosed with autism.
Now, Karen had to sell her house, find a new accessible one, take her son to therapy every day, and continue working her full-time job. This put her in a sizable debt hole, but through strategic debt payoff and intelligent investing, Karen has come out on top. She still has a very high-paying job, a loving family and some very, very profitable investment accounts for her children that she started decades ago.
In This Episode We Cover
How to plan for when life changes your course by force
The importance of having good insurance when you’re young
Why you should always take advantage of the 401(k) match when presented to you
Investing as early as you can to capitalize on massive gains
Why you should put education accounts in a trust
The extra costs that come with taking care of special needs family members
And So Much More!
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232: Finance Friday: What Would You Do With an Extra $100k Per Year?
17 september 2021 · 1 uur 18 min
Kari and her wife made some big moves over the past few years. They packed up their stuff and left the San Francisco Bay Area for a relocation in the midwest. Unlike the Bay Area, the Midwest has many affordable housing options with plenty of chances to house hack. So, that’s exactly what the couple did! They bought a duplex in rough condition, put in close to $80,000 of renovations, and now get $900 a month from the side they’re renting out. Lees meer
Although this renovation allowed them to live for free, it put a $66,000 hole in their pockets, which they recently just paid off. Without much retirement savings or investments in general (save the house hack), Kari is wondering what she can do to maximize the extra $100,000 in after-tax income she and her wife bring in every year.
Should she go the index funds route, buy another rental, or help her wife pursue her dreams by investing in a restaurant? Scott and Mindy give Kari a lot of ideas in this episode, many of which could help you as well!
In This Episode We Cover
Using “strategic debt” to grow your investments and income
Planning your future finances when trying to start a family
Investing in your 401(k), Roth IRA, Self-Directed 401(k), and other investment accounts
Using the “Live in Flip” model to avoid paying capital gain taxes
Why you shouldn’t diversify when you are in a low to moderate net worth category
And So Much More!
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231: 'On the Road' to FIRE: The Massive Financial Benefits of Van Living
13 september 2021 · 58 min
Not everyone has the vagabond spirit of those who choose to optionally live out of their cars, trucks, or vans. While this isn’t up Scott and Mindy’s alley, it’s been perfectly fine for today’s guests Tien and Brandon. After deciding to end their lease before a road trip, Tien and Brandon found living in their specialty-built van wasn’t just habitable, but preferable for their lifestyle. This was especially true after paying pricey southern California rent. Lees meer
All this happened after making some impressive financial moves; paying off $50k of loans in eight months, flipping their first house, and buying a small portfolio of duplexes. Tien and Brandon have made a spree of financially intelligent moves, pushing themselves into a high net worth category, all while living in one of the most beautiful places on earth.
As of March 2021, Tien and Brandon dismantled their truly remote lifestyle to settle into their first short-term rental house hack. They’ve been pulling in $8,000 a month (yes, a month) from their San Diego Airbnb property, which is not only covering their entire mortgage but paying them some profits to boot!
In This Episode We Cover
Paying off a large amount of student debt in a short period of time
Finding side hustles that can support your saving and investing goals
Making a plan to retire early and investing in income streams that will make it a reality
Flipping a house without construction or real estate experience
Investing out of state where you already have family/friends/relationships
The hardest part of living in a van full-time (and its MAJOR benefits)
House hacking with a short-term rental
And So Much More!
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230: Finance Friday: In My Mid-50s, Do I Have Enough to Retire Next Year?
10 september 2021 · 50 min
Retiring early can be a daunting task. Not only do you have to do more, with less time, but you have to stay diligent on your budgeting, expense tracking, and investing if you want to hit your goal by a certain age. Today we talk to Lisa, who wants to retire next year, in her mid-50s. While most people think early retirement means retiring in your 20s and 30s, this isn’t necessarily true. Retiring 10 years early, like Lisa, is a massive accomplishment, but requires the same skills needed for retiring decades earlier. Lees meer
Lisa has three pieces of property: a cash-flowing rental in pricey Boise, her primary residence in Washington, and a plot of land in North Idaho. She’s tinkered around with ideas of using her primary residence as a short-term rental, but unbeknownst to her is the fact that having a short-term rental could bankroll her retirement. She also has a sizable amount in retirement accounts, but none of those assets produce cash flow.
Will Lisa be able to retire using the 4% rule with her retirement accounts? Or, should she use this last year of employment to double down on cash-flowing assets like rental properties?
