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157: The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
28 december 2020 · 55 min
Calling all couples! You and your partner may be on the same page financially, or off in two different directions, regardless of where you’re at, it’s a great time to start having money dates! Lees meer
In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well!
If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves.
If you have a partner who may be a bit averse to the concept of a money date, have no fear, Mindy and Scott have perfected their plan for setting up a successful money date, and how to make it enjoyable when you’re in it.
With the new year coming up very soon, this is the perfect time to plan a money date with your special someone, you won’t regret it!
In This Episode We Cover
What is a “money date”
What to do before you suggest a money date to your partner
How to make the money date successful and what topics to bring up
Following up on your money date and setting up systems for success
The importance of keeping your ideas simple in a money date
How to present the idea to a partner who may not be too keen on finances
Why money dates help create healthier, happier relationships
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Wheel of Life Worksheet
Money Date Template
Finance Review Guest Onboarding
Check the full show notes here: https://www.biggerpockets.com/moneyshow157
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156: The Conservative Money Cool Kid: Buying 20+ Houses in Cash with Richard Carey from Rich On Money
21 december 2020 · 1 uur 20 min
Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you! Lees meer
Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level!
Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible.
While most real estate investors champion loans and leveraging as much as possible, Richard thinks differently. He finds a position of strength by not overleveraging, owning rentals outright, and having a solid safety net to depend on. Richard now sits in a great position, early in life, with a lot ahead of him!
In This Episode We Cover
The importance of maxing out your retirement accounts when you’re young
How to not only pay off your rental properties, but primary home sooner
Why there is an advantage to not having too much leverage on your investments
How to test out a property manager when long-distance investing
Why you should set goals to be in a financial position of strength
Why you don’t need to be in a rush to invest right now
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Podcast 268 with Rich Carey
Check the full show notes here: https://www.biggerpockets.com/moneyshow156
L…
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155: Retired at 35: How Robert from Stop Ironing Shirts Achieved FI Even During The Great Recession
14 december 2020 · 1 uur 2 min
Robert from Stop Ironing Shirts has had quite a lucrative career path. Starting out as a bank teller in college, he learnt that he really enjoyed math that had dollar signs attached to the numbers. From there, he launched his career forward, first as a commercial banker, and later becoming a well-paid top executive. Lees meer
While he had a great job and a partner who was also bringing in a solid paycheck every month, he slowly started to get tired of the corporate bureaucracy, politics, location dependency, and long hours.
Robert has made some mistakes on his path to early retirement. He lost money on a few real` estate deals and he even bought a brand new car (gasp!). None of this stopped him from still living below his means, siphoning off a large portion of his income for investments, and capitalizing on special programs such as the 409a plan.
Robert now lives life on his schedule. Whether that be spending copious amounts of time shopping at Costco or surfing at the beach, Robert has a life where he decides what he wants to do, everyday. Thankfully, it didn’t take him 30+ years of working to get there!
In This Episode We Cover
The importance of choosing a highly lucrative skill set
How to fight lifestyle creep, even when you’re making serious money
The real cost of a daily commute
How he recovered from real estate losses in 2009 (and after)
The psychological difficulties many face when retiring early
What a 409a plan is (and how high-earners can take advantage of it)
How much cash should be in reserves for financial independence
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 153 with Bill Bengen
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 136 with Doug Nordman
Mr. Money Mustache
The Non-Qualified Deferred Compensation Plan
Check the full show notes here: https://www.biggerpockets.com/moneyshow155
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154: Confessions of a Former Spender: How Allison Baggerly Paid off $110K in Loans on a Teacher’s Salary
7 december 2020 · 1 uur 13 min
Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving. Lees meer
As a big spender in college, Allison didn’t see a real reason to save instead of spend. She would take herself on frequent trips to the mall to treat herself when she aced a test, or make herself feel better if she flunked one.
It wasn’t until her first son was born that her and her husband realized they wouldn’t have enough in the budget to pay for childcare costs, and thus, the Inspired Budget was born!
After a few years of limited spending and frequent budget analyzing, Allison and her Husband paid off over $110,000+ in debt and are now on their way to financial abundance.
Allison talks about the importance of giving yourself spending, investing, and saving allowances and how you don’t need to sacrifice everything to become financially safe!
In This Episode We Cover
The importance of setting budgets early on in life (and keeping up with them)
Changing the “how much do I have to spend” mindset into a “how much do I have to save” way of thinking
Why you need to own your relationship with money
How to have financial talks with your partner (even when it’s awkward)
Why you need spending allowances so you can enjoy your money
Why investing isn’t a linear path, but a rollercoaster (and why the dips don’t define you!)
Refusing the mental trap of “I can’t be rich” while being at a low-income job
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Check the full show notes here: https://www.biggerpockets.com/moneyshow154
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153: Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More!
30 november 2020 · 1 uur 3 min
He really is the man who needs no introduction (but here’s one anyways). Bill Bengen, the inventor of the 4% rule (and personal finance hero of Mindy & Scott) stops by the Money Podcast to talk about how he calculated his famed 4%, how he managed his client’s portfolios, and how the 4% has aged throughout the past three decades. Lees meer
In his Original Article from the Journal Of Financial Planning, October 1994, Bengen outlined a groundbreaking calculation: a 4% withdrawal rate from your retirement accounts is all you need to comfortably retire (if enough is saved up). Bengen was hit with praise and criticism, but is still applauded to this day for having such a simple yet crucial metric for knowing how & when you can retire.
Using over 200+ retirement account portfolios spanning decades of time as research, Bengen still says with confidence, the 4% rule is a winner! He has the proof and we couldn’t agree more.
Whether you’re a few years or a few decades away from retirement, this episode features life-changing advice from one of the leaders in financial research. This is an episode you won’t want to miss!
In This Episode We Cover
What the 4% rule is
How Bengen came up with the 4% rule and why it stands the test of time
How inflation becomes the “thief in the night” for many investors
The best (and worst) times to invest
How to stay the course during financial downturn
Which asset classes boost great returns and withdrawal rates
Steering clear of “1 more year syndrome”
The importance of rebalancing your portfolio
How to not accumulate too much wealth for retirement
Why everyone needs to learn how to be a saver, so they can enjoy life!
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forum
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.
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152: Reaching Financial Independence Despite a Very Late Start with Baby Boomer Super Saver
23 november 2020 · 1 uur 6 min
To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level? Lees meer
Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts.
Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog.
Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey.
In This Episode We Cover
How to reach your retirement goals even if you start later in life
Snowballing your debt so you can save more
Changing your financial mindset to get where you need to be
The 2 key ways to get your retirement savings up
How catchup contribution accounts like the 457b plan can accelerate your investing
Being intentional with your money while lining up your saving/investing with your values
The importance of educating yourself and not relying entirely on others for financial advice
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey
BiggerPockets Money Podcast 18 with Mad Fientist
Check the full show notes here: https://www.biggerpockets.com/moneyshow152
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151: From Single Dad w/ $61K in Student Loans to Financially Savvy Real Estate Investor with Tony J Robinson
16 november 2020 · 1 uur 8 min
You may know Tony J Robinson as the co-host of the Real Estate Rookie podcast, but you probably don’t know his backstory. Lees meer
As a single dad working his way through college and student debt, Tony knew that he needed to have a plan in place to pursue his goals and find financial freedom. He also knew he didn’t want to repeat the same real estate mistakes as his parents.
He went from an engineering student, to owning a small tutoring business, to marketing, and finally landed a sweet gig at Tesla!
After paying off debt, creating a healthy reserve fund, and divvying his money into over 20 different checking accounts (yes, 20+), he was able to reap the rewards of smart financial management and chase down freedom through real estate.
If you’re trying to consolidate debt, find ways to make more money at a job, or leverage creative funding to finance your next deal, Tony has a solution to your problem.
