Alle afleveringen
814 afleveringen, van nieuw naar oud
-
108: Starting Early & Finishing Strong with Real Estate with Kristi Tanner Smith
20 januari 2020 · 53 min
Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12. Lees meer
During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances."
Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go.
Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company.
(Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!)
After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her!
She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus.
She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains.
Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want!
In This Episode We Cover:
Kristi's journey with money
How her mother taught her about money
Her experience with money during high school and college
Her financial position during her first job
Kristi's tip to get free tuition in college
How she discovered fina…
-
107: Choosing Side Hustles (& Happiness!) Over Full-Time Employment with Financial Panther
13 januari 2020 · 1 uur 6 min
Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right? Lees meer
So, with all this income potential, why is he doing side hustles that pay him significantly less? Happiness.
Being an attorney didn’t make Kevin happy. In fact, it made him decidedly unhappy. He changed jobs several times but in the end decided being a lawyer simply wasn’t for him. So, he left the field to pursue fun things that he liked doing.
Kevin loves to be outside. He lives near a university in a large city. He loves dogs. Put that all into a shaker, and out comes Kevin 2.0.
Kevin 2.0 takes dogs for walks during lunchtime. He gets out of his downtown office (he makes himself go to a co-working space so he accomplishes things every day) and delivers meals to office workers who can’t get away.
Kevin walks dogs around the downtown area for their owners who can’t get away at lunchtime to take them out. Kevin charges scooters overnight, and on his way home, he delivers even more meals.
Best of all? Kevin gets to spend time outside almost every single day. He does what he CHOOSES to do, regardless of what it pays.
Financial freedom isn’t about quitting your job. It's about living your best life, which Kevin 2.0 is now doing.
In This Episode We Cover:
Kevin's journey with money
How he started learning about money
His position when he got his first paycheck
The differences between his salary at the big law firm versus at the non-profit job
How Kevin and his wife handle student loan debt
How he generate his income in spite of being unemployed
Kevin's side hustles
The reason why he does side hustles instead of doing law-related jobs
What his day and night looks like while doing his side hustles
Tips on reselling things
And SO much more!
Links from the Show
Rover.com
Airbnb
Postmates
DoorDash Food Delivery
Uber Eats
Grubhub
Wag!
Become a Bird Charger
Bird Charger and Lime Juicer - Financial Panther
Cr…
-
106: Planning For Your Future Wealth with Megan Gorman from The Wealth Intersection
6 januari 2020 · 1 uur 2 min
Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined. Lees meer
Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff.
She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards.
Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets.
And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location loc…
-
105: Budgeting Yourself OUT of Debt and Into a Fantastic Life with Jen Hemphill
30 december 2019 · 59 min
Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money. Lees meer
Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.
She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.
Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.
Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.
Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem.
In This Episode We Cover:
Jen's money story
How she made money to buy things she likes
Her position entering and leaving college
The reason why she got a discount on college
Having a mindset of being an extremely frugal person
How long it took to pay off her family's debt
The reason why she took a hard look at finances within her marriage
Her financial awakening
Her upbringing
Her Thrift Savings Plan and emergency fund
The …
-
104: Cash-Flowing a Series of Mini-Retirements with Steven & Lauren from Trip of a Lifestyle
23 december 2019 · 1 uur 15 min
Lauren and Steven met in high school and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a Ph.D. in Physics, but he really enjoyed working with students. Lees meer
They moved back to Florida so Steven could get his master’s in Education, while Lauren worked her first “real” job.
But after two years, they were burned out from working full-time. After learning about financial independence and achieving an incredible savings rate—to the tune of $100K in two years—they decided to take a break.
Their “break” was a six-month trip to Hawaii, paid for up front by their big savings account—but repaid by a series of side hustles in Hawaii. While most people spend lavishly to go on a tropical vacation for one week, they ended up $1,000 positive while spending six months there.
Re-energized, they returned to Florida for a full-time job for Lauren and a continuing tutoring job for Steven—making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing a three-bedroom condo, periodically renting out an unneeded bedroom.
But after about three years, they felt burned out again. This time their “break” was a trip around the country to visit every national park—all 61 of them—in seven months. Again, they wanted to pay for the trip with income generated during the trip.
They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for seven months, and hit the road.
Each time they return from their mini-retirements, they are refreshed, re-energized, and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey.
In This Episode We Cover:
Lauren and Steven's journey with money
How …
-
103: Budgets Really ARE Sexy! with J. Money
16 december 2019 · 1 uur 12 min
J Money wasn’t necessarily BAD with money, but his first home purchase - made because everyone else was doing it - prompted him to seek out advice about money. Lees meer
He stumbled upon the blogging world and was enthralled with the transparency. Here were real people talking about real issues they were facing - similar to what he was going through himself.
He started his own blog called BudgetsAreSexy, and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation!
His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment.
As he became more entrenched in the blogging space, he discovered that people buy and sell blogs - so he started flipping web sites. Another source of income generation.
When it came time to choose between his full time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.)
Thrust into entrepreneurship, J buckled down with his spending, and discovered that Budgets really ARE sexy, and they can be the key to your financial success.
Topics:
J's journey with money
How he came across blogging world
What his biggest financial regret is
Building income on buying blogs
Where he got his blog name "Budgets Are Sexy"
How he handle his personal financial position
The moment he created his budget
The 'no spend month' challenge
Talking about his net worth
How important time for him is
What his wife doing for work
His plan for the future
His advice on starting a blog
The biggest help to fix his finances
The reason why he was called as Miley Cyrus of finances
And SO much more!
Links:
70+ Ways to Make Money on The Side - Budgets are Sexy
Do You Know Your Insurability? - Budgets are Sexy
Reddit
BiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Maste…
-
102: Understanding How Your Personal Money Story Shapes Your Financial Future with Jean Chatzky
9 december 2019 · 47 min
Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, and soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her. Lees meer
A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor.
But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life!
In this Episode We Cover:
Jean's journey with money
Her financial position before and after college
How her financial habits changed
The importance of prioritising decision making
Her job on Smart Money Magazine
What she learned in reporting women with money
On HerMoney Happy Hour
The outcomes of the conversations at Happy Hour that might surprise men
The reason why couples are reluctant to talk about money
How to start the conversation with a partner who doesn't want to talk about money
The first thing a woman needs to do to start changing her financial situation
The importance of prenup
Links:
BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner
BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry
BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial
BiggerPockets Money Podcast 39: From “Bad with Money” to In…
-
101: Building a Life of Financial Independence, Starting From Less Than Zero with Sunitha Rao
2 december 2019 · 52 min
Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taught as a child were frugality and saving, because you never knew what was going to happen. Lees meer
Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time.