In This Episode We Cover
Using the 4% rule to calculate how much you need to be invested to retire
Leasing out your home as a short-term rental while you travel
Choosing cash-flowing assets over assets that merely appreciate
Calculating out your TRUE living expenses (with the Mindy Method!)
Profiting off of land purchases and when the right time to sell is
When the appropriate time to raise rents on a tenant is
And So Much More!
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229: The 6 Money Mistakes High School/College Students MUST Avoid
6 september 2021 · 1 uur 4 min
Most college students know next to nothing about money. Even worse, many of them sign on to expensive student loans with almost no plan on how they’re going to pay it back. While this is the average, some people, like Nathan Kennedy, host of The New Money Podcast, did things differently. Lees meer
Although he overspent a bit going out in college, Nathan graduated with a degree and $40,000 in cash, a MASSIVE amount for any college student. Through applying for grants, working at on-campus jobs, and collecting tip money as a bartender, Nathan was able to graduate in a solid position, allowing him to invest heavily in the stock market during the 2020 crash.
Now, Nathan teaches others how they can strengthen their financial position through hard work, planning, and constant content consumption. If you have children who are in high school, college, or are newly graduated, send them this episode so they can have a leg up on future finances!
In This Episode We Cover
The importance of tracking your expenses and budgeting properly
Vision boards, daily logs, and other ways to plan for your success
Pursuing grants and scholarships WHILE school is in session
Becoming a constant content consumer
Money mistakes that many college students make (and how to avoid them)
Making time for health, fitness, and no-phone relaxation
And So Much More!
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228: Finance Friday: Is “Random Spending” Ruining Your Budget?
3 september 2021 · 1 uur 25 min
“Beware of little expenses; a small leak will sink a great ship.” This is the topic of today’s episode, where we interview Jenny for a Finance Friday review. Jenny is finishing up her fourth degree and has been working throughout grad school to help her family. Her husband brings in a sizable income, but he wants to retire in 2030 and spend more time with their (future) kids. Lees meer
Jenny has great control over her fixed expenses, but as for her variable expenses...not so much. Her family is consistently teetering between $1,000 a month and $2,400 a month in variable expenses, many of which can be resolved with some simple shopping tweaks (like leaving your credit card at home when you go to the grocery store). Luckily, they’ve invested a fair amount of their take-home pay, have a stellar 401(k) match, and are about to have dual incomes once Jenny is out of school.
If you’re having trouble keeping a hold on your variable expenses, such as random Amazon shopping, tune in for this episode for advice on exactly what to do.
In This Episode We Cover
How to plan for retirement with two full-time incomes
Paying off your home vs. investing in assets like index funds and real estate
Taking advantage of 401(k) matches and maxing out retirement accounts
Leveraging a future job to pay off student loans
How to curtail your variable expenses and reduce “random spending”
Why someone with “mortgage anxiety” should be wary of real estate investing
And So Much More!
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227: ‘Rocketing' To FI at Age 35: What’s Life Like Post-Retirement?
30 augustus 2021 · 1 uur 1 min
What do you think of when you think about retirement? Are you on a tropical island drinking fruity cocktails out of a coconut? If you dream about that sort of retirement, Steve Adcock may have some revealing words for you. Retirement isn’t just about doing nothing all day, it’s about exploring your passions, and sometimes working more than you did before, to accomplish things that truly matter to you. Lees meer
Steve decided to leave his high-stress IT job after 11 years of work. It was eating away at him every day, and it got to the point where just going into work became a grueling weight on his shoulders. He knew from a few years before potential retirement that he had a choice: lavishly live his life now or live frugally and have financial freedom forever. He chose the latter and doesn't regret it for one second.
Now, Steve and his rocket scientist wife spend their time taking care of their completely self-reliant housing compound in Arizona. He has a lot more to accomplish, but for now, he’s enjoying his off-grid lifestyle, complete with solar panels, his own water well, and a brand new septic tank.
In This Episode We Cover
Why it’s important to have a financial plan (even if you won’t retire early)
Working (lightly) in retirement so you can enjoy more freedom
Tracking your spending meticulously so you know where every cent goes
Taking care of your health and wealth when given free time
Spending in post-retirement, and how it differs from regular spending
Why early retirement WON’T make you happy
And So Much More!
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226: Finance Friday: Is Your Cash Losing Value While You Wait to Invest?