In This Episode We Cover
How job jumping can accelerate your raises and income growth
Why EVERY investor (and person in general) needs a healthy cash reserve
The importance of talking to your children about finance
Why being good at math doesn’t mean you’re great at financial management
How paying off debt can drive investment funding
How to fight lifestyle/income creep so you can live below your means
The strategy to leverage your stock portfolio for real estate funding
Creating the “why” behind financial decisions
And so much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey's Envelope System Explained
BiggerPockets Money Podcast 149 with Nick Groover
BiggerPockets Money Podcast 112 with Natalie Kolodij
Rookie Podcast 10 with Tony Robinson
Rookie Podcast 37 with Tony Robinson
Check the full show notes here: https://www.biggerpockets.com/moneyshow151
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150: From Childhood Homelessness to Financially Confident with Cristina Livadary
9 november 2020 · 58 min
Cristina Livadary immigrated to the US when she was 6, and less than a year later, her father left, leaving her stranded with her mother and sister. She didn't speak the language, had no money, and lived in hotels until her mother was able to find steady work as a chef. Lees meer
She grew up without much in the way of financial education, but did secure a water polo scholarship to Bucknell. Until a rotator cuff injury lost her the funding at the beginning of her third year. She left college with $100,000 in student loans and a burning desire to find a high paying job to live out her Carrie Bradshaw dreams of living in NYC.
She spent two years in New York, working hard and spending harder. She moved to LA to run a division covering California and Hawaii, and decided she needed to make a big change.
Cristina stopped spending lavishly on things that didn't matter, started focusing on what made her happy, and now helps others manage their finances to get money out of the way and live their best lives.
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 55 with Kristy and Bryce
BiggerPockets Money Podcast 55.5 with Kristy and Bryce
Check the full show notes here: https://www.biggerpockets.com/moneyshow150
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149: Listener Finance Review: Knocking Out Debt to Start Investing
2 november 2020 · 55 min
Nick Groover is 25, with a young daughter and a fiance, looking to make changes to his finances so he can start married life off on the right foot. Lees meer
He has some debts he'd like to knock out so he can start investing in real estate, and potentially start a business. He just got a promotion and a raise, and on paper is doing pretty good.
But Nick needs to start budgeting, because a dollar here and five dollars there is eating up his overage, so there is very little to save.
In today's episode, Scott and Mindy sit down with Nick to go over his current financial situation and use their life experiences to suggest easy wins to help pay down his debt, start saving for future real estate purchases, and start investing for retirement.
Nick's in a good place right now, but following Scott & Mindy's suggestions should help him get money out of the way so he can go on to lead his best life!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey
Mobile Expense Tracking App - Waffles On Wednesday
Check the full show notes here: https://www.biggerpockets.com/moneyshow149
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148: How to Become an Everyday Millionaire with Chris Hogan
26 oktober 2020 · 1 uur
Chris Hogan joins Scott and Mindy today to chat about becoming an everyday millionaire. Lees meer
Chris and his team interviewed more than 10,000 millionaires to hear how they did it. Hard work, determination, spending less than you make, investing wisely, and eliminating debt.
Chris shares how to discuss your finances with your spouse - and how to bring them on board when you have differing views about money. He talks about the emotional journey that debt paydown can take you on - and how to handle that so you come out on top!
Chris also reveals his feelings about FIRE - and how there is too much focus on the RE and not enough on the FI. He wants you to become Financially Independent but also wants you to enjoy your journey.
Chris firmly believes that anyone can become debt free and start to build wealth to become an Everyday Millionaire.
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey's 7 Baby Steps
BiggerPockets Money Podcast 50 with Patrice Washington
The Retire Inspired Quotient
Check the full show notes here: https://www.biggerpockets.com/moneyshow148
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147: Pursuing Financial Independence on Her Own Terms with Cathleen Hutchins
19 oktober 2020 · 1 uur 23 min
Cathleen Hutchins grew up in Hawaii. She come over to the mainland for college, but Hawaii kept calling her name, so she moved back home. Lees meer
Hawaii is an expensive place to live, and Cathleen knew she'd need a plan in order to reach financial independence if she was going to live there for the rest of her life.
So she saved. She invested. She made smart decisions about her money and is continuously looking for ways to generate passive income to help fund her retirement.
She has also sacrificed some comforts and norms to get to where she is today. She and her husband lived apart for a while, both living where there was a job for each of them, not always in the same state!
But her sacrificing and saving has allowed her to move home to Hawaii, buy a house, and continue to pursue financial independence in a high cost of living area.
Cathleen is well on her way to Financial Independence and her story is just another example of how following the proven path, you can get money out of the way so you can lead your best life.
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 35 with Craig Curelop
BiggerPockets Money Podcast 95 with Craig Curelop
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 144 with Kirk Chisholm
Mr. Money Mustache
Check the full show notes here: https://www.biggerpockets.com/moneyshow147
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146: Saying Goodbye to Gambling & Finding Financial Freedom with Ambus Hunter
12 oktober 2020 · 1 uur 19 min
Ambus Hunter grew up with a fair understanding of how money works. He received a partial scholarship to play drums in college, and graduated with a small amount of student loan debt. Lees meer
His first job was with the Department of Defense, making a decent salary for someone who had just graduated from college. He started saving his money, like a good FI-devotee does, but his story takes a sharp left turn.
Ambus discovered gambling.
At first, he was winning. (That's how it goes with gambling, right?) But then his "luck" changed. Because that's also how it goes with gambling, right?
Ambus chased his losses, and ended up wiping out his entire savings account. That was when he knew he had to stop cold turkey.
He then threw everything he had into building his savings back up, taking on extra jobs, living with roommates, and cutting out everything unnecessary in his life.
In one short year, working nights and weekends, spending as little as possible, and throwing every dollar into his savings, he made it all back.
Now Ambus helps guide others on their own path to financial literacy through volunteering and through his own coaching programs.
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 10 with Liz Thames
BiggerPockets Money Podcast 143 with Shannon Gauthier
How Gambling Away My Savings Strengthened My Relationship With Money
Check the full show notes here: https://www.biggerpockets.com/moneyshow146
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145: From Hedge Fund Manager to Smart Money Mama with Chelsea Brennan
5 oktober 2020 · 1 uur 15 min
Chelsea Brennan was a hedge fund manager for several years - until her second pregnancy when she ended up in the hospital with sever complications brought on by the stress and emotional toll her job took on her. Lees meer
She and her husband looked over their savings and investments, and decided that she'd leave her job in order to focus on her health and her kids.
Her baby was born healthy, but their income went from six figures to zero figures, and she needed a way to bring some money in.
She looked back on her love of teaching, and decided to start a website devoted to teaching women - and moms specifically - how to handle their money.
Chelsea is truly passionate about teaching the power of financial independence and being in control of your life. Are you struggling with your finances? This episode is a cannot miss!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 133 with Doc G
Free Money Mamas Guide to Investing
Check the full show notes here: https://www.biggerpockets.com/moneyshow145
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144: Alternative Investments: How to Determine Which Option(s) Are Right For You with Kirk Chisholm
28 september 2020 · 1 uur 11 min
Kirk Chisholm is a fee-only investment advisor with a secret passion - finding new and different ways to invest money. Lees meer
Kirk shares his Big List of 75 Alternative Investments with us today - and more importantly, how to vet the investment vehicle to see if it's right for you.
Not everything is a great fit for every person, and you certainly don't have to choose everything on the list. Play to your strengths when choosing investments and don't discount passion for an idea. If you HATE the thought of learning more about that investment vehicle, you won't put forth the correct amount of effort necessary to master it.
Kirk also dives into how to sell these types of alternative investments - including at significant discounts if it's an illiquid asset that you need to liquidate fast. Secondary markets exist for all asset classes, and there are ways to pick up a good deal on the secondary market as well.
If you're looking to diversify your portfolio, today's show is a can't-miss episode!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Against the Rules with Michael Lewis Podcast
The Big list of 75 Alternative Investments
Check the full show notes here: https://www.biggerpockets.com/moneyshow144
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143: How to Pay Off $160k in Debt in 3 Years While Making $90k
21 september 2020 · 1 uur 9 min
Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions. Lees meer
Shocked to discover $30,000 in unpaid debts, she quickly found herself a single mom as her husband left.
She tried to pay them off as best she could, but found herself somedays deciding whether to buy a gallon of milk or a gallon of gas to get to work.