She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training.
When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23.
Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate.
She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age.
In This Episode We Cover:
Sunitha's journey with money
On having a scarcity mindset around money
How she turned into a professional tennis player at age 14
What happened to her money being a professional tennis player
Wanted to succeed in the corporate world
Her journey at a community college
How she found endowment programs
Pros and cons about going to college at different age bracket
Her highs and lows point being a p…
-
100: From Financial Disaster to Real Estate Master with Brandon Turner
25 november 2019 · 1 uur 29 min
You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real estate, he made mistakes. LOTS of mistakes. Lees meer
Today, Brandon shares everything he did wrong - from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell.
But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt and started living the life he truly wanted.
The episode is for people who’ve made mistakes, who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach.
In This Episode We Cover:
Brandon's journey with money
How to learned negotiating from his mother
The reason his mom bought him a book on how to handle money
His financial position after college
How he got a No-Doc loan
Bought properties to flip and turned them into rental properties
What hard money loan is
His rock bottom experience
Read a hundred books on real estate
The reason he got into buying rentals
How he convinced his wife to invest in rental properties
Started saving money by doing the cash envelope system
What seller financing is
How he bought his 24-unit apartment
The importance of building integrity
How they met Josh Dorkin
His balance sheet when he retired
Brandon's advice on investing
Links:
BiggerPockets
BiggerPockets Real Estate Podcast
BiggerPockets Business Podcast
BiggerPockets Forums
The BiggerPockets Book Store
BiggerPockets Money Podcast 42: How to Invest in Real Estate with Joshua Dorkin & Brandon Turner
Rental Property Calculator from BiggerPockets
The Dave Ramsey Show
Podcast Movement
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy …
-
99: Life After FIRE - Four Case Studies with Scott, Whitney Hansen, and Doc G.
18 november 2019 · 47 min
On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life after FIRE” stories, each completely different, each extremely powerful. Lees meer
We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time.
Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement.
A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life.
And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children.
These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives.
In This Episode We Cover:
What their life looks like after FIRE and the challenges they faced
William's journey to financial independence
The advantage of being financially independent in the workplace
How they plan for caregiving
Tim's background
Financial Independence Rewired Early
The importance of having a clear second act
The difference between working on his business and working as a coach
The FIRE life
Tim's advice for anyone who's looking to pursue financial independence
Rachel and Paul's backgrounds
On their mission 50 by 50
Oma's background
On healthcare cost
Links:
Mr. Money Mustache
Mad Fienstist
The Money Nerds Podcast
What's Up Next Podca…
-
98: Change Your Money Mindset, Change Your Life with Vicki Robin
11 november 2019 · 1 uur 13 min
You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store. Lees meer
Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world.
In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast.
She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance.
Her message has reached more than one million people, and has changed the lives and financial futures of countless more.
Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age.
In This Episode We Cover:
Vicki's journey with money
On having a poverty mentality
On how to appear prosperous to other people
Survival thing for social animals
How the behaviours of her peers differed from hers
On working with Joe Dominguez
What her journey looks when she wrote the book, "Your Money or Your Life"
Her concern re climate change
Resource sharing
How the financial independence movement evolved
Capitalist game
The levels of financial independence
Freedom to have new interests and following them
Her advice on life circumstances
Vicki's living situation right now and how she used real estate
And SO much more!
Links:
Financial Independence - Reddit
Mr. Money Mustache
… -
97: Intentionally Choosing the Path to Financial Independence with Financial Mechanic
4 november 2019 · 55 min
Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything! Lees meer
Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund.
Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.”
For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options.
She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid!
In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier.
In This Episode We Cover:
Financial Mechanic's journey with money
Saved money to buy a puppy
The importance of focusing on your future opportunities
Graduated college debt-free
Her money situation during her first internship
Earning a lot of money before she discovered financial independence
How his mindset changed the moment she found financial independence
How her money journey evolved
On her career
Did research on glassdoor for salary range
How she got her signing bonus
What her end-goal is
How she lived $20,000 a year
And SO much more!
Links:
Glassdoor
Personal Finance on Reddit
Mr. Money Mustache
Forum - Bogleheads
Personal Capital
Achieving FI Before 40 Despite Breaking Every Financial “Rule” with Tanja from Our Next Life
BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
Every Dollar I Spent Last Year
How to Effectively Ask for a…
-
96: Speaking Fluent Finance with Wilson Muscadin
28 oktober 2019 · 1 uur 1 min
Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad, Poor Dad, The Millionaire Next Door and Think and Grow Rich. Lees meer
Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month!
He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!!
Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child!
Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free.
In This Episode We Cover:
Wilson's journey with money
Had an open discussion with his dad about money growing up
Money books he read
The reason why he did not pursue as a financial advisor
The importance of having a financial literacy
The perfect environment on getting our kids to learn financial education
What lifestyle changes did they make in order to save money and pay off their debt
Got a lot of comments after he posted on Facebook that he paid off his student loan debt
Focused on having a baby fund and 2 years expense fund after paying off their debt
How he started doing financial coaching
Mistakes that other people make with their finances
The first thing he teach p…
-
95: The House Hacking Strategy with Craig Curelop
21 oktober 2019 · 1 uur 1 min
One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hacking! Lees meer
Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing.
Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends.
Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience.
If you’re thinking about jumping into house hacking, this episode lays it all out.
In This Episode We Discussed:
Craig's journey with house hacking
Craig's numbers on his first house hack
What PMI is
Craig's PMI monthly payment
How he leverage his first house hack into the second house hack
Craig's numbers on his second house hack
The importance to consider the occupancy law
How he bought his third house hack
Craig's numbers on his third house hack
How he managed all his rentals
How to find a property manager
The idea of sacrificing comfortability and profitability
Advantages on house hacking
What kind of property makes for a good house hack
On luxurious house hack
Getting pushback about house hacking
Craig's biggest house hacking mistake and how to prevent it
Things that is important when it comes to house hacking
And SO much more!
