BiggerPockets Money Podcast

By BiggerPockets

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Subscribers: 1686
Reviews: 2


 Nov 18, 2018

Love This Show! A Must-Listen
 Aug 21, 2018
Scott and Mindy do such an amazing job covering so many great approaches to financial freedom and excellence, starting from so many different vantage points, methodologies, investment and cost cutting tactics, it's such a breath of fresh air for the world of financial podcasts!

Description

For those who have money… or want more of it!

Join Mindy Jensen and Scott Trench (from BiggerPockets.com) weekly for the BiggerPockets Money Podcast. Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow wealth.


Episode Date
218: Finance Friday: How to Plan for Inconsistent Income as an Entrepreneur
01:10:16

Combining finances can be complicated, but what’s even more complicated is combining one salary with two inconsistent business accounts. How do you manage the household’s budget when you don’t know what will be coming in every month? This is the question Roshan and her husband have for us today.

Roshan works as a teacher making a very steady income and has access to retirement plans like her pension and a 457(b). Her husband, on the other hand, runs a seasonal flower business that brings in $30,000 in only five weeks, and an ecommerce store with a bit more consistent income. Together, they want to develop a formula that will help them plan for early retirement, while also being able to take some risks and reinvest in their businesses.

Scott and Mindy not only walk through the regular finance aspects like spending, retirement planning, and saving, but also more relationship-based financial aspects like having money dates, keeping a shared budget, and having a retirement plan that works with your family’s lifestyle. 

In This Episode We Cover

What to do if you have inconsistent business income 

Budgeting to cut down on items like eating out and random shopping

Creating “distributions” from your business and giving yourself a salary 

Investing in retirement accounts like your Roth IRA, 457(b), 403(b), and more

Creating a “financial formula” that will lead to you to (early) retirement 

Having money dates and staying on top of finances as a couple

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 30, 2021
217: Don’t Quit Your Job, “Fire Your Boss” on Your Terms w/ Rahkim Sabree
01:11:45

Rahkim Sabree “aspired to be poor” when he was growing up. He saw his parents collecting section 8 housing vouchers, getting food stamps, and thought that this was the way life was. He didn’t grow up around many homeowners. All of his friends lived in apartment rentals and were in the same financial situation as him. There were no “financial literacy talks” at Rahkim's dinner table.

It wasn’t until Rahkim left college and got a banking job that he decided to look at where his money was going and what it was doing for him. He started reading books like Rich Dad Poor Dad and The Millionaire Next Door, which shifted his mindset and gave him the foundation to chase financial freedom. He bought a duplex, house hacked it, and started throwing all the money he could into investments.

As his own financial knowledge began to grow, he was able to share what he learned with others. He’s written two books, spoken at TEDx talks, and been invited to numerous conferences to speak. This didn’t bode well with his employer, who would consistently ask him whether his outside-of-work activities were clashing with his nine-to-five responsibilities. After hearing this over and over again, he decided to “fire his boss” and focus on building his own income, all without an emergency reserve stashed away! 

In This Episode We Cover

Why it’s so difficult to break out of poverty without financial education

Deciding to house hack so your mortgage can be offset 

Why you should always keep a safety reserve in case of emergencies 

Maxing out your 401(k), HSA, and ESPP contributions 

Thinking of low-interest credit as another type of safety reserve

Knowing when the appropriate time to leave your W2 is 

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 26, 2021
216: Finance Friday: Turning Spare Bedrooms into $1,000+ Extra Every Month
00:50:12

Amanda is making a teacher’s salary and spending her weekends working a part-time job at a grocery store. She contributes to her retirement accounts, but she could be sitting on a passive income gold mine that she doesn’t realize. 

Attached to Amanda’s home are a casita and a mother-in-law suite. The casita is rented out to long-term tenants and the mother-in-law suite has been used as a short-term rental for some time. But what if instead of keeping her casita as a long-term rental, she converted it into an Airbnb? Well, Amanda could potentially see a rent increase of almost 3x what she currently is renting at!

With this house hacking model that Amanda is using, she’s able to get owner-occupied financing with lower interest rates and better terms. So what if she could start doing this with other houses and slowly grow a short-term rental empire? As Scott and Mindy discuss, it’s possible! 

In This Episode We Cover

The importance of side-income streams when you work a lower-paying job

Turning extra bedrooms into short-term rental income

House hacking and the benefits of owner-occupied financing 

Calculating your hourly rate for different tasks and focusing on those with the highest ROI

Chasing financial freedom and the importance of using time how you see fit

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Get Tickets to BPCon 2021

Short-Term and Vacation Rental Discussion

Avery Carl’s Short-Term Rental Interview


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 23, 2021
215: FI: More Than Retirement, a Chance to Take Risks w/ Diania Merriam
01:18:50

After years and years of working in licensing, Diania Merriam opened up her credit report and saw that she was (collectively) $30,000 in debt. This forced her to ask the question, “what am I working for?” It made sense at the moment: you get your paycheck, you can go out to a fancy dinner, you get another paycheck, you can buy yourself something nice. But Diania wasn’t happy, or at least as happy as she thought she’d be.

She realized that she didn’t want to be stuck in a job she had to go to every day. She wanted autonomy, freedom, and financial independence that would allow her to rule over her schedule and pursue her passions and interests. So, she went to work and started saving whatever she could. She stopped eating out, started cooking all her meals, moved to a more inexpensive city, bought a house and house hacked, heavily invested in retirement, and did everything right.

Now, she’s self-employed, hosting the Optimal Finance Daily podcast and the EconoMe Conference in Cincinnati. She was able to create her dream roles because she came from a position of financial strength, she also had a plan in mind and knew what her “worst-case scenario” looked like.

In This Episode We Cover

Getting out of consumer and student debt as quickly as possible

Minimizing expenses and maximizing income to increase savings rates

Building a strong financial runway so you can start your own business

Buying a house and house hacking by renting per room

Understanding your “worst-case scenario” before you take the leap into entrepreneurialism

Finding your passions and cementing what you want to do when you reach FI

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Get Tickets to BPCon 2021

The Shockingly Simple Math Behind Early Retirement

Get Tickets to the EconoMe Conference and USE CODE BIGGERPOCKETS for a Discount

BiggerPockets Money Podcast 01 with Mr. Money Mustache

BiggerPockets Money Podcast 120 with Michael Kitces

BiggerPockets Money Podcast 153 with Bill Bengen

Grab the House Hacking Strategy

Check the full show notes here: https://www.biggerpockets.com/moneyshow215

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 19, 2021
214: Finance Friday: Fighting Cancer, Starting a Family, & “Planting Seeds”
01:15:54

It’s hard to imagine what someone is going through once they’re given a cancer diagnosis. The last thing many people want to think about during such a troubling time is finances. This was true for Zachary, who’s combined net worth with his partner more than doubled while he was supporting her throughout her chemotherapy and cancer surgeries.

Even though it was a medically troubling year, Zachary and his partner were able to almost double their income, while keeping expenses fairly low. This allowed them to set a 50% savings rate and keep enough to pay for treatments, retirement investing, and even save for IVF (in vitro fertilization). Since IVF is such an expensive treatment, Zachary wants to know how he can best position himself to pay for it while his partner reduces her time at work to take care of their future children.

In This Episode We Cover

Becoming cancer free after a stage three diagnosis (wooooo!)

Doubling your income by making intelligent career changes

Short-term rentals vs. long-term rentals and the risks of both

Planning for medical expenses like IVF

Contributing to HSAs, Roth IRAs, and 401(k)s

Managing a 10-bedroom “sorority house” 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Get Tickets to BPCon 2021

You Need a Budget


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 16, 2021
213: Retiring in 6 Years After 20 Years of Money Mistakes
01:30:53

Growing up in Mexico, Saul Tijerina didn’t fully understand the concept of financing. It wasn’t that he couldn’t conceptualize financing, it was more that he wasn’t around it enough to think of it as an option. In Mexico, everything was sold for cash, whether it was a home, a car, or a new TV. Owning something meant that you really “owned it”, not just “I’m paying this off.”

It’s no surprise that when Saul came to the United States to work, he was in for a financial shock. New car? Finance it. New house? Finance it. Want to eat out every day? Charge it to your credit card and finance it! This was the cycle that Saul was in for close to two decades, before discovering the FI movement.

Once he started digging around online forums, blogs, and YouTube channels, he found a community that not only hit financial independence but hit it at an impressively young age. Now, about two years into his FI journey, Saul has made monumental progress with saving and investing. He’s on track to retire as a millionaire in 2026 and will live off of his taxable accounts until he is old enough to take out funds from his tax-advantaged investments.

In This Episode We Cover

Why lifestyle creep can be incredibly dangerous for young adults 

Paying attention to the interest credit cards charge and never falling into high-interest debt

Why financing a brand new car can be a huge blow to future wealth accumulation

Staying away from the “two-income trap” and keeping expenses low

Roth IRAs, 401(k)s, Conversion Ladders, and other retirement accounts

Saul’s 72 Hour Rule for spending (especially online shopping)

How to get your partner on board for FI when they may not know about financial possibilities 

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 12, 2021
212: Finance Friday: When Should You Pause Your Retirement Contributions?
01:04:08

Starting a strong financial position in your youth is probably the most important thing you can do to hit financial independence. Sometimes that strong position includes maxing out retirement accounts, like Roth IRAs, 401(k)s, or even HSAs (health savings account), but sometimes, it doesn’t. Scott and Mindy talk to Kirsten about the potential option of pausing her retirement contributions to buy a duplex so she can house hack.

While this may seem counterintuitive, pausing retirement contributions isn't always a bad thing. This is especially true if you’re trying to do something that will radically change your income or expenses, allowing you to invest more into retirement later on. 

This episode runs through house hacking, retirement contributions, FHA rules for owner-occupied loans, how to graduate with no debt, and when the best time to have a “money date” is. It doesn’t matter if you’re in your early 20s or mid-40s, these principles are key to having a financially successful life.

In This Episode We Cover

How to aggressively invest so you can retire young 

The importance of side-income and why you should have multiple streams of income

Roth IRAs, 401(k)s, and HSAs (health savings accounts) 

Graduating from college debt-free

Whether or not life insurance is necessary for young people

Having “money talks” and “money dates” with your partner 

House hacking and using real estate to catapult your wealth

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 09, 2021
211: From -$28k in Debt to $107k Net Worth by Cutting Out the Unnecessary
01:09:47

It’s nice to hear a fan of the BiggerPockets Money Show talk about how they are on the path to financial freedom. It’s even nicer when we hear that the fan, Melissa Yi, went from a negative net worth to now $100k+ due to some simple tips from Scott and Mindy.

Melissa had stints in her childhood where she was facing homelessness, not knowing where her next meal was coming from. She worked hard after high school and ended up at a job that offered to pay for her college education. A year away from graduating, she made the decision to quit, without savings, another job lined up, or a way to pay for school. She took out student loans, auto loans, and sunk into credit card debt.

At one point, Melissa looked around and realized she had a lot of stuff. Stuff that wasn’t doing anything for her, except for filling up her garage. She sold what she could, started bringing in side income streams, and stopped eating out. These small changes allowed her to slowly pay off her debt and get to a positive net worth. Now, she’s at the $100k+ point and slowly coasting her way to financial independence! 

In This Episode We Cover

The importance of financial education when growing up 

Taking advantage of company-sponsored tuition reimbursement 

Why you should never cash out your 401(k) or other retirement accounts 

Credit card debt and why it’s so bad for uninformed consumers 

Using a live in flip to make a killer profit while paying $0 in taxes

Setting up retirement accounts and maxing them out whenever possible

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Melissa’s Facebook Post

Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners

 Check the full show notes here: https://www.biggerpockets.com/moneyshow210


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 05, 2021
210: Finance Friday: Should I Leave Teaching to Pursue Greater Income?
01:02:53

Teachers do a lot more than we give them credit for (as shown throughout the past year and a half), but sadly, they don’t get paid terribly high salaries. Today’s guest, Stephanie, is a music teacher for young children and is debating whether or not she should make a career change to up her income to higher levels. Stephanie has a good amount in savings and investments but wants to take on a duplex to house hack and save money on monthly housing costs.

Scott and Mindy walk through the pros and cons of house hacking and answer questions about live in flips. The best part about Stephanie’s story is that she has the option to move anywhere in the United States. She has nothing holding her to New Jersey and may be keen to move out due to the high taxes she has to pay.

With the combination of a career change and the potential to do a live in flip/house hack on the horizon, Stephanie has a lot of great (and broad) options to help her reach financial independence!

In This Episode We Cover

Changing careers to maximize financial independence goals

Starting a side hustle so you can earn extra income

Roth IRAs, 401(k)s, and Solo IRAs

House hacking as a means to not only cut housing expenses but build wealth

Who should (and shouldn’t) do a live in flip

Should you pay off low-interest debt or invest?

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 02, 2021
209: Creating Financial Runway to Start a 7-Figure Business w/ Bola Sokunbi
01:04:28

Growing up, Bola Sokunbi had some serious financial influence from her parents. Her father would tell her “Don’t be penny wise and pound foolish” while her mom showed her the importance of being an independent woman who could financially stand on her own. They both influenced her to become the financial author, mentor, and teacher she is today with Clever Girl Finance.

Bola split her youth between Europe and Africa, and when given the chance to go to college back in Europe, her mom cashed out her retirement savings to give her daughter the gift of education. Bola worked through college and graduated with zero debt! She then went on to live in New York City, making $54,000 a year at her first job, which to her, was like getting a million dollars!

As she saved up to buy her first home and later started investing in more growing assets, she saw her friends who made 3x her salary, spend all their money on designer handbags, expensive dinners, and luxury apartments. She knew she didn’t want to be surrounded by financially irresponsible people, so she distanced herself from those friends, and began her journey to FI.

Now, Bola has a business pulling in six figures every month! She teaches women how they can start investing, have financial confidence, and live life on their terms. 

In This Episode We Cover

The importance of education, even in today’s world 

The great sacrifices Bola’s parents made for her to be successful

Starting side income streams so you can invest and save more

Selling the investments you don’t feel comfortable with, and why everyone doesn’t need to be a landlord

Saving a massive financial runway before quitting your full-time job

Starting Clever Girl Finance and her new book The Side Hustle Guide 

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 28, 2021
208: Finance Friday: 23 Years Old, Steady Pay, Low Income, Should I Invest?
01:06:04

We’ve said it before and we’ll say it again: it’s never too early to start your journey to financial independence. Today we talk to Mackenzie, a 23-year-old college graduate, working a government job and paying for only minor expenses. She has a serious emergency fund she’s managed to save up and has questions on house hacking, setting up retirement accounts, and the fastest way to get to FI.

