Alle afleveringen
814 afleveringen, van nieuw naar oud
-
206: Finance Friday: The 7-Step Plan to Financial Freedom
18 juni 2021 · 1 uur 22 min
For most people, there tends to be a specific point in your life when you think, “I want to travel” or “I want to spend time pursuing my passions”. For today’s guest Ainsley, this happened about two years ago. Lees meer
She has spent the last decade or so being a stay-at-home mom, but is looking to up her household income by getting a job that will provide an extra $36,000 a year to the family budget. Her main question: what should this extra income be used for?
Mindy and Scott come up with a step-by-step approach to hit financial freedom, even if you don’t have a large amount of cash or investments. Lucky for Ainsley, her home in the Pacific Northwest appreciated close to $150,000 in just the past year alone! Plus, she also has retirement accounts that she and her husband actively contribute to.
While they’re doing many things right, they could improve on some simple things like boosting their emergency fund, starting an HSA, contributing to a Roth IRA, and getting their income up as much as possible. This is a great episode for those who don’t want to get into real estate, and instead would rather have passive investments growing on the side!
In This Episode We Cover
Mindy and Scott’s 7-step plan to hit financial freedom
The importance of keeping a healthy emergency fund (and where to store it)
The pros and cons of taking out a HELOC on your primary residence
Always getting the 401(k) match whenever presented with one
ESPPs (employee stock purchase plans) and how to take advantage of them
Roth IRAs, Roth 401(k)s, and other tax-deferred accounts
Investing in a regular brokerage account once you have maxed out retirement
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
205: From $50k in Debt to Financially Free in 2 Years w/ Lots of Ups & Downs
14 juni 2021 · 1 uur 16 min
There are lots of twists and turns throughout every investor's journey, but maybe not as many as Zeona McIntyre’s. Growing up with the words of Suze Orman in her ear, Zeona knew that there were a few things she had to do, like max out her Roth IRA every year. It wasn’t until Zeona was talking to a friend who told her about Airbnb arbitrage that she realized a future in real estate investing may be the most successful. Lees meer
Before there were many short-term rental laws, people would Airbnb out of their own rented apartment, often without the landlord’s permission. Before you go off on Zeona in the comments, know that she does not do this anymore, and a few of her landlords were surprisingly okay with the plan. Since then, she has purchased 11 doors that she rents out, both to short and long-term tenants.
You’ll hear how Zeona used private funding, an unfortunately-fortune life insurance payment, and many other creative methods to get her to financial independence in just 2 years!
In This Episode We Cover
Airbnb arbitraging and why it was so popular in the early days of short-term rentals
Paying off student debt but feeling like you’re not “moving the needle”
Why it’s so important to consume financial information at the beginning of your career
Dealing with the death of a loved one, and finding ways to honor their memory
COVID’s impact on Airbnb and the short-term market in general
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
204: Finance Friday: Single Mom Making 20% ROI on Detroit Rentals
11 juni 2021 · 1 uur 8 min
We all know someone who hustles. Maybe it’s your sibling or your friend, or maybe you’re the hustler in your group. Those who hustle to make more money seem to always find new ways to bring in more cash, and that’s exactly what today’s guest, Alicia, is doing. Alicia jokes that she has 2-4 jobs, because in the day she’s working 65 hours a week at a media company, but is also a “saloon girl” and professional singer on the side. How many moms do you know that can ride a mechanical bull? Well, Alicia can! Lees meer
Alicia recently purchased a rental property in Detroit that is giving her a 20% return! This is far higher than most real estate investors anticipate, and for her, it’s a blessing on her path to hitting passive FI. She was able to buy this rental in cash with a 401(k) loan, but with some taxes looming on the horizon, Alicia is asking whether or not paying off the debt or buying another property is the best move to hit her financial freedom goals.
In This Episode We Cover
401(k) loans and when (or when not) they’re appropriate to use for investment purposes
Getting 20% ROI with section 8 tenants in Detroit
Why side income streams are important for any new or established investor
How live in flips still provide great returns even in a hot market
Knowing which debts to pay off slowly and which debts to get rid of fast
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Growing Your 401k vs. Liquidating It to Invest in Real Estate
Is a Live In Flip Right for You? Here’s How to Tell
Feline Good Social Club
Check the full show notes here: https://www.biggerpockets.com/moneyshow204
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
203: 14 Kids, One Income, and STILL Retiring 10 Years Early
7 juni 2021 · 1 uur 17 min
What’s your excuse for not hitting financial freedom? Maybe you work at a low paying job, maybe you only have one income for your household, or maybe you’re caring for a few kids, limiting the income you can save and invest. Prepare to have your excuses obliterated, because today we’re talking to Rob and Sam, who raised their 14 children on one income alone. And we aren’t talking about a $500k per year income, we’re talking about a median income! Lees meer
Rob and Sam always wanted a big family, and luckily, they were raised in frugal households, allowing them to save every penny, shop the deals, and have a budget. While Sam was at home raising the children, Rob was out working and slowly paying off their house early, without Sam’s knowledge. One day, Rob told Sam that the house was paid off, which came as a huge surprise to her!
He had also been maxing out their Roth IRAs, his 401(k), and their HSAs. Rob was doing all this while comfortably raising 14 children. How is that even possible? Well, you can learn all about their tips, tricks, and budgeting tactics by buying their new book: A Catholic Guide to Spending Less and Living More: Advice from a Debt-Free Family of 16!
In This Episode We Cover
Setting up budgeting, expense tracking, and being deliberate with your spending
Maxing out your 401(k) match, your Roth IRA, and your HSA
Being frugal so you have more money to spend on the important things
Fixing up a foreclosed house to save money when shopping for a home
Getting out of debt so you can tackle bigger (good) debts
Becoming intentional with your spending, saving, and investing
Raising a family of 16 with a single income
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Mad Fientist
Check the full show notes here: https://www.biggerpockets.com/moneyshow203
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at…
-
202: Finance Friday: How Should I Plan Ahead to Leave College Debt-Free?
4 juni 2021 · 54 min
Most 21-year-olds aren’t thinking about Roth IRAs, early retirement, house hacking, or graduating college debt-free. But today’s guest, Anthony, is! Anthony is currently a student in community college, preparing to transfer to a four-year college next year. He has a paid-off car, no credit card debt, and makes around $2,000 a month, with $800 or so as extra income each month. Lees meer
Anthony is wondering where the best place to put his extra income is. Should he invest in his Roth or should he save up money for college costs? Alternatively, he could house hack which could cash flow him through college and allow him to leave with a degree and a profitable rental property.
Scott and Mindy walk through the multiple different options Anthony has and push him to see what he can achieve within the next few years to put him on a path towards financial independence!
In This Episode We Cover
Planning for retirement at a very early age
Maxing out your Roth IRA and 401(k) match every year you can
Paying off credit card debt and car loans
Finding side income streams like driving for Uber
House hacking during college and leaving with a cash-flowing rental
Keeping your spending habits low (especially as you’re starting out)
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
201: Don’t Delay Your Wealth by Being Scared of “Good Debt” w/ Jake Simon
31 mei 2021 · 1 uur 9 min
How do you think about debt? Most of us would shudder to think of having high-interest consumer debt in our lives, and for good reason. Consumer debt can lead to a detrimental financial future and tons of wasted money on interest. But what about good debt? Debt to buy rental properties or help an aspiring business. How do you feel about that debt? Lees meer
Today we’re joined by FI chaser, and friend of Mindy, Jake Simon. Jake was raised in a frugal household. He learned to spend less than he made, shop the bargains, work hard, and NOT go into debt. Jake had been investing money every month in his 401(k), and after that, began putting the extra money he had into a bank account. After listening to The Mad Fientist (he’s been on our show before too), Jake knew that there was a much better place his money could be stored.
With the relocation of his job every few years, Jake became more and more interested in real estate, prompting him to start doing live-in-flips! After maxing out retirement accounts, selling his flips for heavy profits, and still having a large savings rate every month, he decided to conquer his fear of debt, and use debt to buy rental properties!
In This Episode We Cover
The difference between good debt and bad debt
Storing your money in a long-term investment, as opposed to keeping it in cash
Why live-in-flips are not only practical but profitable too
Understanding your profit margins and buying deals that are worth it for you
Buying your children a “rental property college fund”
Who should (and shouldn’t) be doing their own rehab work
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
BiggerPockets Money Podcast 35 with Craig Curelop
Mad Fientist
ChooseFI
Check the full show notes here: https://www.biggerpockets.com/moneyshow201
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.co…
-
200: Episode 200 Special: A Personal Finance Masterclass with Kyle Mast
28 mei 2021 · 1 uur 24 min
We love when guests come back on the show, especially when that guest is Kyle Mast. You may have heard him back on episodes 41 & 84, but now he’s here to celebrate our 200th episode with us! Scott and Mindy have come up with their own questions to ask Kyle ranging from retirement accounts, to asset allocation, to the future of cryptocurrency, and more. Lees meer
If you’re worried about retirement, Kyle has you covered. We go over some great topics like whether you should choose a traditional 401(k) or a Roth 401(k). From there, we talk about whether a pre-tax account or a post-tax account makes the most sense, based on your income, tax bracket, job security, and more. We’ll also touch on HSA (health savings accounts) which are a fan favorite as well as a tried-and-true winner for almost anyone who qualifies for one.