Links:
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Podcast 244: “Unfair” Taxes and Unfair Advantages with Linda Weygant, CPA
BiggerPockets Podcast 350: How to House Hack Your Way to Financial Freedom in 3 Years with Craig Curelop
BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench
BiggerPockets Forums
BiggerPockets Blog
Tena…
-
94: 18 Options for Healthcare in Early Retirement with Lynn Frair
14 oktober 2019 · 1 uur 4 min
The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?” Lees meer
Without going into too much detail, we’re all aware that healthcare costs are fairly ridiculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out.
Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!)
If you are on the path to financial independence, you NEED this episode.
In This Episode We Cover:
How Lynn became interested in financial independence
How she began investing at age 12
The process of researching healthcare options
18 different options for healthcare
Healthcare prevention
The difference between deductibles, co-pays, and premiums
And SO much more!
Links:
Mr. Money Mustache
Reedit
Military Dollar
Bloomberg
HealthCare.gov
FinCon
BiggerPockets Money Podcast 80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & Regular
Rich & Regular
From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud
Montana Money Adventures
EconoMe Conference
Profiles:
Nurse Numbers
Lynn's email
FI Healthcare
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.
-
94: LIVE from BPCon2019: Ask Us Anything!
13 oktober 2019 · 1 uur 20 min
All the BiggerPockets podcast hosts on stage in one place! Lees meer
This bonus episode was recorded at the BiggerPockets Conference 2019 on October 7th in front of a live audience of more than 1,000 people at the Gaylord Opryland Resort in Nashville, Tenn.
We turned the mics over to our members, who fired a bunch of great questions at Scott Trench and Mindy Jensen, Brandon Turner and David Greene, Joshua Dorkin, and J and Carol Scott.
Our panelists covered some nitty gritty real estate topics, like tackling vacancy and how to invest IRA funds, as well as big-picture concepts like motivation, marketing, and teaching family members the importance of investing at an early age.
Also, everyone reveals which animal they would be if they had to choose, and a member of the audience challenges David Greene to produce an analogy on the spot. Listen to find out whether he performed under pressure!
Our first conference in seven years was a big success, and we’re so thankful to everyone who came out to learn, network, and have a great time.
Download this bonus episode, and be sure to subscribe to all three shows BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, and BiggerPockets Business Podcast so you won't miss an episode.
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.
-
93: Financial Mistakes and How to Avoid Them with Scott & Mindy
7 oktober 2019 · 56 min
Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous! Lees meer
In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence.
Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts.
Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future.
This episode truly is for anyone who has money AND wants to have more.
In This Episode We Cover:
What house hacking is
On buying a car
Challenges that come up in relationships
What to buy on engagement rings
Concept to apply on weddings
On having kids and pets
The importance of being on the same team in your relationship
Ways to save money on travel
Travel hacking
Tax Mistakes
The right time to talk to a CPA
Talking about retirement accounts
Withdrawing money early inappropriately
Not understanding fees
Not taking the match
Track and analyzing your spending
Signs that you have miscellaneous spending problem
On investing
Links:
The $51,000 mistake thousands of retirement savers have already made
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money Podcast 87: How to Save Money for Your Down Payment with Scott & Mindy
BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy
BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial
BiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire
Bigg…
-
92: An Introduction to Financial Independence with Chris Mamula, Brad Barrett and Jonathan Mendonsa
30 september 2019 · 1 uur 16 min
Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy. Lees meer
Except that’s not how the world works. What brought success to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L!
Of course that said, there are some general principles that apply to everyone:
Spend less than you earn
Invest wisely
Increase your income
Track your spending
Be money conscious
Chris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone.
Topics:
What their book is all about
The framework they applied to the concept of financial independence
Deconstructing rules and create new mindset
Things they questioned that started to fall apart
How to frame the conversation to attract and get more people interested on financial independence
The concept of spending less money
Principles on how to cut your expenses
Learn the rules of money and math
How to earn more income
How they approach on investing
The final step towards financial independence
And SO much more!
Links:
Mr. Money Mustache
Mad Fientist
YNAB
Mint
Frugalwoods
BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
BiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David Stein
Budgets Are Sexy
Twitter - Dad Jokes
Scott's Instagram
ChooseFI
ChooseFI Podcast
Eat The Financial Elephant
Can I Retire Yet?
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.
-
91: Debt is NOT a Death Sentence with Melanie Lockert of Dear Debt
23 september 2019 · 1 uur 15 min
Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt. Lees meer
Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt)
September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".
Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.
Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.
In This Episode We Cover:
Melanie's journey with money
Experiencing mental health issues because of debt
Start blogging and wrote break-up letters to debt
How she paid off her debt
Her main side hustle
How much it costs her to pay her student loan debts
The reason why debt is depressing
The biggest mistake people are making
Her advice to anyone who has the same path with her
Five stages of grief that are similar to paying off debt
On living in denial
Steps to prepare your mindset and addressing the underlying issues
Therapy hack
What keep her motivated
Talking about the first person who reach out to her
How she personally managed to pay off her student loans
On making more money
What her life look like after she paid off her student loan debt
And SO much more!
Links from the Show
Craigslist
TaskRabbit
FinCon
…
-
FinCon Bonus Episode: Improving Financial Education with Billy Hensley from NEFE
21 september 2019 · 20 min
Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this oh-so-important information. Lees meer
They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement.
Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed.
This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle money.
In This Episode We Cover:
The right time to start teaching kids about money
The importance of understanding the needs versus wants at the very early age
How to introduce financial education into elementary and middle school childrens' curriculum
On financial education mandates
How do we get mandates to all 50 states
Misconception about financial education
And SO much more!
Links:
FinCon
Mandates Matter When it Comes to Borrowing for College
National Endowment for Financial Education
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.
-
90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling Wallet
16 september 2019 · 1 uur 3 min
When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating. Lees meer
Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one!
Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan.
Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball.
In This Episode We Cover:
Melissa's money journey
Three situations that set up her money mindset
What her life looks like during her college years
What her school program looks like during her college years
How she handles the situation when she got pregnant during her college years
On childcare
Her goal after college
All about her medical debt
The reason why she opens up her 401k
What her lifestyle looks like and the sacrifice she made to make things possible
On paying off her debt
How does her situation changed after she got married
The moment she discovered the FIRE movement
And SO much more!
Links:
BiggerPockets Money Podcast 79: Financial Freedom Through Decades of Hard Work and Hustle with Carol Scott
BiggerPockets Money Podcast 82: Early Money Lessons Create Healthy Money Experiences with Aditi Shekar
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman
BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby
Student Loan Planner
SoFi
Mr. Money…
-
89: Retire Before Mom & Dad, with Rob Berger
9 september 2019 · 1 uur 2 min
Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits. Lees meer
Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife.
Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.”
Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free.
He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.”
Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was!
Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life.
In This Episode We Cover:
Rob's journey with money
Lived rich dad poor dad life
Saved money for retirement
How his lifestyle and position changed transitioning from a law firm job to a government job
Psychological component of a side hustle
Leaving the big law firm changed his mindset about money
Making $100 in 6 months to $30k in 18 months doing blogs
How h…
-
88: Consciously Choosing to be Debt Free with Ashley Likely
2 september 2019 · 50 min
Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler alert) she graduated college with $77,000 of student loan debt. Lees meer
A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research.
Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.”
She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got.
Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul!
In This Episode We Cover:
Ashley's money journey
Worked side jobs and open up credit card to get an employee discount
Total debt she had from credit card and student loan after college
What she did after college
Used her income tax return to paid out her credit card debt and bought a house
On her journey to financial freedom
Aggressively attacked student loan debt in 2017
What prompted her to paid down her student loan debt
Got interested in real estate
How he got downpayment for her investment property
On househacking
And SO much more!
Links from the Show
BiggerPockets Podcast 268: Acquiring 20 Long-Distance Rental Homes (on a Military Salary!) with Rich Carey
Broke Millennial
BiggerPockets Money Podcast 05: Jump Sta…
-
87: How to Save Money For Your Downpayment with Scott & Mindy
26 augustus 2019 · 1 uur 5 min
In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?” Lees meer
In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing.
They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500.
If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path.
In This Episode We Cover:
Things to do before buying a house
Getting your taxes in order
Disadvantages of self-employment
Mindy's story of buying her current house
Avoid making big purchases until after you close on your loan completely
Understanding closing cost
All about down payments
Do you get your earnest money back if you don't buy the house
On finding a good agent
What Private Mortgage Insurance is
On finding a good inspector
How to save up for the downpayment
And SO much more!
Links from the Show
BiggerPockets Forums
BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy
BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
Scott's Email
Mindy's Email
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.
-
86: Choosing the Right Investment Type for Your Goals with David Stein
19 augustus 2019 · 1 uur 8 min
David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES of investments you can choose from. Lees meer
In this episode, we explore asset classes we haven’t really discussed before: Closed End Mutual Funds, REITs, Mortgage REITs, and the different types of stock you can buy. (Yes, there is more than one!) We even touch on Gold and Cryptocurrency!
Investing isn’t limited to stocks, bonds and real estate, and David introduces these ideas so you can start investigating the asset classes that appeal to you and works best for your financial goals.
David also shares his Investing Principles and his top tip is so simple, yet such an EXCELLENT piece of advice: Be able to describe in detail what you are investing in. If you can’t, you’re not ready to invest in that just yet.
If you’re looking for different asset classes, better returns or even just to diversify your portfolio, this episode is a must-listen!
In This Episode We Cover:
David's money journey
Launched businesses at the very young age
Studied and liked the aspect of finance
His approached to money throughout his career
What prompts him the decision to retire
On the "Money For The Rest of Us"
The investment principles that he teach
On the trading
Disadvantages of buying individual stocks
The difference between investment, speculation and gambling
Individual stocks versus index funds
Any circumstances that would make people buy an individual stock
The reason why he start the podcast
Closed-End Mutual Funds
Bonds
On real estate investment trust
How he select reits
Private reits versus public reits
On preferred stock
Buying preferred stock versus common stock
What a mortgage reit is
On bitcoin
What makes bitcoin speculation rather than a gamble
And SO much more!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art1…
-
85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets
12 augustus 2019 · 1 uur 18 min
Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses. Lees meer
His father passed away when he was 4, leaving him an inheritance of $100,000 when he turned 18. Jacob quickly spent it on a truck, customized to the hilt. He soon had nothing to show for it, and at his lowest point, had to move in with his girlfriend’s mother, because he had no money to pay rent.
Enter Dave Ramsey’s Total Money Makeover. Jacob devoured this book and of course, lightbulb!
Jacob did what most new-to-FI people do, he cut out everything! He started tracking his spending and preaching to everyone who would listen. Finally fed up with his constant preaching, his wife said “I don’t want to hear about this anymore - go start a website!” And I Heart Budgets was born, where Jacob could preach to his heart’s content.
Jacob and his family are now on a year long road trip around America, a mini-retirement to spend time with their young children before school starts, taking advantage of their financial position.
Later in the episode, Jacob drops a knowledge bomb on Mindy & Scott, sharing the existence of the “Spousal IRA,” a way for non-working spouses to contribute to an IRA.
Thinking you made such a big mess of your finances that you won’t ever recover? Jacob’s story shows that it’s never too late to start, and that poor financial choices don’t have to define you.
In This Episode We Cover:
Jacob's money story
Inherited $100k at age 18 and blew it very quickly
The moment he realised to get serious about money
On tracking his spending
His lifestyle before and after he read Dave Ramsey's book
The power of getting on a budget
How he perform against his plan after tracking his spending
On his first three months of budgeting
How to set goals that you can actually achieve
What they did after wedding and honeymoon
What their lifestyle looks like living in Washington
On purchasing their house
Talking about t…
-
84: Traditional Retirement: Social Security, Market Conditions & Managing Expectations with Kyle Mast
5 augustus 2019 · 1 uur 18 min
Kyle Mast first visited us on Episode 41 of the BiggerPockets Money Podcast, and he BLEW US AWAY with his suggestions, ideas, tips and tricks for early retirement. Lees meer
Kyle is back again today to talk more to traditional age retirees - those of us who are retiring at or near age 65.
Retiring now can seem scary - the market is near all-time highs and has been so for a very long time. Markets are cyclical and unpredictable.
Kyle shares how to ride out the storm with strategies to manage both behavior and emotions. He’s a big fan of Retirement Fund Dates - but not of putting all your retirement eggs into one fund-date basket.
Kyle also looks at Social Security and covers several scenarios to help you decide when to start receiving your benefits.
Kyle is a fee-only Certified Financial Planner - and this episode shows time and again just how valuable a consultation with a CFP can be. If you’re nearing traditional retirement age - and you’re not quite sure what’s next - THIS episode is especially for you.