When you start your financial journey at such a young age, you have many different opportunities. Even just maxing out your Roth every year may be enough to make you a tax-free millionaire, but what about more aggressive strategies like owning rental properties or even shooting for a far higher-paying job? These are all questions that Mackenzie wants answers to, so we have Scott and Mindy here to help!

In This Episode We Cover

Living at home when you’re young to save money on rent and food

Graduating debt-free so you can come out of college ready to build wealth

TSP accounts, Roth accounts, and the 457 plan

House hacking as a way to fund future investments

Looking for other jobs or side income that can help you increase your investing rate

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 25, 2021
207: Comfortably Retiring in Her 40s as a Single Mom with $850k Net Worth
01:04:19

Part of the reason we started the BiggerPockets Money Show was to share financial stories from all different backgrounds, giving you, the listener, confidence to reach your financial goals regardless of the stage you’re at in life. There’s no better story or person to personify this than Dr. Lakisha Simmons

Lakisha grew up in Indianapolis, born to teenage parents who didn’t have much. She spent the majority of her youth living at different family members’ houses, shopping bargains, and being content with having enough to get by. She started working at 14 years old and has fond memories of taking her paychecks to the bank so she could deposit them in her own checking account. 

When Lakisha hit some road bumps in her personal life, she put her children first and sold her home, started renting, and dove heavily into FI. She managed to hit a 60% savings rate as a single mother, thanks to her helpful side-income streams. Now, after almost 3 decades of working, she’s ready to retire, spending time with her children and teaching other women how they can do the same. 

In This Episode We Cover

How growing up in poverty can lead to living frugally in the future

Whether or not student loans are worth it for the paycheck

Looking at ALL your bills and only paying for things that bring you value

Renting vs. owning a home, and how it affects your bottom line

Taking advantage of 457(b) plans for government employees 

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 21, 2021
206: Finance Friday: The 7-Step Plan to Financial Freedom
01:21:45

For most people, there tends to be a specific point in your life when you think, “I want to travel” or “I want to spend time pursuing my passions”. For today’s guest Ainsley, this happened about two years ago.

She has spent the last decade or so being a stay-at-home mom, but is looking to up her household income by getting a job that will provide an extra $36,000 a year to the family budget. Her main question: what should this extra income be used for?

Mindy and Scott come up with a step-by-step approach to hit financial freedom, even if you don’t have a large amount of cash or investments. Lucky for Ainsley, her home in the Pacific Northwest appreciated close to $150,000 in just the past year alone! Plus, she also has retirement accounts that she and her husband actively contribute to.

While they’re doing many things right, they could improve on some simple things like boosting their emergency fund, starting an HSA, contributing to a Roth IRA, and getting their income up as much as possible. This is a great episode for those who don’t want to get into real estate, and instead would rather have passive investments growing on the side!

In This Episode We Cover

Mindy and Scott’s 7-step plan to hit financial freedom 

The importance of keeping a healthy emergency fund (and where to store it)

The pros and cons of taking out a HELOC on your primary residence 

Always getting the 401(k) match whenever presented with one

ESPPs (employee stock purchase plans) and how to take advantage of them 

Roth IRAs, Roth 401(k)s, and other tax-deferred accounts

Investing in a regular brokerage account once you have maxed out retirement 

And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 18, 2021
205: From $50k in Debt to Financially Free in 2 Years w/ Lots of Ups & Downs
01:15:59

There are lots of twists and turns throughout every investor's journey, but maybe not as many as Zeona McIntyre’s. Growing up with the words of Suze Orman in her ear, Zeona knew that there were a few things she had to do, like max out her Roth IRA every year. It wasn’t until Zeona was talking to a friend who told her about Airbnb arbitrage that she realized a future in real estate investing may be the most successful.

Before there were many short-term rental laws, people would Airbnb out of their own rented apartment, often without the landlord’s permission. Before you go off on Zeona in the comments, know that she does not do this anymore, and a few of her landlords were surprisingly okay with the plan. Since then, she has purchased 11 doors that she rents out, both to short and long-term tenants. 

You’ll hear how Zeona used private funding, an unfortunately-fortune life insurance payment, and many other creative methods to get her to financial independence in just 2 years!

In This Episode We Cover

  • Airbnb arbitraging and why it was so popular in the early days of short-term rentals
  • Paying off student debt but feeling like you’re not “moving the needle”
  • Why it’s so important to consume financial information at the beginning of your career
  • Dealing with the death of a loved one, and finding ways to honor their memory
  • COVID’s impact on Airbnb and the short-term market in general
  • And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 14, 2021
204: Finance Friday: Single Mom Making 20% ROI on Detroit Rentals
01:08:03

We all know someone who hustles. Maybe it’s your sibling or your friend, or maybe you’re the hustler in your group. Those who hustle to make more money seem to always find new ways to bring in more cash, and that’s exactly what today’s guest, Alicia, is doing. Alicia jokes that she has 2-4 jobs, because in the day she’s working 65 hours a week at a media company, but is also a “saloon girl” and professional singer on the side. How many moms do you know that can ride a mechanical bull? Well, Alicia can!

Alicia recently purchased a rental property in Detroit that is giving her a 20% return! This is far higher than most real estate investors anticipate, and for her, it’s a blessing on her path to hitting passive FI. She was able to buy this rental in cash with a 401(k) loan, but with some taxes looming on the horizon, Alicia is asking whether or not paying off the debt or buying another property is the best move to hit her financial freedom goals.

In This Episode We Cover

  • 401(k) loans and when (or when not) they’re appropriate to use for investment purposes
  • Getting 20% ROI with section 8 tenants in Detroit
  • Why side income streams are important for any new or established investor
  • How live in flips still provide great returns even in a hot market
  • Knowing which debts to pay off slowly and which debts to get rid of fast
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow204

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 11, 2021
203: 14 Kids, One Income, and STILL Retiring 10 Years Early
01:17:17

What’s your excuse for not hitting financial freedom? Maybe you work at a low paying job, maybe you only have one income for your household, or maybe you’re caring for a few kids, limiting the income you can save and invest. Prepare to have your excuses obliterated, because today we’re talking to Rob and Sam, who raised their 14 children on one income alone. And we aren’t talking about a $500k per year income, we’re talking about a median income!

Rob and Sam always wanted a big family, and luckily, they were raised in frugal households, allowing them to save every penny, shop the deals, and have a budget. While Sam was at home raising the children, Rob was out working and slowly paying off their house early, without Sam’s knowledge. One day, Rob told Sam that the house was paid off, which came as a huge surprise to her!

He had also been maxing out their Roth IRAs, his 401(k), and their HSAs. Rob was doing all this while comfortably raising 14 children. How is that even possible? Well, you can learn all about their tips, tricks, and budgeting tactics by buying their new book: A Catholic Guide to Spending Less and Living More: Advice from a Debt-Free Family of 16

In This Episode We Cover

  • Setting up budgeting, expense tracking, and being deliberate with your spending
  • Maxing out your 401(k) match, your Roth IRA, and your HSA
  • Being frugal so you have more money to spend on the important things
  • Fixing up a foreclosed house to save money when shopping for a home
  • Getting out of debt so you can tackle bigger (good) debts
  • Becoming intentional with your spending, saving, and investing
  • Raising a family of 16 with a single income
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow203

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 07, 2021
202: Finance Friday: How Should I Plan Ahead to Leave College Debt-Free?
00:54:16

Most 21-year-olds aren’t thinking about Roth IRAs, early retirement, house hacking, or graduating college debt-free. But today’s guest, Anthony, is! Anthony is currently a student in community college, preparing to transfer to a four-year college next year. He has a paid-off car, no credit card debt, and makes around $2,000 a month, with $800 or so as extra income each month.

Anthony is wondering where the best place to put his extra income is. Should he invest in his Roth or should he save up money for college costs? Alternatively, he could house hack which could cash flow him through college and allow him to leave with a degree and a profitable rental property. 

Scott and Mindy walk through the multiple different options Anthony has and push him to see what he can achieve within the next few years to put him on a path towards financial independence

In This Episode We Cover

  • Planning for retirement at a very early age
  • Maxing out your Roth IRA and 401(k) match every year you can
  • Paying off credit card debt and car loans 
  • Finding side income streams like driving for Uber 
  • House hacking during college and leaving with a cash-flowing rental 
  • Keeping your spending habits low (especially as you’re starting out)
  • And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 04, 2021
201: Don’t Delay Your Wealth by Being Scared of “Good Debt” w/ Jake Simon
01:08:34

How do you think about debt? Most of us would shudder to think of having high-interest consumer debt in our lives, and for good reason. Consumer debt can lead to a detrimental financial future and tons of wasted money on interest. But what about good debt? Debt to buy rental properties or help an aspiring business. How do you feel about that debt?

Today we’re joined by FI chaser, and friend of Mindy, Jake Simon. Jake was raised in a frugal household. He learned to spend less than he made, shop the bargains, work hard, and NOT go into debt. Jake had been investing money every month in his 401(k), and after that, began putting the extra money he had into a bank account. After listening to The Mad Fientist (he’s been on our show before too), Jake knew that there was a much better place his money could be stored.

With the relocation of his job every few years, Jake became more and more interested in real estate, prompting him to start doing live-in-flips! After maxing out retirement accounts, selling his flips for heavy profits, and still having a large savings rate every month, he decided to conquer his fear of debt, and use debt to buy rental properties!

In This Episode We Cover

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow201


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 31, 2021
200: Episode 200 Special: A Personal Finance Masterclass with Kyle Mast
01:23:46

We love when guests come back on the show, especially when that guest is Kyle Mast. You may have heard him back on episodes 41 & 84, but now he’s here to celebrate our 200th episode with us! Scott and Mindy have come up with their own questions to ask Kyle ranging from retirement accounts, to asset allocation, to the future of cryptocurrency, and more.

If you’re worried about retirement, Kyle has you covered. We go over some great topics like whether you should choose a traditional 401(k) or a Roth 401(k). From there, we talk about whether a pre-tax account or a post-tax account makes the most sense, based on your income, tax bracket, job security, and more. We’ll also touch on HSA (health savings accounts) which are a fan favorite as well as a tried-and-true winner for almost anyone who qualifies for one.

Post-retirement is another topic that rarely gets discussed on the show (since we’re all so focused on getting wealthy, not deploying that wealth). If you’re worried about hitting required minimum distributions soon, you may have the ability to save hundreds of thousands of dollars in the long run with some tips from Kyle. We’ll also talk about diversifying your accounts now so you can be nicely positioned upon retirement.

Lastly, we talk about inflation, rising house prices, tech stocks, and (Mindy’s favorite, of course) cryptocurrency. All of these are incredibly relevant right now and it’s great to hear from someone as neutral as Kyle on the pros and cons of each.

In This Episode We Cover

  • Traditional 401(k)s vs. Roth 401(k)s and the tax implications of both
  • Looking at your retirement accounts from a long or short term position
  • Taking the 401(k) match whenever a company allows you to
  • Required minimum distributions and the 4% rule
  • Solo 401(k)s and and retirement accounts for entrepreneurs 
  • Cryptocurrency, stocks, real estate, and precious metal allocation
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow200

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 28, 2021
199: Is It Worth $500,000+ In Student Debt for Higher Paying Careers?
01:01:11

The average American takes a long time to pay off debt, especially student loan debt. These amounts can vary, some people have a few thousand in student loan debt, others have tens of thousands, but what about $521,741 in student debt? Would you be able to pay off over half a million dollars in student loans, all while trying to buy a house and regularly invest? This is exactly what Ty from Debt Ascent did, and he did it quite successfully.

Ty is an engineer and his wife is a dentist, so they both are in high-income careers with advanced degrees. Ty makes the argument that their degrees are a good investment, as they’ve been able to make $400,000+ as a couple, years after finishing school. This is a very high income, and with smart money management (as you’ll hear in the show), the high debt can be easily argued as being worth it.

You’ll also hear from Ty on the importance of tracking your spending (something both Mindy and Scott have been fans of for a long, long time). Tracking the spending for Ty and his wife made it simple and easy for them to live off of one income alone, while dedicating the other income completely towards paying off debt and setting up other income streams.

As of now, they are debt-free, with another $500,000+ in assets! Talk about financial efficiency! 

In This Episode We Cover

  • When student debt is (and isn’t) worth it for a future career
  • Why it’s harder for lower-income households to pay off debt
  • The importance of tracking your spending (via YNAB or manual tracking)
  • Paying for your future self, your current self, and your past self
  • Staying away from the “two-income trap” 
  • And So Much More!

Links from the Show

 Check the full show notes here: https://www.biggerpockets.com/moneyshow199


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 24, 2021
198: Finance Friday: Are You Spending Too Much Time on Low-Pay Jobs?
01:09:17

Many of you know that Mindy loves live-in-flips, and although she can definitely swing a hammer, she doesn’t have the skills of a finish carpenter, but today’s guests, Serafina & Darrin, do! Serafina and Darrin were both working at non-profits, but over the last year have transitioned to running their own business named Carlucci Woodworking. Serafina takes care of the bookkeeping while Darrin takes care of the carpentry. They’re a dynamic duo!

All this is happening while they are trying to build their dream home out in the country. If you’ve ever custom-built a house you’ll know how time-intensive and (often) expensive it can be. Serafina & Darrin want to know whether or not Darrin’s high hourly rate would be better served doing jobs, as opposed to working on their own home.

With dreams of sailing around the world with their children, hitting a not too far away FI number, and living in their countryside getaway, they’ll need to focus on optimizing their business, getting connections, and keeping up with their investing! 

In This Episode We Cover

  • The pros and cons of leaving your job for self-employment
  • How to optimize your business so you’re working billable hours whenever possible
  • Roth IRAs, traditional IRAs, and pensions 
  • Setting up your emergency reserve so you always feel financially secure
  • Using your business in creative ways (to make more money!)
  • Knowing the ARV of a new construction (even if it’s custom)
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow198

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 21, 2021
197: 4 Children, a Lower Income, and STILL Hitting Financial Independence
01:08:04

There are a lot of excuses we hear from people as to why they can’t reach financial independence. They needed that new car, they needed that nicer apartment, they needed the expensive vacations. Often, this is what we hear from people making a high income, unlike today’s guest, non-profit worker Nate Forbes.

Nate knew that he liked working jobs that tended to pay less, and with the support of his wife, he stayed at them. When his wife was ready to be a stay-at-home mom, Nate took a job with more pay but was by no means a high-income position. Even with Nate being the only breadwinner for the family, he and his wife were able to max out their retirement accounts, buy rental properties, and start doing BRRRRs.

Since Nate was raised with strong frugality and not much of a consumer mindset, he’s used to living below his means, but his story of wealth accumulation is truly inspiring. From selling vintage clothing to living in a collective household, to hunting down an early 90s Honda Civic to get 50mpg on long commutes, Nate has done almost everything he can to live a life he loves all while reaching “coast” FI!