Fast forward a year, and she met a new man who brought significant debt with him to the relationship - to the tune of $60,000!
Each of their divorces added more debt to their pile and at the height their debt totaled $160,000. Their income trailed this debt at $65,000 and they knew they'd have to do everything in their power to knock out this debt.
They moved in with his parents to pay lower rent and have someone to watch the kids while they worked. They couponed and did free things with the kids to be able to throw every single dollar they could at their debt.
This approach paid off, because by the end of the year, they will be completely debt free and be able to start saving and investing and working toward financial freedom.
If you're in debt and see no way out, this episode will show you there IS a way to paying down your debt, that it isn't always easy, pretty or fun, but it CAN be done.
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Dave Ramsey
Pinterest
BiggerPockets Money Podcast 130
Mindy's email
Check the full show notes here: https://www.biggerpockets.com/moneyshow143
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142: Ask Us Anything: Questions From the Audience with Scott & Mindy
14 september 2020 · 56 min
Scott & Mindy sit down today to answer questions sent in by listeners. They address topics all over the board - from student loan repayment and early retirement account withdrawal under the CARES act, to the best high-yield savings accounts, and planning for the gap between early retirement and traditional retirement age when you can access your retirement accounts penalty free. Lees meer
Scott & Mindy also discuss different investing platforms as well as retirement planning, taxes, and even how inflation might affect your retirement future.
They take a couple of calls from listeners to chat about the best current use of retirement funds.
This episode will help clear up some of the questions you may be having on your road to early financial independence.
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Robinhood Facing Multiple SEC Investigations Into Its Business Practices
How to Access Retirement Funds Early
What Is a Self-Directed Brokerage Account?
BiggerPockets Money Podcast 119
BiggerPockets Money Podcast 116 with JL Collins
Check the full show notes here: https://www.biggerpockets.com/moneyshow142
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141: How to Graduate College Debt-Free and Pursue FI Before 40 with 4 kids!
7 september 2020 · 1 uur 12 min
Blake Nielson is a college professor whose wife stays home to raise their four children. Despite having only one income - and six mouths to feed - they have paid off their home and are on the path to early financial freedom. Blake currently loves his job and has no plans to stop working - but still wants the freedom that financial independence gives. Lees meer
So how did he do it? He started off debt free from college, a HUGE leg up in life in general. Blake details just how he accomplished this feat, from college selection to funds available, scholarships and even working during the school year and especially during the summers between.
Blake even shares a Solid Gold tip for finding out about scholarships that aren’t well publicized!
Blake also strategically chose where he lived during his college years. He specifically chose a rental that was priced significantly lower than the “college” rentals in town - but still close enough to walk to school.
There is no secret to Blake’s success. He put in the work at an early age and is on track to hit lean FI by age 40 and Fat FI by 45. Spend less than you earn, invest wisely. Blake shows you can live the FI life with four kids and one income.
In This Episode We Cover:
Blake's money story
Simple principles of frugality
4 keys that any person can go to college debt free
Talking about school selection
How he budget his money
House hacking
Talking about scholarships
His experience after getting a PhD
Blake's job
The problem that most people have with negotiation
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 80 with Rich & Regular
BiggerPockets Money Podcast 32 with Mr. & Mrs. PoP
BiggerPockets Money Podcast 64 with Zach Gautier
Check the full show notes here: https://www.biggerpockets.com/moneyshow141
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140: How to Get Financial Freedom So You Can Do What You’re Meant to Do with Belinda Rosenblum
31 augustus 2020 · 1 uur 28 min
Belinda Rosenblum is a CPA, a certified coach and her clients include Harvard Business School, Harvard University and the SEC. She’s worked for Arthur Andersen and L3 Enterprises. She’s got money all figured out, right? Lees meer
Well, she does now…
On today’s episode, Belinda shares her biggest money mistake - ignoring a giant pile of mail as she cared for her recovering father.
Once she cleared that up, she focused on her own finances, growing her net worth to more than $1 million by the time she was 33. She quickly realized that her trajectory was NOT taking her where she wanted to go. So she pivoted.
She took a new job with a huge bump in pay and rode out their boom and subsequent layoffs, taking a package to leave and using that opportunity to travel to India, a life-changing experience.
When she came back, she realized she didn’t need all the things, didn’t need the stress that came with the big corporate job, and struck out on her own, filling a need she saw in her own friends - financial education.
Belinda parlayed her financial knowledge into a multi 6-figures company, pivoting again last year to helping businesses strategically and consistently generate income.
This episode is for anyone who has made a money mistake, anyone who has gotten past one, or anyone looking to start their own business to truly live the life they want.
In This Episode We Cover:
Belinda's journey with money
How she worked out with her money management
Emotional side of money
What she did after she was laid off
Her experience during her financial advising jobs
Biggest challenges for entrepreneurs
Talking about her business
How she grow her business
Unconscious spending
How her clients think about taking the leap away from a job into entrepreneurship
How to start a business
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
5 Simple Ways to Create Consistent Revenue
Money-Making Tracking Sheets
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139: Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To) with Joe Saul-Sehy
24 augustus 2020 · 1 uur 14 min
Life Insurance is the most exciting topic on the planet! Lees meer
Just kidding. But just because it isn’t a super exciting topic doesn’t mean you don’t need to know about it.
Today, Joe Saul-Sehy, host of the Stacking Benjamins podcast, joins Scott and Mindy to talk about Life Insurance. Joe comes from a background as a financial planner and was licensed to sell every type of insurance product available.
Joe is here today because he understands how life insurance works - how it's priced, how you can use it, the pros and cons of the product - but he has no skin in the game whether you buy life insurance or not.
He's the perfect person to explain this product from a factual standpoint and let you make the decision of what type - if any - is best for you, based on facts, not commissions.
Joe walks us through the basics and shares how life insurance actually covers you - from term, to whole, to universal life. There's no bad product, only different ways of paying out.
If you're struggling with how to figure out what life insurance policy is right for you, this episode can't be missed.
In This Episode We Cover:
How life insurance works
How to incorporate life insurance into financial planning
What bucket of insurance should people be thinking about
How does life insurance gets price
Whole life insurance versus term life insurance
Universal life insurance
What decreasing term policy and level term policy are
Things that affect insurability
Tax triangle
Is life insurance payout taxed
What age should you get life insurance
What makes good life insurance policy
Common reasons for being denied in life insurance
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 40
XY Planning Network
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138: Financial Blunders to Financial Buff: How Farnoosh Torabi's Money History Grew Her Career
17 augustus 2020 · 1 uur 15 min
Farnoosh Torabi grew up talking about money. Her parents are from the Middle East, and in her culture, they “never miss a moment to talk about money.” Lees meer
As the go-to girl for finance advice among her friends, imagine her surprise when she sat down and looked at her financial situation to discover tens of thousands of dollars in credit card debt! Farnoosh realized that paying for everything with a card, then paying the minimum balances didn’t lead to debt free life.
Not wanting to continue a life of debt - mainly so she wouldn’t have to tell her mom - she hustled during school. Taking class notes and selling them on her school’s notes system, babysitting, bird sitting, anything that would generate income so she could throw money at her debt and pay it off.
Graduation took her to New York City and a stroke of luck found her a shared apartment with a married couple for $500 a month. Definitely less than she could find on her own. She started off making very little, and strategically increased her income to offset the fact that she “isn’t a good saver.”
Farnoosh has parlayed her own financial knowledge into a career teaching others how to manage their own finances. From books, to podcasts, to television, Farnoosh is everywhere, educating this oh-so-important skill so that others can work toward their own financial freedom.
In This Episode We Cover:
Farnoosh's journey with money
Where she learned about money
Talking about her money behaviour
How she got rid of her debt
Her approach on accumulating her assets
How real estate helped her
Her advice on people who are in a relationship
The leading cause of a divorce
The right time for people who are just starting to date to talk about money
What her asset allocation looks like
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
FinCon
NextAdvisor with TIME | Smart Money Moves
BiggerPockets Money Podcast 119
BiggerPockets Forums
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137: Engineering a Path to Financial Independence with Felicity Freedom
10 augustus 2020 · 1 uur 1 min
Felicity’s story to financial independence is going to be similar to listeners of The BiggerPockets Money Podcast. She got a good paying job, spent less than she earned, intelligently invested in Index Funds and is now financially independent at the age of 30. Lees meer
Easy, peasy, lemon squeezy.