Post-retirement is another topic that rarely gets discussed on the show (since we’re all so focused on getting wealthy, not deploying that wealth). If you’re worried about hitting required minimum distributions soon, you may have the ability to save hundreds of thousands of dollars in the long run with some tips from Kyle. We’ll also talk about diversifying your accounts now so you can be nicely positioned upon retirement.
Lastly, we talk about inflation, rising house prices, tech stocks, and (Mindy’s favorite, of course) cryptocurrency. All of these are incredibly relevant right now and it’s great to hear from someone as neutral as Kyle on the pros and cons of each.
In This Episode We Cover
Traditional 401(k)s vs. Roth 401(k)s and the tax implications of both
Looking at your retirement accounts from a long or short term position
Taking the 401(k) match whenever a company allows you to
Required minimum distributions and the 4% rule
Solo 401(k)s and and retirement accounts for entrepreneurs
Cryptocurrency, stocks, real estate, and precious metal allocation
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
…
-
199: Is It Worth $500,000+ In Student Debt for Higher Paying Careers?
24 mei 2021 · 1 uur 1 min
The average American takes a long time to pay off debt, especially student loan debt. These amounts can vary, some people have a few thousand in student loan debt, others have tens of thousands, but what about $521,741 in student debt? Would you be able to pay off over half a million dollars in student loans, all while trying to buy a house and regularly invest? This is exactly what Ty from Debt Ascent did, and he did it quite successfully. Lees meer
Ty is an engineer and his wife is a dentist, so they both are in high-income careers with advanced degrees. Ty makes the argument that their degrees are a good investment, as they’ve been able to make $400,000+ as a couple, years after finishing school. This is a very high income, and with smart money management (as you’ll hear in the show), the high debt can be easily argued as being worth it.
You’ll also hear from Ty on the importance of tracking your spending (something both Mindy and Scott have been fans of for a long, long time). Tracking the spending for Ty and his wife made it simple and easy for them to live off of one income alone, while dedicating the other income completely towards paying off debt and setting up other income streams.
As of now, they are debt-free, with another $500,000+ in assets! Talk about financial efficiency!
In This Episode We Cover
When student debt is (and isn’t) worth it for a future career
Why it’s harder for lower-income households to pay off debt
The importance of tracking your spending (via YNAB or manual tracking)
Paying for your future self, your current self, and your past self
Staying away from the “two-income trap”
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Mr. Money Mustache
YNAB
BiggerPockets Money Podcast 106 with Megan Gorman
BiggerPockets Money Podcast 20 with JL Collins
Debt Ascent Net Worth
Check the full show notes here: https://www.biggerp…
-
198: Finance Friday: Are You Spending Too Much Time on Low-Pay Jobs?
21 mei 2021 · 1 uur 9 min
Many of you know that Mindy loves live-in-flips, and although she can definitely swing a hammer, she doesn’t have the skills of a finish carpenter, but today’s guests, Serafina & Darrin, do! Serafina and Darrin were both working at non-profits, but over the last year have transitioned to running their own business named Carlucci Woodworking. Serafina takes care of the bookkeeping while Darrin takes care of the carpentry. They’re a dynamic duo! Lees meer
All this is happening while they are trying to build their dream home out in the country. If you’ve ever custom-built a house you’ll know how time-intensive and (often) expensive it can be. Serafina & Darrin want to know whether or not Darrin’s high hourly rate would be better served doing jobs, as opposed to working on their own home.
With dreams of sailing around the world with their children, hitting a not too far away FI number, and living in their countryside getaway, they’ll need to focus on optimizing their business, getting connections, and keeping up with their investing!
In This Episode We Cover
The pros and cons of leaving your job for self-employment
How to optimize your business so you’re working billable hours whenever possible
Roth IRAs, traditional IRAs, and pensions
Setting up your emergency reserve so you always feel financially secure
Using your business in creative ways (to make more money!)
Knowing the ARV of a new construction (even if it’s custom)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Mad Fientist
Etsy
Yelp
HomeAdvisor
HSA – The Ultimate Retirement Account
Roth Conversion Ladders
Check the full show notes here: https://www.biggerpockets.com/moneyshow198
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
197: 4 Children, a Lower Income, and STILL Hitting Financial Independence
17 mei 2021 · 1 uur 8 min
There are a lot of excuses we hear from people as to why they can’t reach financial independence. They needed that new car, they needed that nicer apartment, they needed the expensive vacations. Often, this is what we hear from people making a high income, unlike today’s guest, non-profit worker Nate Forbes. Lees meer
Nate knew that he liked working jobs that tended to pay less, and with the support of his wife, he stayed at them. When his wife was ready to be a stay-at-home mom, Nate took a job with more pay but was by no means a high-income position. Even with Nate being the only breadwinner for the family, he and his wife were able to max out their retirement accounts, buy rental properties, and start doing BRRRRs.
Since Nate was raised with strong frugality and not much of a consumer mindset, he’s used to living below his means, but his story of wealth accumulation is truly inspiring. From selling vintage clothing to living in a collective household, to hunting down an early 90s Honda Civic to get 50mpg on long commutes, Nate has done almost everything he can to live a life he loves all while reaching “coast” FI!
In This Episode We Cover
The importance of early financial education for young children
Living below your means and striving to invest every year you can
Keeping the job you love and finding ways to make more money on the side
Maxing out your Roth and other retirement accounts
BRRRR investing and doing live-in flips
Realizing that life isn’t about math, and leverage may not be necessary for success
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Fuel Economy
Dave Ramsey
Mr. Money Mustache
Mad Fientist
Check the full show notes here: https://www.biggerpockets.com/moneyshow197
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19…
-
196: Finance Friday: Debt-Free, Great Pensions, But Will it Be Enough?
14 mei 2021 · 1 uur 26 min
Getting out of debt can be very empowering, which is exactly how Azar and Jeffrey felt when they paid off $83,000 of debt in under 3 years! They thought it may be the best time to start investing in real estate, but with a surprise baby on the way, they need to be sure they’re prioritizing stability over growth. Since they’re in such a great position, they should be able to do both! Lees meer
Azar works as a school nurse bringing in a respectable salary, while Jeffrey gets disability payments. Both have pensions and retirement accounts, but they want something more than just those retirement options. For them, real estate seems like the next step. They’ve taken out a HELOC (home equity line of credit) in order to buy their next property, but need advice on whether or not it’s a smart move to stockpile cash for the new baby or go ahead with the real estate purchase.
In This Episode We Cover
Getting yourself out of high consumer debt
Refinancing so you can take advantage of far lower interest rates
How much should you have in an emergency fund for a family of five?
The potential benefits of paying off your primary residence before buying rentals
Why HELOCs should be used for short term debt only
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Check the full show notes here: https://www.biggerpockets.com/moneyshow196
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
195: 3 Degrees, Debt Free, and “Coasting” to Financial Independence
10 mei 2021 · 55 min
Student loans can often drag people into debt, especially when chasing more than one degree. But here’s an unusual story: Brenda Olmost, PhD student, nurse practitioner, and member of the FIRE community is graduating with NO debt. Amazing right? Brenda has worked her tail off over the past decade getting scholarships, living below her means, and working whenever she can so she graduates her program with no debt. Lees meer
Not only has Brenda done a fantastic job making extra income, she’s been investing on the side! She has a growing 401(k), a maxed out Roth IRA, and 2 rental properties. At 31, she’s in a phenomenal position to reach financial independence. Lucky for her, she loves her career, so even if she does hit her FI number, she’ll still be bringing in the dough to pursue more and more investment opportunities.
If you want to hear more from Brenda, you can check out her podcast, Minority Millennial Money where she talks about budgeting, investing, saving, career, and relationships!
In This Episode We Cover
Staying off the hedonic treadmill and living below your means
Pursuing high demand, high-income careers
Getting scholarships and working on the side to pay for school
Why you SHOULDN’T buy that new car you want
Hitting “Coast FI” in your early 30s
Using your extra income to invest, buy rental properties, and save
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
BiggerPockets Money Podcast 169
BiggerPockets Money Podcast 81
BiggerPockets Money Podcast 24
Check the full show notes here: https://www.biggerpockets.com/moneyshow195
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
194: Finance Friday: Will I Still Be Able to Hit Retirement At 60?
7 mei 2021 · 1 uur 14 min
It’s a common concern among many Americans on whether or not they can retire on a timeline they feel comfortable with. In this episode, we talk to Deb, who’s having some of those same concerns. She has over $100,000 in assets (not including the house) and wants to be sure that she can provide a great life for her children all while saving more and more for retirement. Lees meer
Deb has read so many money and financial independence forums about mid twenty year olds with six-figure incomes and five-figure savings per month. Many people read about these stories and feel like they can’t compare, but if you’re in Deb’s situation, you’re already doing well with retirement savings! It can be dangerous to compare your journey to others who’s backstory you don’t know. That’s why we encourage everyone to save, invest, and spend at a rate that works for their goals!
In This Episode We Cover
Finding side-income sources and business that will help you with retirement savings
Keeping an expense tracker and budget so you know exactly what you’re spending
Having a sizeable emergency fund so you’re never in a bad position
Giving every dollar a purpose in your budget
Setting up your children with Roth IRAs so they can start investing sooner
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
193: Building a Business After Homelessness, Addiction, and Debt
3 mei 2021 · 1 uur 25 min
Part of the mission of the BiggerPockets Money Show is to share journeys from all walks of life. Our guests show that no matter where you’re at, you can reach financial freedom and enjoy your life on your terms. Today’s guest, T Christopher Colton, is a shining example of pulling yourself out of the depths and into the light. Lees meer
Chris never liked school, and was spanked all throughout elementary and middle school for failing to pay attention in class. He was told he needed to go to college, but didn’t have the passion for higher learning that other classmates did. He ran away from home multiple times, ended up being homeless, and addicted to drugs. He had stints as a car salesman, before going into carpentry.