In This Episode We Cover

  • The importance of early financial education for young children
  • Living below your means and striving to invest every year you can
  • Keeping the job you love and finding ways to make more money on the side
  • Maxing out your Roth and other retirement accounts
  • BRRRR investing and doing live-in flips
  • Realizing that life isn’t about math, and leverage may not be necessary for success
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow197


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 17, 2021
196: Finance Friday: Debt-Free, Great Pensions, But Will it Be Enough?
01:26:04

Getting out of debt can be very empowering, which is exactly how Azar and Jeffrey felt when they paid off $83,000 of debt in under 3 years! They thought it may be the best time to start investing in real estate, but with a surprise baby on the way, they need to be sure they’re prioritizing stability over growth. Since they’re in such a great position, they should be able to do both!

Azar works as a school nurse bringing in a respectable salary, while Jeffrey gets disability payments. Both have pensions and retirement accounts, but they want something more than just those retirement options. For them, real estate seems like the next step. They’ve taken out a HELOC (home equity line of credit) in order to buy their next property, but need advice on whether or not it’s a smart move to stockpile cash for the new baby or go ahead with the real estate purchase.

In This Episode We Cover

  • Getting yourself out of high consumer debt 
  • Refinancing so you can take advantage of far lower interest rates
  • How much should you have in an emergency fund for a family of five?
  • The potential benefits of paying off your primary residence before buying rentals
  • Why HELOCs should be used for short term debt only
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow196


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 14, 2021
195: 3 Degrees, Debt Free, and “Coasting” to Financial Independence
00:55:28

Student loans can often drag people into debt, especially when chasing more than one degree. But here’s an unusual story: Brenda Olmost, PhD student, nurse practitioner, and member of the FIRE community is graduating with NO debt. Amazing right? Brenda has worked her tail off over the past decade getting scholarships, living below her means, and working whenever she can so she graduates her program with no debt.

Not only has Brenda done a fantastic job making extra income, she’s been investing on the side! She has a growing 401(k), a maxed out Roth IRA, and 2 rental properties. At 31, she’s in a phenomenal position to reach financial independence. Lucky for her, she loves her career, so even if she does hit her FI number, she’ll still be bringing in the dough to pursue more and more investment opportunities.

If you want to hear more from Brenda, you can check out her podcast, Minority Millennial Money where she talks about budgeting, investing, saving, career, and relationships!

In This Episode We Cover

  • Staying off the hedonic treadmill and living below your means
  • Pursuing high demand, high-income careers
  • Getting scholarships and working on the side to pay for school
  • Why you SHOULDN’T buy that new car you want
  • Hitting “Coast FI” in your early 30s
  • Using your extra income to invest, buy rental properties, and save
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow195

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 10, 2021
194: Finance Friday: Will I Still Be Able to Hit Retirement At 60?
01:14:07

It’s a common concern among many Americans on whether or not they can retire on a timeline they feel comfortable with. In this episode, we talk to Deb, who’s having some of those same concerns. She has over $100,000 in assets (not including the house) and wants to be sure that she can provide a great life for her children all while saving more and more for retirement.

Deb has read so many money and financial independence forums about mid twenty year olds with six-figure incomes and five-figure savings per month. Many people read about these stories and feel like they can’t compare, but if you’re in Deb’s situation, you’re already doing well with retirement savings! It can be dangerous to compare your journey to others who’s backstory you don’t know. That’s why we encourage everyone to save, invest, and spend at a rate that works for their goals!

In This Episode We Cover

  • Finding side-income sources and business that will help you with retirement savings
  • Keeping an expense tracker and budget so you know exactly what you’re spending
  • Having a sizeable emergency fund so you’re never in a bad position
  • Giving every dollar a purpose in your budget
  • Setting up your children with Roth IRAs so they can start investing sooner
  • And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 07, 2021
193: Building a Business After Homelessness, Addiction, and Debt
01:25:06

Part of the mission of the BiggerPockets Money Show is to share journeys from all walks of life. Our guests show that no matter where you’re at, you can reach financial freedom and enjoy your life on your terms. Today’s guest, T Christopher Colton, is a shining example of pulling yourself out of the depths and into the light.

Chris never liked school, and was spanked all throughout elementary and middle school for failing to pay attention in class. He was told he needed to go to college, but didn’t have the passion for higher learning that other classmates did. He ran away from home multiple times, ended up being homeless, and addicted to drugs. He had stints as a car salesman, before going into carpentry.

With the help of his wife, Chris was able to get off the streets and live a stable life with his full time income. But, he wanted more. He became an electrician apprentice and started doing side work to help pay off the $100,000+ debt he had accumulated. Thankfully, he found out about financial independence through Dave Ramsey, putting him on a path to reject consumer debt, go hard on retirement accounts, and bring in more income.

In This Episode We Cover

  • The financial danger of buying a new car, and the costs that come with it
  • Selling everything to get out of debt fast
  • Moving states and reducing costs of living dramatically
  • 401(k)s, IRAs, and Roth IRAs for retirement
  • Starting a side business and having your W2 pay for your everyday expenses
  • Getting your children on a path to success with early financial independence
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow193

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 03, 2021
192: I Make Great Money - Why Do I Feel So Broke? Finance Friday
01:03:17

In many of our lives, we make a decent salary, we try to save and invest, but we still feel bogged down by debt. How is it possible to feel “broke” while making a great salary? That is the question that Tiara, today’s guest, is asking. Tiara works as a park ranger in Texas, but wants to take a break in the next few years to go on a big travelling holiday.

This is a great idea! She’s worked very hard, managed to get some assets under her name, and needs a break. But before she can go out and explore the world, she needs to take care of some high-interest credit card debt eating away at her bank account and her financial sanity. 

Tiara is also sitting on a rental property that has appreciated since she bought it. This rental property used to be her primary residence, so she still has some emotional ties to it, but with her current needs growing greater than her need to hang on to a negative cash-flowing rental, it may be time to sell the house. 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 30, 2021
191: It’s Not Your Money, It’s Your Future Self’s Money with Angela Rozmyn
00:57:53

Many of us have had the benefit of growing up in households where our parents taught us about money, saving, and investing. Angela Rozmyn was raised in one of these households, and when she wanted something like a bunk bed, her parents got her to work so she could split the cost of it. Clearly this has helped her even to this day as she pursues financial independence and runs the Facebook Group “Women’s Personal Finance (Women On Fire)”.

Before she was on her financially independent journey, she had to get rid of her student debt. She did so by working two jobs before getting into a full-time position and paying off small amounts of the loan as quickly as possible. She paid off $24,000 in student loans in less than 4 years, a huge accomplishment! One of the biggest factors that pushed her to pay off her loan so early was when she calculated how much she was paying in interest on a daily basis. This lit a fire under her to become debt-free.

Now, Angela writes on her own blog Tread Lightly, Retire Early where she shares her money journey, mistakes, and tricks to hitting financial freedom. Angela prides herself on having such a strong community and blog position in a niche that tends to be led mostly by men.

In This Episode We Cover

  • Instilling a money mentality in children at a young age
  • Paying off your student loans as fast as you can
  • Having separate accounts when married/in a long-term relationship 
  • Maxing out your IRAs and doing as much as you can for your future self
  • House-hacking and finding a roommate that benefits your life
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow191

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 26, 2021
190: Why You Should Always Have Side-Income: Finance Friday with Rachael
00:58:31

Side businesses can be a fantastic way to boost your savings and investing rates, especially if you’re making a low salary! Rachael works in the insurance industry and is keen on getting a promotion soon, due to her recently acquired license. She loves her work and wants to stay with her company as long as she can, but she also wants to increase her income so she can save more for her retirement, her college funds, and pay off some student debt.

Rachael has always been an artist and uses this talent to grow her small businesses. She hosts “painting parties” where she leads a group of people through painting a beautiful picture. She also has some designs that she sells over printing websites so people can buy them as mugs, mousepads, tee-shirts, and more.

She does have a few things to cut out of her life, such as a very expensive mobile phone bill for her and her sons, as well as a love for eating out. Mindy and Scott’s advice is to start tracking expenses as soon as possible and get rid of her delivery app membership right away!

In This Episode We Cover

  • Why side-income streams are so important when building wealth
  • Combining or keeping finances separate when in a marriage
  • Why you shouldn’t liquidate your retirement savings before a divorce
  • Cutting down eating out and making it easier to eat at home
  • Saving on mobile service by going with a prepaid service
  • And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 23, 2021
189: Revenge Spending: How It’s Sabotaging Your Financial Relationship
01:02:16

Getting a finance degree doesn’t make you a great investor or saver, that’s what Teri Slater, personal finance coach found to be true after completing her degree. From a relatively early stage, Teri had already racked up student loan debt, a car loan, and credit card debt. She pulled herself out of debt and felt accomplished, but after she got married and bought her first house, she found herself back in debt. About $200k in debt!

Teri and her (then) husband had high incomes, a nice home, children, and a couple of dogs. From the outside, it looked like they were doing phenomenally, but inside the home, Teri and her husband were barely scraping by with enough money to pay the mortgage every month. They had credit card debt, a car loan, a truck loan, business loans, and a HELOC (home equity line of credit) against the house. They were completely surrounded by debt. 

They decided to attend Financial Peace University sessions and take the baby steps to get out of debt. Teri still felt embarrassed at the end of the meetings and was hesitant to disclose how they were doing financially. It took her and her husband years to get out of hundreds of thousands in debt, but as of 2018, Teri is debt free! Now she puts a generous amount towards her after-tax and pre-tax retirement accounts, and helps teach others how they too can be on a path to financial freedom.

Teri knows first hand how hard it can be to talk through financial situations with your partner. She goes through some tactics to get your partner on the same page as you and create clear goals, all without revenge spending! 

In This Episode We Cover

  • Staying out of debt when you go to college 
  • Diagnosing the behavioral issues around debt 
  • Getting out of debt and staying out of debt 
  • Keeping up the momentum when you’re paying off large amounts of debt 
  • How to stop “revenge spending” when you feel it coming on
  • And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow189

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 19, 2021
188: Finance Friday: Is A Master's Degree Worth The Pay Raise?
00:55:12

Being strapped with student debt isn’t easy. It creates a whole new obstacle to hitting financial freedom, but it can be mitigated. So does it make sense to invest on the side and pay the regular monthly payments on student debt, or go all-in and pay off huge chunks of student debt at once? Today’s guest, Robyn, has this exact question (which many of you may have as well). 

Robyn lives in the Bay Area, one of the most notoriously expensive housing markets on the planet. That being said, she is paying very low rent, under $700 a month, split with her partner. Robyn has student loans and a small car loan, but wants to go back to school to get her master’s degree so she can hit her career goals. There would be a pay raise after she got her master’s and she loves her job, so she’s keen on staying in her sector for awhile.

Scott and Mindy go through a few examples where it may be best for Robyn to go more heavy on investing, instead of paying off the student loan aggressively. This is especially true now that the government has given the option of 0% interest payments on student loans for many students (including Robyn) until at least the last quarter of 2021. So what makes more sense, get rid of debt or go in on investing?

In This Episode We Cover

  • Keeping a large savings rate every month for unexpected expenses 
  • Finishing school faster so you walk away with less debt
  • Knowing your student loan and other debt interest rates 
  • Weighing investing against paying off student loans quicker 
  • Having a side-income so you can maximize saving whenever possible
  • And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 16, 2021
187: Tiffany Aliche's 10 Financial Components to Become 'Financially Whole'
01:25:51

Tiffany Aliche is back for her third appearance on the BiggerPockets Money Show! We’ve talked to her about how to teach your children about money and climbing out from financial rock bottom, now we talk to her about making millions!

If you haven’t heard from Tiffany before, we’ll catch you up on her backstory. Tiffany was doing well with money up until her mid-twenties, then she hit a few snags, and even got scammed out of $35,000 from who she calls “Jack the Thief”. She was living with her parents in her thirties and had a lower net worth at thirty than she did a sixteen. This is what she refers to as hitting her financial rock bottom.

Thankfully, she had some friends who helped pull her out of her financial shame. She then went on to work hard, started putting away money in savings and investments, and now she’s running businesses making 7-figures, every month! That is no small accomplishment, but Tiffany doesn’t want to go small, she wants to go BIG! Big retirement accounts, big businesses, and big dreams!

Tiffany’s current goal is to hit $10,000,000 in retirement savings by fifty, but thinks she may be able to do so before she turns forty-five. This is all accomplished through creating big visions, setting the pace for the rest of her financial life, prioritizing tasks in her life, and farming out her profitable skill sets. Tiffany’s friends say that everything she touches turns to gold, but Tiffany says “I only touch gold!” 

You can get Tiffany’s new book Get Good with Money today!  

In This Episode We Cover

  • Going from financial disaster to ‘Budgetnista in a few years
  • Embracing your humble beginnings and thinking of them as preparation for bigger things
  • Farming your profitable skill sets where obvious and latent skills are found
  • Prioritizing your daily tasks and your life as a whole
  • Investing your wealth AND retirement
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow187

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 12, 2021
186: Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie
01:01:58

Today we talk to Sammie, a physician assistant out of the San Francisco Bay Area. Sammie makes a great income, around $140,000 a year, but is strapped with a very big $160,000 student loan debt. The good news? She’s eligible for public service loan forgiveness within only a few years, all she needs to do is continue paying her loan payments while keeping her job, and the debt will be wiped away!

This is fantastic for Sammie, because she wants to start investing more into assets so she can hit financial independence within the next decade.This should be more than possible seeing as she used to be spending a lot on her rent in San Francisco, but decided to move back home with her parents two years ago to not only help them, but save money.

Sammie has some options to work more hours at her job, invest more aggressively, or buy some rental properties. She has a good amount in cash savings and would be comfortable looking into rentals starting next year. She also has a $200,000+ investment portfolio, so not only does she have a positive net worth, when her student loans get forgiven, she’ll be sitting on a lot of money she’ll be able to play with!

In This Episode We Cover

  • Public service loan forgiveness for student loans
  • Moving back home in order to save money on rent 
  • Creating more streams of income to hit FI faster and so you can retire more comfortably
  • Choosing to stay at your job even if you’ve hit your FI number 
  • Investing in your 401(k), Roth IRA, and Traditional IRA
  • Keeping monthly expenses as low as possible on your road to retirement
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow186

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 09, 2021
185: “I DON’T Want to Retire Early” with Investing Expert Barbara Friedberg
01:15:55

Barbara Friedburg wasn’t always the savvy investor and saver that many people know her as, but her background helped get her there. Born to parents of the great depression, Barbara had the traits of frugality and modesty instilled into her from a young age. Money was an open subject of discussion in Barbara’s household, unlike most households today. Her parents taught her to value money, not waste it, and be smart when you spend.

