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558: How to Start Investing for Retirement: 401(k), IRA, Roth?
27 augustus 2024 · 34 min
The IRA vs. 401(k). You’ve heard of these retirement accounts before, but do you know the difference between the two? Maybe you have a 401(k) at work and have been diligently getting your employer match but struggle to describe what you’re investing in. You’ve heard top financial experts talk about how a Roth IRA is crucial for saving on taxes long-term, but are you eligible to invest in one? Today, we’re discussing top retirement accounts and how to start investing with just $100. Lees meer
CFP (Certified Financial Planner) Kyle Mast joins Mindy on today’s show to answer common questions about 401(k)s, IRAs, Roth IRAs, and HSAs! We’ll first describe when you should invest in a 401(k) vs. an IRA, why their Roth equivalents are so valuable, especially if you’re itching to save on taxes in retirement, and the best account for beginners that (most) Americans will get free money from.
What happens after you leave a job and your 401(k) remains? Kyle discusses the options to ensure your money stays invested, even after leaving an employer. We’ll also get into the triple-tax benefit HSA (health savings account) that you should take advantage of IF you qualify, which accounts to invest in first, and what to do once you’ve maxed out your retirement accounts!
In This Episode We Cover
401(k)s vs. IRAs and which to invest in first (especially if you’re employed!)
Roth IRAs and 401(k)s explained and when to choose a Roth over a traditional account
The best retirement account for beginners and how to get free money for retirement
How to take control of a 401(k) after leaving an employer
Health Savings Accounts (HSAs) and who qualifies for these extremely tax-benefited accounts
Which accounts to invest in first when maximizing retirement savings
How we would start investing for retirement if we only had $100/month extra
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Fi…
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557: Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38
23 augustus 2024 · 44 min
Have you ever made a poor financial decision? You’re not alone! But can a bad blunder disqualify you from FIRE? Today’s guest made a huge investment at the worst possible time, a move that had consequences a decade later. Despite this, he was still able to reach early retirement in just fifteen years! Lees meer
Welcome back to the BiggerPockets Money podcast! Ryan Connell had a picture-perfect start to his financial independence journey—saving money at a young age and living well below his means. But then 2007 arrived, and Ryan made the “worst financial decision” of his life. He bought a house just weeks before the housing market began its historic collapse. But a move that could have derailed his quest for FIRE proved to be a minor setback because Ryan was still able to retire at the age of thirty-eight!
In this episode, you’ll learn why you should treat real estate as less of a “sure thing” and more like the stock market. Ryan discusses his current portfolio, which consists of 100% index funds, and what led him to pivot from real estate investing entirely. He even gives us a peek into the average day as an early retiree and shares why he has never had a FIRE number!
In This Episode We Cover
How Ryan rebounded from his “worst financial decision” to reach FIRE at thirty-eight
Real estate versus stocks and why you don’t need properties to retire early
Why time in the market is still more important than timing the market
Whether you can reach financial independence without stress and sacrifice
How to enjoy retirement with less productivity and more “negative time”
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Invest…
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556: FIRE in 2024: What We’d Do Differently If We Started Over Today
20 augustus 2024 · 32 min
2013 was a pivotal year for our hosts. Scott was fresh out of college and just beginning his journey to financial independence, while Mindy and her husband were well on their way to FIRE and had just launched their blog, 1,500 Days, to document their progress. But if they were starting over today, would they change anything? Lees meer
Welcome back to the BiggerPockets Money podcast! In today’s episode, Scott and Mindy are winding back the clock ten years and sharing what they would do differently if they were beginning their FI journey in 2024. Spoiler alert: they wouldn’t have changed very much regarding the fundamentals of frugality, saving money, and investing. But, as you’re about to find out, they would make some MAJOR tactical changes, and they even have a few regrets about not spending money!
Whether you’re brand new to FIRE or are already on track for financial freedom, you don’t want to miss this episode! You’ll learn about the real estate investing strategy Scott would prioritize in 2024, the stock investments that helped Mindy overshoot her FI number, and the lifestyle changes our hosts wish they had made along the way!
In This Episode We Cover
What Scott and Mindy would change if they were starting their FI journey today
Three types of investments that will carry you to financial independence
How to invest in real estate in 2024 (and which strategy to use)
When to prioritize saving cash over contributing to retirement accounts
The cash-flowing investment property WE would be buying in 2024
The individual stocks that catapulted Mindy toward FIRE
How to save thousands of dollars in taxes with live in flips
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podca…
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555: Retiring Early Before 30 and Why You DON'T Need Millions for FIRE
16 augustus 2024 · 40 min
This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices, cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? Lees meer
After realizing they were throwing away every cent they made, James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom. His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work, and rarely ate out anymore.
Just two years after discovering FIRE, they achieved it, and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode!
00:00 Intro
01:21 Poverty to Overspending
06:12 Convincing Your Spouse on FI
09:09 0% to 85% Savings Rate
16:30 Buying $50K Rentals
23:29 Retiring on $31K/Year
29:40 The Secret to FIRE
32:43 Are They Still Retired?
34:36 Advice for Finding FIRE
36:24 Connect with James and Emily!
37:19 Use These FIRE Tips
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-555
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554: Should I Pay Off My Mortgage or Invest? (We Did the Math)
13 augustus 2024 · 32 min
Pay off your mortgage or invest? If you’re on the path to FIRE, you’ve probably asked yourself this question. Without a mortgage payment, you could put thousands more in your pocket every month, and your FIRE number would decrease significantly. On the other hand, investing all the money you could have spent on paying off your mortgage may allow you to build considerably more wealth and reach Fat FIRE with more assets to your name. So, which move do you make? Lees meer
Mindy and Scott are coming on to debate this common investing question. On team “Don’t pay it off!” is Mindy, who just recently made a six-figure profit by NOT paying off her mortgage. How did she do it? Stick around to find out. Scott, who just bought his recent home in cash, is pro-paying off the mortgage (for some), as it may lead you to FIRE much faster than you thought.
In this episode, Scott and Mindy discuss WHO should pay off their mortgage early, the pros and cons of investing vs. going debt-free, and why one move may be MUCH better for those closer to FIRE. Want more money for your future retirement? Sick of your job and want to quit quickly and retire on your terms? We’ve got options for BOTH!
In This Episode We Cover
Whether you should pay off your mortgage early or invest instead
How Mindy made a six-figure stock profit by NOT paying off her home
Why paying off your low-interest rate mortgage may make sense EVEN in 2024
How those close to retirement can shave off a BIG portion of their FIRE number and retire now
Whether you should keep cash in a high-yield savings account instead of paying down a low-rate mortgage
Other BIG cost-saving benefits of paying off your mortgage early
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply…
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553: $100K by 23, Coast FI by 27 Thanks to One Smart Money Challenge
9 augustus 2024 · 30 min
Once you hit Coast FI, you don’t need to worry about retirement. While traditional FIRE may take a bit more extra work, Coast FI allows you to let your foot off the gas and enjoy life NOW, knowing that you’ll be set for retirement by the time you’re sixty-five. Lisa hit her coast FI number at the (very) young age of twenty-seven, and she will have millions of dollars waiting for her in retirement, even if she stops investing now. How’d she do it so quickly? Lees meer
When her father challenged her to save $100K by age twenty-five, Lisa said, “Why not!” She hit the goal—actually, she got there two years earlier! After much saving and significant sacrifice, Lisa had a six-figure net worth in her early twenties. From there, she began heavily investing in her retirement accounts, which now boast over a quarter of a million dollars, and she’s on track to have half a million at thirty!
How did Lisa get so far ahead of the average twenty-seven-year-old, and what can you teach your kids, grandkids, nephews, nieces, or siblings to get them on the same path? Tune in because Lisa shares how to save $100K, the easiest way to invest for retirement, the tax-free account that will make your future self rich, and her best advice for growing wealth at a young age.
Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
How to save $100K in just a few years (even if you’re starting your career)
The tax-free retirement account you can’t afford to overlook
Coast FI 101 and how to hit it early so you can enjoy spending again
The sacrifice of saving and whether or not it’s worth it to go fully frugal
Index fund investing and why it’s one of the easiest ways to start investing
Lisa’s retirement portfolio and exactly what she’s investing in now
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets …
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552: From Making $40K/Year as a Teacher to Reaching FI in 4 Years by Doing THIS
6 augustus 2024 · 37 min
You can take your time to reach financial independence, but why wait? With a combination of hard work, savvy investing, and additional income streams, today’s guest reached FI by the age of twenty-eight. In this episode, she provides the blueprint that teachers and other middle-class workers can use to fast-track their financial goals! Lees meer
Welcome back to the BiggerPockets Money podcast! Today, Brooke Coughlin is a business owner, real estate agent, investor, and author. But, just FOUR years ago, she was a seventh-grade teacher earning a $40,000 salary. The key to her rapid success? Brooke’s workday starts at 5 a.m. and ends well after 10 p.m. This relentless work ethic has helped her build a successful cleaning business, sell over $100 million worth of real estate, and pen her very own book!
Now, working from sunup to sundown isn’t for everyone. Perhaps you just want a reasonable nest egg for a comfortable retirement or some money to pass down to your children. Whatever your financial goals, there are all kinds of helpful nuggets to take away from today’s episode. You’ll learn about the first steps of entrepreneurship, how to build a business or side hustle alongside your W2 job, and how to become financially free from any starting point!
In This Episode We Cover
How Brooke went from a $40,000 salary to financial independence in FOUR years
The BEST ways to increase your income while working a nine-to-five job
What teachers should do today to build a nest egg for retirement
The first steps you must take to become a successful entrepreneur
How to build a real estate business that allows you to leave your W2 job
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on …
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551: Retired Early at 44 by Buying These "Boring" Investments
2 augustus 2024 · 15 min
Todd retired early at age forty-four, just three years after discovering the FIRE movement. The most interesting part? He quit without reaching his FIRE number. That’s right. After realizing he couldn’t go one more day working his job, he quit, even without the perfect amount of money on the sidelines. Did he survive in the FIRE life, or did he eventually have to return to work to rebuild his portfolio? Stick around and find out! Lees meer
Although Todd made a good income, he spent most of it on his lifestyle. As his family’s sole provider, every expense took away from his income, leaving him with a respectable but by no means large savings rate. One day, as Todd surfed the internet at work, he stumbled upon a financial independence blog post, and the rest was history! He chased FIRE ruthlessly for three years and eventually was able to retire on his terms.
If you’re looking to retire in your forties, quit your job, find financial freedom, or finally grow your savings, tune in for Todd’s advice. Even if you don’t have a high income, you can follow his cost-cutting, “boring” investing advice to achieve financial independence faster than you thought possible!
In This Episode We Cover
The “boring” investments that lead you to financial independence and early retirement
Coming up with your FIRE number and whether the 4% rule still works
Getting richer in retirement and how to build wealth WITHOUT working
How cutting your expenses will fast-track your path to early retirement
Quitting your job and why you MUST prepare for life in retirement BEFORE you walk away from your salary
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find…
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550: How My Home Makes Me an Extra $1,400/Month (EVEN In an Expensive Market)
30 juli 2024 · 52 min
Wouldn’t it be nice if your home paid for itself? Every month, you throw a substantial sum of money towards your rent or mortgage payment, but what if you could live mortgage-free? With ADU investments, it’s more than possible. Michael Russell used an ADU (accessory dwelling unit) to make an extra $1,400/month off of his pricey California home. Combined with a bit of house hacking, Michael was getting PAID to live in one of the nation’s most expensive states. And he did it all on an average salary! Lees meer
So, how do YOU use ADUs to lower your cost of living and turn your home into a cash-flowing investment? Today, Michael walks us through exactly how he did it, how much it cost, how long it took, and how much money he ended up making.
With high interest rates, will the ADU investing strategy still work in today’s market? How hard is it to build an ADU? And what’s the one mistake Michael wishes he hadn’t made before he built his ADU? We’re answering all these questions in this episode and showing you how to slash your mortgage payment, even if you live in a costly housing market!
In This Episode We Cover
ADU investing explained and how much it costs to build an accessory dwelling unit
Why more local and state governments WANT homeowners to build ADUs
How to get paid to live (even in a high-cost-of-living area) with ADUs and house hacking
The one mistake that cost Michael months of time (and rent) that you can’t afford to repeat
Finding homes with ADU potential and the investor-friendly agent you NEED to spot these opportunities
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Fi…
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549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It
26 juli 2024 · 41 min
Is the FIRE movement dead? In 2024, more people are catching on to the huge downsides of pursuing financial independence, retire early. Strict frugality, massive sacrifice, working harder than ever…is it really worth it to retire decades before everyone else? If you’re internally screaming, “Yes! Of course it is!” you’re in good company. Today, we’re talking about why FIRE is NOT dead in 2024 but why most Americans won’t achieve it. Lees meer
It’s easy to claim that the FIRE movement is dead in 2024 when inflation has been high, savings rates are low, and there’s economic uncertainty all around. The problem? Almost all of that can be easily factored into your FIRE plan, and with some sacrifices, you could easily retire early in five, ten, or fifteen years. So, if FIRE is still possible, what must the average person do to achieve it?
We’ll discuss the mindset shift you must undergo to reach financial independence, the sacrifices you must prepare for, and what we would have done differently on our own paths to FIRE. Achieving financial freedom doesn’t need to be an all-out grind with zero enjoyment. Even if you make minor money moves today, you could be retiring YEARS earlier than you thought possible!
In This Episode We Cover
An update on the FIRE movement and whether or not FIRE is possible in 2024
The 4% rule explained, and why it works EVEN during high inflation
The sacrifice that most Americans will NEVER make to retire early
How to achieve FIRE even if you have an average income
The “grind” that gets you RICH and how to tell you’re on the right track for FIRE
How frequently to check your investments/accounts (and whether it really matters)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One P…
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548: 2 Money Moves We’re Making TODAY to Prepare for a Potential Recession
23 juli 2024 · 44 min
Are we in a recession? Are we headed for a recession? No one knows for certain, but you can never be too prepared for an economic downturn. Are you saving money? Do you have a plan in the event you lose your job? In today’s episode, we’ll help prepare you for anything that might be thrown your way! Lees meer
Welcome back to the BiggerPockets Money podcast! Amidst economic uncertainty, there are two steps you must take to weather tough times: build an emergency fund and brace for a potential layoff. Today, Mindy and guest co-host Amanda Wolfe are bringing you their best money tips for getting through a recession. First, they’ll show you how to pad your emergency fund by saving hundreds on groceries each month, negotiating your bills, and eliminating unnecessary expenses from your budget. Believe it or not, it might even be time to cut back on aggressive debt paydown or extra 401(k) contributions!
Next, they’ll help you with a potential job search. You’ll learn how to get your resume seen by more employers and determine your market pay rate. But that’s not all. Stick around until the end to learn why staying with your current company—regardless of whether your job is at risk—could cost you millions of dollars over your lifetime!
In This Episode We Cover
How to get your financial house in order before an economic decline
Calculating how much money YOU need for an emergency fund
How to slash your food bill by hundreds of dollars per month
The BEST places to find money and bolster your savings
How to start preparing for a new job today (before you lose it!)
When to cut back on “extra” payments and retirement contributions
Why staying at your current job might be costing you millions of dollars
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to Al…
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547: Using "ADUs" to Go From Firefighter to FIRE by His Late 30s
19 juli 2024 · 1 uur 1 min
You could be missing out on the chance to earn passive income from your home (and other rentals!) with a “no-brainer” money move. This investing strategy is picking up steam and could become one of the big trends in real estate this year. Today’s guest was one of the early adopters, and it carried him to FIRE by his late thirties! Lees meer
Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with “That ADU Guy,” Derek Sherrell. Right before the 2008 housing market crash, Derek left his contracting job behind and returned to school to become a firefighter. Little did he know that this career move would provide the time, freedom, and connections to launch a full-blown side hustle alongside his W2 job. Before the age of forty, Derek became financially independent, with the ability to retire early, all thanks to this simple strategy. Since then, he has made it his life’s mission to inspire countless others to do the same!
In this episode, we’re taking a deep dive into accessory dwelling units (ADUs). Tune in to learn why the combination of serial house hacking and some kind of “secret sauce” (in this case, ADUs) is perhaps the easiest path to FIRE. Derek will tell you everything you need to know about buying, building, and renting out ADUs—from financing these units to scaling your business!
Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
Accessory dwelling units (ADUs) explained (and how they create passive income)
Why the modified serial house hacking strategy might be the easiest path to FIRE
How to completely replace your W2 income with cash flow from ADUs
How to easily (and affordably) convert a single-family home into a duplex
Why ADU investing could be one of the biggest investing opportunities in 2024
How to get your spouse on board with your real estate investing strategy
And So Much More!