Topics:
How to set up portfolio transitioning to traditional retirement age
On managing behavior and emotion
What a bucket strategy is
Sequence of returns risk
Delaying social security
On claiming social security
Income limitation for social security
The importance of having an understanding of social security
What people look for when finding a financial planner
Designing lifestyle and expectation around spending
How to plan your expenses on retirement
What a long-term care insurance is
On having a long-term cafe insurance with golden policy
On target date funds
Identifying your own risk tolerance
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.
-
83: Buying Your First House with Scott & Mindy
29 juli 2019 · 1 uur 18 min
Buying your first home - either an investment or a primary residence - can be scary. This is a HUGE purchase, and no one wants to mess that up. But buying a house doesn’t have to be scary, if you’re properly prepared. Lees meer
This week, Scott and Mindy sit down and talk about the process - what you need to consider BEFORE you even start looking at houses and what to REALLY look for when you’re looking at houses.
They also talk about different funding options, different purchasing strategies and even different ways to hack your housing to live for free - or make big money when you sell.
If you’re in the market for your first property - or second or third - or you’re just starting to think about buying a house, this is an episode you cannot miss!
In This Episode We Cover:
First step that Scott recommend someone once they decide to purchase a home
Consider exit options
Three possible exit options
Don't buy on a busy street
Don’t put yourself in an artificial urgent state on buying your first house
Don't spend every dime you have on your downpayment
How real estate agents and mortgage brokers are incentivise
On funding
Mortgage broker versus a lender
Adjustable versus fixed rate mortgage
What a mortgage insurance is
FHA versus conventional loan
On house hacking
Credit score on Credit Karma
Pre-qualification versus pre-approval process
How to find a real estate agent
Things to inspect and to avoid on buying your first home
7 step checklist for buying your first home
And SO much more!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
Money Dates, Prenups & Combining Finances with Aditi Shekar
23 juli 2019 · 36 min
Talking to your partner about money can be very difficult - especially when you’re bringing up the conversation for the first time. Lees meer
Today, we’ve brought Aditi Shekar back to discuss finances from a couple’s point of view. Yesterday we heard Aditi’s personal money story, and today she shares tips for speaking to your partner about your finances.
How to go on a Money Date, all about her $20 prenup and why she feels everyone should have one, her guide to combining your finances. In fact, Aditi is so passionate about personal finance in general, and couples finance specifically, she created an app to help you share and discuss finances with your partner!
Zeta is a personal finance app designed for couples to help you stay on top of your finances, together.
Looking for a way to talk about money with your partner? This episode was made especially for you.
In This Episode We Cover:
The first thing that a couple should do once they discover that they are far apart on money
The importance of talking about money early and often with your significant other
Layers of fights about money
Guide to combining finances
On prenup and how she approach the subject with significant other
On people who didn’t have prenups
How to go on a money date
Finding out who is the CFO in couple
Her relationship advice and tip for listeners
The importance of knowing your money personality
And SO much more!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
82: Early Money Lessons Create Healthy Money Experiences with Aditi Shekar
22 juli 2019 · 56 min
Aditi Shekar learned entrepreneurship at a very early age - when she asked her father for a toy and he said no, make your own money. She’s been creating businesses ever since. Lees meer
Her father’s advice wasn’t the only great money management tips she received early on. In college, a finance professor did two entire classes on personal finance, sharing the benefits of starting early to save for retirement.
Her financial independence journey was kickstarted when her apartment burned down - and she had no renters insurance. “I don’t want more stuff. I just want to figure out the life I want to lead.”
Aditi and her husband took a roadtrip to discover where they wanted to live, and ended up in two separate cities, visiting on the weekends. Time apart made them realize they wanted to be together, so she moved to him, and started the life she truly wanted.
In This Episode We Cover:
Aditi's journey with money
On learning about entrepreneurship and business ethics at age 5
Her philosophy on spending money
How she developed discipline when she got her first job
Saving early for retirement
Big question to ask yourself when you're opening a retirement account
How she started investing
The importance of creating a rule of thumb
Started teaching a class on personal finance
The realisation she had after their apartment burned down
The importance of emergency funds
How her outlook changed in terms of life and finances after the fire incident happened
Her goal in her financial journey
And SO much more!
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
81: The Basics of Investing with Erin Lowry from Broke Millennial
15 juli 2019 · 54 min
Erin Lowry last joined us on Episode 24 of the BiggerPockets Money Podcast, where she talked about getting Financially Naked with your partner. She’s back today to talk about investing - and all the things many people don’t really know. Erin shares the basics that so many articles and podcasts gloss over - but that are so important to know in order to be financially successful. She also has a new book out: Broke Millennial Takes On Investing: A Beginner’s Guide to Leveling Up Your Money, where she tackles investment basics. If you’re new to investing, or just having trouble figuring out all the terminology, this episode is right up your alley. In This Episode We Cover: Where Erin started investing The importance of educating yourself On setting financial goals What a time horizon is Her take on insurance What to think about when it comes to investing Her take on retirement The easiest way to start investing for retirement What a target date fund is Two different ways to think about investing What are the difference between Traditional IRA and Roth IRA How to start investing when you still have debts Credit card debt versus student loans How powerful compound interest is Important thing she wants people to take away from this episode about investing And SO much more! Links from the Show BiggerPockets Forums Getting Financially “Naked” with Your Significant Other — With Erin Lowry NerdWallet MagnifyMoney Bankrate Investor.gov Vanguard Fidelity Lees meer
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.
-
What’s Your Why of FI?: Recorded Live at CampFI
13 juli 2019 · 48 min
This Bonus Episode of The Money Podcast was recorded live at CampFI, a financial independence retreat for people on all parts of the journey to Financial Independence. Scott Trench was celebrating his mom’s birthday, so Mindy Jensen is joined by Paul Thompson and Paula Pant, asking attendees of CampFI why they are on the path to Financial Independence, and hearing a bit about their stories. Answers range from spending more time with kids, to lifestyle, health, and simply being able to retire at all. If you feel like you’re the only one on the path to financial freedom, this episode shows that you’re not alone, this journey IS possible, and you CAN do it! Lees meer
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.