Barbara’s innate financial intelligence was clearly shown when she met her husband. Within two weeks of them getting together, Barbara had already taken over her future husband’s finances and got his money into a retirement account. This led to them having a very financially healthy relationship, never spending more than they needed to, and putting a substantial amount of their income into savings and 401(k) accounts.

Barbara then went on to become a financial planner, investor, consultant, and author. In a time where the market is so overvalued, she advises young people to be smart with their income and understand that wealth is built in the long-term, not through quick gambles. Save your money, invest it consistently, and get off the hedonic treadmill. “Don’t covet your neighbor’s BMW” is what she told us!

Barbara also gives us an inside look into her current investments, and why she heavily favors passive index funds over single stock picks. She goes into short, medium, and long-term money, and the uses for each. For young people who haven’t gotten a grip on finances yet, this is a great episode to hear from someone who has done it successfully for decades!

In This Episode We Cover

  •  Making sure that money is a topic often discussed in your family
  •  Knowing the value of money and fighting back the urge to spend frivolously
  • Saving a large amount of your income whenever possible
  • Why Barbara doesn’t believe the FIRE Movement is attainable by most
  • Why You HAVE to be diversified in order to succeed
  • What to do with your short, medium, and long-term money
  • And So Much More!

Links from the Show

 Check the full show notes here: https://www.biggerpockets.com/moneyshow185

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 05, 2021
184: Finance Friday: Is Your FI Number Overly-Conservative?
00:44:18

Saving up for financial independence can take some time, but if you’re earning a high salary, keeping your exSaving up for financial independence can take some time, but if you’re earning a high salary, keeping your expenses low, and heavily investing, FI can come quicker than you think. Today, we talk to Kristine, an estimator in the mechanical engineering and plumbing industry. Kristine and her fiancé make a sizable amount of money. Even better, they spend very little for their income bracket and invest in long-term index funds.

Kristine and her husband are thrifty, they pay only $600 a month to rent a room in a house and are just now about to purchase their first home. They’re putting 20% as a down payment and are ready for a large shift in disposable income. They’re also planning on having kids in the future, and want to be sure they can retire on their terms so they can spend time with their children.

Originally Kristine wanted about $3.1 million dollars in assets to hit a $100,000+ per year withdrawal allowance (using the 4% rule), but Scott and Mindy argue that this could be more aggressive than needed. Kristine may be over-budgeting for future children and other expenses, without realizing that her sizable amount of assets could compound quicker than she thinks. Will Kristine be able to retire far earlier than she plans? Listen to find out!

In This Episode We Cover

  • How having a high income can put you on the fast rack to FI
  • Keeping your housing expenses low especially when you’re making a lot of money
  • Putting money into bonds as opposed to high-yield savings accounts 
  • Being on the same page (financially) as your partner and having regular money dates
  • Having future expenses budgeted so you can have an accurate retirement goal
  • And So Much More!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow184

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 02, 2021
183: Mini Millionaires: How to Set Up Your Children for Financial Independence with Rob Phelan
00:53:21

Those who are part of the FI or FIRE movement know how important it is to set yourself up on the right path in your youth. For parents, how do you get your kids excited about pursuing financial freedom? How do you talk to your kids about taxes, retirement accounts, saving, investing, and real estate without them falling asleep?

This was Rob Phelan’s question when he started working to build the Choose FI Foundation. The foundation’s goal is simple: help kids achieve financial literacy before they leave high school, let them break free from debt, build towards retirement, and live happier, more secure lives. Contrary to many parent’s beliefs, when children are presented with education regarding them becoming rich, they actually perk up.

Rob stresses that a child’s relationship with money is more important than things like amortization schedules and interest rates. Different age groups learn about money in different ways. For example, elementary school children may learn through broad concepts and simple planning, middle school children are ready to learn about retirement and taxes, and high school children can ask the big questions like “what will make me a successful adult?” as well as developing saving and spending habits.

Rob created different programs and projects such as his “meal planning” project where he asks kids to plan a week's worth of meals and compare their incomes against their expenses. He talks to high school students about house-hacking and creating cash flow so they aren’t stuck in a job they hate. He also runs The Simple Startup, where he teaches children how to start their own business for free!

If you’re a parent or teacher, you can access the Choose Fi Foundation’s full curriculum for free, and get your kids onto a great start!

In This Episode We Cover

  • Why Rob chose to focus on financial literacy for children 
  • The importance of solidifying crucial financial concepts in children
  • How to help your children develop good saving and spending habits 
  • Which topics work best for specific ages 
  • Using the “Bank of Dad” idea to teach kids about saving
  • Motivating high school students to reach financial freedom early in life
  • And So Much More!

Links from the Show


Check the full show notes here: http://biggerpockets.com/moneyshow183

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 29, 2021
182: What if My Career Gets Phased Out? Finance Friday with Mike
01:01:14

Mindy and Scott don’t often get stumped on the Money Show, but it happens once in a great while. What do you do when you have a multi-million dollar net worth, appreciating properties, a maxed out 401(k), and a solid safety reserve? That’s exactly the question that today’s guest, Mike, has. 

Mike has worked in the music industry for years, moving all around the US to do his job. As technology has evolved, Mike is predicting an end to his specific role over the next decade, and is wondering what he should do next. He doesn’t have a lot of interest in starting a business or buying more real estate, but wants to squeeze out more money or savings if he can.

He has rental properties that have highly appreciated, but are having cash flow problems due to COVID-19. One, located in San Francisco, has netted close to $700k in equity since its purchase 12 years ago. That’s massive! Mindy and Scott go through Mike’s options, such as selling and putting the leftover profit into cash-flowing assets, or 1031 exchanging into a more diverse real estate investment.

Mike is one of the best examples of smart investing we’ve seen on the show, but there’s always more room for improvement with finances!

In This Episode We Cover

  • What to do after a real estate investment has grown significantly in equity 
  • HOA fees and being prepared for a large cost when owning a condo
  • Looking forward in your career to see when your industry may go through changes
  • 1031 exchanges and using them to get more cash flow
  • Keeping your expenses low even if you make a substantial amount of money
  • And So Much More!


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Mar 26, 2021
181: A Slow, Steady, and Sustainable Way to Buy Rentals with Julie
01:15:25

You may hear of 20 year olds with $1,000,000 in real estate, or a novice flipper doing 50 flips a year, or even a wholesaler who made six figures on one deal. What about the everyday investor who slowly grinds and acquires a steady stream of passive income all while building hundreds of thousands in equity overtime? Those are the real people in real estate, and that is a success story worth sharing.

Julie, software engineer and former BiggerPockets employee bought her first house after realizing that a mortgage would be cheaper than her rent. After getting together with her (then) boyfriend, they decided to buy a bigger house. As her first house sat on the market, she waited for an offer, and then made the decision to rent it out. 

A few months after buying her second home, she broke up with her boyfriend. Problem? They were both on the title and mortgage. Julie had enough money in her cash reserve to buy him out of the property. Now the property was all Julie’s and she rented out a room to help her pay off the mortgage.

Now Julie has 7 properties, spread out across Iowa, Tennessee, and Kentucky. All with very interesting stories, and all pay her passive income, every month. Julie is proof that with some financial restraint, you can slowly build a real estate empire, without even trying to do so in the first place!

In This Episode We Cover

  • When you should own and when you should rent a house
  • The dangers of buying a house with someone who may not be in your future
  • Why you should borrow less than you’re approved for
  • The importance of keeping a substantial cash reserve available for investments 
  • Never rent to someone who has no credit, no references, and no job
  • Diving into real estate, even if you don’t know all the tips and tricks yet
  • And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 22, 2021
180: So You’ve Reached Millionaire Status, What’s Next? Finance Friday with Brian Blask
01:10:37

What do you do once you’ve hit millionaire status? You have rental properties, brokerage accounts, and a good amount of cash on hand, so what’s next? This is the question that today’s guest, Brian Blask, has. Brian has done everything right so far: he doesn’t spend frivolously, he invests heavily, he isn’t overleveraged in his rental properties, and he has a high income.

Often when you reach such a high point of financial intelligence, you want to make bigger investments for bigger returns. Brian is debating whether or not he should buy more rentals in the cash flowing market of upstate New York, or buy a short-term rental in his new home state of North Carolina. Both markets are different, while one favors cash flow, the other favors appreciation. Brian is also debating whether or not he should take a truly passive role and invest in real estate syndication deals.

Many people don’t know that to become an accredited investor you (often) need to have a net worth of $1,000,000. This is why Brian is debating whether or not he should put money into syndications. Although they can be more hands off, it’s incredibly important to do your homework and look at the track record of a syndication before diving in. 

With the liquid assets that Brian has on hand, he has a number of great options to follow up with. Keep the cash flow in New York even with little appreciation, try his shot at an AirBnb in North Carolina that could both cash flow and appreciate, or have more time with his new baby on the way and put money into a syndication. What should he do? Listen to find out!

In This Episode We Cover

  • How real estate helped Brian keep his income higher than his expenses 
  • How much of a safety reserve should you have for your rental portfolio?
  • When (and when not) to put more money into you tax-advantaged retirement accounts
  • Setting up separate reserves for your rentals and your personal life
  • How to evaluate whether or not a syndication will bring back promised returns 
  • Cash flowing markets vs appreciation markets 
  • And So Much More!

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Mar 19, 2021
179: “The Guy Who Did Everything Wrong But Still Figured it Out” with David Pere
01:05:58

Being in the military opens you up to an array of benefits for a financially abundant life. You have access to VA loans, a tax-free housing allowance, and a pension (if you stick around long enough). That’s why it’s of the utmost importance to start saving and investing while you’re young and in the military. But, that wasn’t exactly what David Pere (From Military to Millionaire) did when he was first enlisted. 

David grew up with frugal parents, who never splurged on much. So when he joined the Marine Corps in 2008, he was ready to catch up on the spending he never was able to do. As he describes it, he spent his first salary on “a truck, tattoos, and drinking”. Not the best way to set yourself up for financial freedom! It wasn’t until a few years later when a friend gave him a copy of Rich Dad Poor Dad that David discovered he could be doing A LOT more with his money. 

He bought a duplex with an FHA loan for $81,000 and house hacked it so his tenants were paying a majority of the mortgage. When he was shipped off for duty, he ended up leasing out the other side of the duplex and cash flowing an extra $300 per month. He then went on to buy a 10-unit with just 5% down and also got in on a small syndication in South Carolina. 

Everything was looking good, until David decided to partner up on a 40 unit, mixed-use building with a sizable amount of leverage. Some things happened and the deal turned sour, now David is in a legal battle to get his money out of the deal. Even with this massive deal not going through, David pushes the importance of scaling, but not too fast. Scaling to an amount where you aren’t overleveraged but at the same time pushing yourself to accomplish more is the sweet spot!

In This Episode We Cover

  • The financial benefits that service members have 
  • Why you should max out your non-taxable retirement accounts whenever possible
  • Using FHA loans to buy multifamily properties with very little down payment 
  • The “mentality shift” that comes with buying a large property
  • How to evaluate whether or not a deal is worth the effort 
  • Choosing cash flow over unit numbers to hit financial independence 
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow179

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 15, 2021
178: Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl
01:12:58

Last time we talked to Sarah, AKA Budget Girl, she was on Episode 6 of the Money Show. If you haven’t listened to that episode, here’s a quick recap. Sarah was $33,000 in debt from student loans, but she was able to pay it off while making less than $30,000 year! For most people, this would have taken decades to pay off, but Sarah was able to crush her debt in only a few years!

Now it’s time to check in on Sarah, and see what she’s been doing since clearing herself from debt. Currently, Sarah has a net worth of over $100,000, she took some advice from the BiggerPockets community and bought a duplex to house hack! She purchased the duplex within the “path of progress” around Texas A&M University. She’s seen some solid appreciation over the past 10 months and cash flows a small amount off the property. She’s not only living for free, she’s getting paid to live in her own property!

Sarah has also hoarded a serious sum of cash and investments sitting on the side. She has retirement accounts, brokerage accounts, and a large surplus of cash that is slowly building so she can buy her next property. Sarah is able to do this by keeping her expenses very low, while making money from her full-time job and her side hustle as Budget Girl. She proved that even with a low income, you can get out of debt and hit financial milestones!

In This Episode We Cover

  • Getting out of debt fast, even with low income
  • Creating multiple streams of income so you can save and invest heavily
  • Buying properties within the “path of progress”
  • House hacking to live for free (or getting paid to live)
  • TSPs, Roth IRAs, and other retirement accounts
  • Keeping your spending conservative so you can go all in on investments
  • And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow178

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 12, 2021
177: Putting Yourself in the Best Financial Position as a First Time Home Buyer with Scott and Mindy
01:15:07

It’s hard being a first time home buyer, especially if you don’t have any experience with real estate, property values, or market appreciation. You may be wondering how you’ll be able to buy a home that will help increase your net worth, or at least, not shrink it. Scott and Mindy are on today to tell you how to make the best first time home buying decision possible. 

We’ll go through the most common myths that first time home buyers tend to get caught up in. Myths such as:

  • Buy as much home as you can
  • Buy your “forever home” as your first time purchase 
  • Your home is an investment 
  • And more..

If you’re interested in gaining some appreciation with your first home purchase, Scott and Mindy also walk through the most common exit strategies and how you can prepare to use them. You’ll also hear some great advice on how to find a good deal in your area. And no, a good deal doesn’t just mean a deal that is lower than market average!

Want to know more about how to successfully buy your first home? Scott and Mindy’s new book First Time Home Buyer can be ordered now!

In This Episode We Cover

  • What most home buyers get wrong when buying their first house
  • The most common myths that first time home buyers believe 
  • How to find a good deal, regardless of the area you live in
  • Knowing EXACTLY what kind of house you want to buy
  • Buying a house that works for you and your partner (if living together)
  • Preparing calmly to act aggressively so you can get a perfect home under contract
  • And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 08, 2021
176: How to Grow Retirement Accounts Before Having Kids | Finance Friday with Steve
00:59:10

Most listeners of the show will know that a cash cushion is always great to have and should be mandatory for almost everyone. Having a cash reserve of 6-12 months can help you cover unexpected expenses or life events like a sudden medical bill or losing your job. That being said, sometimes you can have a cash cushion that’s too big for your lifestyle

Today we talk to Steve, who has been paying off his mortgage quickly with the help of his wife. They both have respectable salaries, retirement accounts, and a large cash cushion. Steve wants to know whether or not he should move some of his cash out of his reserve and into retirement accounts or real estate

Since Steve has such a large cash cushion to rely on, he could take out a fraction of it to use as a down payment on a rental property and still have tens of thousands left over! Scott and Mindy walk Steve through the different options he has, such as paying off his primary mortgage then buying real estate, pausing his mortgage prepayments and going all in on real estate, and other strategies. 