27 augustus 2021 · 1 uur 22 min
Sometimes having a lot of cash can be dangerous. Would you rather be sitting on months (or even years) worth of emergency reserves or have your money be challenging inflation by sitting in investments like index funds or real estate? This is the question that many people have, and also one that today’s guest, Phil, is having as well. Lees meer
Phil and his wife live in a relatively low cost area and bring in a very solid income. They’ve been maxing out HSAs, 401(k)s, and other accounts all while having a significant amount of cash on the sidelines, just waiting for the right investment. While Phil wants to go into an unconventional type of real estate investing, both Scott and Mindy believe he should focus on the long-term goals he has set for himself and find asset classes that fit within his strategy.
In This Episode We Cover
How much is too much of an emergency fund?
Selling tradelines and the risks/rewards that come with it
Why investing in traditional-layout houses presents you with multiple exit strategies
Solo 401(k)s, IRAs, HSAs, and other retirement accounts
Creating a reasonable timeline to act on an investment, instead of losing money to inflation
Understanding what a good rent-to-price ratio is for your area
And So Much More!
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225: From $52K in Debt to $100K/Month in (Almost) Passive Income
23 augustus 2021 · 1 uur 8 min
A lot of people in the financial independence community successfully get out of debt, but not many of them get out of debt and then start a monthly six-figure side business. One person who has done that is Deacon Hayes. Deacon was raised by a single mother on welfare who taught Deacon that debt was a way of life. When Deacon married his wife, they both collectively realized that the only way for them to live the life they wanted to, was to get out of debt. Lees meer
Deacon did whatever he could to pay off his debt. He delivered pizzas and resold furniture, all while working full time. Once he was out of debt, he decided his passion was in teaching others how to get rid of their debt, so he became a financial planner and started his website, Well Kept Wallet. His story was so well received that he was brought on to record with Fox and tell their audience about his debt-free journey.
Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion's share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another worker to fill his role so he could focus on what he loves.
In This Episode We Cover
Getting rid of debt as fast as you can so you can start saving and investing
Foreclosures, land leases, and other real estate predicaments
Making sure you keep a large emergency fund (especially if you’re an entrepreneur)
How to hit “hockey stick” level growth and what to do when you want to step away
Firing yourself from your business and learning to outsource
How to establish self-worth after you “retire”
And So Much More!
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224: Finance Friday: Paid-Off House Peace of Mind vs. Investing Opportunity
20 augustus 2021 · 1 uur 9 min
Making too much money is a good problem to have, and it’s one that many people in the Bay Area experience. Today we talk to Laurin, a mother of two, making $281,000 a year when combining her salary with her husband’s. They’re doing everything right: paying off the mortgage, contributing to their 401(k)s, and saving up for an emergency reserve. Lees meer
With all these investments and income, Laurin is wondering whether or not her investing strategy is optimized. Her mortgage spans 15 years, so she’s dedicating a large amount every month to pay off her house before she retires. While some people prefer the financial security of not having a mortgage, others (like Scott), prefer having a mortgage for longer while investing in other assets.
With the goal of enjoying her life more, Scott and Mindy bring up a handful of options that can help Laurin achieve a massive net worth by the time she is ready to retire. She could work less and contract more, she could refinance and invest for cash flow, she could look into real estate investing, all while she’s setting up a massive nest egg for herself upon retirement!
In This Episode We Cover
Always taking the 401(k) match your company offers (when available)
Using “event-based” planning when you’re closer to retirement age
Pre-tax retirement accounts vs. post-tax retirement accounts
Saving for children’s college with a 529 plan
The two main real estate investing traps to avoid when investing out of state
And So Much More!
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223: How ‘The Rich Immigrant’ Went from $10/Hour to Wealthy Globetrotter
16 augustus 2021 · 43 min
Dee Olateru doesn’t have the traditional FI story, but it didn’t take her long to catch onto the concepts that now allow her to live a life exactly how she sees fit. Dee immigrated to the United States from Nigeria when she was sixteen. Without the ability to get student loans, Dee had to work throughout school, apply for every scholarship available, and borrow money from friends and family to pay for her undergrad degree. Lees meer
While she made it out of college without student debt, she still had some credit card debt that needed taking care of. She amassed $10,000+ in credit card debt to help her pay for necessities like groceries throughout her years in college. But now she had a business degree, so clearly, she went on to get a full-time job in her field, right? Actually, she didn’t. Dee graduated during the great recession and had to take a $10/hour job at a local factory.
Dee says that many people don’t believe her about the factory job because of the high-level position she’s in now, but it taught her many valuable lessons. As Dee made more and more money, she started looking into finance blogs to see where she should be saving and investing. For the better part of a decade, Dee has been maxing out her Roth IRA, 401(k), and investing in individual accounts, all while she travels around the world!