-
80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & Regular
8 juli 2019 · 1 uur
Kiersten and Julien came from two very different money backgrounds. She’s the naturally spendy one, and he’s the natural saver. Their money views came to a head on their first vacation, when she put everything on a credit card—not to earn reward points—because she didn’t have the money to pay for it. The ensuing argument caused them to have some pretty tough money conversations very early on in their relationship. But it also set them up for early financial freedom. Kiersten decided her old, spendy ways weren’t what she wanted out of life. She started shedding her "things" so that she could pay off her debt and start investing. They researched and discovered a hole in the FI community. There just weren’t many blogs devoted to the African American community that focused on tips about money and early financial freedom. So, they started their blog, Rich & Regular, to bridge this gap. Investing in real estate helped create enough passive income for Julien to leave his corporate job, and for the couple to start living the life they truly want. Plus, don't miss when Julien casually drops one of the best paying-for-college tips that's ever been shared on this show. If you’re struggling with spending too much money or reconciling your frugal ways with that of your partner, this is a must-listen episode. In This Episode We Cover: Julien's money journey Frugality as part of his everyday life On feeling he needed different ways to earn income On his job right after college How Julien and Kiersten met Kiersten's money journey On her sales and retail experience How Kiersten had a problem with spending Julien’s hack to pay $25 per semester in college Reason Kiersten got into debt Talking about their relationship journey and how they fixed their money problems Went on a saving spree after paying off all his debts Didn’t get into investing together until after marriage Their philosophies on buying properties On their investment properties How their careers have progressed since ma… Lees meer
-
79: Financial Freedom Through Decades of Hard Work and Hustle with Carol Scott
1 juli 2019 · 1 uur 5 min
Carol Scott has a successful real estate investing company that she runs with her husband, Jay. They have two children, live where they want, and just in general enjoy life on their own terms, free from the stress of having a “real” job, a boss and all the time constraints that come along it. But it wasn’t always this way for her. Carol grew up without having a lot of money. Her financial journey really begins at age 9, when her mother told her if she wanted to have nice shampoo, she had to figure out a way to earn money to buy it. Enter Carol’s hustle. Whenever Carol wanted to buy something, she started a new entrepreneurial endeavor. Face painting, caligraphy - anything related to art was fair game for young Carol. At age 15, she hopped onto her bike and rode up to the convenience store, all but demanding a job. She graduated college into a job where she had regular access to the C-Suite - and mentorship opportunities abound. Carol’s focus turned to learning - and she picked up tips from every person she encountered. She’s here today to share many of these tips with you, and to inspire your journey through her own. This is a tale of never giving up, and not being satisfied with what life throws at you. Go out and grab the bull by the horns. In This Episode We Cover: Carol's background with money On starting her financial independence and entrepreneurial journey at age 9 The importance of having a work ethic Did calligraphy, face painting, signs, and artsy stuff to earn money What she did with the money she earned On her college journey The big transition which occurred between her freshmen and sophomore year On the first internship she got Coming out of college with $35k in student loan debt and $40k in credit card debt Exposure to C-level people How growing up with no money influenced her behavior How she began making lots of money Taking leadership courses her companies pay for Moving to Franklin Covey 8 years into her career Her advice to those who are looking… Lees meer
-
78: How to Talk to Your Parents About Money with Cameron Huddleston
24 juni 2019 · 1 uur 5 min
Parents are supposed to know everything, and talking about money is impolite. So how do you make sure your parents are taken care of and that their wishes are followed throughout their golden years? Today Scott and Mindy sit down with Cameron Huddleston, author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, who shares her story of the journey through her mother’s finances pre- and post-Alzheimer's. Cameron also shares the documents your parents need to have—the documents YOU need to have—to be able to help them navigate their finances as they advance in age. She offers encouragement for continuing the conversation after parents initially say, “That’s none of your business.” She explains everything from the perspective of someone who has been through the more difficult times of parental financial navigation. BiggerPockets Money guests have typically focused on their own journey to financial freedom. But this episode provides guidance for starting challenging conversations with your parents. Use Cameron's advice to sit down with them and make sure their wishes are followed. In This Episode We Cover: Cameron's journey with money Got $1 a week and saved money to buy model horses How she fell into the world of personal finance writing Worked as a reporter before transitioning into the personal finance field Learned about money once she started writing about personal finance The importance of having a will How she reconciled the shift with her parents How to start the conversation with your parents Scenarios to open the door to more conversations with your parents What you can do if your parents say their finances are none of your business or don't want to share any information with you Overview of key things to have in place as far as what your parents should have Legal documents—a will or a living trust Power of Attorney Document Living will or advance directive Long-term care insurance Resources people can … Lees meer
-
77: Entrepreneuring Your Way To Financial Freedom with Pete Mockaitis
17 juni 2019 · 55 min
Pete Mockaitis grew up in the cheapest place to live, Danville, IL. He watched his mother work her way up the local credit union ladder from teller to CEO, simply by doing more than necessary, repeatedly. His mother strongly discouraged debt, having seen so many of the credit union’s customers declare bankruptcy and have their entire bank accounts wiped out. As a kid, he saw firsthand that hustle pays off. He helped his brother with his paper route for a quarter, only to learn his brother was making $1.80. After high school, he got into college on a full ride scholarship, and graduated into his dream job with Bain & Company. He saved money by skipping the little things like taking a cab when he could walk, having roommates instead of living alone, and drinking water instead of ordering drinks when he was out. Pete’s true calling was entrepreneurship. To prepare for the jump to self employment, he figured out his burn rate - and discovered it was a lot lower than he originally thought. By figuring out how much he was spending, and computing the value of his pre and post tax time, Pete optimized his path to Financial Freedom, and is now enjoying the fruits of his labor. In This Episode We Cover: Pete's journey with money Lessons he learned from his mother How he applied the lessons he learned in his approach to early financial freedom How he pursued early financial freedom On growing up frugal Why it took him 3 years to save a year’s worth of living expenses His advice for people who would like to try the entrepreneurial route The importance of being smart with your savings On being real and quantitative On tracking recurring and non recurring expenses and breaking it down into dollars per day On his revenue generation His advice on building revenue On investing And SO much more! Links from the Show BiggerPockets Forums How to Become an “Overnight” Success in 10 Short Years with David Greene How To Be Awesome At Your Job Episode 386: How to Earn More, Spend Less, and… Lees meer
-
76: How to Talk to Your Partner About Money With the Debt Free Guys
10 juni 2019 · 1 uur 15 min