With the help of his wife, Chris was able to get off the streets and live a stable life with his full time income. But, he wanted more. He became an electrician apprentice and started doing side work to help pay off the $100,000+ debt he had accumulated. Thankfully, he found out about financial independence through Dave Ramsey, putting him on a path to reject consumer debt, go hard on retirement accounts, and bring in more income.
In This Episode We Cover
The financial danger of buying a new car, and the costs that come with it
Selling everything to get out of debt fast
Moving states and reducing costs of living dramatically
401(k)s, IRAs, and Roth IRAs for retirement
Starting a side business and having your W2 pay for your everyday expenses
Getting your children on a path to success with early financial independence
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
WECA Apprenticeship
CarMax
The Ramsey Show
Check the full show notes here: https://www.biggerpockets.com/moneyshow193
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://ar…
-
192: I Make Great Money - Why Do I Feel So Broke? Finance Friday
30 april 2021 · 1 uur 3 min
In many of our lives, we make a decent salary, we try to save and invest, but we still feel bogged down by debt. How is it possible to feel “broke” while making a great salary? That is the question that Tiara, today’s guest, is asking. Tiara works as a park ranger in Texas, but wants to take a break in the next few years to go on a big travelling holiday. Lees meer
This is a great idea! She’s worked very hard, managed to get some assets under her name, and needs a break. But before she can go out and explore the world, she needs to take care of some high-interest credit card debt eating away at her bank account and her financial sanity.
Tiara is also sitting on a rental property that has appreciated since she bought it. This rental property used to be her primary residence, so she still has some emotional ties to it, but with her current needs growing greater than her need to hang on to a negative cash-flowing rental, it may be time to sell the house.
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
191: It’s Not Your Money, It’s Your Future Self’s Money with Angela Rozmyn
26 april 2021 · 58 min
Many of us have had the benefit of growing up in households where our parents taught us about money, saving, and investing. Angela Rozmyn was raised in one of these households, and when she wanted something like a bunk bed, her parents got her to work so she could split the cost of it. Clearly this has helped her even to this day as she pursues financial independence and runs the Facebook Group “Women’s Personal Finance (Women On Fire)”. Lees meer
Before she was on her financially independent journey, she had to get rid of her student debt. She did so by working two jobs before getting into a full-time position and paying off small amounts of the loan as quickly as possible. She paid off $24,000 in student loans in less than 4 years, a huge accomplishment! One of the biggest factors that pushed her to pay off her loan so early was when she calculated how much she was paying in interest on a daily basis. This lit a fire under her to become debt-free.
Now, Angela writes on her own blog Tread Lightly, Retire Early where she shares her money journey, mistakes, and tricks to hitting financial freedom. Angela prides herself on having such a strong community and blog position in a niche that tends to be led mostly by men.
In This Episode We Cover
Instilling a money mentality in children at a young age
Paying off your student loans as fast as you can
Having separate accounts when married/in a long-term relationship
Maxing out your IRAs and doing as much as you can for your future self
House-hacking and finding a roommate that benefits your life
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
The Millionaire Educator
One Frugal Girl
Student Loan Calculator
Retire by 40
BiggerPockets Money Podcast 161 with Mad Fientist
BiggerPockets Money Podcast 187 with Tiffany Aliche
BiggerPockets Money Podcast 124 with Millionaire Educator
BiggerPockets Money Podca…
-
190: Why You Should Always Have Side-Income: Finance Friday with Rachael
23 april 2021 · 59 min
Side businesses can be a fantastic way to boost your savings and investing rates, especially if you’re making a low salary! Rachael works in the insurance industry and is keen on getting a promotion soon, due to her recently acquired license. She loves her work and wants to stay with her company as long as she can, but she also wants to increase her income so she can save more for her retirement, her college funds, and pay off some student debt. Lees meer
Rachael has always been an artist and uses this talent to grow her small businesses. She hosts “painting parties” where she leads a group of people through painting a beautiful picture. She also has some designs that she sells over printing websites so people can buy them as mugs, mousepads, tee-shirts, and more.
She does have a few things to cut out of her life, such as a very expensive mobile phone bill for her and her sons, as well as a love for eating out. Mindy and Scott’s advice is to start tracking expenses as soon as possible and get rid of her delivery app membership right away!
In This Episode We Cover
Why side-income streams are so important when building wealth
Combining or keeping finances separate when in a marriage
Why you shouldn’t liquidate your retirement savings before a divorce
Cutting down eating out and making it easier to eat at home
Saving on mobile service by going with a prepaid service
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
189: Revenge Spending: How It’s Sabotaging Your Financial Relationship
19 april 2021 · 1 uur 2 min
Getting a finance degree doesn’t make you a great investor or saver, that’s what Teri Slater, personal finance coach found to be true after completing her degree. From a relatively early stage, Teri had already racked up student loan debt, a car loan, and credit card debt. She pulled herself out of debt and felt accomplished, but after she got married and bought her first house, she found herself back in debt. About $200k in debt! Lees meer
Teri and her (then) husband had high incomes, a nice home, children, and a couple of dogs. From the outside, it looked like they were doing phenomenally, but inside the home, Teri and her husband were barely scraping by with enough money to pay the mortgage every month. They had credit card debt, a car loan, a truck loan, business loans, and a HELOC (home equity line of credit) against the house. They were completely surrounded by debt.
They decided to attend Financial Peace University sessions and take the baby steps to get out of debt. Teri still felt embarrassed at the end of the meetings and was hesitant to disclose how they were doing financially. It took her and her husband years to get out of hundreds of thousands in debt, but as of 2018, Teri is debt free! Now she puts a generous amount towards her after-tax and pre-tax retirement accounts, and helps teach others how they too can be on a path to financial freedom.
Teri knows first hand how hard it can be to talk through financial situations with your partner. She goes through some tactics to get your partner on the same page as you and create clear goals, all without revenge spending!
In This Episode We Cover
Staying out of debt when you go to college
Diagnosing the behavioral issues around debt
Getting out of debt and staying out of debt
Keeping up the momentum when you’re paying off large amounts of debt
How to stop “revenge spending” when you feel it coming on
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/moneyshow189
Learn more abo…
-
188: Finance Friday: Is A Master's Degree Worth The Pay Raise?
16 april 2021 · 55 min
Being strapped with student debt isn’t easy. It creates a whole new obstacle to hitting financial freedom, but it can be mitigated. So does it make sense to invest on the side and pay the regular monthly payments on student debt, or go all-in and pay off huge chunks of student debt at once? Today’s guest, Robyn, has this exact question (which many of you may have as well). Lees meer
Robyn lives in the Bay Area, one of the most notoriously expensive housing markets on the planet. That being said, she is paying very low rent, under $700 a month, split with her partner. Robyn has student loans and a small car loan, but wants to go back to school to get her master’s degree so she can hit her career goals. There would be a pay raise after she got her master’s and she loves her job, so she’s keen on staying in her sector for awhile.
Scott and Mindy go through a few examples where it may be best for Robyn to go more heavy on investing, instead of paying off the student loan aggressively. This is especially true now that the government has given the option of 0% interest payments on student loans for many students (including Robyn) until at least the last quarter of 2021. So what makes more sense, get rid of debt or go in on investing?
In This Episode We Cover
Keeping a large savings rate every month for unexpected expenses
Finishing school faster so you walk away with less debt
Knowing your student loan and other debt interest rates
Weighing investing against paying off student loans quicker
Having a side-income so you can maximize saving whenever possible
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
187: Tiffany Aliche's 10 Financial Components to Become 'Financially Whole'
12 april 2021 · 1 uur 26 min
Tiffany Aliche is back for her third appearance on the BiggerPockets Money Show! We’ve talked to her about how to teach your children about money and climbing out from financial rock bottom, now we talk to her about making millions! Lees meer
If you haven’t heard from Tiffany before, we’ll catch you up on her backstory. Tiffany was doing well with money up until her mid-twenties, then she hit a few snags, and even got scammed out of $35,000 from who she calls “Jack the Thief”. She was living with her parents in her thirties and had a lower net worth at thirty than she did a sixteen. This is what she refers to as hitting her financial rock bottom.
Thankfully, she had some friends who helped pull her out of her financial shame. She then went on to work hard, started putting away money in savings and investments, and now she’s running businesses making 7-figures, every month! That is no small accomplishment, but Tiffany doesn’t want to go small, she wants to go BIG! Big retirement accounts, big businesses, and big dreams!
Tiffany’s current goal is to hit $10,000,000 in retirement savings by fifty, but thinks she may be able to do so before she turns forty-five. This is all accomplished through creating big visions, setting the pace for the rest of her financial life, prioritizing tasks in her life, and farming out her profitable skill sets. Tiffany’s friends say that everything she touches turns to gold, but Tiffany says “I only touch gold!”
You can get Tiffany’s new book Get Good with Money today!