In This Episode We Cover
Having a “debt payoff plan” so you know exactly how and when you can get rid of debt
Joining online communities as a “close circle” for financial debates and idea-sharing
Maxing out your Roth, 401(k), and other retirement accounts as early as possible
Never falling into FOMO and only investing in assets you understand
Seeing your financial journey as a way to “start with what you have”, not what you wish you had
And So Much More!
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222: Finance Friday: Are You Too Over-Diversified In Your Investments?
13 augustus 2021 · 1 uur 28 min
Investments galore! This week, we talk to Jeana and Scott, a couple with a hefty amount of investments under their belt. We know what you’re thinking, “what type of stocks and real estate are they investing in?” This is where you might be surprised. Jeana and Scott are investing in three gyms, a gas and oil investment, a documentary, a 24-unit apartment building, a 52-unit apartment building, a senior care business, and...a $20,000 dog! Seriously! This is one of the most diversified couples we have ever had on the show! Lees meer
While it’s great to have investments spread out over multiple different asset classes, Scott and Mindy want to help the couple come up with a more systematized and formulaic approach to wealth building. Since they both have well-paying jobs, once they set up a “set it and forget it” type investment strategy, they won’t be too far away from reaching FI.
If you’ve ever had an interest in running a memory care facility, dog breeding, or investment clubs, this will be a great episode to listen in on!
In This Episode We Cover
Diversifying your investments into multiple different asset classes
Knowing which investments are likely to make a return and planning for those that won't
Setting up a system for wealth creation so you can develop an early retirement plan
Investing in multifamily real estate like apartment buildings and senior living homes
Using government benefits to maximize wealth as quickly as possible
Investing in an Airbnb property and which markets make the most sense for it
And So Much More!
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221: Hard Decisions Leading to a $170k Debt Payoff (During Covid)
9 augustus 2021 · 1 uur 15 min
Darius Smith always knew how to make money, but wasn’t very good at saving it. Growing up, he had jobs ranging from delivering phone books, to running paper routes, to even putting up eviction notices on homes. He opened his first bank account when he was around nine years old! So how did Darius end up with almost $170,000 in debt? An even better question may be, how did Darius pay off all that debt in only a few years? Lees meer
Darius spent time at multiple different colleges, racking up $40,000 in student debt, then buying a Mustang, paying for a wedding, putting some charges on credit cards, and finally combining his wife’s debt with his. They started to use the “debt snowball” method, but after having to take out business loans, the debt grew even more.
This is when Darius decided that he and his wife needed a plan to conquer their finances. They moved into a friend’s extra room for cheaper rent, stopped going out as much, began working more than one job, and siphoned all the money they could into savings and debt payoff. As of July 2021, they are debt-free!
In This Episode We Cover
How to prepare to take on student debt (when needed)
Avoiding lifestyle creep and finding ways to lower your expenses
The “reverse house hack” and renting a room for far cheaper living expenses
Mortgage forbearance and student loan forbearance in 2021
“Isolating yourself” from friends or influences that will cause you to spend more
Having a money date with your partner and going over finances regularly
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Get Tickets to BPCon 2021
Net Worth Calculator
Debt Pay Off Plan
6 Month Spending Tracker
Sinking Funds Tracker
Lifetime Earnings Calculator
BiggerPockets Money Podcast 121 with Seth Jones
BiggerPockets Money Podcast 73 with Ramit Sethi
BiggerPockets Money Podcast 127 with Ramit Sethi
Check the full show notes …
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220: Finance Friday: How Do I Scale My Business But Reduce My Hours?
6 augustus 2021 · 1 uur 1 min
Entrepreneurs work long, stressful hours, and as a result, they get paid the big bucks. This is the position that Stephanie, a freelance Salesforce consultant is in. She makes a respectable income, bringing in $14,000 after tax! But, that income comes at a cost. Lees meer
While Stephanie is currently contracting out work to a few part-time employees, she spends at least 50 hours per week on the business. She’d like to get to a point where she can step back and work 20 (or so) hours per week and have a systematized and growing business. She’s financially in a great place, with more than three years of expenses saved in cash, so she can take more risks with her business.
If you’re growing your own business, rental portfolio, or side-income stream, you may be in Stephanie's position in the future. Stick around to hear exactly what Scott (an active CEO) would do if he was in her shoes.
In This Episode We Cover
Time freedom or financial freedom, which is more important?
Taking your hands off the reins and letting your business grow
Subcontracting out work so you can focus on leading a business
Firing clients who aren’t the best fit for your business
Creating systems and procedures so your business can become scalable and saleable
And So Much More!