Links from the Show
BiggerPockets Money Faceboo…
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546: From a Negative Net Worth to FI in Just 5 Years by Living Like a Stoic
16 juli 2024 · 55 min
The road to financial independence isn’t always linear, but stoicism might be the secret ingredient that keeps you on track. This ancient philosophy gets a bad rap, but with its framework as your financial “operating system,” you’ll be able to weather all kinds of storms! Lees meer
Welcome back to the BiggerPockets Money podcast! Today, Darius Foroux is a business owner, landlord, financial educator, and the author of eight books. But as a boy, he watched his family live paycheck to paycheck for many years. Vowing to one day become wealthy, Darius started saving every penny possible, only to find that practicing staunch frugality could only take him so far. After more than a decade of hard work and sacrifice, he had just $10,000 to his name and, after student loans, a negative net worth. But in 2015, Darius made a seismic mindset shift that propelled him to FI in just FIVE years!
In this episode, Darius dispels the myth that stoicism is about suppressing emotions and lacking empathy. Instead, you’ll learn that its tenets revolve around creating balance, staying grounded, and changing how you respond to things beyond your control—virtues that are congruent with building wealth. But that’s not all. He will also show you how to increase your income, gain a “stoic edge,” and invest your money in 2024!
In This Episode We Cover
How Darius went from a low net worth to financial independence in FIVE years
Why reaching FI is easier with stoicism as your “operating system”
Why investing in yourself and learning new skills is the KEY to higher income
The three steps for gaining a “stoic edge” that helps you build wealth faster
The BEST way to start investing in the stock market in 2024
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite …
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545: Fat FI by 23: Building a 7-Figure Income & 8-Figure Portfolio in 3 Years
12 juli 2024 · 55 min
Fat FI and generational wealth in THREE years?! How is that possible? The sooner you forge good money habits, the sooner YOU can achieve your FI goal. Today’s guest wanted to build wealth as soon as possible, and in this episode, he will share the secrets to his enormous (and rapid) success! Lees meer
Only a few years ago, Josh Janus was flipping sneakers he couldn’t afford and making DoorDash deliveries for a little cash. Today, he has a seven-figure income and an eight-figure real estate portfolio. Fat FI at the age of just twenty-three, Josh still has his entire life ahead of him and a significant net worth to deploy however he chooses. Will he continue to grind away as a real estate agent, working eighty-hour weeks and optimizing his time for even higherearnings? Or will he take his foot off the gas and enjoy some of the wealth he’s worked so hard to build?
Now, you may be in a very different season of life than Josh. After a family, career, and maybe even a late start to your FI journey, this explosive wealth-building trajectory might not be in the cards. But even if you don’t aspire to build a $15 million multifamily portfolio or revitalize your hometown, a few years of extreme discipline and sacrifice will unlock all kinds of financial opportunities. Tune in to Josh’s incredible story and find out how!
Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
How Josh achieved financial independence in just THREE years (at twenty-three!)
How to grow a seven-figure income as a real estate agent and investor
Building a large real estate portfolio (starting with little to no money!)
Increasing your income by evaluating your schedule for delegable tasks
How practicing discipline and sacrifice can fast-track your journey to FI
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPoc…
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544: 80-Hour Workweeks to Lean FIRE in 8 Years through Real Estate
9 juli 2024 · 42 min
Reaching financial independence and becoming a millionaire before the age of thirty?! While this path requires several years of ruthless saving, smart investing, and unwavering discipline, there’s no reason why YOU can’t enjoy financial freedom and attain the lifestyle you want! Lees meer
Shortly after graduating from college with over $50,000 in student loans, Franklin Zheng found himself working a grueling, eighty-hour-per-week factory job. Fortunately, it was also around this time that he discovered BiggerPocketsand decided to try his hand at real estate investing. He started attending local meetups, where he learned that simply getting in the same room with other investors presented all kinds of opportunities. It wasn’t long before Franklin had found his future investing partner, and in just FIVE years, he has built a cash-flowing real estate portfolio of thirty-eight units, as well as a business that has allowed him to leave his W2 job and travel the world!
In this episode of the BiggerPockets Money podcast, you’ll get a glimpse of what it takes to achieve financial independence and amass a one-million-dollar net worth. Make no mistake—it’s not easy. Franklin will be the first to tell you that the last five years have been filled with all kinds of successes, challenges, and failures. But if he can do it, YOU can, too!
In This Episode We Cover
How Franklin reached financial independence by thirty in just FIVE years
What you MUST know before investing in commercial real estate
Fast-tracking your real estate journey through the power of local meetups
How to start a real estate business that allows you to leave your W2 job
The secret to forming successful real estate investing partnerships
How to defer capital gains tax on your rental property with a 1031 exchange
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join Bigger…
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543: Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement
5 juli 2024 · 1 uur 11 min
You dream of retiring early, but you’re stuck in the “middle-class trap.” You’ve built up a solid net worth, maybe own a rental property or two, and on paper, you look like you’re on track to make it rich. But in reality, you don’t feel that way. With all your wealth tied up in home equity or retirement accounts, your “early” retirement may have to be pushed to the traditional age of sixty-five. So, how do you free up some of this wealth so you can start accessing it today to retire early tomorrow? Lees meer
This is the question Emily and Justin are struggling to answer. They’ve gone from nothing to a substantial net worth—$1,500,000! With big dreams to travel internationally and retire from their jobs in twelve years, they’re wondering if they can still make it to early retirement AND if they can do so while enjoying life a little bit more today. Mindy and Scott offer some unconventional advice for the personal finance space, but it may help this couple feel more secure so they can start living today instead of waiting to finally retire in twelve years!
Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
The “middle-class trap” that stops even millionaires from retiring early
Why you should NOT sacrifice everything now just to retire a few years earlier
What to do when you struggle to spend more, even on the things you love
Paying off your primary residence early vs. keeping a low-interest mortgage (and what to do with the money instead!)
Putting your pension into your net worth calculation (and how it can get you closer to FIRE!)
Roth conversion ladders and the smart way to save significantly on taxes in retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on …
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542: DIY Finance Friday: How to Create a Customized Path to Financial Independence
2 juli 2024 · 55 min
Want a personalized financial independence plan that’ll get you closer to early retirement? Well, we’ve got just what you’re looking for! On this second annual “Financial Independence Day,” Mindy and Scott are sharing a new way to get you to financial freedom faster. With so many applications for our “Finance Friday” series, we decided to make a downloadable that allows you to do your own personal finance review AND build a faster path to FIRE! Lees meer
But before you start filling out your financial independence plan, listen to this episode. We review some common traps and pitfalls that have stopped our Finance Friday guests from achieving financial freedom. We’ll explain exactly what each net worth bracket should focus on, how to get through the saving and investing “grind” to FIRE, and the biggest mistake most people make that will STOP them from ever finding financial independence.
Want to reach financial independence faster? Download the DIY Finance Friday document here, and if you want Mindy and Scott’s personalized suggestions, apply to be a Finance Friday guest!
In This Episode We Cover
How to build your own plan for financial independence and reach early retirement faster
Coming up with your financial snapshot to see a complete picture of your net worth
The biggest opportunities to reach FIRE for different net worth brackets
The “middle-class trap” that will stop you from retiring early (even if you’re wealthy)
Getting through “the grind” and how to know you’re on the right path for FIRE
Whether building wealth comes through a “process” or a “single event,” and how to combine both
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an I…
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541: Finance Friday: I've Got $150K Student Debt at 6.95%, Should I Invest?
28 juni 2024 · 1 uur 8 min
Student loan debt can easily get in the way of financial independence, especially if there’s a high interest rate attached to your loans. But should you pay down this debt at the expense of investing for the future? There are several factors we’re going to explore in today’s episode! Lees meer
Lauren is a physician assistant with a stable W2 job, a house hack, and a side hustle that provides her with a little “fun” money each month. But as she and her partner work toward their goal of reaching FI in twenty years, they’ve got some money issues to work out—namely, how to tackle the $150,000 in student loans hanging over their heads. Should they pay down this debt, invest in real estate, or both? Should they put their retirement contributions on hold? One day, they hope to travel the world and enjoy their favorite pastime, kitesurfing! But should they fast-track this dream before planning for a family?
Lauren is at a crossroads in her journey to FI, and in today’s episode, Scott and Mindy will provide her with an actionable blueprint she can use to achieve her financial goals, career aspirations, and dream lifestyle. Along the way, you’ll learn when to prioritize aggressive debt paydown, how to strike the perfect investment portfolio mix, and important things to consider before starting a family!
Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
When to pay down student loan debt rather than invest in real estate
Why buying rental property today will leave you with more cash flow in retirement
How to financially plan for weddings, honeymoons, children, and other BIG expenses
Paying off your primary residence versus buying MORE rental properties
How to improve asset allocation with a mix of rentals and retirement accounts
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPocket…
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540: Renting vs. Buying a Home in 2024 and Do You Have Enough in Your 401(k)?
25 juni 2024 · 44 min
Renting vs. buying a house: when it comes to FIRE, many people assume that you must own a home and preferably have it paid off to reach financial freedom. But is this really true? With renting so much cheaper than buying in 2024, would it be wiser to rent a place and send the savings to your investment accounts? Today, we’re tackling this topic and a few other heavy hitters as we give our takes on four of the hottest financial headlines. Lees meer
Kyle Mast, certified financial planner, joins Scott Trench to share FIRE-first thoughts on these not-so-easy-to-answer questions. First, we give our take on the ever-relevant renting vs. buying debate and ask whether things have changed since high mortgage rates have made buying a home much more expensive. Then, how do you manage savings and investments with interest rates so high—should you keep your money in a high-yield savings account or search for better opportunities even with savings yields so high?
Think your nest egg is a little too light? We share the average 401(k) balance for those close to retirement and give our strategies to boost retirement savings before you leave full-time work. Finally, for those struggling to take care of elderly parents, our last headline is for you. We talk about the growing number of Americans physically, mentally, andfinancially caring for aging parents and how you can set yourself up in the best position possible to care for those in your life.
In This Episode We Cover
Buying vs. renting a house in 2024 and whether homeownership is required for FIRE
The best housing investments you can make to propel your net worth and savings rate
Saving and investing during higher interest rates and the type of “opportunities” you must be looking out for
The shocking average 401(k) balance and what you can do to increase income in retirement
How to ensure your children DON’T have to financially care for you in your old age
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group…
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539: Finance Friday: Can I Comfortably Retire by 50 with My Current Portfolio?
21 juni 2024 · 56 min
Want to retire early? You don’t have to wait until age sixty-five. With a few cash-flowing assets and smart money moves, you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible! Lees meer
Welcome back to the BiggerPockets Money podcast! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties. The only problem? He wants to retire at age fifty. In this episode, Mindy and expert investor David Greene from the BiggerPockets Real Estate podcast work together to get Derek on the fastest path to early retirement. If he plays his cards right—redeploying some of his “lazy” home equity, increasing his cash flow, and starting a profitable business or side hustle—he could reach FIRE in just seven years!
Are you wary of today’s sky-high mortgage rates? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties. Finally, you’ll hear about the power of starting a business and reinvesting your profits!
Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
Creative money strategies that will fast-track your path to early retirement
How to leverage your 401(k) retirement funds today without tax penalties
Boosting your cash flow by converting properties into short-term rentals
How to start a business with low money (and where to reinvest your profits!)
How to (potentially) acquire valuable rental properties at a HUGE discount
When you should hire someone to help manage your real estate portfolio
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FRE…
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538: Late Start, Early Retirement: The Huge Advantages of Investing Later in Life
18 juni 2024 · 59 min
Are you a late starter who wants to reach retirement (or early retirement)? Then we’ve got just what you need! We’re back with Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast as we share how to invest for retirement as a “late starter.” Did you know there are some serious advantages to investing later in life? Some of these advantages are so secret that even our hosts didn’t know about them! But today, we’re sharing them with you so you can achieve financial freedom on your terms! Lees meer
From top to bottom, we’re sharing everything you need to retire sooner—from the best retirement accounts to debating 401(k)s vs. Roth IRAs vs. HSAs and more! Worried about healthcare if you retire before you turn sixty-five? DO NOT put your retirement plans on pause because of this! With some smart healthcare saving and investing, you won’t have to worry about visits to the doctor’s office!
But before you start investing, we need to get your spending in check. Bill shares how he went from paycheck to paycheck to exploding his savings rate by “downsizing” his spending, which makes reaching financial independence even easier! If you’re ready to retire, stick with us and follow these steps to a tee if you want to be financially free!
Missed part one? Listen to it here!
Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
How much do you need to retire? Here’s the exact calculations we use
The best retirement accounts to invest in that have substantial tax advantages
Social Security and whether or not you can plan on receiving it when you retire
The “triple tax benefit” healthcare account that you’ll wish you knew about sooner
How to “downsize” your life so you can invest more and retire faster
“Catch up” retirement investing and the investment accounts that late starters must take advantage of
401(k)s vs. Roth IRAs vs. HSAs: Which should you invest in first?
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537: Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI
14 juni 2024 · 35 min
Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement? Lees meer
Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms.
In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement!
Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
The four steps anyone can take to reach retirement
Why it’s okay to be a “late starter,” especially when it comes to retirement planning
How to do a “backward budget” to quickly and easily see how much you’re spending
Why you MUST look back on the financial “lessons” you’ve learned to build wealth now!
Getting clear on your goals and what you want to achieve so you can reach retirement
The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey!
And So Much More!
Links from the …
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536: My Property Manager Robbed and Ghosted Me ($40K Stolen!)
11 juni 2024 · 46 min
If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate. Lees meer
The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful.
Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY!
In This Episode We Cover
Deadly property management red flags and signs you should run from a property manager
Why you never, EVER give your entire portfolio to a single property manager/property management company
Simple questions to ask that immediately show if a property manager is legit
Negotiating fees and why Scott is okay with paying a higher monthly rate
Communication expectations and what a property manager should be sending you EVERY month
The easiest way to find a great property manager wherever you invest
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535: Achieving FIRE in Her 40s By Taking "Calculated" Risks
7 juni 2024 · 47 min
What would it take for you to achieve financial freedom? Now, think about what it would take for you to achieve it for your family. Many of us have parents we’ve seen work day in and day out, providing for us when it meant putting their dreams on the back burner. But what if you could repay your parents for all they’ve done for you, helping them retire and ensuring they can truly live the life they love without worrying about money? That’s exactly what today’s guest did for her mother and herself. Lees meer
After her parents divorced when she was a teenager, Delyanne Barros began what seemed like a two-decade-long non-stop grind. Fearing what would happen to not only herself but her family if she didn’t provide, Delyanne chose to go to law school to not only help those in need but also bring home a steady paycheck that would support her and her mother. After realizing that the nine-to-five grind wasn’t what she thought, Delyanne began searching for a way to get into a better financial position. As a result, she found the debt-free and the FIRE movements.
Now, only in her early forties, she’s already started a business that brings in millions, retired her mother, achieved financial freedom, and did it all just within six years of finding the FIRE movement. Her biggest tip for success: Take a calculated risk and bet on yourself! If you want to find FIRE like Delyanne did, don’t skip this one!
In This Episode We Cover
When it’s worth it to quit your “dream job” to start your own business and bet on yourself
Supporting your family and retiring your parents BEFORE they’re sixty-five years old
Why even lawyer salaries often can’t afford you the life you want to live
Paying off huge student loan debt and why you SHOULD invest before you’re debt-free
The importance of investing EVEN when the market is dropping fast and you’re feeling fear
Why you DON’T have to be self-employed to achieve FIRE (but you DO need to take risks)
And So Much More!
Links from the Show
BiggerPoc…
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534: Coast FI at 24 and a $99K Net Worth Thanks to a Few Years of Pure Hustle
4 juni 2024 · 50 min
Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same! Lees meer
Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel.
In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community!
In This Episode We Cover
How Emma became Coast FI by twenty-four and built a $99,000 net worth
Creative ways to fund your college education and escape debt-free
The real value of buying used cars from private owners (and where to find deals!)
How to create a fun and fulfilling life you don’t want to retire from
How to fast-track your fortune using the power of compound interest
Making your money work harder for you after stockpiling cash
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Pla…
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533: What Even We Didn’t Know About “Protecting” Our Wealth
31 mei 2024 · 28 min
Are you working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too. Lees meer
From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning.
Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk!
Check out Jenny’s part one episode here!
In This Episode We Cover
Whether or not a verbal promise of inheritance will hold up in the future
Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one
When to update your will and why Jenny DOESN’T keep a set timeline
Protecting your heirs from losing their inheritance to divorce
What to do when you get an inheritance that brings you more headache than it’s worth
Why communication is critical in estate planning and who you should estate plan with
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on Th…
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532: Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake
28 mei 2024 · 39 min
You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy! Lees meer
Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person.