In This Episode We Cover
Going from financial disaster to ‘Budgetnista’ in a few years
Embracing your humble beginnings and thinking of them as preparation for bigger things
Farming your profitable skill sets where obvious and latent skills are found
Prioritizing your daily tasks and your life as a whole
Investing your wealth AND retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Sco…
-
186: Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie
9 april 2021 · 1 uur 2 min
Today we talk to Sammie, a physician assistant out of the San Francisco Bay Area. Sammie makes a great income, around $140,000 a year, but is strapped with a very big $160,000 student loan debt. The good news? She’s eligible for public service loan forgiveness within only a few years, all she needs to do is continue paying her loan payments while keeping her job, and the debt will be wiped away! Lees meer
This is fantastic for Sammie, because she wants to start investing more into assets so she can hit financial independence within the next decade.This should be more than possible seeing as she used to be spending a lot on her rent in San Francisco, but decided to move back home with her parents two years ago to not only help them, but save money.
Sammie has some options to work more hours at her job, invest more aggressively, or buy some rental properties. She has a good amount in cash savings and would be comfortable looking into rentals starting next year. She also has a $200,000+ investment portfolio, so not only does she have a positive net worth, when her student loans get forgiven, she’ll be sitting on a lot of money she’ll be able to play with!
In This Episode We Cover
Public service loan forgiveness for student loans
Moving back home in order to save money on rent
Creating more streams of income to hit FI faster and so you can retire more comfortably
Choosing to stay at your job even if you’ve hit your FI number
Investing in your 401(k), Roth IRA, and Traditional IRA
Keeping monthly expenses as low as possible on your road to retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
BiggerPockets Money Podcast 22 with Travis Hornsby
Status Post Adulting Podcast
Real Estate Agent Directory
BiggerPockets Money Podcast 118
BiggerPockets Money Podcast 84 with Kyle Mast
BiggerPockets Membership Benefits & Cost
BiggerPockets Bookstore
Ch…
-
185: “I DON’T Want to Retire Early” with Investing Expert Barbara Friedberg
5 april 2021 · 1 uur 16 min
Barbara Friedburg wasn’t always the savvy investor and saver that many people know her as, but her background helped get her there. Born to parents of the great depression, Barbara had the traits of frugality and modesty instilled into her from a young age. Money was an open subject of discussion in Barbara’s household, unlike most households today. Her parents taught her to value money, not waste it, and be smart when you spend. Lees meer
Barbara’s innate financial intelligence was clearly shown when she met her husband. Within two weeks of them getting together, Barbara had already taken over her future husband’s finances and got his money into a retirement account. This led to them having a very financially healthy relationship, never spending more than they needed to, and putting a substantial amount of their income into savings and 401(k) accounts.
Barbara then went on to become a financial planner, investor, consultant, and author. In a time where the market is so overvalued, she advises young people to be smart with their income and understand that wealth is built in the long-term, not through quick gambles. Save your money, invest it consistently, and get off the hedonic treadmill. “Don’t covet your neighbor’s BMW” is what she told us!
Barbara also gives us an inside look into her current investments, and why she heavily favors passive index funds over single stock picks. She goes into short, medium, and long-term money, and the uses for each. For young people who haven’t gotten a grip on finances yet, this is a great episode to hear from someone who has done it successfully for decades!
In This Episode We Cover
Making sure that money is a topic often discussed in your family
Knowing the value of money and fighting back the urge to spend frivolously
Saving a large amount of your income whenever possible
Why Barbara doesn’t believe the FIRE Movement is attainable by most
Why You HAVE to be diversified in order to succeed
What to do with your short, medium, a…
-
184: Finance Friday: Is Your FI Number Overly-Conservative?
2 april 2021 · 44 min
Saving up for financial independence can take some time, but if you’re earning a high salary, keeping your exSaving up for financial independence can take some time, but if you’re earning a high salary, keeping your expenses low, and heavily investing, FI can come quicker than you think. Today, we talk to Kristine, an estimator in the mechanical engineering and plumbing industry. Kristine and her fiancé make a sizable amount of money. Even better, they spend very little for their income bracket and invest in long-term index funds. Lees meer
Kristine and her husband are thrifty, they pay only $600 a month to rent a room in a house and are just now about to purchase their first home. They’re putting 20% as a down payment and are ready for a large shift in disposable income. They’re also planning on having kids in the future, and want to be sure they can retire on their terms so they can spend time with their children.
Originally Kristine wanted about $3.1 million dollars in assets to hit a $100,000+ per year withdrawal allowance (using the 4% rule), but Scott and Mindy argue that this could be more aggressive than needed. Kristine may be over-budgeting for future children and other expenses, without realizing that her sizable amount of assets could compound quicker than she thinks. Will Kristine be able to retire far earlier than she plans? Listen to find out!
In This Episode We Cover
How having a high income can put you on the fast rack to FI
Keeping your housing expenses low especially when you’re making a lot of money
Putting money into bonds as opposed to high-yield savings accounts
Being on the same page (financially) as your partner and having regular money dates
Having future expenses budgeted so you can have an accurate retirement goal
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
How I Used Real Estate to Pay for My Newborn Daughter’s College Education
Check the full show no…
-
183: Mini Millionaires: How to Set Up Your Children for Financial Independence with Rob Phelan
29 maart 2021 · 53 min
Those who are part of the FI or FIRE movement know how important it is to set yourself up on the right path in your youth. For parents, how do you get your kids excited about pursuing financial freedom? How do you talk to your kids about taxes, retirement accounts, saving, investing, and real estate without them falling asleep? Lees meer
This was Rob Phelan’s question when he started working to build the Choose FI Foundation. The foundation’s goal is simple: help kids achieve financial literacy before they leave high school, let them break free from debt, build towards retirement, and live happier, more secure lives. Contrary to many parent’s beliefs, when children are presented with education regarding them becoming rich, they actually perk up.
Rob stresses that a child’s relationship with money is more important than things like amortization schedules and interest rates. Different age groups learn about money in different ways. For example, elementary school children may learn through broad concepts and simple planning, middle school children are ready to learn about retirement and taxes, and high school children can ask the big questions like “what will make me a successful adult?” as well as developing saving and spending habits.
Rob created different programs and projects such as his “meal planning” project where he asks kids to plan a week's worth of meals and compare their incomes against their expenses. He talks to high school students about house-hacking and creating cash flow so they aren’t stuck in a job they hate. He also runs The Simple Startup, where he teaches children how to start their own business for free!
If you’re a parent or teacher, you can access the Choose Fi Foundation’s full curriculum for free, and get your kids onto a great start!
In This Episode We Cover
Why Rob chose to focus on financial literacy for children
The importance of solidifying crucial financial concepts in children
How to help your children develop good saving and spending …
-
182: What if My Career Gets Phased Out? Finance Friday with Mike
26 maart 2021 · 1 uur 1 min
Mindy and Scott don’t often get stumped on the Money Show, but it happens once in a great while. What do you do when you have a multi-million dollar net worth, appreciating properties, a maxed out 401(k), and a solid safety reserve? That’s exactly the question that today’s guest, Mike, has. Lees meer
Mike has worked in the music industry for years, moving all around the US to do his job. As technology has evolved, Mike is predicting an end to his specific role over the next decade, and is wondering what he should do next. He doesn’t have a lot of interest in starting a business or buying more real estate, but wants to squeeze out more money or savings if he can.
He has rental properties that have highly appreciated, but are having cash flow problems due to COVID-19. One, located in San Francisco, has netted close to $700k in equity since its purchase 12 years ago. That’s massive! Mindy and Scott go through Mike’s options, such as selling and putting the leftover profit into cash-flowing assets, or 1031 exchanging into a more diverse real estate investment.
Mike is one of the best examples of smart investing we’ve seen on the show, but there’s always more room for improvement with finances!
In This Episode We Cover
What to do after a real estate investment has grown significantly in equity
HOA fees and being prepared for a large cost when owning a condo
Looking forward in your career to see when your industry may go through changes
1031 exchanges and using them to get more cash flow
Keeping your expenses low even if you make a substantial amount of money
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
181: A Slow, Steady, and Sustainable Way to Buy Rentals with Julie
22 maart 2021 · 1 uur 15 min
You may hear of 20 year olds with $1,000,000 in real estate, or a novice flipper doing 50 flips a year, or even a wholesaler who made six figures on one deal. What about the everyday investor who slowly grinds and acquires a steady stream of passive income all while building hundreds of thousands in equity overtime? Those are the real people in real estate, and that is a success story worth sharing. Lees meer
Julie, software engineer and former BiggerPockets employee bought her first house after realizing that a mortgage would be cheaper than her rent. After getting together with her (then) boyfriend, they decided to buy a bigger house. As her first house sat on the market, she waited for an offer, and then made the decision to rent it out.
A few months after buying her second home, she broke up with her boyfriend. Problem? They were both on the title and mortgage. Julie had enough money in her cash reserve to buy him out of the property. Now the property was all Julie’s and she rented out a room to help her pay off the mortgage.
Now Julie has 7 properties, spread out across Iowa, Tennessee, and Kentucky. All with very interesting stories, and all pay her passive income, every month. Julie is proof that with some financial restraint, you can slowly build a real estate empire, without even trying to do so in the first place!