Except, it’s NOT that easy, actually. She lives in America, and for much of that time, she lived in a very high cost of living city, Boston.
Felicity rented a 250 sq ft apartment with her husband, Fergus, while he was in graduate school - because he didn’t want to live above his means, and he was making less money than she was at the time.
In fact, Fergus is leery of the 4% rule, and would be much more comfortable if they were only pulling 2%-2.5% of their retirement funds every year.
Their story illustrates the point Mindy makes so frequently in this podcast, “personal finance is personal.” Their story also illustrates the path one must take to get to financial independence.
Spend less than you earn. Intelligently invest. Stay the course through the tough times. This too shall pass.
In This Episode We Cover:
Felicity's journey with money
Talking about her unconscious spending and fixed expenses
What she did with her money prior to discovering financial independence
The moment she started his financial independence journey
How she got obsessed with personal finance
Conversation about money with her husband
Her approach on her money
Talking about happiness
Where she planted her money
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
The Power of Financial Freedom - Fetching Financial Freedom
5 Ways Losing 50 Pounds and Saving $1M Was Exactly the Same
Donating a Year’s Salary to Our Donor-Advised Fund
Mint
Mr. Money Mustache
BiggerPockets Money Podcast 120 with Michael Kitces
Millennial Revolution
Mindy's email
Scott's email
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136: Secrets of a Money Savvy Family with Doug Nordman and Carol Pittner
3 augustus 2020 · 1 uur 22 min
Doug Nordman wanted to teach his daughter about money. But he knew that to get it right, he’d have to start when she was very very small. So he did. First, he taught her how to count, then he taught her how to add, then he showed her what she could do with money by using cash in transactions. Lees meer
As Carol got older, she was able to handle the cash herself, learning how to make change, count change, etc. Carol started “earning” her own money, through allowance and jobs - which could only be done after her (non-paid) chores were complete.
Doug’s common-sense approach to teaching his daughter about money is actually quite brilliant. She starts learning about money - and making money mistakes - when the stakes are low. Your 8-year-old making a $20 mistake is far better than your 20 year old making a $10,000 mistake because he or she never learned how to manage money.
Carol joins her dad to talk about how these teachings affected her life - and how she is planning on teaching her own daughter about money and finances.
Carol and Doug have combined their recollections of this time together and written a book called Raising Your Money-Savvy Family For Next Generation Financial Independence, and it is the blueprint for exactly how to raise children who are ‘good with money’ and how to prepare them to be adults who are great with money.
If you’re struggling with how to teach your children about money, this is a must-listen episode.
In This Episode We Cover:
Doug's journey with money
How he learned to be smart about money
How he budgeted money on raising a child
What does high savings rate means to him
Carol's outlook about finance
Carol's financial story
Overview of Carol's financial position
Lean FI
Talking about Carol's husband and his view about money
Doug's advice on how to approach your kids when you are just starting out on this journey
Where they planted their money
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
CNBC
ChooseF…
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135: Building Wealth through Real Estate... without Tenants or Toilets! with Seth Williams
27 juli 2020 · 1 uur 11 min
Seth Williams invests in real estate in a way you may have never heard of before. He buys and sells land. And no, he’s not a developer. He literally buys a piece of blank dirt, and then sells it—frequently within days of buying it—for fairly high margins. And he does this without taking out loans for the purchase. Lees meer
How?
He’s paying hundreds of dollars for this land, as opposed to hundreds of thousands of dollars for a piece of land with a house on top of it. He turns around and sells it quickly, frequently realizing a 300% profit—or more!
Even better? Deals are EVERYWHERE! Land is literally everywhere, and deals can be found very easily. (We discuss several ways to find absentee vacant landowners, many of whom just want to be rid of the property!)
Seth shares what to look out for in a deal so you minimize your chances of getting burned and what makes a deal great. He shares different ways to find these deals and even gives guidance for doing your homework so you know exactly what you’re buying.
If you’d like to get started in real estate but may not have the funds or simply don’t have the time or desire to run a flip, land may be your way in.
In This Episode We Cover:
Seth's money journey
His first land deal
The reason why people buy land
How to get into your first deal buying land
What you should know about title insurance
Dealing with mistakes
All about title searches
Tax implications of buying land
The best and worst type of land for those just starting out
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
Dave Ramsey's Envelope System
The title search article/video
Land Flipping Lifecycle
How to Juggle Your Real Estate Business with a Full-Time Job
Six Months After Quitting My Job, Here Are My Honest Thoughts
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134: Paying Off Debt - And Avoiding Debt Relapse with Chris Browning from Popcorn Finance
20 juli 2020 · 58 min
Chris Browning had dreams of creating movies for Pixar - until he started art classes in college and realized that wasn’t his calling. Lees meer
He was also taking a personal finance class and thoroughly enjoyed it, so he changed his major to finance and never looked back.
Chris should have perfect finances, right? Well…
Chris found himself in debt after graduating in 2009 and working as a bank teller, trying to impress his girlfriend (now wife). He took control of his finances, telling his girlfriend that they needed to reign in their spending so he could pay off debt. But once his debt was gone, he started saving in earnest for an engagement ring, spent everything he had on that, and found himself in debt again when they started planning their wedding.
Life happened, debt continued to stack up until they realized they were $27,000 in debt, with salaries just over that amount - all while living in Southern California.
Living paycheck-to-paycheck makes it hard to throw extra money at your debt. Chris and his wife reviewed their spending and were shocked by what they were spending on. Once they knew where their money was going, they were able to drastically reduce their spending and throw more money at their debt.
It turns out, tracking your spending and sticking to a budget are both excellent pieces of advice that can help anyone turn their financial situation around and start down the path toward financial independence.
In This Episode We Cover:
His journey with money
How much debt he has on his wedding
What he did on paying off his debt
Changes he make while paying off his debt
How he approached his wife on making changes about their budget
Talking about his emergency fund
Dave Ramsey's baby steps
How he plan his retirement
Steps towards saving for early retirement
When did he discover Financial Independence
His vision for retirement
How to use credit card responsibly
His tips on travel hacking
And SO much more!
Links from the Show
BiggerPockets Mone…
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133: Retiring Early Doesn't Have to Be All-or-Nothing: "The Art of Subtraction" with Doc G
13 juli 2020 · 1 uur 31 min
Doc G wanted to be a doctor since he was eight years old. He went to medical school, started his career and quickly realized he actually didn’t like all the parts about being a doc - and didn’t know how to leave the profession. Something he’d wanted for 20 years suddenly wasn’t so awesome anymore. Lees meer
Cue The White Coat Investor. He’d written a book and asked Doc G to read it and review it for his medical blog - and suddenly Doc G saw a way out!
This way out didn’t have the expected results, however. Instead of jubilation, Doc G was thrown into a spiral of anxiety and depression. Something he’d wanted his whole life, this thing he’d identified with so strongly for so long, and the thought of walking away from such an enormous part of his life was terrifying because now he had a way to do it and it was suddenly real.
Having always saved at least 50% of his income, Doc G went to his accountant - who was unfamiliar with early retirement and sort of threw out a number he needed to save to retire. His financial advisor was a bit more helpful, asking questions like, "how much do you spend in a year?" Not knowing, Doc G threw out a number, which turned out to be really close to what his accountant said he needed. But he was still unsure.
So he did what anyone in the FIRE community would do - he started reading. Everything and anything he could get his hands on. He realized he had enough money to stop doing those things he didn’t like, so he started practicing what he calls "The Art of Subtraction." He removed the things that did not make his heart sing, so that he could focus on those things he DID enjoy.
And his plan worked. He now can spend his working hours doing the things he loves to do, and does not have to do the things he doesn’t. He has focused more time on non-doctor side projects like writing and podcasting - where his enjoyment runs sky high even though the paychecks do not.