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219: Syndications: Everything You Need to Know BEFORE You Invest
2 augustus 2021 · 2 uur 6 min
You may have heard the term “real estate syndication” thrown out quite a lot over the past few years. It seems like almost every real estate investor is either starting a real estate syndication or investing in one. So what’s all the hype about? Is this an investment opportunity that you’re missing out on, and if so, is it truly passive as many people claim? Lees meer
We’ve brought the master flipper, rehab estimator, and syndicator himself, J Scott, back to the BiggerPockets Money Podcast so he can share some information (and advice) on real estate syndications. J walks through a handful of points worth examining before investing in syndications. We talk about what a real estate syndication is, where to find syndications, how to validate the syndicators themselves, what a limited partner is, what a general partner is, and more.
The most valuable part of this entire episode is about researching the syndication deal itself. Where is it located, what is the structure, who’s running it? These are all questions you should ask, along with some other key questions like:
What is the team’s track record, reputation, experience?
What is the location, risks, population size, employment, wage growth?
On the deal, what do the returns look like, what are the big risks?
Do they have an investor presentation?
What’s the minimum investment?
Are there capital calls? How do they deal with capital calls? Have they required capital calls in the past?
What are their accreditation requirements?
Can you get better terms in exchange for a larger investment?
How frequent are the distributions? Quarterly, monthly, yearly?
When will distributions start?
Will they be doing a cost segregation study?
What fees are they receiving?
When will they give updates? Monthly, quarterly?
Can you invest using a 1031 or an IRA?
In This Episode We Cover
What is a real estate syndication and who qualifies to invest in one?
What an accredited investor is and the qualifications behind it?
Where can y…
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218: Finance Friday: How to Plan for Inconsistent Income as an Entrepreneur
30 juli 2021 · 1 uur 10 min
Combining finances can be complicated, but what’s even more complicated is combining one salary with two inconsistent business accounts. How do you manage the household’s budget when you don’t know what will be coming in every month? This is the question Roshan and her husband have for us today. Lees meer
Roshan works as a teacher making a very steady income and has access to retirement plans like her pension and a 457(b). Her husband, on the other hand, runs a seasonal flower business that brings in $30,000 in only five weeks, and an ecommerce store with a bit more consistent income. Together, they want to develop a formula that will help them plan for early retirement, while also being able to take some risks and reinvest in their businesses.
Scott and Mindy not only walk through the regular finance aspects like spending, retirement planning, and saving, but also more relationship-based financial aspects like having money dates, keeping a shared budget, and having a retirement plan that works with your family’s lifestyle.
In This Episode We Cover
What to do if you have inconsistent business income
Budgeting to cut down on items like eating out and random shopping
Creating “distributions” from your business and giving yourself a salary
Investing in retirement accounts like your Roth IRA, 457(b), 403(b), and more
Creating a “financial formula” that will lead to you to (early) retirement
Having money dates and staying on top of finances as a couple
And So Much More!
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217: Don’t Quit Your Job, “Fire Your Boss” on Your Terms w/ Rahkim Sabree
26 juli 2021 · 1 uur 12 min
Rahkim Sabree “aspired to be poor” when he was growing up. He saw his parents collecting section 8 housing vouchers, getting food stamps, and thought that this was the way life was. He didn’t grow up around many homeowners. All of his friends lived in apartment rentals and were in the same financial situation as him. There were no “financial literacy talks” at Rahkim's dinner table. Lees meer
It wasn’t until Rahkim left college and got a banking job that he decided to look at where his money was going and what it was doing for him. He started reading books like Rich Dad Poor Dad and The Millionaire Next Door, which shifted his mindset and gave him the foundation to chase financial freedom. He bought a duplex, house hacked it, and started throwing all the money he could into investments.
As his own financial knowledge began to grow, he was able to share what he learned with others. He’s written two books, spoken at TEDx talks, and been invited to numerous conferences to speak. This didn’t bode well with his employer, who would consistently ask him whether his outside-of-work activities were clashing with his nine-to-five responsibilities. After hearing this over and over again, he decided to “fire his boss” and focus on building his own income, all without an emergency reserve stashed away!
In This Episode We Cover
Why it’s so difficult to break out of poverty without financial education
Deciding to house hack so your mortgage can be offset
Why you should always keep a safety reserve in case of emergencies
Maxing out your 401(k), HSA, and ESPP contributions
Thinking of low-interest credit as another type of safety reserve
Knowing when the appropriate time to leave your W2 is
And So Much More!