In This Episode We Cover
When you should own and when you should rent a house
The dangers of buying a house with someone who may not be in your future
Why you should borrow less than you’re approved for
The importance of keeping a substantial cash reserve available for investments
Never rent to someone who has no credit, no references, and no job
Diving into real estate, even if you don’t know all the tips and tricks yet
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
180: So You’ve Reached Millionaire Status, What’s Next? Finance Friday with Brian Blask
19 maart 2021 · 1 uur 11 min
What do you do once you’ve hit millionaire status? You have rental properties, brokerage accounts, and a good amount of cash on hand, so what’s next? This is the question that today’s guest, Brian Blask, has. Brian has done everything right so far: he doesn’t spend frivolously, he invests heavily, he isn’t overleveraged in his rental properties, and he has a high income. Lees meer
Often when you reach such a high point of financial intelligence, you want to make bigger investments for bigger returns. Brian is debating whether or not he should buy more rentals in the cash flowing market of upstate New York, or buy a short-term rental in his new home state of North Carolina. Both markets are different, while one favors cash flow, the other favors appreciation. Brian is also debating whether or not he should take a truly passive role and invest in real estate syndication deals.
Many people don’t know that to become an accredited investor you (often) need to have a net worth of $1,000,000. This is why Brian is debating whether or not he should put money into syndications. Although they can be more hands off, it’s incredibly important to do your homework and look at the track record of a syndication before diving in.
With the liquid assets that Brian has on hand, he has a number of great options to follow up with. Keep the cash flow in New York even with little appreciation, try his shot at an AirBnb in North Carolina that could both cash flow and appreciate, or have more time with his new baby on the way and put money into a syndication. What should he do? Listen to find out!
In This Episode We Cover
How real estate helped Brian keep his income higher than his expenses
How much of a safety reserve should you have for your rental portfolio?
When (and when not) to put more money into you tax-advantaged retirement accounts
Setting up separate reserves for your rentals and your personal life
How to evaluate whether or not a syndication will bring back promised returns
Cash…
-
179: “The Guy Who Did Everything Wrong But Still Figured it Out” with David Pere
15 maart 2021 · 1 uur 6 min
Being in the military opens you up to an array of benefits for a financially abundant life. You have access to VA loans, a tax-free housing allowance, and a pension (if you stick around long enough). That’s why it’s of the utmost importance to start saving and investing while you’re young and in the military. But, that wasn’t exactly what David Pere (From Military to Millionaire) did when he was first enlisted. Lees meer
David grew up with frugal parents, who never splurged on much. So when he joined the Marine Corps in 2008, he was ready to catch up on the spending he never was able to do. As he describes it, he spent his first salary on “a truck, tattoos, and drinking”. Not the best way to set yourself up for financial freedom! It wasn’t until a few years later when a friend gave him a copy of Rich Dad Poor Dad that David discovered he could be doing A LOT more with his money.
He bought a duplex with an FHA loan for $81,000 and house hacked it so his tenants were paying a majority of the mortgage. When he was shipped off for duty, he ended up leasing out the other side of the duplex and cash flowing an extra $300 per month. He then went on to buy a 10-unit with just 5% down and also got in on a small syndication in South Carolina.
Everything was looking good, until David decided to partner up on a 40 unit, mixed-use building with a sizable amount of leverage. Some things happened and the deal turned sour, now David is in a legal battle to get his money out of the deal. Even with this massive deal not going through, David pushes the importance of scaling, but not too fast. Scaling to an amount where you aren’t overleveraged but at the same time pushing yourself to accomplish more is the sweet spot!
In This Episode We Cover
The financial benefits that service members have
Why you should max out your non-taxable retirement accounts whenever possible
Using FHA loans to buy multifamily properties with very little down payment
The “mentality shift” that comes with buying…
-
178: Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl
12 maart 2021 · 1 uur 13 min
Last time we talked to Sarah, AKA Budget Girl, she was on Episode 6 of the Money Show. If you haven’t listened to that episode, here’s a quick recap. Sarah was $33,000 in debt from student loans, but she was able to pay it off while making less than $30,000 year! For most people, this would have taken decades to pay off, but Sarah was able to crush her debt in only a few years! Lees meer
Now it’s time to check in on Sarah, and see what she’s been doing since clearing herself from debt. Currently, Sarah has a net worth of over $100,000, she took some advice from the BiggerPockets community and bought a duplex to house hack! She purchased the duplex within the “path of progress” around Texas A&M University. She’s seen some solid appreciation over the past 10 months and cash flows a small amount off the property. She’s not only living for free, she’s getting paid to live in her own property!
Sarah has also hoarded a serious sum of cash and investments sitting on the side. She has retirement accounts, brokerage accounts, and a large surplus of cash that is slowly building so she can buy her next property. Sarah is able to do this by keeping her expenses very low, while making money from her full-time job and her side hustle as Budget Girl. She proved that even with a low income, you can get out of debt and hit financial milestones!
In This Episode We Cover
Getting out of debt fast, even with low income
Creating multiple streams of income so you can save and invest heavily
Buying properties within the “path of progress”
House hacking to live for free (or getting paid to live)
TSPs, Roth IRAs, and other retirement accounts
Keeping your spending conservative so you can go all in on investments
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/moneyshow178
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-in…
-
177: Putting Yourself in the Best Financial Position as a First Time Home Buyer with Scott and Mindy
8 maart 2021 · 1 uur 15 min
It’s hard being a first time home buyer, especially if you don’t have any experience with real estate, property values, or market appreciation. You may be wondering how you’ll be able to buy a home that will help increase your net worth, or at least, not shrink it. Scott and Mindy are on today to tell you how to make the best first time home buying decision possible. Lees meer
We’ll go through the most common myths that first time home buyers tend to get caught up in. Myths such as:
Buy as much home as you can
Buy your “forever home” as your first time purchase
Your home is an investment
And more..
If you’re interested in gaining some appreciation with your first home purchase, Scott and Mindy also walk through the most common exit strategies and how you can prepare to use them. You’ll also hear some great advice on how to find a good deal in your area. And no, a good deal doesn’t just mean a deal that is lower than market average!
Want to know more about how to successfully buy your first home? Scott and Mindy’s new book First Time Home Buyer can be ordered now!
In This Episode We Cover
What most home buyers get wrong when buying their first house
The most common myths that first time home buyers believe
How to find a good deal, regardless of the area you live in
Knowing EXACTLY what kind of house you want to buy
Buying a house that works for you and your partner (if living together)
Preparing calmly to act aggressively so you can get a perfect home under contract
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
176: How to Grow Retirement Accounts Before Having Kids | Finance Friday with Steve
5 maart 2021 · 59 min
Most listeners of the show will know that a cash cushion is always great to have and should be mandatory for almost everyone. Having a cash reserve of 6-12 months can help you cover unexpected expenses or life events like a sudden medical bill or losing your job. That being said, sometimes you can have a cash cushion that’s too big for your lifestyle. Lees meer
Today we talk to Steve, who has been paying off his mortgage quickly with the help of his wife. They both have respectable salaries, retirement accounts, and a large cash cushion. Steve wants to know whether or not he should move some of his cash out of his reserve and into retirement accounts or real estate.
Since Steve has such a large cash cushion to rely on, he could take out a fraction of it to use as a down payment on a rental property and still have tens of thousands left over! Scott and Mindy walk Steve through the different options he has, such as paying off his primary mortgage then buying real estate, pausing his mortgage prepayments and going all in on real estate, and other strategies.
Steve is in such a secure position that it makes it hard to criticize his current standing. That being said, he could be using leverage to springboard his investment property portfolio and be on the path to financial freedom sooner!
In This Episode We Cover
How much of a cash cushion you should have available
Eliminating big loans like mortgages and student debt
Buying rental properties before you pay off your primary home
Leveraging debt in order to grow your wealth quicker
Getting a real estate agent to start browsing the market for rentals
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/moneyshow176
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
175: Staying Flexible in Early Retirement with A Purple Life
1 maart 2021 · 52 min
Last time we talked to Purple from A Purple Life, she told us about her plan to retire at the end of 2020. If you haven’t listened to that interview, you can listen to it here to get the full scoop on Purple’s journey from a $5,000 net worth to hundreds of thousands within only a few years. Lees meer
Like many financially savvy early retirees, Purple put a lot of time into planning, saving, and investing her capital in order to retire in her early 30s. Well, she did it! As of October 2020, Purple is financially independent and retired! So, how’s it going so far with financial independence in Purple’s world?
Purple talks about her hobbies, interests, and most importantly, how the final month of her employment went with her former employer. She also gives some great insight on taking advantage of her employer’s health insurance for the last month of work, making sure that she was able to keep her quarterly bonus, and how she ended up breaking the news to her boss.
It’s all worked well for Purple, but she did have some big plans to cancel. Purple had lined up 4 months worth of travel that all had to be canceled when COVID-19 hit and shutdowns began. She would have been snorkeling in Australia and scootering in Thailand right now! Thankfully, Purple has been able to adapt and take advantage of this off time to assess her financial situation and what she wants out of early retirement.
In This Episode We Cover
The importance of planning for early retirement even if you love your job
Having a lean FI number and low monthly expense so you can live comfortably in retirement
How long a cash cushion should last you when you decide to retire
Taxable vs. Non-taxable retirement accounts (and which to leverage)
Ending your employment in a respectful and polite way
Being flexible with your retirement plans
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art1…
-
174: Finance Friday: Reaching Semper FI (Financial Independence) Before Retirement with Fabio
26 februari 2021 · 1 uur 12 min
Real estate investors are known to have their hands in 20 different pots, this is doubly true for Marine and real estate investor Fabio. Fabio is a Captain in the Marine Corps and has been in service for the past 21 years. He has at least five years left before he wants to retire, but is poised to hit his “freedom number” (or what others call their financial independence number) soon. Lees meer
Fabio has rental properties throughout the country: a duplex in San Diego, a house in Arizona, a BRRRR currently in the rehab stage in St. Louis, and his residence in Illinois. The problem? Some of these properties aren’t cash flowing as much as Fabio would like. He also has a high interest hard money loan on the BRRRR property he is rehabbing, plus a loan taken out against his retirement account.