In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds!
Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about!
In This Episode We Cover
Basic estate planning documents every person needs (regardless of age)
What really happens in probate court (and why it’s NOT as scary as it sounds)
Intestacy explained, and how to stop your assets from landing in the wrong hands
How to make sorting out your estate as easy as possible for your loved ones
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Property Manager Finder
BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW t…
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531: Financial Freedom in 9 Steps: The Money Guy’s Financial Order of Operations
24 mei 2024 · 51 min
If you follow these nine steps, you will reach financial independence. How do we know? Well, The Money Guy Show’s Brian Preston and Bo Hanson have tested it hundreds of times! Using this simple but extremely powerful “financial order of operations,” anyone from any background can achieve FIRE, even starting with nothing. From free money to becoming easily debt-free, building a solid financial foundation, and even paying off your mortgage early, Brian and Bo break down the exact route to financial freedom anyone can take. Lees meer
But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing, this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves.
We’ll walk through the entire financial order of operations, from saving money to cover your deductibles to building an emergency reserve, paying off bad debt, and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission!
In This Episode We Cover
The nine-step "financial order of operations" that will lead you to financial independence
Why building a $1,000 emergency fund is NOT enough and how much you really need
Whether or not to pay off your “high-interest” debt depending on your age
Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage
The one investment account to max out before all the rest (it’s NOT your 401(k)!)
The “hyper-accumulation” stage that will explode your wealth (IF you can reach it)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest …
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530: Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property
21 mei 2024 · 40 min
You DON’T have to spend your entire life chasing financial independence. Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice, today’s guest became a millionaire (and financially free) in just SIX years! Lees meer
Welcome back to the BiggerPockets Money podcast! After years of “drifting” through life and racking up bad debt, Erichad a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence—buying rental properties, fixing them up, and eventually flipping them for a huge profit. One “home run” deal catapulted him toward his FI goal and a $1 million net worth!
If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investorsshould buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS), and how to get the maximum return on a few years of sacrifice!
In This Episode We Cover
How Eric became a millionaire and reached financial independence in SIX years
Why buying “grandpa’s house” is a cheat code for building wealth
How to start fixing and flipping houses (and turn a HUGE profit!)
How to find “rare” real estate deals on the multiple listings service (MLS)
Building your real estate portfolio by using your profits to buy MORE properties
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Inv…
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529: FI by 25: How to Buy Time and Freedom with a Few Years of Frugal Living
17 mei 2024 · 40 min
Financial independence by the age of twenty-five?! Today’s guest started working and saving money at a very early age, which allowed him to buy the time and freedom to do the things he values most. Whether you’re twenty-five or fifty-five, applying some of these simple principles to your own life can propel you toward financial freedom! Lees meer
Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Gabe Bult, a YouTuber, serial entrepreneur, and real estate investor who reached financial independence before his twenty-fifth birthday—all by subscribing to financial minimalism and frugal living. The only thing stopping him from retiring early? Sheer boredom! Instead, Gabe’s day typically involves precious time with his daughter, a few hours making YouTube videos, and an afternoon spent enjoying his favorite hobbies and interests.
YOU can have this life, too, but not without a little sacrifice, education, and discipline. Fortunately, it only takes a few years of ferocious frugality to get ahead, save for the future, and become “set for life.” And in this episode, Gabe will show you how to do just that! You’ll learn how to save your first $25,000 (and what to do with it), live for free with the house hacking strategy, and start a business that allows you to earn more and work less!
In This Episode We Cover
How Gabe reached financial independence by the age of twenty-five
“Financial minimalism” explained (and why it’s MUCH easier than you think!)
How a few years of frugal living can fast-track your journey to FI
Living for FREE with the house hacking investing strategy
Starting a business that allows you to earn more and work less
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in O…
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528: The Small Business Owner’s Guide to Taxes, LLCs, Deductions, & Audit Risks
14 mei 2024 · 50 min
Starting your first or next business? This episode is for you. Today, we’re bringing you everything you need to know about small business taxes for beginners. Whether you’re a solo entrepreneur, partner, landlord, house flipper, Airbnb host, or something in between, you MUST know about these tax laws before you start making money with your own business because if you get them wrong, you could be paying a MASSIVE penalty come tax time. You could save yourself thousands, or TENS of thousands, just by tuning in! Lees meer
Brandon Hall, CPA, runs a real-estate-focused tax and accounting firm for big and small real estate investors. But, even if you’re not investing in real estate, these tax tips also apply to YOU. In today’s episode, we threw dozens of hard-hitting tax questions at Brandon so you know what to do with your next side hustle or full-blown business.
We’ll discuss whether you need an LLC, the real benefits of getting one, and which business entity (LLC, S-corp, C-corp, etc.) makes the most sense for your specific business and tax needs. Making money on your own but NOT paying quarterly taxes? This could cost you BIG, but thankfully, Brandon goes through exactly how much you could owe. And if you want to owe less to the IRS, we’ll give examples of tax deductions plus, which are NOT worth it and could put you at a BIG audit risk.
Need a tax professional for your small business? Find one for free with BiggerPockets Tax and Financial Services Finder!
In This Episode We Cover
Self-employment and small business taxes for beginners
Whether or not you need an LLC and why most real estate investors have this all wrong
Estimated taxes and the MASSIVE penalty you’ll pay if you forget about this
Tax deductions and the audit red flags that the IRS is looking for
The different business entities you can start and which has the best tax benefits
The three things you NEED to set up an LLC and the most critical one beginners forget
“SALT” taxes and why those selling goods i…
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527: Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE
10 mei 2024 · 41 min
Think it’s too late for early retirement? Do you feel like just because you’re in your late thirties, forties, or fifties, FIRE doesn’t make sense for you? Well, think again because today’s guest defied the odds by retiring over fifteen years early, all while raising her daughter on her own and without a six-figure salary to sail her swiftly to a million-dollar net worth. Plus, she did all of it with no investing experience. If Jackie Cummings Koski can do it, so can you! Lees meer
Jackie grew up in a single-parent household. Her father worked hard to support her and her five siblings. This instilled a strong work ethic in Jackie and made her realize that running towards hard things, not away from them, was the true path to success. She figured out college on her own and, shortly after, landed a corporate job that took her far away from the small town she grew up in. She got married and had her daughter, but then everything changed.
Jackie was getting divorced, forcing her to rely on herself fully for her financial future. In true Jackie fashion, she took this as a challenge and began educating herself as best as she could. Through smart saving, spending, and life-changing investing decisions, Jackie built her wealth in record time, reaching financial independence just ten years after finding the FIRE movement—all without any advantages!
In This Episode We Cover
How to reach financial independence without a high salary, inheritance, or advantages
Stock investing 101 and how intentional investing can explode your net worth
Why you must max out THESE investment accounts to be richer in retirement
How Jackie spends just $40,000 per year owning her own home and raising her daughter
Why you DON’T have to follow all the traditional FIRE rules to retire early
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
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526: Personal Finance for Beginners: Bank Accounts, Real Estate, and Retirement
7 mei 2024 · 41 min
Personal finance doesn’t have to be complicated. Saving, investing, and retiring early shouldn’t be a stumbling path to wealth, but many Americans feel this way. So, to clear up some of the money misconceptions, we’re doing personal finance for beginners FAQ episode, where we take some of the most common money questions and answer them for you so you can start building wealth and get closer to financial independence! Lees meer
Many of these questions come directly from the BiggerPockets Money Facebook page, where you can ask your money questions 24/7! First, we answer, “How many bank accounts should you have?” and walk through exactly how we split up our money. If you’re looking to start building wealth, we touch on the numerous ways to invest in real estate, from basic beginner investing strategies to purely passive income-generating expert tactics.
How much money do YOU need to retire? With the 4% rule, you can calculate it in seconds! We’ll explain this common money metric early retirees love to use and whether or not it still works in 2024. If you’re close to early retirement, should you start selling your investments to fund your financial freedom? We’ll share why most early retirees never need to sell their stocks, and speaking of stocks, we’ll also get into how to pick stocks and when to sell them!