As his side projects bring more joy, walking away from the physician thing gets easi…
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132: Financial Independence Without a College Degree with Marquez Griffin
6 juli 2020 · 52 min
Marquez Griffin graduated from high school but did not feel that college was his path. His uncle worked in a sheet metal shop, and was able to get him a job there. Lees meer
He quickly learned that taking a bit of action with regards to his sheet metal training would catapult him higher in his earnings, so he enrolled in trade school and alternated between work and school to learn the trade faster.
His earnings rose as he completed coursework, but Marquez found himself unexcited about his path and started looking for more. Moving in with a friend and his dad turned out to be a real-life Rich Dad event, with his friend’s father introducing him to the concept of saving and investing.
Marquez started listening to audio books and podcasts while working in the shop, looking for information about a better life. This self education led him to Scott’s book Set for Life, and then to BiggerPockets where he discovered that House Hacking, real estate investing and that he could marry real estate with a career and go from salaried trade work to commission based agent work where the sky was the limit with regards to earnings.
He further discovered the job of Signing Agent and has now incorporated that into his work schedule as well. (For more information about Signing Agents, check out our episode 74 at www.biggerpockets.com/moneyshow74.)
Marquez knew college was not his path, so he followed the path he was meant for and is reaching for Financial Independence on his terms.
In This Episode We Cover:
Marquez's journey with money
His experience working in a sheet metal shop
Practical approach on making more money while in school
Things that influence him to financial freedom
His approach on building emergency funds and investments
Talking about house hacking and his everyday expenses
How he became a Notary Signing Agent
Marquez's portfolio
On index fund investing
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 44 with Ti…
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131: Investing Made Simple with Kevin Matthews II
29 juni 2020 · 1 uur 4 min
Kevin Matthews II started paying attention to finance way back in 6th grade - because his parents said they wouldn’t buy him any more video games, he’d have to buy them himself. Lees meer
Kevin’s parents telling him no propelled him into a lifelong planner - saving up for purchases rather than buying and figuring out how to pay it off later. And he parlayed his planning skills into a career as a financial advisor, eventually being named one of Investopedia’s Top 100 Advisors in 2017.
Kevin is passionate about teaching people - specifically millennials - how to manage their money. In fact, he’s SO passionate about teaching people how to alter their financial lives, he almost missed the birth of his first child in order to make a video about how $2,000 can turn your kids into millionaires! (Spoiler: He made it back to the room in time.)
Kevin wants you to know how to invest, how to manage your money so that you can further yourself down the path to Financial Independence. Kevin has an excellent video called Three ways to get started investing that discusses three ways we’ve never heard of!
Kevin credits consistency in investing with his client’s financial successes. He also believes that patience is the number one thing investors need - a point that’s been hit home so clearly in the past few months - and that a lack of patience is the biggest mistake investors are making today.
Kevin also shares tips for teaching your children about investing to get them used to seeing ups and downs, so they don’t lose their patience when they start investing with real dollars.
In This Episode We Cover:
Kevin's financial journey
How he's saving his lunch money
Becoming a financial planner
Individual stocks vs. index funds
When he discovered and committed to financial freedom
Mistakes that he sees new investors make
What his end-goal looks like
How $2,000 can make your kids millionaires
3 ways to get started investing
And SO much more!
Links from the Show
BiggerPockets Money F…
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130: Refusing to Retire at 65: How a Couple in their 40s Managed to Hit FI in 12 Years with Susan and Norm
22 juni 2020 · 1 uur 24 min
Susan and Norm got married a little later in life. They started off basically flat, with debts equalling assets. Neither wanted to have the debt, and focused on paying it off and building an emergency fund. Lees meer
Then they discovered that they could retire early if they put their minds to it. So they jumped in with both feet, paid off the mortgage, bought an investment condo, paid it off, and aggressively saved to buy the second condo.
From the time they met until the time they were ready to retire, starting with basically a $0 net worth, was 12 years. Starting at age 43.
The one constant in their journey is their partnership, their commitment to each other and the end goal, and their desire to “be in this together.” Susan and Norm have a very clear respect and love for each other, never keeping score, never trying to hide a mistake from the other, always recognizing that they’re building their life together.
When starting on the journey to Financial Independence, it can be difficult to say the course - especially when your journey starts later than most. Susan and Norm and an excellent example of what CAN happen when you make a goal and aggressively pursue success.
This episode is for anyone who is struggling in their journey to FI, have hit a setback they feel is insurmountable, or anyone who is just getting started on their journey a little later in life.
In This Episode We Cover:
When did they start saving for retirement
How they approach the conversation about money
The decisions they make on housing, transportation, and food
How they paid off their debt
What their emergency fund looks like
What their company do
What they learned about the 401k benefits from a self-employment perspective
Talking about their multiple income streams
The book that made their mindset shift
Peer-to-peer lending
What they will do when they are fully retired
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 24 with Eri…
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129: How to Teach Your Children About Money with The Budgetnista Tiffany Aliche
15 juni 2020 · 1 uur
Today, we welcome back the Budgetnista, Tiffany Aliche. When we spoke to her way back in episode 8, we heard her story of an investment gone wrong and how 2008 really threw a monkey wrench into her life plans. But instead of allowing that to deter her, Tiffany committed to teaching people how to budget. Lees meer
Since we last spoke, she has expanded her original, uber-successful Live Richer Challenge (www.livericherchallenge.com) into a savings edition, a credit edition, a net worth edition, and a homebuying edition—all free and all designed to teach you the things you never learned about money and finance.
Tiffany is SO PASSIONATE about personal finance that she worked tirelessly for more than two years to get a bill passed in New Jersey, mandating financial literacy education for middle schoolers. (Want to duplicate her success in your state? Here’s a video that details how she did it: How to Get a Law Passed with Assemblywoman Angela V. McKnight.
But she’s not done! Tiffany has combined her love of budgeting with her love of teaching children in her new book Happy Birthday Mali More, and on today’s episode, she shares her top tips for teaching your children the fundamentals of managing money properly.
If you have children, this episode can help you figure out the age-appropriate lessons you should be teaching them to help them grow into financially responsible adults.
In This Episode We Cover:
The Budgetnista Law
The reason why parents have a hard time teaching their kids about money
The concepts that parents should teach at various ages
How early should parents start teaching their kids about money?
Communicating the concept of financial freedom
How Tiffany got her husband on board with financial freedom
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
Live Richer Challenge
BiggerPockets Money Podcast 08 with Tiffany Aliche
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128: Pay Off Debt Fast With These Smart Money Moves From Whitney Hansen
8 juni 2020 · 1 uur 18 min
Whitney Hanson is one of six children. Growing up she watched her father start a business, watched it fail, and watched him turn destructive, eventually leaving her mother to raise six kids on her own - all while making $7.25 an hour. Lees meer
Whitney has seen the ugly side of money - and what can happen when you have none - and decided she wanted no part of it. Money equals options, and she wanted as many options as she could get!
She began to research how to build wealth, because she did not want to perpetuate the cycle of poverty. She knew she wanted to go to college, but also knew she’d have to find a way to pay for it. Rather than taking out tons of student loans, Whitney went through a 3-month cosmetology program starting the day after she graduated high school, and used the money she made as a nail technician to pay for college.
Because she values financial stability over everything else, she bought a house when she turned 19 - and house hacked by renting two rooms to friends to help with the mortgage.
Upon graduating college, she realized she had taken out $30,000 in student loans that now had to be paid back. Rather than allow it to rule her life, she cut out everything and worked a second job in order to knock out her debt - in 10 months!
Whitney knew she had figured out how to lead a healthy financial life - and was eager to help others solve their own financial struggles. She started a coaching program to help financially empower people, and help them navigate the beginning stages of their financial journey.
Whitney’s story is 100% repeatable for anyone listening. She came from nothing, and made it on her own.