This presents a handful of different options: should he sell some of the houses that aren’t cash flowing in order to pay back some of the high interest loans or wait to refinance? Which debt should be taken care of first? How can he leverage his current assets to help him build a bigger real estate portfolio.
If you’re a long-term real estate investor, you’ve probably been in a dilemma like this before. Stick around for all the lucrative options Fabio can use!
In This Episode We Cover
Keeping monthly expenses low (especially if you’re about to retire)
Taking advantage of the equity you have in different properties
Coming up with a “Freedom Number” then shooting for that goal
What to do with houses that aren’t cash-flowing
Taking out loans from a 401(k) or TSP account
Which loans to pay off first (depending on time and interest rate)
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
173: Bringing in The ‘Dough’ with Brent TheFoodTruckCEO (Part 2)
23 februari 2021 · 59 min
Welcome to episode 173.5! Yesterday you heard from Brent, a former registered nurse who paid off over $100,000 in debt and started a mobile pizza truck! Brent’s original interview was recorded back in January or 2020 and was scheduled to be released right around the time that the pandemic hit and shutdowns began. Since it was released yesterday we thought it’d be a great idea to have him back to talk about all his progress since then! Lees meer
Since we last spoke to Brent, he’s added a whole other food truck to his business and has hired on more staff. Now he’s cooking up (and selling out) pizzas wherever he goes. He even has a new social media handle, he’s TheFoodTruckCEO!
Brent talks through the challenges he’s faced this year, the wins he wasn’t expecting, and advice he’s given to young entrepreneurs just starting their business. As you heard in the last episode, Brent paid for his first pizza truck with savings he had, allowing him to finance the business debt-free. A year later, Brent still agrees this was a good idea, as has less stress and far more creative freedom being able to make decisions without having to worry about paying off a large amount of debt.
What are the profit margins of pizza and food trucks? Brent shares his margins, his pricing, and success stories, showing that regardless of how profitable your product is, you’re always going to have to put in the work to get it to where customers are willing to buy. Brent manages a very tight ship and is still learning the best ways to hire, manage, and make delicious pizza (without burning it)!
In This Episode We Cover
How Farm Fired Pizzas has grown since we last talked to brent
Why starting your business can be much harder, but much more fulfilling than a regular job
Why staffing is such a big hurdle when scaling and expanding a business
Using debt vs. using cash to start your business venture
Becoming competent in a trade before you start a business focusing on it
Being flexible with your business …
-
173: Leaving "Soul Crushing" Corporate to Chase Food Truck Dreams with Brent TheFoodTruckCEO (Part 1)
22 februari 2021 · 59 min
What does the average person do in their 20s? For most people, it means going into student debt, getting a car loan, getting a mortgage, and treating yourself. These are the “average financial decisions” that put many Americans into debt and stuck at jobs they only dream of leaving. That’s how Brent aka TheFoodTruckCEO felt when he and his wife realized they had over $100,000 in consumer debt. Lees meer
Brent and his wife didn’t make any crazy decisions, he merely did what society said is the right thing to do. He and his wife had student loans to cover nursing school, both had car loans, and racked up around $13,000 in credit card debt alone. This doesn’t even include a tractor Brent decided to buy for a future business purpose!
Both Brent and his wife were bringing in solid money every month from their nursing jobs, but as soon as the money came in, it somehow flooded right back out. This annoyed Brent, he felt like he wasn’t in control of his money and his life. He went to work on debt, adding up everything they had spent over the past few months and realized he and his wife were eating out far more than needed, wasting groceries they were paying good money for, and jeopardizing their future with random purchases.
They cut up the credit cards, started snowballing their debt, reduced their eating out, and stopped shopping at the big box stores. They attacked their debt! Within 5 years, they paid off $109,000 in debt, and started to save up for investments every month.
As time went on and Brent got promoted to a more corporate role, he realized that he put himself in a terrific financial position to leave and start his own business. He had accumulated $100,000 in cash, started investing in his business, and now runs a mobile pizza truck, serving delicious woodfired pizza and doing what he loves.
In This Episode We Cover
Why “average financial decisions” can often trap young people in debt
Going over finances with your partner before (and after) getting married
How t…
-
172: Finance Friday: Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom with Jeff
19 februari 2021 · 1 uur 26 min
Jeff, like many listeners, feels as if there is enough money coming in every month, but somehow it’s slipping out, not allowing him and his wife to hit financial independence. A big reason this could be happening is simple: not enough income and expense tracking. This is why Mindy and Scott are always so adamant about having a budget (and sticking to it). Lees meer
Jeff owns his home, and it has appreciated a favorable amount since he bought it; he also owns a duplex in his home state of California, and a rental property in Memphis. But that’s not all, Jeff owns another type of property...one he isn’t too proud of. A timeshare! Jeff wants to get rid of his timeshare so he can put more money into growing wealth.
He also has HELOCs taken out against homes which are burning holes in his pockets on top of the bills he and his partner already have to pay. While Jeff is happy with his line of work, his wife wants to be able to leave her job. With so many factors at play, it can seem difficult to reach financial independence and grow wealth, while also being happy at work, but with some financial intuition, it’s possible!
In This Episode We Cover
Why you shouldn’t go to a timeshare meeting (ever!)
How having a high income doesn’t mean you’re moving closer to FI
Weighing the pros and cons of in-state and out-of-state investing
How much to keep in cash reserves for your personal accounts and business accounts
The importance of zeroing in on your goals so you can shoot for success
How to stop income from leaking out (amazon shopping, eating out, etc.)
How to have a successful money date with your partner
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mint
Check the full show notes here: https://www.biggerpockets.com/moneyshow172
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/…
-
171: Putting Happiness Over a Bigger Paycheck with Brandon Richard Austin
15 februari 2021 · 59 min
Most people would consider $80,000 a year a respectable salary, but what if you were making that much during college? That’s what today’s guest, Brandon Richard Austin, made in his sophomore year. As a journalism major, he started doing freelance writing work, and a client of his ended up offering him a remote position on the team. Lees meer
So there Brandon was, making $80,000 a year, working 12 hour days, all while juggling school at the same time. Thankfully, Brandon wasn’t a big spender. He didn’t go out and buy a new car, a new watch, or even move out of his parents’ house.
Brandon was able to start investing in index funds and early cryptocurrencies, netting him some pretty stable returns (at least from the index funds). After completing college and still having a very low cost of living, Brandon asked himself if the job was worth all the stress. He decided it wasn’t and voluntarily chose to take a pay cut to work somewhere else where he was happier and had more control of his work.
Brandon still lives at home and advocates doing the same for people his age. Not having a housing cost (or having very low housing costs) is one of the best ways to put yourself on the path to financial freedom. This low cost of living situation has allowed Brandon to be on the path to financial independence while still valuing his happiness.
In This Episode We Cover
Why many people who grew up frugal feel guilt when spending money
The importance of tracking your little purchases so they don’t add up
Whether or not taking a pay cut is worth less stress/more freedom
Why index funds are such a great asset to hold for the long term
Setting your financial freedom goal and seeing it as a marathon, not a race
Minimizing your housing costs as much as possible (especially when you’re young)
Developing an investment philosophy that speaks to you
And So Much More!
Check the full show notes here: https://www.biggerpockets.com/moneyshow171
Learn more about your ad choices. Visit megaphone…
-
170: Finance Friday: Trading Debt for Cash Flow and Liquidity with Teacher Erik
12 februari 2021 · 1 uur 14 min
Erik and his wife have three big debts to tackle: their mortgage on their primary residence, their mortgage on their rental property, and a HELOC (home equity line of credit) taken out as the down payment for their rental property. So, which debt should they tackle first? Lees meer
As two school teachers in New Jersey, Erik and his Wife made smart moves earlier this year by closing on a rental property, in order to have another stream of income coming in. They already have well paying jobs, pension plans, IRA accounts, and other ways of setting themselves up for the future, but how can they streamline their debt payoffs and maximize their cash?
First, Mindy and Scott walk through budgeting, and put an emphasis on why you should separate out your business expenses and personal expenses, and make sure they don’t intertwine. Then they go on to tailor a plan of action for Erik and his wife, giving some great examples of leveraging low-interest debt in order to pay off higher interest debt and fill emergency funds.
Whether it’s personal or business debt you’d like to tackle, this is a great episode going through the pros and cons of paying off debt quicker!
In This Episode We Cover
Why rental property owners should always have a strong safety reserve of cash
When prepaying loans may be a good or bad idea
How to not over-categorize your budgets and expense tracking
Pros and cons of using a HELOC to finance a down payment
30 year mortgages vs. 15 year mortgages (rental and primary residences!)