In This Episode We Cover
The beginner money questions that you must have answers to if you want to build wealth
How many bank accounts do you REALLY need, and Scott’s 3-account-setup
Beginner and expert strategies to start investing in real estate (even with little money)
The 4% rule explained, and how much money you actually need to retire
How to pick stocks and whether or not index fund investing is a smarter move to make
Withdrawing money from your accounts when you finally reach financial freedom
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance…
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525: The Rational Investor’s Case Against Bitcoin
3 mei 2024 · 32 min
Cryptocurrency enthusiasts can’t fathom why Bitcoin will fail. If you tell them that you’re not investing in Bitcoin or other cryptos, they look at you like an uneducated investor, a sheep following the crowd without thinking for yourself. The promise of Bitcoin is so great that you’d have to be an outright fool to deny it, and anyone who refutes the future golden age of a decentralized society is simply mistaken and is only coping with the oncoming collapse of fiat currency and Western civilization. Lees meer
The problem with that theory? None of it is grounded in reality. Today, BiggerPockets CEO Scott Trench is going to prove it. After years of research on Bitcoin, the blockchain, and cryptocurrency as a whole, Scott has come to a simple conclusion: Bitcoin isn’t worth it. In fact, Bitcoin may be worth, unsurprisingly, nothing! But before all you Bitcoin maximalists come out of the woodwork, claiming we’re forever bullish on index funds and real estate, hear out Scott’s argument.
Scott will explain the case for Bitcoin and why its end goal is actually quite altruistic. However, five fatal flaws will stop Bitcoin from ever becoming a world reserve currency or replacing fiat money. Besides its fatal flaws, Bitcoin isn’t a foolproof cryptocurrency by any means, and we’ll prove it! Finally, Scott gives his Bitcoin price prediction and his recommendation if you do want to hold some Satoshis.
In This Episode We Cover
The rational investor’s case against Bitcoin and why it’s NOT an investment
The reasons why Bitcoin could change society for the better (but probably won’t)
Five fatal flaws of Bitcoin that will stop it from ever taking over fiat currency
How adopting Bitcoin could lead to a crashing economy with no growth
The blockchain’s big problems and proof that the world isn’t ready to adopt cryptocurrency
Scott’s long-term Bitcoin price prediction that will shock Bitcoin maximalists
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network…
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524: Lessons From the Rich That Took Me from $0 to a $1,000,000+ Business
30 april 2024 · 41 min
Want to be a millionaire or build a business that brings in seven figures? Want generational wealth and to be debt-free? Want to know that you have enough money to take big risks while still keeping your bank account safe? If so, you need to start thinking like the rich to begin building wealth the same way they do. “That may be easy for you to say, you host the BiggerPockets Money Podcast!” Well, don’t take it from us; take it from Marc Russell. Lees meer
Marc grew up without advantages. He was in foster care for as long as he could remember, bouncing from house to house until finally, at age thirteen, he was adopted by parents with a strong, valuable work ethic. When Marc went to college, he had no money to pay for it, so he fought tooth and nail with the financial aid office to find scholarships, loans, or anything that could help him graduate. He was even kicked out of school once over not being able to pay a $900 fee! But this taught Marc how the system worked and eventually led to him landing a job at every FIRE chaser’s favorite place, Vanguard!
Once Marc started helping the rich manage their money, he looked in the mirror and asked, “Why aren’t I doing these things?” Thus, he began imitating the investing tactics of the rich, budgeting for financial freedom, and investing everything he could, even if it meant a slower path to being debt-free. Now, Marc runs BetterWallet, helping everyday people start building generational wealth, no matter their circumstances.
In This Episode We Cover
How to copy the rich so you can build wealth no matter your upbringing
Student debt, side hustles, and how to make it through college with little money
Why you MUST save a large emergency reserve before you start working for yourself
Investing vs. paying off debt and why the unconventional choice may be the best one
Budgeting for your business and ensuring you have enough money before leaving your W2
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Ne…
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523: Americans Say THIS Is How Much You Need to Retire (More Than You'd Think)
26 april 2024 · 35 min
Is a six-figure salary enough to achieve FIRE? If you’re working towards financial independence, you know that any extra money at the end of the month can help propel you to your goals faster, but with inflation eating away most, if not all, of your paycheck, what do you do? If you want to reach early retirement, do you need a massive salary to save you from the high cost of rent, food, gas, and other everyday essentials? Or, can you easily retire with a $100K/year incomeif you make the right moves? Let’s find out! Lees meer
Today, Scott and Kyle are reviewing some of the hottest headlines in the world of personal finance and giving you their honest opinions. First, we talk about whether or not a six-figure salary is enough to achieve the “American Dream,” and if it isn’t, what YOU can do to make the most of that money. Then, we venture to a debate that everyone has an opinion on: should you withdraw from your retirement reserves to buy your first primary residence? Is this a smart money loophole or a move that could cost you in the long run?
How much do you need to retire? According to Americans, the figure is close to $1.5M, but is this actually how much a smart saver or spender would need? Plus, we talk about the one generation on a surprisingly great track to wealth in retirement (it’s NOT the boomers!). Finally, are you fed up with guilt tipping? Don’t want to pay an extra quarter of your bill every time you go out to eat? Join the club because we’re discussing how tipping is getting out of control.
In This Episode We Cover
Whether or not a $100K/year income is enough to achieve the “American Dream”
Using retirement funds to pay for your primary residence (when NOT to do this)
How much Americans need to retire, and ways to retire with even less
The one real estate investment ANY young American should be making today
Why younger generations are on track to retire rich and achieve FIRE
Tipping culture and what percentage we press when the payment screen turns aro…
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522: How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom
23 april 2024 · 33 min
Moving is hard. But could relocating to a low-cost-of-living area help you lead a more fulfilling life and achieve financial freedom? As today’s guest came to find out, the benefits of living in an affordable area often outweigh the glitz and glamor of a big city! Lees meer
Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Allison Irby Vu, a financial planner who made a huge cross-country move in pursuit of a better financial future. With roots planted in Washington, D.C., Allison hadn’t considered moving until she stumbled across a program that offered her $10,000 to relocate to Tulsa, Oklahoma! Little did she know that this MAJOR life change would not only improve her financial situation but also allow her to spend more time with her son and tight-knit community.
In this episode, you’ll hear all about Allison’s journey from her hometown to Tulsa. She shares how she went from living paycheck to paycheck (despite earning close to six figures!) to having an abundance of time and money for the things she values most. Allison also highlights the pros and cons of living in an area like Tulsa and how remote workers can plan their next big move!
In This Episode We Cover
How to reach financial freedom by moving to a low-cost-of-living area
Getting PAID to move to a more affordable city (and how to qualify!)
How to pay off large amounts of debt as quickly as possible
Creating a budget that allows you to spend money on the things you value
How to take FULL advantage of your remote job (and live anywhere in the world!)
The biggest pros and cons of moving to an area like Tulsa, Oklahoma
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
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521: Full-Time FIRE and Traveling the World…All Thanks to Rentals!
19 april 2024 · 37 min
Could real estate investing help you reach financial freedom much sooner than you thought possible? Today’s guest had his world turned upside down by one tragic incident, but he was able to quit his W2 job, pivot to real estate, and fast-track his journey to FIRE! Lees meer
Today, we’re chatting with technology instructor turned full-time real estate investor Keith Nugent. After a skydiving accident rendered him unable to perform his previous job duties, Keith knew he needed a new path to financial independence. Fortunately, he discovered real estate at the perfect time. Taking advantage of the fallout from the 2008 housing market crash, Keith started loading up on rental properties—often buying them for pennies on the dollar. In just twelve years, he had not only achieved his goal of thirty cash-flowing units by 2020 but also added an additionalten units to his portfolio!
Thanks to real estate, Keith now has a career that fully accommodates his disability and will allow him to retire early. In the meantime, he enjoys his newfound financial freedom by traveling the world and spending time with his FIRE-bound friends. In this episode, Keith offers practical tips on how to start investing in real estate—from choosing your market to buying your first rental property and more!
In This Episode We Cover
How Keith became a full-time real estate investor after a tragic skydiving accident
How to replace your W2 income and achieve financial freedom with real estate
Why time in the market is MORE important than timing the market
How to determine how much cash flow you need to support your retirement
Why you NEED an estate plan and how to decide who inherits your assets
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
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520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!)