Steve is in such a secure position that it makes it hard to criticize his current standing. That being said, he could be using leverage to springboard his investment property portfolio and be on the path to financial freedom sooner! 

In This Episode We Cover

  • How much of a cash cushion you should have available 
  • Eliminating big loans like mortgages and student debt 
  • Buying rental properties before you pay off your primary home
  • Leveraging debt in order to grow your wealth quicker 
  • Getting a real estate agent to start browsing the market for rentals
  • And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow176


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 05, 2021
175: Staying Flexible in Early Retirement with A Purple Life
00:51:36

Last time we talked to Purple from A Purple Life, she told us about her plan to retire at the end of 2020. If you haven’t listened to that interview, you can listen to it here to get the full scoop on Purple’s journey from a $5,000 net worth to hundreds of thousands within only a few years. 

Like many financially savvy early retirees, Purple put a lot of time into planning, saving, and investing her capital in order to retire in her early 30s. Well, she did it! As of October 2020, Purple is financially independent and retired! So, how’s it going so far with financial independence in Purple’s world?

Purple talks about her hobbies, interests, and most importantly, how the final month of her employment went with her former employer. She also gives some great insight on taking advantage of her employer’s health insurance for the last month of work, making sure that she was able to keep her quarterly bonus, and how she ended up breaking the news to her boss. 

It’s all worked well for Purple, but she did have some big plans to cancel. Purple had lined up 4 months worth of travel that all had to be canceled when COVID-19 hit and shutdowns began. She would have been snorkeling in Australia and scootering in Thailand right now! Thankfully, Purple has been able to adapt and take advantage of this off time to assess her financial situation and what she wants out of early retirement

In This Episode We Cover

  • The importance of planning for early retirement even if you love your job
  • Having a lean FI number and low monthly expense so you can live comfortably in retirement 
  • How long a cash cushion should last you when you decide to retire 
  • Taxable vs. Non-taxable retirement accounts (and which to leverage)
  • Ending your employment in a respectful and polite way 
  • Being flexible with your retirement plans 
  • And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 01, 2021
174: Finance Friday: Reaching Semper FI (Financial Independence) Before Retirement with Fabio
01:11:32

Real estate investors are known to have their hands in 20 different pots, this is doubly true for Marine and real estate investor Fabio. Fabio is a Captain in the Marine Corps and has been in service for the past 21 years. He has at least five years left before he wants to retire, but is poised to hit his “freedom number” (or what others call their financial independence number) soon.

Fabio has rental properties throughout the country: a duplex in San Diego, a house in Arizona, a BRRRR currently in the rehab stage in St. Louis, and his residence in Illinois. The problem? Some of these properties aren’t cash flowing as much as Fabio would like. He also has a high interest hard money loan on the BRRRR property he is rehabbing, plus a loan taken out against his retirement account.

This presents a handful of different options: should he sell some of the houses that aren’t cash flowing in order to pay back some of the high interest loans or wait to refinance? Which debt should be taken care of first? How can he leverage his current assets to help him build a bigger real estate portfolio. 

If you’re a long-term real estate investor, you’ve probably been in a dilemma like this before. Stick around for all the lucrative options Fabio can use!

In This Episode We Cover

  • Keeping monthly expenses low (especially if you’re about to retire)
  • Taking advantage of the equity you have in different properties 
  • Coming up with a “Freedom Number” then shooting for that goal
  • What to do with houses that aren’t cash-flowing 
  • Taking out loans from a 401(k) or TSP account 
  • Which loans to pay off first (depending on time and interest rate)
  • And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 26, 2021
173: Bringing in The ‘Dough’ with Brent TheFoodTruckCEO (Part 2)
00:58:39

Welcome to episode 173.5! Yesterday you heard from Brent, a former registered nurse who paid off over $100,000 in debt and started a mobile pizza truck! Brent’s original interview was recorded back in January or 2020 and was scheduled to be released right around the time that the pandemic hit and shutdowns began. Since it was released yesterday we thought it’d be a great idea to have him back to talk about all his progress since then!

Since we last spoke to Brent, he’s added a whole other food truck to his business and has hired on more staff. Now he’s cooking up (and selling out) pizzas wherever he goes. He even has a new social media handle, he’s TheFoodTruckCEO

Brent talks through the challenges he’s faced this year, the wins he wasn’t expecting, and advice he’s given to young entrepreneurs just starting their business. As you heard in the last episode, Brent paid for his first pizza truck with savings he had, allowing him to finance the business debt-free. A year later, Brent still agrees this was a good idea, as has less stress and far more creative freedom being able to make decisions without having to worry about paying off a large amount of debt

What are the profit margins of pizza and food trucks? Brent shares his margins, his pricing, and success stories, showing that regardless of how profitable your product is, you’re always going to have to put in the work to get it to where customers are willing to buy. Brent manages a very tight ship and is still learning the best ways to hire, manage, and make delicious pizza (without burning it)! 

In This Episode We Cover

  • How Farm Fired Pizzas has grown since we last talked to brent
  • Why starting your business can be much harder, but much more fulfilling than a regular job
  • Why staffing is such a big hurdle when scaling and expanding a business
  • Using debt vs. using cash to start your business venture 
  • Becoming competent in a trade before you start a business focusing on it
  • Being flexible with your business venture and embracing failures
  • Raising prices in a way that works for your bottom line and your customers
  • And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow173-5

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 23, 2021
173: Leaving "Soul Crushing" Corporate to Chase Food Truck Dreams with Brent TheFoodTruckCEO (Part 1)
00:59:26

What does the average person do in their 20s? For most people, it means going into student debt, getting a car loan, getting a mortgage, and treating yourself. These are the “average financial decisions” that put many Americans into debt and stuck at jobs they only dream of leaving. That’s how Brent aka TheFoodTruckCEO felt when he and his wife realized they had over $100,000 in consumer debt.

Brent and his wife didn’t make any crazy decisions, he merely did what society said is the right thing to do. He and his wife had student loans to cover nursing school, both had car loans, and racked up around $13,000 in credit card debt alone. This doesn’t even include a tractor Brent decided to buy for a future business purpose!

Both Brent and his wife were bringing in solid money every month from their nursing jobs, but as soon as the money came in, it somehow flooded right back out. This annoyed Brent, he felt like he wasn’t in control of his money and his life. He went to work on debt, adding up everything they had spent over the past few months and realized he and his wife were eating out far more than needed, wasting groceries they were paying good money for, and jeopardizing their future with random purchases.

They cut up the credit cards, started snowballing their debt, reduced their eating out, and stopped shopping at the big box stores. They attacked their debt! Within 5 years, they paid off $109,000 in debt, and started to save up for investments every month.

As time went on and Brent got promoted to a more corporate role, he realized that he put himself in a terrific financial position to leave and start his own business. He had accumulated $100,000 in cash, started investing in his business, and now runs a mobile pizza truck, serving delicious woodfired pizza and doing what he loves.

In This Episode We Cover

  • Why “average financial decisions” can often trap young people in debt
  • Going over finances with your partner before (and after) getting married
  • How to expense track to see exactly where your money is going
  • Using the “debt snowball” method to get out of debt quickly
  • Creating the “financial runway” you need to invest in your business and future
  • How to have a job exit plan so you can leave on your terms
  • And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 22, 2021
172: Finance Friday: Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom with Jeff
01:26:24

Jeff, like many listeners, feels as if there is enough money coming in every month, but somehow it’s slipping out, not allowing him and his wife to hit financial independence. A big reason this could be happening is simple: not enough income and expense tracking. This is why Mindy and Scott are always so adamant about having a budget (and sticking to it).

Jeff owns his home, and it has appreciated a favorable amount since he bought it; he also owns a duplex in his home state of California, and a rental property in Memphis. But that’s not all, Jeff owns another type of property...one he isn’t too proud of. A timeshare! Jeff wants to get rid of his timeshare so he can put more money into growing wealth.

He also has HELOCs taken out against homes which are burning holes in his pockets on top of the bills he and his partner already have to pay. While Jeff is happy with his line of work, his wife wants to be able to leave her job. With so many factors at play, it can seem difficult to reach financial independence and grow wealth, while also being happy at work, but with some financial intuition, it’s possible!

In This Episode We Cover

  • Why you shouldn’t go to a timeshare meeting (ever!)
  • How having a high income doesn’t mean you’re moving closer to FI
  • Weighing the pros and cons of in-state and out-of-state investing 
  • How much to keep in cash reserves for your personal accounts and business accounts
  • The importance of zeroing in on your goals so you can shoot for success
  • How to stop income from leaking out (amazon shopping, eating out, etc.)
  • How to have a successful money date with your partner
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow172

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 19, 2021
171: Putting Happiness Over a Bigger Paycheck with Brandon Richard Austin
00:58:38

Most people would consider $80,000 a year a respectable salary, but what if you were making that much during college? That’s what today’s guest, Brandon Richard Austin, made in his sophomore year. As a journalism major, he started doing freelance writing work, and a client of his ended up offering him a remote position on the team. 

So there Brandon was, making $80,000 a year, working 12 hour days, all while juggling school at the same time. Thankfully, Brandon wasn’t a big spender. He didn’t go out and buy a new car, a new watch, or even move out of his parents’ house.

Brandon was able to start investing in index funds and early cryptocurrencies, netting him some pretty stable returns (at least from the index funds). After completing college and still having a very low cost of living, Brandon asked himself if the job was worth all the stress. He decided it wasn’t and voluntarily chose to take a pay cut to work somewhere else where he was happier and had more control of his work.

Brandon still lives at home and advocates doing the same for people his age. Not having a housing cost (or having very low housing costs) is one of the best ways to put yourself on the path to financial freedom. This low cost of living situation has allowed Brandon to be on the path to financial independence while still valuing his happiness.

In This Episode We Cover

  • Why many people who grew up frugal feel guilt when spending money 
  • The importance of tracking your little purchases so they don’t add up
  • Whether or not taking a pay cut is worth less stress/more freedom
  • Why index funds are such a great asset to hold for the long term
  • Setting your financial freedom goal and seeing it as a marathon, not a race
  • Minimizing your housing costs as much as possible (especially when you’re young)
  • Developing an investment philosophy that speaks to you
  • And So Much More!


Check the full show notes here: https://www.biggerpockets.com/moneyshow171

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 15, 2021
170: Finance Friday: Trading Debt for Cash Flow and Liquidity with Teacher Erik
01:13:31

Erik and his wife have three big debts to tackle: their mortgage on their primary residence, their mortgage on their rental property, and a HELOC (home equity line of credit) taken out as the down payment for their rental property. So, which debt should they tackle first?

As two school teachers in New Jersey, Erik and his Wife made smart moves earlier this year by closing on a rental property, in order to have another stream of income coming in. They already have well paying jobs, pension plans, IRA accounts, and other ways of setting themselves up for the future, but how can they streamline their debt payoffs and maximize their cash?

First, Mindy and Scott walk through budgeting, and put an emphasis on why you should separate out your business expenses and personal expenses, and make sure they don’t intertwine. Then they go on to tailor a plan of action for Erik and his wife, giving some great examples of leveraging low-interest debt in order to pay off higher interest debt and fill emergency funds

Whether it’s personal or business debt you’d like to tackle, this is a great episode going through the pros and cons of paying off debt quicker!

In This Episode We Cover

  • Why rental property owners should always have a strong safety reserve of cash
  • When prepaying loans may be a good or bad idea
  • How to not over-categorize your budgets and expense tracking 
  • Pros and cons of using a HELOC to finance a down payment 
  • 30 year mortgages vs. 15 year mortgages (rental and primary residences!) 
  • Why you should separate your business expense tracking from personal expense tracking 
  • Why a 457(b) plan is great for those who have it available 
  • And So Much More!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 12, 2021
169: Breaking the Taboo of Talking About Money with Friends, Family, and Bosses with Erin Lowry from Broke Millennial
00:59:07

It’s not always comfortable talking about money, especially with close friends, family members, partners, or even bosses. How did salary, savings, and investing become such a taboo subject to talk about? With us today is Erin Lowry aka Broke Millennial, you may recognize her voice from episode 24 and 81 of the BiggerPockets Money Podcast. 

Erin paints a picture that many of us can relate to: you’re at a birthday dinner and you order a small side and a water while the rest of your party orders $60 sushi rolls and $70 steaks. At the end of the night, what always happens? The bill gets split evenly. Now you’re stuck with a $60 total (and tip) when you only ate $10 worth of food. So what do you do, throw a temper tantrum and leave? Of course not!

It can be hard to match spending habits of friends and family if they make more than you (or are just more casual with their spending). Having frank conversation with these important people in your lives can not only help foster a healthy relationship, it can also put you in a position where you don’t feel resentment in the future. Don’t know how to have these conversations? No worries! Erin has a template for you!

You’re not just talking about money with your friends and family, you’re also talking about it with your coworkers and bosses. How often should you ask for a raise, when is a raise earned, how do you ensure that you’re rewarded for your hard work? These can all be very tricky questions to answer. Through some research, metric tracking, and proper planning, Erin shows exactly when to go to your boss to ask for a raise, how much is reasonable, and how to assess your value within the company.

In This Episode We Cover

  • Why talking about money with those close to you doesn’t need to feel uncomfortable 
  • Why money talks are often viewed as taboo in today’s society 
  • How to talk about money with your friends, family, and partner
  • Setting boundaries early for healthier relationships
  • Starting a “friend fund” and offering less costly alternatives 
  • When the best time to ask for a raise is
  • Comparing your salary or compensation vs. industry averages 
  • Showcasing your value to your employer or client
  • And So Much More!


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 08, 2021
168: Finance Friday: Budgeting Expenses While Living on The Road with Renewable Energy Worker Clayton
01:03:09

A big piece of advice given by many wealthy people and real estate professionals is to simply “get started when you’re young”. This is exactly what our guest has done today. Clayton, a renewable energy worker, travels around the midwest for work, living out of an RV with his partner.

His company grants him a company car, a company phone, a food stipend, a handsome 401(k) match, and a comfortable salary. Clayton has taken advantage of these big perks by maxing out his Roth, buying a rental property, and using his primary home as a house hack. He’s checking all the boxes at just 26 years old, with a TON of potential to do more.

Clayton is close to having the big 3 things in life paid off: housing, transportation, and food. With extra income coming in every month, what can Clayton do to put himself in an even stronger position than before?

First, he’ll need to start budget and expense tracking. This is something many guests find challenging at first, but can really help alleviate any fears of where money is going. Next, he can start adding a bigger chunk of money to his rental property reserves, that way the mortgage is always being paid (even if someone misses rent). Last, he can start looking for another house hack and another rental property. Tune in to hear Scott’s ingenious way of looking for properties even if you’re on big sites like Zillow, Trulia, or even the MLS!