In This Episode We Cover:
Whitney's journey with money
Difference between a want and a need
Her personal financial situation during highschool
What her job is while she's studying college
The reason why she bought a house at 19 years old
Whitney's tips for students
Talking about scholarships
On her adulting moment
Her ways on how she paid o…
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127: Planning for the Unexpected: Being Financially Ready to Take Advantage of Opportunities with Ramit Sethi
1 juni 2020 · 1 uur 11 min
Ramit Sethi from I Will Teach You To Be Rich is back again to chat with Scott & Mindy about money, unexpected events, and taking advantage of opportunities by being prepared. Lees meer
Ramit does not hold back with his advice that the Coronavirus should be a financial wakeup call to you. A crisis like this WILL happen again (maybe not viral) and NOW is the time to prepare yourself.
He’s increased his recommended Emergency Fund to one year of expenses. If you’re struggling right now, you should be making minimum payments because “money in your pocket now is worth more than money in your pocket later.” Start crafting your emergency plan even if you don’t think you’re going to need to use it. Panic is bad, but overreaction is good. Don’t worry about looking stupid. One of the reasons you save is to be prepared for the worst. So prepare.
If you’re financially stable and strong, Ramit also has some tips for taking advantage of this crazy time we’re living in. Have you ever wanted to start your own business? While it can seem counterintuitive to start a business in these uncertain times, it’s actually a fantastic time to start. Your target audience is WAITING for you to fill the need they are having RIGHT NOW.
Even better? Ramit and Mindy discuss Mindy’s pain points regarding homeschooling - and Ramit comes up with 3 6-figure business ideas on the spot!
Scott & Mindy also discuss Dollar Cost Averaging, finding a new job now, and paying down debt.
Looking for more options in the coming months? This episode can’t be missed.
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126: 16 Money Skills They Didn't Teach You In High School with Scott & Mindy
25 mei 2020 · 59 min
Financial Education is so important - but so many people are graduating high school without the basic skills to make informed decisions. Lees meer
Today, Scott & Mindy sit down to share some of the big money moves you should make - as well as some of the big money mistakes you should avoid.
These are the tips you didn't learn in high school. From choosing a major wisely (or even deciding if college is truly the right choice for you) to paying for college, to truly understanding just how much it will cost you to pay back your student loans, the decisions you're making now, entering college, are going to affect your financial future for years to come.
They also discuss relationships, and how those can also have a huge impact on your finances.
Other big decisions you need to consider include how and when to get a first credit card - and how to use it properly to improve and increase your credit score.
Scott & Mindy also dive into just exactly what a credit score is - and how its far-reaching influence can affect your job and housing.
Scott also shares his unique views on wants and needs - and how to minimize the costs of the needs so you can afford a few wants.
This episode is a great intro to financial education for young adults who are eager to make excellent financial decisions and put themselves on the path to freedom.
In This Episode We Cover:
Decision-making process after highschool
The difference between subsidized and unsubsidized student loans
The importance of calculating total student loans
Everything you need to know about credit scores
The difference between good and bad debt
How relationships impact money and the importance of prenup
Wants vs. needs
Roth IRAs, traditional IRAs, and 401(k)s
How to set up automatic investments
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
Mindy's Post on BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 44 with Tinian Crawford
BiggerPockets Money Podcast 22 with Travis H…
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125: Ready to Retire: The Ultimate Pre-Retirement Checklist with The Retirement Manifesto
18 mei 2020 · 1 uur 25 min
In today’s episode, we speak with Fritz Gilbert from The Retirement Manifesto and go through his checklist to ensure a smooth transition into your new life. Lees meer
Fritz speaks from experience and wrote the checklist during his own transition, starting five years out.
Oh yes, FIVE YEARS. If you want a smooth transition, you’ll need to plan ahead.
Scott and Mindy go through the checklist with Fritz, starting at five years before your retirement date. (They even touch on what to do BEFORE five years out.) Fritz’s list is extremely thorough and includes things you’ve most likely NOT even thought about.
From paying down debt to checking in with a financial planner to transferring all that personal stuff you currently have on your work computer or in your work email, we cover the obvious. But more importantly, we also touch on the “Oh man, I totally forgot to do that” stuff, which can be the difference between a seamless transition and one filled with “I wish I had done things differently.”
Fritz is such an expert in retirement planning that he wrote a new book about it: Keys to a Successful Retirement: Staying Happy, Active and Productive in Your Retired Years.
In this book, Fritz shares 24 keys to a great retirement—once you’ve made sure the transition goes well.
If you are on the path to retirement, this episode is NOT to be missed!
In This Episode We Cover:
What his pre-retirement checklist is all about
What his financial position looks like five years prior to retirement
His advice to people who are pursuing financial independence before starting
The "one more year" syndrome
5-year, 3-year, 2-year, 1-year, and 6-month checklists before retiring
Quitting your job
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 41 with Kyle Mast
BiggerPockets Money Podcast 84 with Kyle Mast
BiggerPockets Money Podcast 118 with Kyle Mast
BiggerPockets Money Podcast 55 with Millennial Revolution
BiggerPockets Money Pod…
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124: Starting from $0 at Age 35 as a Teacher and Becoming "The Millionaire Educator"
11 mei 2020 · 1 uur 8 min
Gerry Born is a teacher who is married to a teacher. He started his financial independence journey when he was 33—with a wife, $45,000 in college debt, and a job in Saudi Arabia teaching English as a second language (ESL). Lees meer
He knocked out his debt in two years, then threw everything he could into savings. The ESL job provided everything but internet and phone, so he really didn’t need to spend much money if he didn’t want to.
After 9/11, they moved back to the United States and got jobs teaching—and you know what kind of salaries teachers make!
Unhappy with that particular school, they moved on to a different one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) but can be immediately accessed penalty-free as soon as you separate service from your employer.
Gerry uses this to fund his life while reducing his taxable income to as close to zero as possible.
If you’re starting late—or if you’re a teacher or public employee—this episode provides tips for funding retirement that will blow your mind!
In This Episode We Cover:
How he retired early on a teacher's salary
The tax advantages he swears by
The reason why he maxed out his 457 plan first
What a 403(b) plan is
His job in Saudi Arabia
How he got into the concept of financial freedom
How he paid off his debt
How he saved his money
How he maximized his income
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Money Podcast 39
How We Saved 250k by Taking Crappy Jobs - The Millionaire Educator
Mr. Money Mustache
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123: Carefully Crafting Financial Independence Through Passive Income with Avery Heilbron
4 mei 2020 · 58 min
Joining us today is Avery Heilbron, a listener on his way to financial independence through real estate investing. But Avery isn’t going all out and buying up every property as fast as he can. He’s making calculated purchases that allow him to live for free - and also cashflow while he’s there even though he lives in a high cost of living area. Once he moves out, that cashflow increases even more! Lees meer
Avery is also thinking ahead, and mitigating his risk of non-payment of rent by using the Section 8 rental assistance program to help guarantee rent payments.
Oh, and Avery is 25.
He went to college on a soccer scholarship, worked through school, studied hard and graduated with ZERO student loans and a great job.
Do you have high school or college students in your life? This episode can help give them direction and encouragement that a little careful thought can have a HUGE impact on your future financial situation.
In This Episode We Cover:
How he purchased a property that was originally listed for $800k in January of 2020 for less than $700k
Avery's journey with money
How he discover financial freedom
Talking about FHA loan and why it is so unattractive to sellers
His plans to achieve financial independence
Talking about his rental properties
His philosophy on reserves
What Section 8 program is
On house hacking
His side hustle
And SO much more!
Links:
BiggerPockets Forums
Should I charge my Girlfriend rent?
Real Estate Rookie Facebook Group
BiggerPockets Money Facebook Group
The Official BiggerPocket Facebook Group
BiggerPockets Podcast 356
Check the full show notes: http://biggerpockets.com/moneyshow123
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122: Getting Back to Financial Independence Basics - Using Lockdown to Reset Your Finances
27 april 2020 · 52 min
Scott and Mindy have focused on Coronavirus for the last few episodes - talking to experts about how the virus has affected the stock market, the 4% rule, and even early retirees. Lees meer
They’ve interviewed Financial Planners to get tips for using the current market conditions to their advantage, as well as chatted with a mortgage broker to determine the best time to refinance.