16 april 2024 · 42 min
The best side hustles can put some extra cash in your pocket, help you leave your W2 job, or even launch you toward FIRE. If you’re looking to make money in ways other than real estate investing, you don’t want to miss this side hustle special! Lees meer
Nick Loper, founder of Side Hustle Nation and host of The Side Hustle Show, has been building businesses since he was a teenager. From lucrative digital assets to service-based ventures, Nick has done it all, and today, he’s bringing some fresh ideas for you to try. As you’re about to learn, these fledgling businesses come in all shapes and sizes. Some take years to nurture before you reap any reward for effort, while others allow you to start earning immediately. In any case, you need to choose one you’re interested in and stick with it if you want to see results!
In this episode of the BiggerPockets Money podcast, Nick dives into some of his favorite side hustles—many of which you can start TODAY with little to no money and minimal time. You’ll learn whether it’s still possible to build amoney-making blog in 2024, as well as how to make extra income by renting out assets like inflatables, hot tubs, and vending machines!
In This Episode We Cover
Nick’s favorite low-money side hustle ideas (not named real estate!)
How to turn your own side business into a money-making machine
Creative ways to earn royalties from YOUR original works or ideas
How to build a digital asset that generates income for years to come
Why you MUST follow the “rule of one hundred” with every new side hustle
The non-digital assets you can rent out for a HUGE profit
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
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Podcast Talen…
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519: HSA vs. FSA and When to Drain Your Emergency Fund to Pay Off Debt
13 april 2024 · 32 min
Want to know how to avoid capital gains on your next home sale? If you tune in, you may dodge a quarter-of-a-million-dollar bullet (or more!). What about investing in one of the most tax-advantaged accounts that almost EVERYONE should have but most people don’t? What do you do when a family member asks to borrow money from you but has a bad track record with keeping their personal finances together? We’re getting into it all and more on this finance FAQ with Amanda and Scott! Lees meer
We get a ton of personal finance questions through the BiggerPockets Forums and our Facebook Page, so we decided to round up some of the most common ones and answer them for you. First, we’re talking about how to dodge capital gains tax when selling your home. Then, a concerned listener asks whether they should take out a loan on a family member’s behalf. A high-income earner wants to know whether renting or buying is their best bet, and we share whether paying off your mortgage early is a mistake!
Got a medical expense coming up, or just want to boost your retirement investing? We’ll answer whether an HSA (health savings account) beats an FSA (flexible spending account)—but make sure you get this one right. If you invest in one of these accounts the wrong way, you’ll be throwing money away. Finally, a debt-free chaser asks whether they should use their emergency reserves to pay off debt or keep slowly slogging away with the snowball method.
In This Episode We Cover
How to avoid capital gains tax when selling your primary residence
HSAs (health savings accounts) vs. FSAs (flexible spending accounts)
Whether or not to use your emergency fund to pay off credit card debt
Why you may want to reconsider loaning a family member money
Whether to buy or rent in today’s housing market (EVEN with low money down)
Pay off your mortgage early or invest the rest of your money?
And So Much More!
Links from the Show
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Network with Other Investors on The Path to FI…
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518; Shrinkflation: How to Outsmart The Grocery Stores’ Rising Prices
9 april 2024 · 40 min
Whether you know it or not, “shrinkflation” is costing you. You’re paying more for less, as manufacturers boast record profits. Your paycheck is getting eaten away faster and faster every month, but you’re left with the same amount of stuff. How did this happen, and when is it going to stop? Phil Lempert, AKA the “SupermarketGuru,” has been analyzing consumer behavior, marketing trends, and the retail landscape for over two decades. Now, he’s sharing thetricks manufacturers use to get you to spend more while expecting less. Lees meer
Shrinkflation has become such a severe problem that even the president of the United States has recently mentioned its damaging effects on the American household. Phil gives us the inside scoop on why prices are rising while sizes shrink, how retailers are actually fighting back to get customers the savings they deserve, and which products are seeing the most shrinkflation today.
Phil also shares his top tips to beat shrinkflation and save more money every month, how to show the companies that you WON’T put up with their price gouging games, easy ways to identify shrinkflation, and the supermarket chains that give you the best bang for your buck. If you’re tired of seeing your grocery bill inflate while your bank account shrinks, this is an episode you cannot miss!
In This Episode We Cover
Shrinkflation explained, and how manufacturers are taking advantage of Americans
Products that are seeing the most shrinkflation and which items to avoid
Why America’s need for “choice” is making shrinkflation even worse
The grocery stores and brands that are the best for budget-conscious shoppers
How to identify shrinkflation and the sneaky tricks manufacturers play to get you to spend more for less
How to take action against shrinkflation and tell brands to STOP ripping you off!
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Revie…
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517: Everything You Need to Know Before You Buy a Business
5 april 2024 · 42 min
Buying a business? Maybe you’ve thought about it before. You could own a laundromat, self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom. And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know. Lees meer
Elliott Holland, an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price. Elliot’s team specializes in business due diligence, making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes.
So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued, which loans you can use to buy a business, why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom, but take a wrong turn, and you could lose millions (we’ll share that story, too!).
In This Episode We Cover
How to buy a “boring business” that will lead you to financial freedom
How businesses are valued and why you MUST understand “EBITDA”
Tricky ways that business owners inflate their numbers to sell to you for more
Who should (and definitely shouldn’t) be buying small businesses
Three things you MUST look at before you make a bid on a business
The wrong move that lost one business owner over $2,000,000 when buying a business
And So Much More!
Links from the Show
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Finance Re…
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516: Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke
2 april 2024 · 38 min
Want to know how to get rich but fear it could be too late? Perhaps you’ve got responsibilities, bills to pay, and a family to feed. How can you possibly get ahead? Jaspreet Singh’s message is clear: you can still build wealth, but you’re going to have to be intentional with your money, just like every other rich person. There are no shortcuts! Lees meer
Today, Jaspreet is a serial entrepreneur, real estate investor, licensed attorney, and host of The Minority Mindset Show. But growing up, his parents wanted him to become a doctor. Despite the immense pressure to fulfill their wishes, Jaspreet found himself gravitating toward entrepreneurship. He started several businesses throughout adolescence and young adulthood—from playing drums at weddings and planning college parties to building ecommerce stores. He lost a TON of money along the way, but taking these risks early on paid off. Eventually, he discovered his true passion, financial education, and built an enormous online business by teaching others how to master personal finance.
America’s capitalist financial system benefits those who are willing to “play the game.” In this episode, Jaspreet shares how fostering a “minority mindset” unlocks the ability to use this country’s tax code, banks, debt, and other systems to your advantage. The catch? It’s a hard, long road. Jaspreet recommends drastic lifestyle changes, such as ruthless frugality, a “decade of sacrifice,” and the 75/15/10 rule. Make no mistake—it’s not going to be easy. But years from now, you’ll be thankful you stuck to this tried-and-true wealth-building philosophy!
In This Episode We Cover
How to foster a healthy relationship with your money
The three phases of wealth (and how to handle money in each stage)
How risk tolerance varies in different stages of wealth building
Why a “decade of sacrifice” is the foundation for long-term wealth
What you MUST do to thrive in America’s financial system
How to be “intentional” with your finances using the 75/1…
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515: How I Paid Off $150K in Debt and the 5 Factors That Boost Your Credit Score
29 maart 2024 · 39 min
Want to know how to get out of debt for good? It’s not as easy as it sounds! The more you chip away at that number, the harder it becomes to resist frivolous spending. But by fostering a healthy money mindset, building credit, and using credit cards the right way, you can stay out of the red! Lees meer
Welcome back to the BiggerPockets Money podcast! Ashley is a business owner and rental property investor who is well on her way to financial independence. But only a few years ago, she had racked up tens of thousands of dollars in debt on not one, not two, but THREE occasions. In this episode, she shares why she struggled to break free from the snare of consumer debt and why a drastic mindset shift was needed to climb out of a $150,000 hole.
Ashley also takes a deep dive into credit history and touches on each of the five factors that impact your credit score. Along the way, she offers several personal finance tips that will help you pay off debt and raise your score—such as “tiering down” from credit cards you no longer use, increasing your credit age with one simple hack, and striking the perfect mix of credit accounts. Finally, how important is credit? Is it a trap to avoid or a necessary evil that can help propel you toward financial freedom? Stick around to find out!
In This Episode We Cover
How Ashley paid off over $150,000 of debt in just a few years
Why sixty-five percent of your credit score is within YOUR control
Common methods of paying down debt and which one to use
When to keep your old credit cards open (and when to close them instead!)
The credit card “hack” you can use to make your credit age appear longer
Revolving credit versus installment loans (and why you should have both)
And So Much More!
Links from the Show
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514: How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More!