In This Episode We Cover

  • Why everyone should house hack when possible to do so
  • Frontloading your Roth and making sure you max it out every year
  • Bill tracking vs. expense tracking (and how one works better than the other)
  • How to use automatic budgeting apps to fine tune your spending
  • How to define your specific criteria when looking for rentals 
  • Why landlords need a 6 month reserve for their rental properties
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow168

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 05, 2021
167: From Fired to FI Couple in 2 Years with Josh and Ali
01:39:36

Most people are told the same thing growing up, “go to college and take out a loan, get a car and take out a loan, live in a nice apartment even if it’s expensive”. This is exactly what Josh and Ali, AKA “The FI Couple”, did in their 20s. They racked up over $100,000 in student loans, had two car payments, and lived in an apartment outside of their means.

Josh grew up without much money, causing him to not have much of a financial foundation when he reached adulthood. Ali grew up middle class, but didn’t have any financially savvy role models to look up to. As they started dating and later got married, they realized that they had to take care of debt soon, or they’d be swallowed whole by it.

Josh stumbled upon a book that changed his financial view forever. A book one of our hosts is VERY familiar with. It was Set for Life, by our very own Scott Trench! After Josh read through it, he knew he had to share the information with Ali, but it took him time to find out her specific “financial language” and the best way for him to get her excited about financial independence.

After they were both on board for FI, house hacking was their next stop. As you’ll hear in the interview, they acquired four units in a short amount of time, paid off a big chunk of their student loans, and now have passive income rolling in, every month. Talk about a rags to riches story!

In This Episode We Cover

  • How debt can anchor you to a life that you don’t want
  • Why getting fired or losing a job opportunity could be a great catalyst for change
  • The importance of keeping your expenses as low as possible
  • Finding a house hack that works for you (and your partner) so you both love where you live
  • Using FHA loans to secure house hack properties with a very minimal down payment
  • Making debt a “common enemy” when you and your spouse are working to reach FI
  • And SO Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow167


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 01, 2021
166: Are You Burning Out from Over-Saving? Finance Friday with Firefighter and Teacher Couple Nathan and Kristen
01:11:47

Having too much money in investment accounts seems like a good problem to have, but it’s a problem nonetheless. Today we talk to firefighter Nathan and teacher Kristen about their income, expenditures, and investments.

Nathan and Kristen own their home and multiple rental properties as well. Collectively they bring in a respectable income, but are being stretched thin due to time restraints. From 24 hour shifts as a firefighter, making cornhole game pieces as a side hustle, and taking overtime, Nathan is working a lot, while Kristen has her hands busy as a remote teacher and taking care of their kids at home.

Between the two of them, they’re contributing a generous amount to their investment accounts, but still want a solid emergency fund (or as Scott likes to say a “financial runway”) to help them sleep better at night.

Aside from that, they are donating heavily to charity and fostering one child while in the process of adopting another. Although this philanthropic couple has all the right things going for them, they still need some downtime to enjoy the fruits of their labor.

In This Episode We Cover

  • How much money to keep in your emergency fund 
  • How to assess whether or not you’re over-contributing to retirement accounts
  • Paying off rental properties for added peace of mind
  • Developing side hustles to bring in even more income
  • Why everyone needs a “financial runway” so their investments can take off
  • Paying down a 457 plan loan
  • Putting yourself in a favorable “liquidity position
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow166

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 29, 2021
165: How 'Finance Ninja" Daniel J. Mills Started at $30k a Year and Grew a US Rental Empire from Japan
01:19:34

While living abroad, it can be very difficult to invest in assets in your home country, especially if you’re an American. Daniel J. Mills found this out early in his professional career. As a English teacher living in Japan, he had to jump through a sizable amount of hoops to find a way to invest in American stocks, index funds, and later real estate all while overseas. 

Growing up in southern California, Daniel knew that there was money to be made through entrepreneurialism. He saw his father grow a business that was profiting millions each year, only to see it later become liquidated. Daniel didn’t really think too much about money or growing his personal wealth until years later.

After college, Daniel moved to Japan and became an English teacher making a salary of around $30,000 (USD) a year. He met his wife, settled down, and bought an apartment in an appreciating part of the city (contrary to many other parts of Japan). Daniel was saving around $1,000 a month, and realized he didn’t want to be making $30,000 a year forever. So, he started investing in index funds and stocks, which grew his net worth and allowed him to invest in other asset classes, like real estate.

Daniel even shares a tax loophole that allowed him to write off 100% of his 6-figure income while he was in Japan (solely from real estate depreciation)! 

Flash forward to today, Daniel has rental properties in Idaho, Alabama, and Tennessee with partners from Japan and the United States. Daniel agrees with many other real estate professionals in the fact that you need a tried and true team in cities where you’re investing. Living in Japan, he doesn't have much to worry about in the US, thanks to his fantastic property managers, handymen, partners, lenders, and real estate agents.

In This Episode We Cover

  • The challenges and benefits of investing in American assets while abroad
  • Getting rid of debt fast so you’re able to scale your investments 
  • How money is easier to make as you become more educated and experienced 
  • The ins-and-outs of Japanese real estate compared to American real estate 
  • Converting bonus rooms to bedrooms for higher rent 
  • Forming partnerships with real estate professionals who can help you
  • And So Much More!

Check the full show notes here: https://www.biggerpockets.com/moneyshow165

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 25, 2021
164: Attacking Your Fixed Expenses & What You Can Do to Boost Cashflow: Finance Friday with Kyle and Sarah
01:20:55

Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing.

A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Some takeout food here, some shopping there, and other random expenses were really adding up, so they started to reduce their costs.

Kyle and Sarah both have made significant contributions in their retirement and investing accounts, but they could be investing a lot more and getting a lot of write offs!

Scott and Mindy walk through the main expense categories that Kyle and Sarah have, breaking down what can be improved, reduced, and left alone. Like many people, Kyle and Sarah have found that with some fine-tuning to their budget, they'll be able to increase their investments, by a lot!

In This Episode We Cover

  • Why everyone needs to track their expenses and start to budget
  • How to start tracking without shame
  • Why you should get quoted for insurance bundling every few years
  • The importance of contributing to your HSA (health savings account)
  • Why employers may want to start 401(k) programs for their employees
  • Whether or not a life insurance policy may be worth the money
  • What should and shouldn’t be a variable cost in your budget
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow164

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 22, 2021
163: Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths with Steven Hamilton
01:26:48

Have tax questions for your upcoming 2020 taxes? Stick around then! We have a mind-blowing episode with enrolled agent Steven Hamilton from Hamilton Tax and Accounting. Mindy and Scott throw a lot of high-level, hard-hitting questions at Steven, so seriously, bring a pen and paper to this episode because you’re going to get some amazing tax strategies for 2020!

How do you lower your income on your taxes if you have a W2? How do you add to your roth if you’re over the contribution income limit, and what’s the best way to get your kids to max out their retirement accounts (even if they’re only teenagers). Steven answers all these questions, plus a lot more!

Whether you’re self employed or a W2 employee, you have options on contributing to retirement, AND options on leveraging those retirement accounts to fund investments. As always, it’s best to talk to your CPA, enrolled agent, or tax preparer on the best strategy that works for you. As Steven puts it, you need to have a plan for where your wealth is going and how you’re going to distribute it.

Since 2020 was such a crazy year, many real estate investors are planning to double down on investments, up their contributions, or leave their W2 jobs. This all needs to be done with a plan and a strategy so you can maximize your investments and distributions. Steven helps spell out the best ways to do these (and more) through a number of different (and interesting) strategies.

In This Episode We Cover

  • The differences between joint and separate filings as a married couple
  • How AGI (adjusted gross income) effects your taxes and retirement contributions
  • How to max out your 401(k) to $57,000
  • UBIT (unrelated business income tax) and UDFI (unrelated debt financed income)
  • How CPAs, Enrolled Agents, and Attorneys differ when preparing your taxes
  • How to perform an IRA rollover into a different account
  • How to put even more money into your Roth
  • Setting up retirement accounts for your children
  • Limiting your stock gains so you pay less tax
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow163

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 18, 2021
162: Finance Friday: High Salary - But Nothing to Show For It. Cutting Unnecessary Expenses with Engineer Tracy
01:25:21

As you go further along in your career, you should (hopefully) make more and more money, but does that justify spending more money? Most times, it doesn’t. We’re joined by Tracy, experienced engineer and retirement super saver to go through her budget, expenses, and investment portfolio.

Tracy has had a bit of a struggle with spending and expense tracking. A purchase here, some grocery shopping there, and by the time she added up her payments, she was consistently overspending by close to a thousand dollars, every month! Scott and Mindy have some great strategies to limit this type of random spending, and put your budget in the driver’s seat!

Tracy is also interested in acquiring a rental property in mid/late 2021, but she doesn’t have the cash savings she needs to do it. That doesn’t mean Tracy lacks money. Quite the contrary, Tracy has a very respectable amount of money stored between her different retirement accounts. She was lucky enough to take advantage of her company’s 15% 401(k) match (seriously, 15%)! 

Now the question is: does she limit her contributions so she can save up for a rental property or does she continue to max out her retirement accounts so she has a big cushion when she decides to stop working?

This is a very common question we get from listeners and members of the BiggerPockets community. You may be in the exact same position, all we can suggest is to tune in to hear what Mindy and Scott have to say!

In This Episode We Cover

  • Why employee match programs are so valuable for retirement investing
  • Whether or not you should keep an expensive car loan (or sell and get a cheaper option)
  • How to fight lifestyle creep and focus on your spending and investing 
  • The importance of manual expense tracking and budgeting
  • How bigger shopping runs can minimize your food budget every month
  • What type of savings you should have before buying a rental property
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow162

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 15, 2021
161: Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders with The Mad Fientist
01:31:07

He’s back! Today we’re joined by a friend of the BiggerPockets podcast network, Brandon “The Mad Fientist”. Brandon walks us through advanced retirement account strategies you may have heard of, such as the Backdoor Roth, Roth Conversion Ladder, and the coveted Mega Backdoor Roth. While these strategies may sound intense at first, they’re quite simple in practice, as Brandon shows us!

Many FI (financial independence) followers constantly ask the question “What’s the best retirement account to contribute to that will help me optimize my early retirement?”. While this can be answered a handful of ways, it often overlooks something very important: regular retirement. While chasing FI, it’s still possible to grow your traditional retirement accounts so you’re even wealthier later on in life!

Brandon doesn’t just give various examples of each strategy, he’s tested them and has even ran experiments on his site, such as the Guinea Pig Experiment, which pits various early retirement strategies against each other.

We also tackle common questions like: what should I contribute to if I have a low/high income, should I opt for a lower deductible on my healthcare plan to optimize my HSA (health savings account), how HSAs and FSAs differ, and what the contribution limits are for retirement accounts.

Even if you’re not chasing FI, you’ll still be able to take advantage of Brandon’s advice. After all, he’s the Mad Fientist!

In This Episode We Cover

  • What a Backdoor Roth and Mega Backdoor Roth are
  • Why retirement accounts are crucial when trying to retire early
  • How low income earners can take advantage of 401(k)s and IRAs
  • Why an HSA is a great option for high-deductible coverage
  • The best times to contribute to your retirement accounts
  • The art of “frontloading” and using it to capitalize on market gains
  • And So Much More!

Links from the Show

 Check the full show notes here: https://www.biggerpockets.com/moneyshow161

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 11, 2021
160: 6 Income Streams with a W2 Job and 4 Kids: Finance Friday with Cort Johnson
00:55:07

Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job, which he uses to support his family, he also has 5 other streams of income on the side!

From contract welding projects, to dropshipping, renting out his trailer, and even raising rabbits (seriously!), Cort has done almost everything under the sun to build up his assets. The main problem: some income streams are taking up too much time, while providing too little in return.

This is a constant problem that entrepreneurs and FIRE members face, too many options! Mindy and Scott go through Cort Johnson's income, budget, expenses, and general finances to see where he should allocate his time for maximum return.

This episode goes deep on the importance of scalable income and following your passions to develop side income streams that you enjoy. Cort dreams big about starting his own business, investing in multifamily property, and living financially free. As you’ll hear in this episode, he’s not far off!

In This Episode We Cover

  • How to focus on side income streams that are worth the time
  • Budgeting and expense tracking so you spend less
  • Calculating the value of your time (so you don’t waste it)
  • Why you should “do what you know” if you’re going to start your own business
  • Turning a large single family property into a multi family for house hacking 
  • Why dropshipping is such a great side hustle for busy people
  • And SO Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow160

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 08, 2021
159: How to Financially Thrive in Marriage (Even if You or Your Partner is In Debt!) with Talaat and Tai from His and Her Money
01:18:26

What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial picture. While it may seem scary at first, working together to solve financial problems and gravitating towards financial freedom can bring you closer together.

That’s exactly what happened to Talaat and Tai McNeely from His and Her Money. Both were raised in frugal houses, but like many frugally-raised people, they split in financial directions. Tai was busy putting herself through college, debt free! On the other hand, Talaat went into the military and started spending his pay on consumer goods. The cars, the clothes, and everything in between.

Tai later learned that Talaat had around $30,000 in consumer debt! So what did she do, walk away from him? Of course not! She worked with Talaat and put together a plan where they both could work hard to get out of debt.

Shortly after, Talaat was debt free, so what did they do next? They bought their house, and came up with a plan to completely pay it off in 5 years (Yes, 5). Now Talaat and Tai run His and Her Money, helping other couples work together to reach their financial goals.

Talaat and Tai have 7 key tips to staying happy and secure in a marriage where the finances are shared, and how to stray away from the “2-Income Trap”.

In This Episode We Cover

  • Why you should go over finances before getting married 
  • The importance of inspiring your partner to have the right finance mentality 
  • The importance of introspection when dealing with a partner’s money situations
  • How to stray away from the “2-Income Trap
  • Whether or not you should combine finances in a marriage
  • The pros/cons of paying off your home quickly
  • The 7 key tips to creating a financially harmonious relationship
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow159

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 04, 2021
158: Are You Under Leveraging? Finance Friday with Investor and Agent Wayne Loux
00:55:41

Happy New Year! With the first 2021 episode of Finance Fridays, we take a look at Wayne Loux’s investments, income streams, and overall finances. 

Wayne is like many of our listeners: working a W2 job, but also supporting himself and his family by having 1099 income from being a real estate agent. On top of that, Wayne has over 10 rental units, spread throughout different multifamily properties. He also has solid retirement savings and cash on hand.

With all this income, Wayne wanted answers on whether or not he should lessen his time at his W2 job, take more cash out from equity in the multifamily properties he owns, and other common real estate investment questions.