Why you should separate your business expense tracking from personal expense tracking
Why a 457(b) plan is great for those who have it available
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
169: Breaking the Taboo of Talking About Money with Friends, Family, and Bosses with Erin Lowry from Broke Millennial
8 februari 2021 · 59 min
It’s not always comfortable talking about money, especially with close friends, family members, partners, or even bosses. How did salary, savings, and investing become such a taboo subject to talk about? With us today is Erin Lowry aka Broke Millennial, you may recognize her voice from episode 24 and 81 of the BiggerPockets Money Podcast. Lees meer
Erin paints a picture that many of us can relate to: you’re at a birthday dinner and you order a small side and a water while the rest of your party orders $60 sushi rolls and $70 steaks. At the end of the night, what always happens? The bill gets split evenly. Now you’re stuck with a $60 total (and tip) when you only ate $10 worth of food. So what do you do, throw a temper tantrum and leave? Of course not!
It can be hard to match spending habits of friends and family if they make more than you (or are just more casual with their spending). Having frank conversation with these important people in your lives can not only help foster a healthy relationship, it can also put you in a position where you don’t feel resentment in the future. Don’t know how to have these conversations? No worries! Erin has a template for you!
You’re not just talking about money with your friends and family, you’re also talking about it with your coworkers and bosses. How often should you ask for a raise, when is a raise earned, how do you ensure that you’re rewarded for your hard work? These can all be very tricky questions to answer. Through some research, metric tracking, and proper planning, Erin shows exactly when to go to your boss to ask for a raise, how much is reasonable, and how to assess your value within the company.
In This Episode We Cover
Why talking about money with those close to you doesn’t need to feel uncomfortable
Why “money talks” are often viewed as taboo in today’s society
How to talk about money with your friends, family, and partner
Setting boundaries early for healthier relationships
Starting a “friend fund” and offering…
-
168: Finance Friday: Budgeting Expenses While Living on The Road with Renewable Energy Worker Clayton
5 februari 2021 · 1 uur 3 min
A big piece of advice given by many wealthy people and real estate professionals is to simply “get started when you’re young”. This is exactly what our guest has done today. Clayton, a renewable energy worker, travels around the midwest for work, living out of an RV with his partner. Lees meer
His company grants him a company car, a company phone, a food stipend, a handsome 401(k) match, and a comfortable salary. Clayton has taken advantage of these big perks by maxing out his Roth, buying a rental property, and using his primary home as a house hack. He’s checking all the boxes at just 26 years old, with a TON of potential to do more.
Clayton is close to having the big 3 things in life paid off: housing, transportation, and food. With extra income coming in every month, what can Clayton do to put himself in an even stronger position than before?
First, he’ll need to start budget and expense tracking. This is something many guests find challenging at first, but can really help alleviate any fears of where money is going. Next, he can start adding a bigger chunk of money to his rental property reserves, that way the mortgage is always being paid (even if someone misses rent). Last, he can start looking for another house hack and another rental property. Tune in to hear Scott’s ingenious way of looking for properties even if you’re on big sites like Zillow, Trulia, or even the MLS!
In This Episode We Cover
Why everyone should house hack when possible to do so
Frontloading your Roth and making sure you max it out every year
Bill tracking vs. expense tracking (and how one works better than the other)
How to use automatic budgeting apps to fine tune your spending
How to define your specific criteria when looking for rentals
Why landlords need a 6 month reserve for their rental properties
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Check the full show notes here: https://www.biggerpoc…
-
167: From Fired to FI Couple in 2 Years with Josh and Ali
1 februari 2021 · 1 uur 40 min
Most people are told the same thing growing up, “go to college and take out a loan, get a car and take out a loan, live in a nice apartment even if it’s expensive”. This is exactly what Josh and Ali, AKA “The FI Couple”, did in their 20s. They racked up over $100,000 in student loans, had two car payments, and lived in an apartment outside of their means. Lees meer
Josh grew up without much money, causing him to not have much of a financial foundation when he reached adulthood. Ali grew up middle class, but didn’t have any financially savvy role models to look up to. As they started dating and later got married, they realized that they had to take care of debt soon, or they’d be swallowed whole by it.
Josh stumbled upon a book that changed his financial view forever. A book one of our hosts is VERY familiar with. It was Set for Life, by our very own Scott Trench! After Josh read through it, he knew he had to share the information with Ali, but it took him time to find out her specific “financial language” and the best way for him to get her excited about financial independence.
After they were both on board for FI, house hacking was their next stop. As you’ll hear in the interview, they acquired four units in a short amount of time, paid off a big chunk of their student loans, and now have passive income rolling in, every month. Talk about a rags to riches story!
In This Episode We Cover
How debt can anchor you to a life that you don’t want
Why getting fired or losing a job opportunity could be a great catalyst for change
The importance of keeping your expenses as low as possible
Finding a house hack that works for you (and your partner) so you both love where you live
Using FHA loans to secure house hack properties with a very minimal down payment
Making debt a “common enemy” when you and your spouse are working to reach FI
And SO Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
BiggerPock…
-
166: Are You Burning Out from Over-Saving? Finance Friday with Firefighter and Teacher Couple Nathan and Kristen
29 januari 2021 · 1 uur 12 min
Having too much money in investment accounts seems like a good problem to have, but it’s a problem nonetheless. Today we talk to firefighter Nathan and teacher Kristen about their income, expenditures, and investments. Lees meer
Nathan and Kristen own their home and multiple rental properties as well. Collectively they bring in a respectable income, but are being stretched thin due to time restraints. From 24 hour shifts as a firefighter, making cornhole game pieces as a side hustle, and taking overtime, Nathan is working a lot, while Kristen has her hands busy as a remote teacher and taking care of their kids at home.
Between the two of them, they’re contributing a generous amount to their investment accounts, but still want a solid emergency fund (or as Scott likes to say a “financial runway”) to help them sleep better at night.
Aside from that, they are donating heavily to charity and fostering one child while in the process of adopting another. Although this philanthropic couple has all the right things going for them, they still need some downtime to enjoy the fruits of their labor.
In This Episode We Cover
How much money to keep in your emergency fund
How to assess whether or not you’re over-contributing to retirement accounts
Paying off rental properties for added peace of mind
Developing side hustles to bring in even more income
Why everyone needs a “financial runway” so their investments can take off
Paying down a 457 plan loan
Putting yourself in a favorable “liquidity position”
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
HSA – The Ultimate Retirement Account - Mad Fientist
Challenge Everything! | Budgets Are Sexy
Real Estate Investment Calculators - BiggerPockets
Mindy's email
Scott's email
Check the full show notes here: https://www.biggerpockets.com/moneyshow166
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art1…
-
165: How 'Finance Ninja" Daniel J. Mills Started at $30k a Year and Grew a US Rental Empire from Japan
25 januari 2021 · 1 uur 20 min
While living abroad, it can be very difficult to invest in assets in your home country, especially if you’re an American. Daniel J. Mills found this out early in his professional career. As a English teacher living in Japan, he had to jump through a sizable amount of hoops to find a way to invest in American stocks, index funds, and later real estate all while overseas. Lees meer
Growing up in southern California, Daniel knew that there was money to be made through entrepreneurialism. He saw his father grow a business that was profiting millions each year, only to see it later become liquidated. Daniel didn’t really think too much about money or growing his personal wealth until years later.
After college, Daniel moved to Japan and became an English teacher making a salary of around $30,000 (USD) a year. He met his wife, settled down, and bought an apartment in an appreciating part of the city (contrary to many other parts of Japan). Daniel was saving around $1,000 a month, and realized he didn’t want to be making $30,000 a year forever. So, he started investing in index funds and stocks, which grew his net worth and allowed him to invest in other asset classes, like real estate.
Daniel even shares a tax loophole that allowed him to write off 100% of his 6-figure income while he was in Japan (solely from real estate depreciation)!
Flash forward to today, Daniel has rental properties in Idaho, Alabama, and Tennessee with partners from Japan and the United States. Daniel agrees with many other real estate professionals in the fact that you need a tried and true team in cities where you’re investing. Living in Japan, he doesn't have much to worry about in the US, thanks to his fantastic property managers, handymen, partners, lenders, and real estate agents.
In This Episode We Cover
The challenges and benefits of investing in American assets while abroad
Getting rid of debt fast so you’re able to scale your investments
How money is easier to make as you become more educa…
-
164: Attacking Your Fixed Expenses & What You Can Do to Boost Cashflow: Finance Friday with Kyle and Sarah
22 januari 2021 · 1 uur 21 min
Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing. Lees meer
A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Some takeout food here, some shopping there, and other random expenses were really adding up, so they started to reduce their costs.
Kyle and Sarah both have made significant contributions in their retirement and investing accounts, but they could be investing a lot more and getting a lot of write offs!
Scott and Mindy walk through the main expense categories that Kyle and Sarah have, breaking down what can be improved, reduced, and left alone. Like many people, Kyle and Sarah have found that with some fine-tuning to their budget, they'll be able to increase their investments, by a lot!