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216: Finance Friday: Turning Spare Bedrooms into $1,000+ Extra Every Month
23 juli 2021 · 50 min
Amanda is making a teacher’s salary and spending her weekends working a part-time job at a grocery store. She contributes to her retirement accounts, but she could be sitting on a passive income gold mine that she doesn’t realize. Lees meer
Attached to Amanda’s home are a casita and a mother-in-law suite. The casita is rented out to long-term tenants and the mother-in-law suite has been used as a short-term rental for some time. But what if instead of keeping her casita as a long-term rental, she converted it into an Airbnb? Well, Amanda could potentially see a rent increase of almost 3x what she currently is renting at!
With this house hacking model that Amanda is using, she’s able to get owner-occupied financing with lower interest rates and better terms. So what if she could start doing this with other houses and slowly grow a short-term rental empire? As Scott and Mindy discuss, it’s possible!
In This Episode We Cover
The importance of side-income streams when you work a lower-paying job
Turning extra bedrooms into short-term rental income
House hacking and the benefits of owner-occupied financing
Calculating your hourly rate for different tasks and focusing on those with the highest ROI
Chasing financial freedom and the importance of using time how you see fit
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Get Tickets to BPCon 2021
Short-Term and Vacation Rental Discussion
Avery Carl’s Short-Term Rental Interview
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215: FI: More Than Retirement, a Chance to Take Risks w/ Diania Merriam
19 juli 2021 · 1 uur 19 min
After years and years of working in licensing, Diania Merriam opened up her credit report and saw that she was (collectively) $30,000 in debt. This forced her to ask the question, “what am I working for?” It made sense at the moment: you get your paycheck, you can go out to a fancy dinner, you get another paycheck, you can buy yourself something nice. But Diania wasn’t happy, or at least as happy as she thought she’d be. Lees meer
She realized that she didn’t want to be stuck in a job she had to go to every day. She wanted autonomy, freedom, and financial independence that would allow her to rule over her schedule and pursue her passions and interests. So, she went to work and started saving whatever she could. She stopped eating out, started cooking all her meals, moved to a more inexpensive city, bought a house and house hacked, heavily invested in retirement, and did everything right.
Now, she’s self-employed, hosting the Optimal Finance Daily podcast and the EconoMe Conference in Cincinnati. She was able to create her dream roles because she came from a position of financial strength, she also had a plan in mind and knew what her “worst-case scenario” looked like.
In This Episode We Cover
Getting out of consumer and student debt as quickly as possible
Minimizing expenses and maximizing income to increase savings rates
Building a strong financial runway so you can start your own business
Buying a house and house hacking by renting per room
Understanding your “worst-case scenario” before you take the leap into entrepreneurialism
Finding your passions and cementing what you want to do when you reach FI
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Get Tickets to BPCon 2021
The Shockingly Simple Math Behind Early Retirement
Get Tickets to the EconoMe Conference and USE CODE BIGGERPOCKETS for a Discount
BiggerPockets Money Podcast 01 with Mr. M…
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214: Finance Friday: Fighting Cancer, Starting a Family, & “Planting Seeds”
16 juli 2021 · 1 uur 16 min
It’s hard to imagine what someone is going through once they’re given a cancer diagnosis. The last thing many people want to think about during such a troubling time is finances. This was true for Zachary, who’s combined net worth with his partner more than doubled while he was supporting her throughout her chemotherapy and cancer surgeries. Lees meer
Even though it was a medically troubling year, Zachary and his partner were able to almost double their income, while keeping expenses fairly low. This allowed them to set a 50% savings rate and keep enough to pay for treatments, retirement investing, and even save for IVF (in vitro fertilization). Since IVF is such an expensive treatment, Zachary wants to know how he can best position himself to pay for it while his partner reduces her time at work to take care of their future children.
In This Episode We Cover
Becoming cancer free after a stage three diagnosis (wooooo!)
Doubling your income by making intelligent career changes
Short-term rentals vs. long-term rentals and the risks of both
Planning for medical expenses like IVF
Contributing to HSAs, Roth IRAs, and 401(k)s
Managing a 10-bedroom “sorority house”
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Get Tickets to BPCon 2021
You Need a Budget
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213: Retiring in 6 Years After 20 Years of Money Mistakes
12 juli 2021 · 1 uur 31 min
Growing up in Mexico, Saul Tijerina didn’t fully understand the concept of financing. It wasn’t that he couldn’t conceptualize financing, it was more that he wasn’t around it enough to think of it as an option. In Mexico, everything was sold for cash, whether it was a home, a car, or a new TV. Owning something meant that you really “owned it”, not just “I’m paying this off.” Lees meer
It’s no surprise that when Saul came to the United States to work, he was in for a financial shock. New car? Finance it. New house? Finance it. Want to eat out every day? Charge it to your credit card and finance it! This was the cycle that Saul was in for close to two decades, before discovering the FI movement.