26 maart 2024 · 41 min
Want to know how to travel for FREE in 2024 and 2025? We’re about to introduce you to the magical world of travel hacking. Never heard of it before? You’re about to have your mind blown. Travel hacking is one of the best ways to turn your everyday spending into free trips, hotel stays, business-class flights, and more. And if you’ve ever wondered how to get into those fancy airport lounges or snag yourself a lie-flat seat next time you’re headed across the Atlantic, this is the episode for you! Lees meer
Eli Facenda, a travel hacking expert, joins us on this episode to share the beginner's guide to traveling for free. Eli is so good at travel hacking that he started his own consulting agency to help business owners turn their regular expenses into first-class travel wherever they go in the world. Today, he’s sharing his favorite travel credit cards, tips to fly for FREE for the next four years, the biggest credit card point mistakes, and beginner wins to get you your next trip for free.
We’ll also touch on the unbelievable rewards you can get from travel hacking, such as $1,000+/night hotel rooms for free or even a visit to Richard Branson’s private island, ALL through credit card points. Say goodbye to flying coach; these credit card tips will upgrade not only your wallet but your entire trip!
In This Episode We Cover
The best beginner credit cards to start earning points TODAY
How to travel for FREE for the next four years with Southwest’s “Companion Pass”
Why you should NEVER take cash back for your credit card points (do THIS instead)
The most bang-for-buck points transfers that’ll get you exceptional hotel stays for free
Biggest beginner mistakes that’ll cost you when trying to travel hack
How to fly to Europe in business class THIS YEAR with just 50,000 points
And So Much More!
Links from the Show
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513: The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager
22 maart 2024 · 48 min
Please be advised: this podcast episode contains discussions about sensitive topics, including suicide, which may be distressing for some listeners. If you are experiencing thoughts of suicide or emotional distress, help is available. You can contact the National Suicide Prevention Lifeline by dialing 988 to connect directly with trained counselors who can provide support and assistance 24/7. Lees meer
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Could you be ensnared in an elaborate Ponzi scheme? According to today’s guest, cases of financial fraud are MUCH more common than the average investor suspects. Tune in to learn how to protect your nest egg rather than leave your financial future in the hands of untrustworthy people!
Welcome back to the BiggerPockets Money podcast! Today, we’re sitting down with investment fraudster turned anti-fraud advocate, James Brandolino. In 2003, James set out to start his own hedge fund, pooling over three million dollars from friends and family. But one “down” month was the catalyst for eight years of fraudulent activity—a Ponzi scheme that included lying to investors, mailing false statements, and pulling money from the fund to keep the lights on. When the guilt became too much to bear, James turned himself in and has since committed his life to warning investors about the real threat of fraud.
In this episode, James shares his whole story—from starting his fund to serving six years in prison. He talks about common “red flags” to look out for when investing and the importance of due diligence when something seems off. Of course, fraud is prevalent in the real estate investing space as well. Stick around for tips on avoiding real estate scams and how to vet a syndication partner before entrusting them with your money!
In This Episode We Cover
How this former fraudster built a $3.8 million Ponzi scheme
How to prevent investment fraud from happening to YOU
The most common fraud “red flags” to watch out for
How to properly vet someone before entrusting them with your money…
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512: Unemployment Inches Up, Inflation Returns, & Serious News for Student Loans
19 maart 2024 · 27 min
Has the job market finally flipped? Throughout most of the pandemic, it seemed that any and every worker was a hot commodity. Job-hopping was the new norm as businesses outbid each other to get the best talent. Now, thanks to rising interest rates, a slower economy, and a return to the office, it seems that employees don’t have the same negotiating power they did just a couple of years ago, and the new jobs numbers are showing this. Lees meer
Welcome to a new type of format on the BiggerPockets Money podcast—a headlines show! We’re taking some of the top news stories from the world of personal finance and the overall economy and giving you our takes so you can make better money decisions. First, a strong jobs report comes in, but unemployment still rises as Americans find it harder and harder to get the job they want. Are employers back in control after years of workers owning the market?
Then, we’ll touch on the latest inflation numbers and why costs are rising even as work becomes less available. Student loan borrowers receive a huge win as getting their debt discharged during bankruptcy becomes even easier. This could cause significant ripple effects for which degrees become financeable in the future! Finally, a 529 plan update that now gives parents a HUGE reason to invest in their child’s future education.
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511: Pay Your Rent and Level Up Your Home with THIS Creative Side Hustle
15 maart 2024 · 34 min
Could one side hustle help you pay rent, save money to invest in real estate, or reach financial independence? Today’s guest picked up the perfect hobby that combines his background in art and love for home décor. The best part? It allows him to make extra money each month! Lees meer
Welcome back to the BiggerPockets Money podcast! Because Kyle William earns a modest salary in an expensive city, there’s no room for new furniture and décor in his budget. However, he has found a way to not only fully furnish his apartment without paying top dollar but also turn this passion into a profitable side hustle. In his spare time, he scours the web for items that people no longer value, uses his artistic eye and do-it-yourself (DIY) skills to restore them to peak condition, and then flips them online for a hefty profit!
Could you turn your own passion into a money-making side hustle, too? Whether you’re interested in flipping furnitureor another hobby altogether, tune in as Kyle shares where to find unwanted items, the best DIY skills for beginners, and how to cash in on your hard work!
In This Episode We Cover
The DIY side hustle Kyle uses to cover his rent (and improve his home!)
How to start your own furniture flipping side hustle
The best places to find valuable used items that can be recycled
Beginner do-it-yourself (DIY) skills that YOU can learn today
Kyle’s best home decorating hacks for thrifty creatives
And So Much More!
Links from the Show
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How Anyone Can Easily Make Extra Mon…
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510: Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich
12 maart 2024 · 46 min
Morgan Housel’s ground-breaking book, The Psychology of Money, changed how many Americans thought about saving, spending, and investing. Through a collection of financial lessons, Morgan opened up new thought patterns for many of us, showcasing that getting rich isn’t as complicated as you might think, but staying rich can be the actual challenge. Now, this personal finance powerhouse is back with a new book, Same as Ever. Lees meer
In Same as Ever, Morgan doubles down on what has, and most likely always will, work in the personal finance world. By showcasing some of the most commonly repeated financial events of the past, we can better shape our understanding of what will happen in the future and use history to our advantage to build even bigger wealth, enjoy our lives even more, and not repeat our past mistakes.
But this episode goes much deeper than that. We talk about why so many Americans will die without building wealth, why people are afraid to invest, when to spend your wealth once you’ve built it, and exactly how Morgan invests his own money. Plus, why getting rich isn’t your biggest concern—staying rich is.
In This Episode We Cover
Why Morgan thinks you MUST be a “reasonable optimist” to get and stay rich
Exactly how Morgan spends, saves, and invests his own money
The real reason why most Americans will die without ever building wealth
The “competition” which is always looking to take your success from you
How to STOP being afraid of investing and start putting your future first
When to spend your wealth and why dying with riches isn’t the real goal
Financial regrets and mistakes of Morgan’s past, and advice for ANY investor
And So Much More!
Links from the Show
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509: How to Build, Grow, Scale, and SELL Your Online Business
8 maart 2024 · 34 min
If you want to make money online in 2024, good news: it’s easier than ever! Just ask today’s guest, who had to bootstrap his online business before you could launch a business with little to no startup costs. If you have an entrepreneurial spirit and need a little inspiration to get your next business idea rolling, this episode is for you! Lees meer
Welcome back to the BiggerPockets Money podcast! Today, we’re joined by serial entrepreneur Omar Zenhom from The $100 MBA Show. For many years, Omar worked as a full-time educator while nurturing his fledgling businesseson the side. Naturally, many of them didn’t work out. But rather than letting these failures deter him from entrepreneurship, Omar applied each new lesson to his next business venture. Eventually, he struck gold with WebinarNinja, a software company he scaled to 30,000 users before selling his business and enjoying the spoils.
Want to achieve financial freedom without being reliant on your W2 job? Stick around to learn the ins and outs of building a business from the ground up—saving money to get started, leveraging your network to scale the business, and ultimately, selling your company for a huge profit!
In This Episode We Cover
How Omar built, scaled, and SOLD a multimillion-dollar SaaS (software as a service) company
How to start your own online business from square one
Why teaching is the ultimate skill you NEED to develop for business
The pros and cons of bootstrapping versus raising capital
Leveraging your network to help grow and scale your company
Preparing to sell your business (and how to exit successfully!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggePockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
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