John and David didn’t have "the money talk" right away. They both worked in the financial industry, and each thought the other would be great with money. About a year and a half in, they discovered they were both AWFUL with money. Both had lots of debt with no real plans to pay it off. Enter the spreadsheet. David is a self-professed numbers nerd. He entered every expense from the last 12 months into a spreadsheet and discovered some shocking spending habits in several categories. These were places they could easily cut their spending so they could start paying down their debt. And like everyone else who finally figures out money, they hit it hard—planning menus, making grocery lists, and clipping coupons. (They didn’t buy anything they didn’t have a coupon for!) Rather than the debt snowball or debt avalanche methods, they approached their debt paydown with a new method: the debt lasso. They gathered up all their debt—mostly credit card—transferred it to 0% interest cards, and hit the payments hard. In the process, David and John discovered that no one is talking about money in the LGBTQ community. So they set out to change that, opening up the topic to help their community stop being fearful of money and start aligning their spending with their values. In This Episode We Cover: David and John's journey with money How they amassed such a huge debt Having a "money" conversation in regards to their expenses The importance of having a conversation about what their life goals are Cut about $30,000 of food spending a year Using the spreadsheet and looking at their net worth each month Paying off the smallest loan and gaining momentum Debt Snowball versus Debt Avalanche Their investment approach after their paying off their debt Built up emergency savings of $1,000 Ways to get yourself out of debt (by spending less than you make!) Why people are afraid to talk about money And SO much more! Links from the Show BiggerPockets Forums Waffles On Wednesday BiggerPockets Money… Lees meer
-
75: The Most Efficient Path to Financial Freedom With Justin From Saving Sherpa
3 juni 2019 · 59 min
Justin grew up without a lot of money in a small town. His parents divorced when he was eight, and his mother eventually quit her job to attend school. Necessity is the mother of invention, and a year of no income led to some very creative ways to squeeze more value out of every dollar. This "invention" stayed with Justin for his entire life, and he applies it to every facet of his finances. From his very low rent (in a high rent area) to his ridiculously low grocery bills to collecting travel rewards points, Justin gamifies every cent he spends. Today we hear how Justin actually made money from his college scholarships and military stipends, how he negotiated a smoking deal on his rent, and how his five tenets of grocery shopping pay off. Justin calls this "the lazy path to financial independence," but really he’s just being incredibly efficient with his resources. If you’re looking to cut expenses, listen to this show with a notepad handy. In This Episode We Cover: Justin's journey with money The idea of squeezing the amount of a dollar and cutting something out of your life Joining the military through the ROTC program and getting free tuition from the government What a career starter loan is and what his decision-making process was What his position looks like after going to college The moment he got serious about creating wealth The reason he is still very unhappy after achieving his goals The first investment he made On his expenses How he lived on $24,000 a year in Boston What's inside his sacred freezer The importance of getting to know your specific local grocery store His commandments on groceries On saving $69,000 a year Investing in real estate On retirement How he found his apartment And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman BiggerPockets Money Podcast 71: 5 Years to Financial Freedom Through Real Estate Investing With Sarah P. Mr. M… Lees meer
-
74: Making Money From a Legitimate Side Hustle With Mark Wills
27 mei 2019 · 48 min
Side hustle is a big topic on BiggerPockets. But finding the right one—and one that isn’t a scam—can be difficult. Today’s episode focuses on not only a legitimate side hustle, but also one that involves real estate AND can be as much or as little as you want it to be. Best of all, the most popular time to use this side hustle is at night and on the weekends. Signing agents work when their clients don’t—meaning they’re busiest at night and on the weekends—perfect for an actual side hustle. Startup costs are extremely low. They hover around $1,000. Working four to six jobs will pay off your initial investment! Mark Wills shares what you need to get started and how to find jobs once you’re all ready to go. If you’re looking to generate extra income, this episode is right up your alley. In This Episode We Cover: What a notary signing agent is The only requirement to become a signing agent How he became one What signing services exist for Biggest skillset you need to be a notary signing agent Startup cost when doing appointments On doing 10 to 15 appointments a day Who are not ideal candidates for the position The importance of paying attention to details On getting a notary commission The importance of taking a course to become a notary signing agent Other ways to make money through notary commissions outside of loan signing Kind of salary for signing appointments Attorney states versus escrow states And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner Newsletter Signup - I Will Teach You To Be Rich The Jerry Springer Show Bogleheads forum Bogleheads Investing Advice and Info Lees meer
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art1…
-
73: Ramit Sethi Will Teach You to Be Rich!
20 mei 2019 · 1 uur 31 min
Ten years ago, Ramit Sethi released his groundbreaking book I Will Teach You to Be Rich. Now he’s back, with an all-new, updated version, delivered with the same authority and enthusiasm as the original. But wait, there’s more—MUCH more! Ramit... Lees meer
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.
-
72: Increasing Your Income Through Commissions With Dawn Brenengen
13 mei 2019 · 1 uur 9 min
Dawn Brenengen’s money story begins a bit differently than most. Dawn’s parents shared their finances with her. She knew what things cost, she knew her parents worked hard to pay off their mortgage, and she saw her mother writing checks to pay bills every month. She went to college and graduated with relatively little debt—around $21,000 in student loans and credit cards combined. After graduation, she stayed at her low-paying college job until her father suggested she get a real estate license. Dawn completed the work for the license and got a job making almost the same money, working for a builder and selling their new homes. But she was the assistant to the agents who were making the BIG BUCKS, and she knew that’s what she really wanted to be doing. At the time, real estate agents were eligible to take the test to open up their own brokerage simultaneously with the licensing test, so she did that. While working as an assistant, she laid the groundwork to strike out on her own, eventually ramping up her income to multiple six-figures—with virtually limitless potential. Here Dawn share her story of how hard work and determination paid off tenfold—and all in just four short years! In This Episode We Cover: Dawn's background with money How she grew up in a financially literate household The debts she accumulated during and after graduating college How she paid off her debts Is it possible to invest your student loan? What happened after she got her real estate license How she got serious about making money and building her financial position Having a goal to get a job where she was making a bulk of the commission Started her own brokerage business on 2010 People she recommend to hire out on starting a business How much time and money needed on starting a business The benefits of having a business partner Applying all the money she makes in terms of her wealth building philosophy Dawn's investment approach Private lending on her surplus cash What a private lending is… Lees meer
-
71: 5 Years to Financial Freedom Through Real Estate Investing With Sarah P.
6 mei 2019 · 1 uur 7 min
Like so many of our guests, Sarah P. did not grow up understanding how money works. She wasn’t bad with money, she just wasn’t very good with it. She learned about financial independence through Mr. Money Mustache and completely revamped her... Lees meer
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.