In This Episode We Cover
Why everyone needs to track their expenses and start to budget
How to start tracking without shame
Why you should get quoted for insurance bundling every few years
The importance of contributing to your HSA (health savings account)
Why employers may want to start 401(k) programs for their employees
Whether or not a life insurance policy may be worth the money
What should and shouldn’t be a variable cost in your budget
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
HSA – The Ultimate Retirement Account – Mad Fientist
BiggerPockets Money Podcast 27 with Lee Huffman
BiggerPockets Money Podcast 18 with Mad Fientist
BiggerPockets Money Podcast 161 with Mad Fientist
BiggerPockets Money Podcast 03 with Erin Chase
BiggerPockets Money Podcast 75 with Saving Sherpa
BiggerPockets M…
-
163: Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths with Steven Hamilton
18 januari 2021 · 1 uur 27 min
Have tax questions for your upcoming 2020 taxes? Stick around then! We have a mind-blowing episode with enrolled agent Steven Hamilton from Hamilton Tax and Accounting. Mindy and Scott throw a lot of high-level, hard-hitting questions at Steven, so seriously, bring a pen and paper to this episode because you’re going to get some amazing tax strategies for 2020! Lees meer
How do you lower your income on your taxes if you have a W2? How do you add to your roth if you’re over the contribution income limit, and what’s the best way to get your kids to max out their retirement accounts (even if they’re only teenagers). Steven answers all these questions, plus a lot more!
Whether you’re self employed or a W2 employee, you have options on contributing to retirement, AND options on leveraging those retirement accounts to fund investments. As always, it’s best to talk to your CPA, enrolled agent, or tax preparer on the best strategy that works for you. As Steven puts it, you need to have a plan for where your wealth is going and how you’re going to distribute it.
Since 2020 was such a crazy year, many real estate investors are planning to double down on investments, up their contributions, or leave their W2 jobs. This all needs to be done with a plan and a strategy so you can maximize your investments and distributions. Steven helps spell out the best ways to do these (and more) through a number of different (and interesting) strategies.
In This Episode We Cover
The differences between joint and separate filings as a married couple
How AGI (adjusted gross income) effects your taxes and retirement contributions
How to max out your 401(k) to $57,000
UBIT (unrelated business income tax) and UDFI (unrelated debt financed income)
How CPAs, Enrolled Agents, and Attorneys differ when preparing your taxes
How to perform an IRA rollover into a different account
How to put even more money into your Roth
Setting up retirement accounts for your children
Limiting your stock gains so y…
-
162: Finance Friday: High Salary - But Nothing to Show For It. Cutting Unnecessary Expenses with Engineer Tracy
15 januari 2021 · 1 uur 25 min
As you go further along in your career, you should (hopefully) make more and more money, but does that justify spending more money? Most times, it doesn’t. We’re joined by Tracy, experienced engineer and retirement super saver to go through her budget, expenses, and investment portfolio. Lees meer
Tracy has had a bit of a struggle with spending and expense tracking. A purchase here, some grocery shopping there, and by the time she added up her payments, she was consistently overspending by close to a thousand dollars, every month! Scott and Mindy have some great strategies to limit this type of random spending, and put your budget in the driver’s seat!
Tracy is also interested in acquiring a rental property in mid/late 2021, but she doesn’t have the cash savings she needs to do it. That doesn’t mean Tracy lacks money. Quite the contrary, Tracy has a very respectable amount of money stored between her different retirement accounts. She was lucky enough to take advantage of her company’s 15% 401(k) match (seriously, 15%)!
Now the question is: does she limit her contributions so she can save up for a rental property or does she continue to max out her retirement accounts so she has a big cushion when she decides to stop working?
This is a very common question we get from listeners and members of the BiggerPockets community. You may be in the exact same position, all we can suggest is to tune in to hear what Mindy and Scott have to say!
In This Episode We Cover
Why employee match programs are so valuable for retirement investing
Whether or not you should keep an expensive car loan (or sell and get a cheaper option)
How to fight lifestyle creep and focus on your spending and investing
The importance of manual expense tracking and budgeting
How bigger shopping runs can minimize your food budget every month
What type of savings you should have before buying a rental property
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums…
-
161: Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders with The Mad Fientist
11 januari 2021 · 1 uur 31 min
He’s back! Today we’re joined by a friend of the BiggerPockets podcast network, Brandon “The Mad Fientist”. Brandon walks us through advanced retirement account strategies you may have heard of, such as the Backdoor Roth, Roth Conversion Ladder, and the coveted Mega Backdoor Roth. While these strategies may sound intense at first, they’re quite simple in practice, as Brandon shows us! Lees meer
Many FI (financial independence) followers constantly ask the question “What’s the best retirement account to contribute to that will help me optimize my early retirement?”. While this can be answered a handful of ways, it often overlooks something very important: regular retirement. While chasing FI, it’s still possible to grow your traditional retirement accounts so you’re even wealthier later on in life!
Brandon doesn’t just give various examples of each strategy, he’s tested them and has even ran experiments on his site, such as the Guinea Pig Experiment, which pits various early retirement strategies against each other.
We also tackle common questions like: what should I contribute to if I have a low/high income, should I opt for a lower deductible on my healthcare plan to optimize my HSA (health savings account), how HSAs and FSAs differ, and what the contribution limits are for retirement accounts.
Even if you’re not chasing FI, you’ll still be able to take advantage of Brandon’s advice. After all, he’s the Mad Fientist!
In This Episode We Cover
What a Backdoor Roth and Mega Backdoor Roth are
Why retirement accounts are crucial when trying to retire early
How low income earners can take advantage of 401(k)s and IRAs
Why an HSA is a great option for high-deductible coverage
The best times to contribute to your retirement accounts
The art of “frontloading” and using it to capitalize on market gains
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
BiggerPockets Money Podcast 18 with Mad F…
-
160: 6 Income Streams with a W2 Job and 4 Kids: Finance Friday with Cort Johnson
8 januari 2021 · 55 min
Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job, which he uses to support his family, he also has 5 other streams of income on the side! Lees meer
From contract welding projects, to dropshipping, renting out his trailer, and even raising rabbits (seriously!), Cort has done almost everything under the sun to build up his assets. The main problem: some income streams are taking up too much time, while providing too little in return.
This is a constant problem that entrepreneurs and FIRE members face, too many options! Mindy and Scott go through Cort Johnson's income, budget, expenses, and general finances to see where he should allocate his time for maximum return.
This episode goes deep on the importance of scalable income and following your passions to develop side income streams that you enjoy. Cort dreams big about starting his own business, investing in multifamily property, and living financially free. As you’ll hear in this episode, he’s not far off!
In This Episode We Cover
How to focus on side income streams that are worth the time
Budgeting and expense tracking so you spend less
Calculating the value of your time (so you don’t waste it)
Why you should “do what you know” if you’re going to start your own business
Turning a large single family property into a multi family for house hacking
Why dropshipping is such a great side hustle for busy people
And SO Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Check the full show notes here: https://www.biggerpockets.com/moneyshow160
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
159: How to Financially Thrive in Marriage (Even if You or Your Partner is In Debt!) with Talaat and Tai from His and Her Money
4 januari 2021 · 1 uur 18 min
What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial picture. While it may seem scary at first, working together to solve financial problems and gravitating towards financial freedom can bring you closer together. Lees meer
That’s exactly what happened to Talaat and Tai McNeely from His and Her Money. Both were raised in frugal houses, but like many frugally-raised people, they split in financial directions. Tai was busy putting herself through college, debt free! On the other hand, Talaat went into the military and started spending his pay on consumer goods. The cars, the clothes, and everything in between.
Tai later learned that Talaat had around $30,000 in consumer debt! So what did she do, walk away from him? Of course not! She worked with Talaat and put together a plan where they both could work hard to get out of debt.
Shortly after, Talaat was debt free, so what did they do next? They bought their house, and came up with a plan to completely pay it off in 5 years (Yes, 5). Now Talaat and Tai run His and Her Money, helping other couples work together to reach their financial goals.
Talaat and Tai have 7 key tips to staying happy and secure in a marriage where the finances are shared, and how to stray away from the “2-Income Trap”.
In This Episode We Cover
Why you should go over finances before getting married
The importance of inspiring your partner to have the right finance mentality
The importance of introspection when dealing with a partner’s money situations
How to stray away from the “2-Income Trap”
Whether or not you should combine finances in a marriage
The pros/cons of paying off your home quickly
The 7 key tips to creating a financially harmonious relationship
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 73 with Ramit
BiggerPo…
-
158: Are You Under Leveraging? Finance Friday with Investor and Agent Wayne Loux
1 januari 2021 · 56 min
Happy New Year! With the first 2021 episode of Finance Fridays, we take a look at Wayne Loux’s investments, income streams, and overall finances. Lees meer
Wayne is like many of our listeners: working a W2 job, but also supporting himself and his family by having 1099 income from being a real estate agent. On top of that, Wayne has over 10 rental units, spread throughout different multifamily properties. He also has solid retirement savings and cash on hand.
With all this income, Wayne wanted answers on whether or not he should lessen his time at his W2 job, take more cash out from equity in the multifamily properties he owns, and other common real estate investment questions.
Scott and Mindy go through different strategies that can help Wayne grow his portfolio. From 1031 exchanges, to setting up self-directed IRAs, and cash-out refinancing to build an out of state portfolio.
These are questions we hear from many investors on the BiggerPockets forums, so stay tuned because Scott and Mindy just might answer a question you’ve had!
In This Episode We Cover
How to value your time as a high-earning professional
Putting family over work, even if it means stepping away from an income stream
Which investments should you put money into when all your bills are being paid?
SEP IRAs and Self-Directed IRAs
Using 1031 exchanges to lower your tax burden when investing
Finding jobs that can scale your income (and leaving those that don’t)
Whether you’re over or under leveraging your current portfolio
How to speak to your partner about big financial steps
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Calculator
Check the full show notes here: https://www.biggerpockets.com/moneyshow158
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.