Scott and Mindy go through different strategies that can help Wayne grow his portfolio. From 1031 exchanges, to setting up self-directed IRAs, and cash-out refinancing to build an out of state portfolio. 

These are questions we hear from many investors on the BiggerPockets forums, so stay tuned because Scott and Mindy just might answer a question you’ve had!

In This Episode We Cover

  • How to value your time as a high-earning professional
  • Putting family over work, even if it means stepping away from an income stream
  • Which investments should you put money into when all your bills are being paid?
  • SEP IRAs and Self-Directed IRAs
  • Using 1031 exchanges to lower your tax burden when investing 
  • Finding jobs that can scale your income (and leaving those that don’t)
  • Whether you’re over or under leveraging your current portfolio 
  • How to speak to your partner about big financial steps
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow158

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 01, 2021
157: The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
00:55:24

Calling all couples! You and your partner may be on the same page financially, or off in two different directions, regardless of where you’re at, it’s a great time to start having money dates!

In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well!

If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves. 

If you have a partner who may be a bit averse to the concept of a money date, have no fear, Mindy and Scott have perfected their plan for setting up a successful money date, and how to make it enjoyable when you’re in it.

With the new year coming up very soon, this is the perfect time to plan a money date with your special someone, you won’t regret it!

In This Episode We Cover

  • What is a “money date”
  • What to do before you suggest a money date to your partner
  • How to make the money date successful and what topics to bring up
  • Following up on your money date and setting up systems for success
  • The importance of keeping your ideas simple in a money date
  • How to present the idea to a partner who may not be too keen on finances 
  • Why money dates help create healthier, happier relationships 
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow157

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 28, 2020
156: The Conservative Money Cool Kid: Buying 20+ Houses in Cash with Richard Carey from Rich On Money
01:19:58

Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you!

Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level!

Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible.

While most real estate investors champion loans and leveraging as much as possible, Richard thinks differently. He finds a position of strength by not overleveraging, owning rentals outright, and having a solid safety net to depend on. Richard now sits in a great position, early in life, with a lot ahead of him!

In This Episode We Cover

  • The importance of maxing out your retirement accounts when you’re young
  • How to not only pay off your rental properties, but primary home sooner
  • Why there is an advantage to not having too much leverage on your investments
  • How to test out a property manager when long-distance investing
  • Why you should set goals to be in a financial position of strength 
  • Why you don’t need to be in a rush to invest right now
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow156

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 21, 2020
155: Retired at 35: How Robert from Stop Ironing Shirts Achieved FI Even During The Great Recession
01:02:26

Robert from Stop Ironing Shirts has had quite a lucrative career path. Starting out as a bank teller in college, he learnt that he really enjoyed math that had dollar signs attached to the numbers. From there, he launched his career forward, first as a commercial banker, and later becoming a well-paid top executive.

While he had a great job and a partner who was also bringing in a solid paycheck every month, he slowly started to get tired of the corporate bureaucracy, politics, location dependency, and long hours.

Robert has made some mistakes on his path to early retirement. He lost money on a few real` estate deals and he even bought a brand new car (gasp!). None of this stopped him from still living below his means, siphoning off a large portion of his income for investments, and capitalizing on special programs such as the 409a plan.

Robert now lives life on his schedule. Whether that be spending copious amounts of time shopping at Costco or surfing at the beach, Robert has a life where he decides what he wants to do, everyday. Thankfully, it didn’t take him 30+ years of working to get there!

In This Episode We Cover

  • The importance of choosing a highly lucrative skill set
  • How to fight lifestyle creep, even when you’re making serious money
  • The real cost of a daily commute 
  • How he recovered from real estate losses in 2009 (and after)
  • The psychological difficulties many face when retiring early 
  • What a 409a plan is (and how high-earners can take advantage of it)
  • How much cash should be in reserves for financial independence 
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow155

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 14, 2020
154: Confessions of a Former Spender: How Allison Baggerly Paid off $110K in Loans on a Teacher’s Salary
01:12:33

Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving.

As a big spender in college, Allison didn’t see a real reason to save instead of spend. She would take herself on frequent trips to the mall to treat herself when she aced a test, or make herself feel better if she flunked one.

It wasn’t until her first son was born that her and her husband realized they wouldn’t have enough in the budget to pay for childcare costs, and thus, the Inspired Budget was born!

After a few years of limited spending and frequent budget analyzing, Allison and her Husband paid off over $110,000+ in debt and are now on their way to financial abundance.

Allison talks about the importance of giving yourself spending, investing, and saving allowances and how you don’t need to sacrifice everything to become financially safe!

In This Episode We Cover

  • The importance of setting budgets early on in life (and keeping up with them)
  • Changing the “how much do I have to spend” mindset into a “how much do I have to save” way of thinking
  • Why you need to own your relationship with money
  • How to have financial talks with your partner (even when it’s awkward)
  • Why you need spending allowances so you can enjoy your money
  • Why investing isn’t a linear path, but a rollercoaster (and why the dips don’t define you!)
  • Refusing the mental trap of “I can’t be rich” while being at a low-income job
  • And So Much More!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow154

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 07, 2020
153: Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More!
01:02:37

He really is the man who needs no introduction (but here’s one anyways). Bill Bengen, the inventor of the 4% rule (and personal finance hero of Mindy & Scott) stops by the Money Podcast to talk about how he calculated his famed 4%, how he managed his client’s portfolios, and how the 4% has aged throughout the past three decades.

In his Original Article from the Journal Of Financial Planning, October 1994, Bengen outlined a groundbreaking calculation: a 4% withdrawal rate from your retirement accounts is all you need to comfortably retire (if enough is saved up). Bengen was hit with praise and criticism, but is still applauded to this day for having such a simple yet crucial metric for knowing how & when you can retire.

Using over 200+ retirement account portfolios spanning decades of time as research, Bengen still says with confidence, the 4% rule is a winner! He has the proof and we couldn’t agree more.

Whether you’re a few years or a few decades away from retirement, this episode features life-changing advice from one of the leaders in financial research. This is an episode you won’t want to miss!

In This Episode We Cover

  • What the 4% rule is
  • How Bengen came up with the 4% rule and why it stands the test of time
  • How inflation becomes the “thief in the night” for many investors
  • The best (and worst) times to invest
  • How to stay the course during financial downturn
  • Which asset classes boost great returns and withdrawal rates
  • Steering clear of “1 more year syndrome
  • The importance of rebalancing your portfolio
  • How to not accumulate too much wealth for retirement
  • Why everyone needs to learn how to be a saver, so they can enjoy life!
  • And So Much More!

Links from the Show


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Nov 30, 2020
152: Reaching Financial Independence Despite a Very Late Start with Baby Boomer Super Saver
01:06:03

To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level?

Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts.

Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog.

Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey.

In This Episode We Cover

  • How to reach your retirement goals even if you start later in life
  • Snowballing your debt so you can save more
  • Changing your financial mindset to get where you need to be
  • The 2 key ways to get your retirement savings up
  • How catchup contribution accounts like the 457b plan can accelerate your investing
  • Being intentional with your money while lining up your saving/investing with your values
  • The importance of educating yourself and not relying entirely on others for financial advice
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow152

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 23, 2020
151: From Single Dad w/ $61K in Student Loans to Financially Savvy Real Estate Investor with Tony J Robinson
01:08:17

You may know Tony J Robinson as the co-host of the Real Estate Rookie podcast, but you probably don’t know his backstory.

As a single dad working his way through college and student debt, Tony knew that he needed to have a plan in place to pursue his goals and find financial freedom. He also knew he didn’t want to repeat the same real estate mistakes as his parents.

He went from an engineering student, to owning a small tutoring business, to marketing, and finally landed a sweet gig at Tesla!

After paying off debt, creating a healthy reserve fund, and divvying his money into over 20 different checking accounts (yes, 20+), he was able to reap the rewards of smart financial management and chase down freedom through real estate.

If you’re trying to consolidate debt, find ways to make more money at a job, or leverage creative funding to finance your next deal, Tony has a solution to your problem.

In This Episode We Cover

  • How job jumping can accelerate your raises and income growth
  • Why EVERY investor (and person in general) needs a healthy cash reserve
  • The importance of talking to your children about finance
  • Why being good at math doesn’t mean you’re great at financial management 
  • How paying off debt can drive investment funding
  • How to fight lifestyle/income creep so you can live below your means
  • The strategy to leverage your stock portfolio for real estate funding
  • Creating the “why” behind financial decisions
  • And so much more!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow151

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 16, 2020
150: From Childhood Homelessness to Financially Confident with Cristina Livadary
00:58:22

Cristina Livadary immigrated to the US when she was 6, and less than a year later, her father left, leaving her stranded with her mother and sister. She didn't speak the language, had no money, and lived in hotels until her mother was able to find steady work as a chef.

She grew up without much in the way of financial education, but did secure a water polo scholarship to Bucknell. Until a rotator cuff injury lost her the funding at the beginning of her third year. She left college with $100,000 in student loans and a burning desire to find a high paying job to live out her Carrie Bradshaw dreams of living in NYC.

She spent two years in New York, working hard and spending harder. She moved to LA to run a division covering California and Hawaii, and decided she needed to make a big change.

Cristina stopped spending lavishly on things that didn't matter, started focusing on what made her happy, and now helps others manage their finances to get money out of the way and live their best lives.

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow150

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 09, 2020
149: Listener Finance Review: Knocking Out Debt to Start Investing
00:55:27

Nick Groover is 25, with a young daughter and a fiance, looking to make changes to his finances so he can start married life off on the right foot.

He has some debts he'd like to knock out so he can start investing in real estate, and potentially start a business. He just got a promotion and a raise, and on paper is doing pretty good.

But Nick needs to start budgeting, because a dollar here and five dollars there is eating up his overage, so there is very little to save.

In today's episode, Scott and Mindy sit down with Nick to go over his current financial situation and use their life experiences to suggest easy wins to help pay down his debt, start saving for future real estate purchases, and start investing for retirement.

Nick's in a good place right now, but following Scott & Mindy's suggestions should help him get money out of the way so he can go on to lead his best life!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow149

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 02, 2020
148: How to Become an Everyday Millionaire with Chris Hogan
00:59:43

Chris Hogan joins Scott and Mindy today to chat about becoming an everyday millionaire.

Chris and his team interviewed more than 10,000 millionaires to hear how they did it. Hard work, determination, spending less than you make, investing wisely, and eliminating debt.

Chris shares how to discuss your finances with your spouse - and how to bring them on board when you have differing views about money. He talks about the emotional journey that debt paydown can take you on - and how to handle that so you come out on top!

Chris also reveals his feelings about FIRE - and how there is too much focus on the RE and not enough on the FI. He wants you to become Financially Independent but also wants you to enjoy your journey.

Chris firmly believes that anyone can become debt free and start to build wealth to become an Everyday Millionaire.

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow148

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 26, 2020
147: Pursuing Financial Independence on Her Own Terms with Cathleen Hutchins
01:23:28

Cathleen Hutchins grew up in Hawaii. She come over to the mainland for college, but Hawaii kept calling her name, so she moved back home.

Hawaii is an expensive place to live, and Cathleen knew she'd need a plan in order to reach financial independence if she was going to live there for the rest of her life.

So she saved. She invested. She made smart decisions about her money and is continuously looking for ways to generate passive income to help fund her retirement.

She has also sacrificed some comforts and norms to get to where she is today. She and her husband lived apart for a while, both living where there was a job for each of them, not always in the same state!

But her sacrificing and saving has allowed her to move home to Hawaii, buy a house, and continue to pursue financial independence in a high cost of living area.

Cathleen is well on her way to Financial Independence and her story is just another example of how following the proven path, you can get money out of the way so you can lead your best life.

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow147

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 19, 2020
146: Saying Goodbye to Gambling & Finding Financial Freedom with Ambus Hunter
01:19:24

Ambus Hunter grew up with a fair understanding of how money works. He received a partial scholarship to play drums in college, and graduated with a small amount of student loan debt.

His first job was with the Department of Defense, making a decent salary for someone who had just graduated from college. He started saving his money, like a good FI-devotee does, but his story takes a sharp left turn.

Ambus discovered gambling.

At first, he was winning. (That's how it goes with gambling, right?) But then his "luck" changed. Because that's also how it goes with gambling, right?

Ambus chased his losses, and ended up wiping out his entire savings account. That was when he knew he had to stop cold turkey.

He then threw everything he had into building his savings back up, taking on extra jobs, living with roommates, and cutting out everything unnecessary in his life.

In one short year, working nights and weekends, spending as little as possible, and throwing every dollar into his savings, he made it all back.

Now Ambus helps guide others on their own path to financial literacy through volunteering and through his own coaching programs.

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow146

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 12, 2020
145: From Hedge Fund Manager to Smart Money Mama with Chelsea Brennan
01:14:44

Chelsea Brennan was a hedge fund manager for several years - until her second pregnancy when she ended up in the hospital with sever complications brought on by the stress and emotional toll her job took on her.

She and her husband looked over their savings and investments, and decided that she'd leave her job in order to focus on her health and her kids.

Her baby was born healthy, but their income went from six figures to zero figures, and she needed a way to bring some money in.

She looked back on her love of teaching, and decided to start a website devoted to teaching women - and moms specifically - how to handle their money.

Chelsea is truly passionate about teaching the power of financial independence and being in control of your life. Are you struggling with your finances? This episode is a cannot miss!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow145

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 05, 2020
144: Alternative Investments: How to Determine Which Option(s) Are Right For You with Kirk Chisholm
01:11:06

Kirk Chisholm is a fee-only investment advisor with a secret passion - finding new and different ways to invest money.

Kirk shares his Big List of 75 Alternative Investments with us today - and more importantly, how to vet the investment vehicle to see if it's right for you.

Not everything is a great fit for every person, and you certainly don't have to choose everything on the list. Play to your strengths when choosing investments and don't discount passion for an idea. If you HATE the thought of learning more about that investment vehicle, you won't put forth the correct amount of effort necessary to master it.

Kirk also dives into how to sell these types of alternative investments - including at significant discounts if it's an illiquid asset that you need to liquidate fast. Secondary markets exist for all asset classes, and there are ways to pick up a good deal on the secondary market as well.

If you're looking to diversify your portfolio, today's show is a can't-miss episode!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow144

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 28, 2020
143: How to Pay Off $160k in Debt in 3 Years While Making $90k
01:09:26

Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions.

Shocked to discover $30,000 in unpaid debts, she quickly found herself a single mom as her husband left.

She tried to pay them off as best she could, but found herself somedays deciding whether to buy a gallon of milk or a gallon of gas to get to work.

Fast forward a year, and she met a new man who brought significant debt with him to the relationship - to the tune of $60,000!

Each of their divorces added more debt to their pile and at the height their debt totaled $160,000. Their income trailed this debt at $65,000 and they knew they'd have to do everything in their power to knock out this debt.