Once he started digging around online forums, blogs, and YouTube channels, he found a community that not only hit financial independence but hit it at an impressively young age. Now, about two years into his FI journey, Saul has made monumental progress with saving and investing. He’s on track to retire as a millionaire in 2026 and will live off of his taxable accounts until he is old enough to take out funds from his tax-advantaged investments.
In This Episode We Cover
Why lifestyle creep can be incredibly dangerous for young adults
Paying attention to the interest credit cards charge and never falling into high-interest debt
Why financing a brand new car can be a huge blow to future wealth accumulation
Staying away from the “two-income trap” and keeping expenses low
Roth IRAs, 401(k)s, Conversion Ladders, and other retirement accounts
Saul’s 72 Hour Rule for spending (especially online shopping)
How to get your partner on board for FI when they may not know about financial possibilities
And So Much More!
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212: Finance Friday: When Should You Pause Your Retirement Contributions?
9 juli 2021 · 1 uur 4 min
Starting a strong financial position in your youth is probably the most important thing you can do to hit financial independence. Sometimes that strong position includes maxing out retirement accounts, like Roth IRAs, 401(k)s, or even HSAs (health savings account), but sometimes, it doesn’t. Scott and Mindy talk to Kirsten about the potential option of pausing her retirement contributions to buy a duplex so she can house hack. Lees meer
While this may seem counterintuitive, pausing retirement contributions isn't always a bad thing. This is especially true if you’re trying to do something that will radically change your income or expenses, allowing you to invest more into retirement later on.
This episode runs through house hacking, retirement contributions, FHA rules for owner-occupied loans, how to graduate with no debt, and when the best time to have a “money date” is. It doesn’t matter if you’re in your early 20s or mid-40s, these principles are key to having a financially successful life.
In This Episode We Cover
How to aggressively invest so you can retire young
The importance of side-income and why you should have multiple streams of income
Roth IRAs, 401(k)s, and HSAs (health savings accounts)
Graduating from college debt-free
Whether or not life insurance is necessary for young people
Having “money talks” and “money dates” with your partner
House hacking and using real estate to catapult your wealth
And So Much More!
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211: From -$28k in Debt to $107k Net Worth by Cutting Out the Unnecessary
5 juli 2021 · 1 uur 10 min
It’s nice to hear a fan of the BiggerPockets Money Show talk about how they are on the path to financial freedom. It’s even nicer when we hear that the fan, Melissa Yi, went from a negative net worth to now $100k+ due to some simple tips from Scott and Mindy. Lees meer
Melissa had stints in her childhood where she was facing homelessness, not knowing where her next meal was coming from. She worked hard after high school and ended up at a job that offered to pay for her college education. A year away from graduating, she made the decision to quit, without savings, another job lined up, or a way to pay for school. She took out student loans, auto loans, and sunk into credit card debt.
At one point, Melissa looked around and realized she had a lot of stuff. Stuff that wasn’t doing anything for her, except for filling up her garage. She sold what she could, started bringing in side income streams, and stopped eating out. These small changes allowed her to slowly pay off her debt and get to a positive net worth. Now, she’s at the $100k+ point and slowly coasting her way to financial independence!
In This Episode We Cover
The importance of financial education when growing up
Taking advantage of company-sponsored tuition reimbursement
Why you should never cash out your 401(k) or other retirement accounts
Credit card debt and why it’s so bad for uninformed consumers
Using a live in flip to make a killer profit while paying $0 in taxes
Setting up retirement accounts and maxing them out whenever possible
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Melissa’s Facebook Post
Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners
Check the full show notes here: https://www.biggerpockets.com/moneyshow210
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210: Finance Friday: Should I Leave Teaching to Pursue Greater Income?
2 juli 2021 · 1 uur 3 min
Teachers do a lot more than we give them credit for (as shown throughout the past year and a half), but sadly, they don’t get paid terribly high salaries. Today’s guest, Stephanie, is a music teacher for young children and is debating whether or not she should make a career change to up her income to higher levels. Stephanie has a good amount in savings and investments but wants to take on a duplex to house hack and save money on monthly housing costs. Lees meer
Scott and Mindy walk through the pros and cons of house hacking and answer questions about live in flips. The best part about Stephanie’s story is that she has the option to move anywhere in the United States. She has nothing holding her to New Jersey and may be keen to move out due to the high taxes she has to pay.