-
70: 7 Tips for Successfully Investing in ANY Market Condition With J Scott
29 april 2019 · 1 uur 25 min
J Scott is a successful real estate investor (to say the least). But he’s also a student of the markets—and his studies have shown him that we are teetering near the top of this current real estate cycle. In this week’s episode, J shares three reasons why he believes we’re at or near the peak based on past market cycles, and he details seven things investors should be doing to prepare for a softening market. His number one piece of advice? Educate yourself! J brings his A-game in this episode, just like he does with every other podcast he's featured on. And make sure to stick around until the very end of the show for a special BiggerPockets announcement you'll definitely want to hear! In This Episode We Cover: Reasons J believes a market crash is coming On the 33 case studies of what economic cycles look like Talking about the last 2 recessions J Scott's analogy with economy to the seasons Phases of the economic cycle and indicators he knows the market is on the peak What a yield curve and GDP is The reason why the price drops in the market How can someone who is considering jumping into the real estate market invest with confidence What might happen in the next recession of the market How does a newbie investor get affected by the potential of being on peak phase of the economic cycle What should people be doing now in preparation for the next phase The importance of building credit and paying your debt on time His recommendations for someone who is investing right now The biggest mistake he sees people make And SO much more! Links from the Show BiggerPockets Real Estate Podcast BiggerPockets Bookstore J Scott's Books on Amazon Using the Power of Goal-Setting to Fundamentally Alter Your Financial Path with J Scott (episode) BiggerPockets Forums Mint Credit Karma Annual Credit Report TransUnion Equifax Experian Lees meer
Learn more about your ad choices. Visit megaphone.fm/adchoices
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://ar…
-
69: From Near Death To Debt Free With Liz from Chief Mom Officer
22 april 2019 · 1 uur 3 min
Liz has always been a frugal gal and self-proclaimed personal finance nerd. Discovering The Wealthy Barber as a teen cemented her course down the financial independence path, even if there wasn’t a formal name for it at that time. And it’s a good thing for her family that she was so frugal - a botched surgery for her husband turned a routine procedure into a nightmare that involved a coma, a month in the hospital and years of recovery. Without her financial savvy, her family could have been financially ruined! Now, 7 years later, she has paid off her house and replenished her emergency fund using a Tiered Emergency fund that allows her maximum liquidity while also maximizing her earnings on those funds. Her unique plan combines online savings with CD ladders, savings bonds and money market funds. Liz explains just how important it is to her family to have the peace of mind a paid-off mortgage can provide, and how planning for unforeseen events is truly the best course of action. In This Episode We Cover: Liz’s background story On being smart with money throughout her 20s and 30s What happened after her husband's surgery On her work and immediate debt consequences while working towards financial independence On having the mindset of saving for retirement, for college, and for an emergency fund Having various accounts: Flexible Spending Account, High-Deductible Health Plan, Health Savings Account, & Health Reimbursement Account Learning financial independence through the book "The Tightwad Gazette" How she cuts off their expenses and the free entertainment they did Paying off their house for financial security The importance of not depending on stocks Tiered emergency plan On the concept called college compact Her philosophy on paying his son's college Financial independence retirement elective And SO much more! Links from the Show Mad Fientist HSA - The Ultimate Retirement Account BiggerPockets Money Podcast 64: Scholarships and Other Ways to Pay for College with Za… Lees meer
-
68: Hacking Your Military Benefits to Become Financially Free With J Grayson
15 april 2019 · 1 uur 20 min
J Grayson grew up poor. But with food on the table every night, he didn’t realize it. Then his sister tragically passed away from brain cancer, financially ruining the family. J fell into a pattern: skipping school, drinking, and doing drugs. A few... Lees meer
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.
-
67: How Living An Intentional Life Led to Financial Freedom With Steven Donovan
8 april 2019 · 1 uur 12 min
Steven Donovan graduated from high school and went to college—because that’s what you do. He graduated from college but got cold feet when it came time to get a “real job.” So, he bounced around random jobs with no plan and no focus. Despite... Lees meer
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.
-
66: Investing, Freelance, & Morning Routines With Paula Pant
1 april 2019 · 1 uur 31 min
Paula Pant has seen it all and learned a thing or two... thousand. Today, we sit down and chat with her about, well, everything. Paula shares her habits, her take on journaling, and her morning routine. We delve into her fascinating backstory with... Lees meer
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.
-
65: Getting Your Family on Board with Financial Freedom with Jacqueline Burch
25 maart 2019 · 1 uur 14 min
Jacqueline Burch got married and did what all newlyweds do, spent time with her husband. They continued down the road of "things you’re supposed to do"—had dinners out with friends, purchased a home, and had a baby! After her first son was born,... Lees meer
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.
-
64: Scholarships and Other Ways to Pay for College with Zach Gautier
18 maart 2019 · 1 uur 32 min
Zach Gautier oversees academic and college counseling at a Denver-area high school. He reached out to us, and proposed a show to share creative ways to fund college tuition—and blew us away with the depth of his knowledge! This episode is for anyone who has children who have not yet graduated from college. And if you know someone else who can benefit from this information, please share it with them, too! This show includes tips that apply to kids of every age, from elementary school to middle school to high school students. We cover multiple ways to reduce higher education costs, such as transfer credits, AP courses, and CLEP tests, along with early college programs and dual credit options. We also discuss work-based scholarships and military options, as well as preparation for high school that starts in grade school. Zach shares his advice on taking the ACTs or SATs and also ways to decide which one to take (and whether to retake if you get a low score). This episode can help shave tens of thousands of dollars off your child’s college expenses! In This Episode We Cover: How Zach paid for college The CLEP test Systematic approach to transform college options The best financial choices that somebody can make Interventions that are very effective for your child to learn and figure out their love for school On helicopter parenting Things parents need to do when their children are pre-high school and high school age to save for college 529 plans as the biggest avenue that needs to be considered Brandon Turner's approach for his child college education 3 ways to fund college Dual credit program How much does SAT and ACT prep cost How to apply scholarships Two college batches when it comes their application review process His perspective on brand name college Things that people should be looking for in a school Ways to save money on college application process Other avenues to approach prior to entering college to get excess funding What is a loan and a grant And SO much… Lees meer
-
63: Financial Freedom With 5 Kids IS Possible with Jordan Klint
11 maart 2019 · 1 uur 19 min
One of the most common misconceptions of financial independence is that you can’t do it with kids. But Jordan Klint doesn’t listen to what other people say. He became financially independent with kids—and not just one or two of them. He did... Lees meer
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.