In this episode, Scott and Mindy talk about lifestyle creep - and how they have both been affected over the last couple of years. They revisit the basics of Financial Independence, spending less than you earn, increasing your income, investing wisely, creating multiple sources of income, and living your best life once money has been taken care of.
Using their lockdown spending as a guide, Scott and Mindy go through the steps they’ve taken and the changes they’ve made to their expenses - including what they will add back once the world reopens and what expenses they don’t miss.
This episode will help you get back to your Financial Independence basics, too.
In This Episode We Cover:
The basics of Financial Independence
Spending less than you earn
How Scott and Mindy save their money
How their spending changed
Increasing your income
Investing in low cost, quality investment vehicles
Creating multiple, passive streams of income
Living the life you truly love
And SO much more!
Links from the Show
BiggerPockets Money Podcast 116 with JL Collins
BiggerPockets Money Podcast 41 with Kyle Mast
BiggerPockets Money Podcast 84 with Kyle Mast
BiggerPockets Money Podcast 118 with Kyle Mast
BiggerPockets Money Podcast 119
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 121 with Seth Jones
BiggerPockets Money Podcast 03 with Erin Chase
BiggerPockets Money Podcast 97 with Financial Mechanic
BiggerPockets Business Podcast 51 with Nigel Guisinger
Mint
Something about Food Podcast
Waffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minut…
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121: Should I Refinance Or Wait For Better Rates? How Coronavirus Is Impacting The Mortgage Market with Seth Jones
20 april 2020 · 1 uur 1 min
In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if you can still make your mortgage payments. Lees meer
We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender.
Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan.
We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal.
Seth even shares a mortgage checklist below.
If you need more information about the mortgage process, this episode is a must listen!
In This Episode We Cover:
The right time to take mortgage forbearance
His thoughts on refinancing
How a first time home buyer should approach their first mortgage
Cash outlay
Barriers to closing besides income disruptions
Five categories of fees
The difference between financing a primary home, secondary home, and an investment
What mortgage fraud is
And SO much more!
Links from the Show
Consumer Finance Protection Board
Credit Karma
Mortgage News Daily
BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
BiggerPockets Money Podcast 116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins
BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin
BiggerPockets Money Facebook Page
Learn more about your ad choices. Visit megaphone.fm/adchoices
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120: Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces
13 april 2020 · 1 uur 18 min
Michael Kitces joins us today to talk about Early Retirement - and how the recent stock market movement affects the FIRE Community and the 4% rule. Lees meer
We spend a lot of time on the 4% rule - including this graph which illustrates what Michael discusses - basically, there is an ultra-high probability that you will come to the end of 30 years with MORE money than you started out with, and an extremely LOW chance you’ll spend it all. In fact, only one time does the retirement fund hit zero - and even that isn’t until year 31!
Since the FIRE Movement is based on the 4% rule, we wanted to hear from Michael, the Research Nerd Supreme, what he feels about it. “...historical safe withdrawal rates aren’t based on historical averages. They’re based on historical worst case scenarios.”
Yes, we’re seeing some pretty big movement in the market, and yes, it can make you think. This episode provides some pretty powerful reassurance that “every little thing, is gonna be all right.”
If you are worrying about your financial future, if you have money or want more, this powerful episode is a can’t miss, absolutely-must-listen edition of BiggerPockets Money.
In This Episode We Cover:
The origin of 4% rule
Three different time periods that trigger the 4% number
Safe withdrawal rates
Different 4% rule scenario
Bucket strategy
Key assumptions that start crapping up on modeling or evaluating the short term cash bucket
The right time to start looking at bonds
Constant mid-course adjustments
What a retirement red zone is
Bond tent strategy
Safe withdrawal rate research
Guardrail strategy
Smart money moves during this market
Dollar cost averaging
And SO much more!
Links from the Show
FinCon
Determining Withdrawal Rates Using Historical Data
Software Solutions To Calculate Safe Withdrawal Rates
Online Data - Robert Shiller
The Ratcheting Safe Withdrawal Rate – A More Dominant Version Of The 4% Rule?
Yield Shield - Millennial Revolution
How Has The 4% Rule Held Up Since…
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119: Coronavirus: Is it Time To Give Up On Financial Independence?
6 april 2020 · 1 uur 44 min
In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing. Lees meer
Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects.
Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown.
Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans.
The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too!
And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times.
These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate!
Is it time to give up on Financial Independence? Nope, not even close!
In This Episode We Cover:
How Andy's life changed after his last interview in this podcast
Andy's feeling about his decision on quitting his job and build his own business
Andy's financial position before he leave his job
One thing he wished he would have done differently before he left his job
Amy and Tim's after retirement plan
How they do their withdrawal on their stock portfolio to sustain their lifestyle
What their plan right now
Amy and Tim's advice for people who want to follow their footsteps
How prepared Brandon was
Brandon's opinion on the 4% rule
What does he recommend having cash buffer
Brandon's definition of a cash buffer
Brandon's advice for people w…
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CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package
2 april 2020 · 39 min
This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shutdown of most of the economy. Lees meer
Joining Mindy today is Natalie Kolodij, who last appeared on Episode 112. Today’s episode was recorded on March 28, and we are fully expecting additional clarification and guidance from the federal government on these provisions.
Congress just passed a 2.2 TRILLION dollar bill to provide relief for Americans in the face of the Coronavirus. While the bill does provide for monetary help, there’s a lot of other benefits that may not be getting the same press.
OF COURSE we talk about the checks: How much, Who is eligible, When does it arrive? We also go a bit further and answer if it’s taxed, do you have to pay it back, is it a loan?
If you have a 401(k), IRA or even a Roth IRA, there are additional provisions for you to consider like extended loan limits and penalty-free distributions.
There are benefits for already retired people such as no RMDs this year if you haven’t already taken them.
We discuss the student loan interest rate freeze and how to take advantage of their no payment option.
We even touch on the additional provisions to employers such as IRC Section 139 changes that allow employers to help their employees out during this time of crisis, payroll deferment, sick leave, employee retention benefits and extended unemployment benefits.
If we have our financial ducks in a row, now could be a great time to make some tax-advantaged moves.
In This Episode We Cover:
How to qualify stimulus check
How much money people get on stimulus check
Key thing to keep in mind with stimulus check
Can people refuse the check
Stimulus check for dependents
Are green card holders and H1B VISA holders who work and pay taxes eligible for these benefits
IRA versus 401k distribution
Things to consider before converting funds from a tradition…
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118: Retirement Planning During (and After) The Coronavirus with Kyle Mast
30 maart 2020 · 1 uur 1 min
Kyle Mast is a Certified Financial Planner, back for his third episode to answer YOUR questions about our current market conditions. Lees meer
We ask him the questions YOU had on your mind, including rebalancing your portfolio, staying the course, and trying to time the market.
We take a deep dive into the retirement planning system, including weighing the benefits of Roth plans vs a traditional plans, and even discuss whether converting pre-tax retirement funds into post-tax funds during this down market is the right choice for you.
While this episode focuses more on the state of the stock market, we do discuss real estate investing, and considerations for whether you should jump in or hold back.
As always, consulting your own tax advisor and financial planner is advised, but Kyle brings up some very interesting ideas to take advantage of this down market.
In This Episode We Cover:
What people should do on their asset allocation with the situation right now
The best way to protect your net worth in this economy
Talking about Roth contributions
Contribution limits on a Roth 401k
A good plan to start investing in stocks for a short-mid term leaving the Real Estate aside for a while
Kyle's thoughts on 4% rule
Kyle's thoughts on withdrawing Roth IRA contribution for down payment on a rental property
What is a good use for Stimulus Check
How can someone find a good estate planner or estate planning attorney
The importance of estate planning
And SO much more!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
BiggerPockets Money Podcast 41
BiggerPockets Money Podcast 84
BiggerPockets Podcast 374
BiggerPockets Money Podcast 116
Mad Fientist
Dow Jones - DJIA - 100 Year Historical Chart | MacroTrends
BiggerPockets Money Podcast 49
Mindy's email
Scott's email
Learn more about your ad choices. Visit megaphone.fm/adchoices
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117: Coronavirus Q&A with Scott & Mindy
23 maart 2020 · 1 uur 12 min
Today, Scott and Mindy discuss the biggest news story of the century: Coronavirus or COVID-19. Lees meer
This episode covers a wide range of topics both money and real estate -- with a guest spot from Brandon Turner, who answers the number one question on every real estate investor’s mind: What do I do if my tenant(s) can’t pay rent?