With the combination of a career change and the potential to do a live in flip/house hack on the horizon, Stephanie has a lot of great (and broad) options to help her reach financial independence!
In This Episode We Cover
Changing careers to maximize financial independence goals
Starting a side hustle so you can earn extra income
Roth IRAs, 401(k)s, and Solo IRAs
House hacking as a means to not only cut housing expenses but build wealth
Who should (and shouldn’t) do a live in flip
Should you pay off low-interest debt or invest?
And So Much More!
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209: Creating Financial Runway to Start a 7-Figure Business w/ Bola Sokunbi
28 juni 2021 · 1 uur 4 min
Growing up, Bola Sokunbi had some serious financial influence from her parents. Her father would tell her “Don’t be penny wise and pound foolish” while her mom showed her the importance of being an independent woman who could financially stand on her own. They both influenced her to become the financial author, mentor, and teacher she is today with Clever Girl Finance. Lees meer
Bola split her youth between Europe and Africa, and when given the chance to go to college back in Europe, her mom cashed out her retirement savings to give her daughter the gift of education. Bola worked through college and graduated with zero debt! She then went on to live in New York City, making $54,000 a year at her first job, which to her, was like getting a million dollars!
As she saved up to buy her first home and later started investing in more growing assets, she saw her friends who made 3x her salary, spend all their money on designer handbags, expensive dinners, and luxury apartments. She knew she didn’t want to be surrounded by financially irresponsible people, so she distanced herself from those friends, and began her journey to FI.
Now, Bola has a business pulling in six figures every month! She teaches women how they can start investing, have financial confidence, and live life on their terms.
In This Episode We Cover
The importance of education, even in today’s world
The great sacrifices Bola’s parents made for her to be successful
Starting side income streams so you can invest and save more
Selling the investments you don’t feel comfortable with, and why everyone doesn’t need to be a landlord
Saving a massive financial runway before quitting your full-time job
Starting Clever Girl Finance and her new book The Side Hustle Guide
And So Much More!
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208: Finance Friday: 23 Years Old, Steady Pay, Low Income, Should I Invest?
25 juni 2021 · 1 uur 6 min
We’ve said it before and we’ll say it again: it’s never too early to start your journey to financial independence. Today we talk to Mackenzie, a 23-year-old college graduate, working a government job and paying for only minor expenses. She has a serious emergency fund she’s managed to save up and has questions on house hacking, setting up retirement accounts, and the fastest way to get to FI. Lees meer
When you start your financial journey at such a young age, you have many different opportunities. Even just maxing out your Roth every year may be enough to make you a tax-free millionaire, but what about more aggressive strategies like owning rental properties or even shooting for a far higher-paying job? These are all questions that Mackenzie wants answers to, so we have Scott and Mindy here to help!
In This Episode We Cover
Living at home when you’re young to save money on rent and food
Graduating debt-free so you can come out of college ready to build wealth
TSP accounts, Roth accounts, and the 457 plan
House hacking as a way to fund future investments
Looking for other jobs or side income that can help you increase your investing rate
And So Much More!
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207: Comfortably Retiring in Her 40s as a Single Mom with $850k Net Worth
21 juni 2021 · 1 uur 4 min
Part of the reason we started the BiggerPockets Money Show was to share financial stories from all different backgrounds, giving you, the listener, confidence to reach your financial goals regardless of the stage you’re at in life. There’s no better story or person to personify this than Dr. Lakisha Simmons. Lees meer
Lakisha grew up in Indianapolis, born to teenage parents who didn’t have much. She spent the majority of her youth living at different family members’ houses, shopping bargains, and being content with having enough to get by. She started working at 14 years old and has fond memories of taking her paychecks to the bank so she could deposit them in her own checking account.
When Lakisha hit some road bumps in her personal life, she put her children first and sold her home, started renting, and dove heavily into FI. She managed to hit a 60% savings rate as a single mother, thanks to her helpful side-income streams. Now, after almost 3 decades of working, she’s ready to retire, spending time with her children and teaching other women how they can do the same.
In This Episode We Cover
How growing up in poverty can lead to living frugally in the future
Whether or not student loans are worth it for the paycheck
Looking at ALL your bills and only paying for things that bring you value
Renting vs. owning a home, and how it affects your bottom line
Taking advantage of 457(b) plans for government employees
And So Much More!
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