You'll also learn what resources are available for people whose incomes have taken a hit, and get answers to questions such as: should I continue with the purchase of a property I have under contract, and should I continue to pay down debt or take advantage of this current market?
These are scary times, and it can be easy to cut and run or throw out your carefully-laid plans in favor of an instinctive reaction. So now is a good time to detach, assess your options, and chart a course forward.
If you have Coronavirus fears, you’re not alone. Scott, Mindy, and the entire BiggerPockets Money Community are here to help you weather this storm.
In This Episode We Cover:
How to invest from a position of strength
How to tackle debt during this time
How to do a "financial reset"
What the 4 Percent Rule is in Financial Independence
Brandon's tip when tenants don't pay rent
What practical things can landlord do in these times
How to take advantage of the current situation
List of resources for those who are out of work
BiggerPockets reminders that you should consider
And SO much more!
Links from the Show
BiggerPockets Money Podcast 116
BiggerPockets Money Facebook Group
BiggerPockets Investments Calculator
BiggerPockets Podcast 374
BiggerPockets Podcast 364
BiggerPockets Real Estate Podcast
BiggerPockets Money Podcast 70
BiggerPockets Money Podcast 55
BiggerPockets Money Podcast 55.5
BiggerPockets Money Podcast 114
BiggerPockets Money Podcast 85
Mr. Money Mustache
How The 4% Rule Holds Up A Quarter-Century Later - Forbes
Real Estate Rookie
COVID-19 Financial Resources: Relief To Those Impacted - iHeartBudgets
197 Emergency Fi…
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116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins
16 maart 2020 · 1 uur 9 min
The stock market is up, then down, then down, then up. What is an investor to do? Lees meer
Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.
The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn.
JL expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.)
Long story short, stay the course. 105 years of historical stock market data says this too shall pass.
While JL is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves.
If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success.
In This Episode We Cover:
Why are people freaking about the crash
How one should handle this market drop if you risk losing your job
When to prepare emergency funds and how much to put into it
Why you should hold your portfolio forever
What an Index Fund is
Why it is important to "ignore" the market
How index outperform stock picking
How one can never time the market
How those who say they predicted the market only did it because of luck
The only time the market is not going to recover...
And SO much more!
Links from the Show
BiggerPockets Forums
BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
Mr. Money Mustache
Taking advantage of Mr. Bear
A Guided Meditation for When the Stock Market Is Dropping
Stocks — Part XXXII: Why you shou…
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115: Growing an Empire From Nothing with Felipe Mejia
9 maart 2020 · 1 uur 2 min
Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income. Lees meer
His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting.
Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer.
Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie.
Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate.
The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement.
The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts.
In This Episode We Cover:
Felipe's money story
How important money is for Felipe
What he did to his first rental property
The importance of putting money into an investment
How he earned money during his quest to join the police department
On getting attracted to the power of earning passive income through real estate
On house hacking
Challenges he encountered in terms of his rental properties
His advice on getting one’s spouse onboard
How he approaches cash reserves
And SO much more!
Links from the Show
BiggerPockets Forums
BiggerPockets Real Estate Podcast
Airbnb
Real Estate Rookie Podcast
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114: Paying Off Debt Through Conscious Spending and Real Estate Investing with Ashley Kehr
2 maart 2020 · 1 uur 13 min
Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000. Lees meer
Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE.
Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family.
She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate.
Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did.
Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family.
If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode!
In This Episode We Cover:
Ashley's money journey
How Ashley and her husband accumulate both rental properties and debt
The moment she purchased her first rental
How her rental income helps her to be more conscious about money
Ashley and her partner's agreement on their investments
2 rules to analyze markets for rentals
What a portfolio loan is and how to use it
Ashley's method of recycling her cash to buy more properties
What her lifestyle looks like after reading Dave Ramsey's book
Debt snowball method
How Ashley managed her various properties with various partners
And SO much more!
Links from the Show
BiggerPockets Forums
BiggerPockets Real Estate Podcast
BiggerPockets Business Podcast
BiggerPockets Calculators
BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, a…
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113: Single Hourly Employee with No College Degree and STILL FI by 40 with Bianca DiValerio
24 februari 2020 · 1 uur 21 min
This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40. Lees meer
How did she do it?
She saved her money. She didn’t spend it on things that didn’t matter to her.
There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford.
And yet, she saved her money. She didn’t spend it on things that didn’t matter to her.
And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again.
She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life.
Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom.
In This Episode We Cover:
Bianca's journey with money
How she avoid on having debt
The problem with not having a college degree
What happened after she got her job as a flight attendant
How she got into real estate
Her thoughts on investment
The importance of having cash reserves
Her credit score after her three short sales
The moment she came across the FIRE movement
Her experience living in a train caboose
Reasons to not quit your job
And SO much more!
Links from the Show
BiggerPockets Forums
BiggerPockets Money Facebook Group
BiggerPockets Money Su…
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112: Choosing the Right Tax Professional for YOUR Specific Needs with Natalie Kolodij
17 februari 2020 · 1 uur 9 min
Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs. Lees meer
Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not.
She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you.
Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo!
If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice!
In This Episode We Cover:
The right time for somebody to start looking for a tax professional
How to find a tax professional
How important state-specific knowledge is
What a true expert can bring to the table regarding your return
What a real estate professional is
Benefits of consulting a tax professional prior to buying a property
How to prepare for a meeting with your tax professional
3 most common errors—check these before submitting your return
How to approach a tax return for a house hack or duplex
What to do if you recognize issues with past returns
What depreciation recapture is
And SO much more!
Links from the Show
MileIQ: Mileage Tracking App
BiggerPockets Forums
BiggerPockets Money Facebook Group
BiggerPockets Money Survey
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.
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111: Starting Late? Early Retirement Is STILL Possible with A Purple Mom
10 februari 2020 · 1 uur
On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55! Lees meer
So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40!
Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them.
Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension.
Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement.
In This Episode We Cover:
Momma Purple's journey with money
Her life looks like when Purple was born
How she managed her money and able to save up so much as a single mom
Things that changes her practice with money after the conversation she had with her colleague
Her 10-year plan to early retirement
Talking about her investing journey
What she do the moment she was retired
Her advice for older listeners
And SO much more!
Links from the Show
Personal Capital
Mindy's email
Scott's email
BiggerPockets Money Facebook Group
BiggerPockets Money Survey
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110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life
3 februari 2020 · 57 min
Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested. Lees meer
Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances.
So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them.
She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money.
And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!”
Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted!
In This Episode We Cover:
Purple's journey with money
Her mom's gift
Deciding to seek financial independence
Convincing your partner to pursue FIRE
Purple's net worth
Tips for people who are looking for a new job and better income
The importance of research
Purple's plan in the future
What her retirement looks like
Possible downsides of remote work
And SO much more!
Links from the Show
Reddit
Mr. Money Mustache
Glassdoor
Indeed
PayScale
cFIREsim
BiggerPockets Money Facebook Group
BiggerPockets Money Survey
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109: Attacking Debt and Tenaciously Pursuing Financial Freedom with Airman Mildollar from Military Dollar
27 januari 2020 · 55 min
This week, we sit down and talk with Airman Mildollar, from Military Dollar. Lees meer
(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)
Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.
She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.
She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.
Every time she received a raise, she committed to put at least 50% of that raise into her investments.
In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.
2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.
MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.
In This Episode We Cover:
What an airman is
Airman Mildollar's money journey
Where she got her scholarships
How she creates financial freedom
Things she did on managing her finances
The reason why she didn't do househacking
On her housing and food allowance
How she discover FIRE community
What …