They moved in with his parents to pay lower rent and have someone to watch the kids while they worked. They couponed and did free things with the kids to be able to throw every single dollar they could at their debt.

This approach paid off, because by the end of the year, they will be completely debt free and be able to start saving and investing and working toward financial freedom.

If you're in debt and see no way out, this episode will show you there IS a way to paying down your debt, that it isn't always easy, pretty or fun, but it CAN be done.

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow143

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 21, 2020
142: Ask Us Anything: Questions From the Audience with Scott & Mindy
00:55:56

Scott & Mindy sit down today to answer questions sent in by listeners. They address topics all over the board - from student loan repayment and early retirement account withdrawal under the CARES act, to the best high-yield savings accounts, and planning for the gap between early retirement and traditional retirement age when you can access your retirement accounts penalty free.

Scott & Mindy also discuss different investing platforms as well as retirement planning, taxes, and even how inflation might affect your retirement future.

They take a couple of calls from listeners to chat about the best current use of retirement funds. 

This episode will help clear up some of the questions you may be having on your road to early financial independence.

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow142

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 14, 2020
141: How to Graduate College Debt-Free and Pursue FI Before 40 with 4 kids!
01:12:08

Blake Nielson is a college professor whose wife stays home to raise their four children. Despite having only one income - and six mouths to feed - they have paid off their home and are on the path to early financial freedom. Blake currently loves his job and has no plans to stop working - but still wants the freedom that financial independence gives.

So how did he do it? He started off debt free from college, a HUGE leg up in life in general. Blake details just how he accomplished this feat, from college selection to funds available, scholarships and even working during the school year and especially during the summers between.

Blake even shares a Solid Gold tip for finding out about scholarships that aren’t well publicized!

Blake also strategically chose where he lived during his college years. He specifically chose a rental that was priced significantly lower than the “college” rentals in town - but still close enough to walk to school.

There is no secret to Blake’s success. He put in the work at an early age and is on track to hit lean FI by age 40 and Fat FI by 45. Spend less than you earn, invest wisely. Blake shows you can live the FI life with four kids and one income.

In This Episode We Cover:

  • Blake's money story
  • Simple principles of frugality
  • 4 keys that any person can go to college debt free
  • Talking about school selection
  • How he budget his money
  • House hacking
  • Talking about scholarships
  • His experience after getting a PhD
  • Blake's job
  • The problem that most people have with negotiation
  • And SO much more!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow141

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 07, 2020
140: How to Get Financial Freedom So You Can Do What You’re Meant to Do with Belinda Rosenblum
01:28:18

Belinda Rosenblum is a CPA, a certified coach and her clients include Harvard Business School, Harvard University and the SEC. She’s worked for Arthur Andersen and L3 Enterprises. She’s got money all figured out, right?

Well, she does now…

On today’s episode, Belinda shares her biggest money mistake - ignoring a giant pile of mail as she cared for her recovering father.

Once she cleared that up, she focused on her own finances, growing her net worth to more than $1 million by the time she was 33. She quickly realized that her trajectory was NOT taking her where she wanted to go. So she pivoted.

She took a new job with a huge bump in pay and rode out their boom and subsequent layoffs, taking a package to leave and using that opportunity to travel to India, a life-changing experience.

When she came back, she realized she didn’t need all the things, didn’t need the stress that came with the big corporate job, and struck out on her own, filling a need she saw in her own friends - financial education.

Belinda parlayed her financial knowledge into a multi 6-figures company, pivoting again last year to helping businesses strategically and consistently generate income.

This episode is for anyone who has made a money mistake, anyone who has gotten past one, or anyone looking to start their own business to truly live the life they want.

In This Episode We Cover:

  • Belinda's journey with money
  • How she worked out with her money management
  • Emotional side of money
  • What she did after she was laid off
  • Her experience during her financial advising jobs
  • Biggest challenges for entrepreneurs
  • Talking about her business
  • How she grow her business
  • Unconscious spending
  • How her clients think about taking the leap away from a job into entrepreneurship
  • How to start a business
  • And SO much more!

Links from the Show

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 31, 2020
139: Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To) with Joe Saul-Sehy
01:14:26

Life Insurance is the most exciting topic on the planet!

Just kidding. But just because it isn’t a super exciting topic doesn’t mean you don’t need to know about it.

Today, Joe Saul-Sehy, host of the Stacking Benjamins podcast, joins Scott and Mindy to talk about Life Insurance. Joe comes from a background as a financial planner and was licensed to sell every type of insurance product available.

Joe is here today because he understands how life insurance works - how it's priced, how you can use it, the pros and cons of the product - but he has no skin in the game whether you buy life insurance or not.

He's the perfect person to explain this product from a factual standpoint and let you make the decision of what type - if any - is best for you, based on facts, not commissions.

Joe walks us through the basics and shares how life insurance actually covers you - from term, to whole, to universal life. There's no bad product, only different ways of paying out.

If you're struggling with how to figure out what life insurance policy is right for you, this episode can't be missed.

In This Episode We Cover:

  • How life insurance works
  • How to incorporate life insurance into financial planning
  • What bucket of insurance should people be thinking about
  • How does life insurance gets price
  • Whole life insurance versus term life insurance
  • Universal life insurance
  • What decreasing term policy and level term policy are
  • Things that affect insurability
  • Tax triangle
  • Is life insurance payout taxed
  • What age should you get life insurance
  • What makes good life insurance policy
  • Common reasons for being denied in life insurance
  • And SO much more!

Links from the Show


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 24, 2020
138: Financial Blunders to Financial Buff: How Farnoosh Torabi's Money History Grew Her Career
01:14:53

Farnoosh Torabi grew up talking about money. Her parents are from the Middle East, and in her culture, they “never miss a moment to talk about money.”

As the go-to girl for finance advice among her friends, imagine her surprise when she sat down and looked at her financial situation to discover tens of thousands of dollars in credit card debt! Farnoosh realized that paying for everything with a card, then paying the minimum balances didn’t lead to debt free life.

Not wanting to continue a life of debt - mainly so she wouldn’t have to tell her mom - she hustled during school. Taking class notes and selling them on her school’s notes system, babysitting, bird sitting, anything that would generate income so she could throw money at her debt and pay it off.

Graduation took her to New York City and a stroke of luck found her a shared apartment with a married couple for $500 a month. Definitely less than she could find on her own. She started off making very little, and strategically increased her income to offset the fact that she “isn’t a good saver.”

Farnoosh has parlayed her own financial knowledge into a career teaching others how to manage their own finances. From books, to podcasts, to television, Farnoosh is everywhere, educating this oh-so-important skill so that others can work toward their own financial freedom.

In This Episode We Cover:

  • Farnoosh's journey with money
  • Where she learned about money
  • Talking about her money behaviour
  • How she got rid of her debt
  • Her approach on accumulating her assets
  • How real estate helped her
  • Her advice on people who are in a relationship
  • The leading cause of a divorce
  • The right time for people who are just starting to date to talk about money
  • What her asset allocation looks like
  • And SO much more!

Links from the Show


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 17, 2020
137: Engineering a Path to Financial Independence with Felicity Freedom
01:01:15

Felicity’s story to financial independence is going to be similar to listeners of The BiggerPockets Money Podcast. She got a good paying job, spent less than she earned, intelligently invested in Index Funds and is now financially independent at the age of 30.

Easy, peasy, lemon squeezy.

Except, it’s NOT that easy, actually. She lives in America, and for much of that time, she lived in a very high cost of living city, Boston.

Felicity rented a 250 sq ft apartment with her husband, Fergus, while he was in graduate school - because he didn’t want to live above his means, and he was making less money than she was at the time.

In fact, Fergus is leery of the 4% rule, and would be much more comfortable if they were only pulling 2%-2.5% of their retirement funds every year.

Their story illustrates the point Mindy makes so frequently in this podcast, “personal finance is personal.” Their story also illustrates the path one must take to get to financial independence.

Spend less than you earn. Intelligently invest. Stay the course through the tough times. This too shall pass.

In This Episode We Cover:

  • Felicity's journey with money
  • Talking about her unconscious spending and fixed expenses
  • What she did with her money prior to discovering financial independence
  • The moment she started his financial independence journey
  • How she got obsessed with personal finance
  • Conversation about money with her husband
  • Her approach on her money
  • Talking about happiness
  • Where she planted her money
  • And SO much more!

Links from the Show


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 10, 2020
136: Secrets of a Money Savvy Family with Doug Nordman and Carol Pittner
01:22:01

Doug Nordman wanted to teach his daughter about money. But he knew that to get it right, he’d have to start when she was very very small. So he did. First, he taught her how to count, then he taught her how to add, then he showed her what she could do with money by using cash in transactions.

As Carol got older, she was able to handle the cash herself, learning how to make change, count change, etc. Carol started “earning” her own money, through allowance and jobs - which could only be done after her (non-paid) chores were complete.

Doug’s common-sense approach to teaching his daughter about money is actually quite brilliant. She starts learning about money - and making money mistakes - when the stakes are low. Your 8-year-old making a $20 mistake is far better than your 20 year old making a $10,000 mistake because he or she never learned how to manage money.

Carol joins her dad to talk about how these teachings affected her life - and how she is planning on teaching her own daughter about money and finances. 

Carol and Doug have combined their recollections of this time together and written a book called Raising Your Money-Savvy Family For Next Generation Financial Independence, and it is the blueprint for exactly how to raise children who are ‘good with money’ and how to prepare them to be adults who are great with money.

If you’re struggling with how to teach your children about money, this is a must-listen episode.

In This Episode We Cover:

  • Doug's journey with money
  • How he learned to be smart about money
  • How he budgeted money on raising a child
  • What does high savings rate means to him
  • Carol's outlook about finance
  • Carol's financial story
  • Overview of Carol's financial position
  • Lean FI
  • Talking about Carol's husband and his view about money
  • Doug's advice on how to approach your kids when you are just starting out on this journey
  • Where they planted their money
  • And SO much more!

Links from the Show

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 03, 2020
135: Building Wealth through Real Estate... without Tenants or Toilets! with Seth Williams
01:11:29

Seth Williams invests in real estate in a way you may have never heard of before. He buys and sells land. And no, he’s not a developer. He literally buys a piece of blank dirt, and then sells it—frequently within days of buying it—for fairly high margins. And he does this without taking out loans for the purchase.

How?

He’s paying hundreds of dollars for this land, as opposed to hundreds of thousands of dollars for a piece of land with a house on top of it. He turns around and sells it quickly, frequently realizing a 300% profit—or more!

Even better? Deals are EVERYWHERE! Land is literally everywhere, and deals can be found very easily. (We discuss several ways to find absentee vacant landowners, many of whom just want to be rid of the property!)

Seth shares what to look out for in a deal so you minimize your chances of getting burned and what makes a deal great. He shares different ways to find these deals and even gives guidance for doing your homework so you know exactly what you’re buying.

If you’d like to get started in real estate but may not have the funds or simply don’t have the time or desire to run a flip, land may be your way in.

In This Episode We Cover:

  • Seth's money journey
  • His first land deal
  • The reason why people buy land
  • How to get into your first deal buying land
  • What you should know about title insurance
  • Dealing with mistakes
  • All about title searches
  • Tax implications of buying land
  • The best and worst type of land for those just starting out
  • And SO much more!

Links from the Show

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 27, 2020
134: Paying Off Debt - And Avoiding Debt Relapse with Chris Browning from Popcorn Finance
00:58:15

Chris Browning had dreams of creating movies for Pixar - until he started art classes in college and realized that wasn’t his calling.

He was also taking a personal finance class and thoroughly enjoyed it, so he changed his major to finance and never looked back.

Chris should have perfect finances, right? Well…

Chris found himself in debt after graduating in 2009 and working as a bank teller, trying to impress his girlfriend (now wife). He took control of his finances, telling his girlfriend that they needed to reign in their spending so he could pay off debt. But once his debt was gone, he started saving in earnest for an engagement ring, spent everything he had on that, and found himself in debt again when they started planning their wedding.

Life happened, debt continued to stack up until they realized they were $27,000 in debt, with salaries just over that amount - all while living in Southern California.

Living paycheck-to-paycheck makes it hard to throw extra money at your debt. Chris and his wife reviewed their spending and were shocked by what they were spending on. Once they knew where their money was going, they were able to drastically reduce their spending and throw more money at their debt.

It turns out, tracking your spending and sticking to a budget are both excellent pieces of advice that can help anyone turn their financial situation around and start down the path toward financial independence.

In This Episode We Cover:

  • His journey with money
  • How much debt he has on his wedding
  • What he did on paying off his debt
  • Changes he make while paying off his debt
  • How he approached his wife on making changes about their budget
  • Talking about his emergency fund
  • Dave Ramsey's baby steps
  • How he plan his retirement
  • Steps towards saving for early retirement
  • When did he discover Financial Independence
  • His vision for retirement
  • How to use credit card responsibly
  • His tips on travel hacking
  • And SO much more!

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Jul 20, 2020
133: Retiring Early Doesn't Have to Be All-or-Nothing: "The Art of Subtraction" with Doc G
01:30:38

Doc G wanted to be a doctor since he was eight years old. He went to medical school, started his career and quickly realized he actually didn’t like all the parts about being a doc - and didn’t know how to leave the profession. Something he’d wanted for 20 years suddenly wasn’t so awesome anymore.

Cue The White Coat Investor. He’d written a book and asked Doc G to read it and review it for his medical blog - and suddenly Doc G saw a way out!

This way out didn’t have the expected results, however. Instead of jubilation, Doc G was thrown into a spiral of anxiety and depression. Something he’d wanted his whole life, this thing he’d identified with so strongly for so long, and the thought of walking away from such an enormous part of his life was terrifying because now he had a way to do it and it was suddenly real.

Having always saved at least 50% of his income, Doc G went to his accountant - who was unfamiliar with early retirement and sort of threw out a number he needed to save to retire. His financial advisor was a bit more helpful, asking questions like, "how much do you spend in a year?" Not knowing, Doc G threw out a number, which turned out to be really close to what his accountant said he needed. But he was still unsure.

So he did what anyone in the FIRE community would do - he started reading. Everything and anything he could get his hands on. He realized he had enough money to stop doing those things he didn’t like, so he started practicing what he calls "The Art of Subtraction." He removed the things that did not make his heart sing, so that he could focus on those things he DID enjoy.

And his plan worked. He now can spend his working hours doing the things he loves to do, and does not have to do the things he doesn’t. He has focused more time on non-doctor side projects like writing and podcasting - where his enjoyment runs sky high even though the paychecks do not.

As his side projects bring more joy, walking away from the physician thing gets easier and easier.

Making plans for retirement is great, but today Doc G shares how to plan your transition into retirement which can be even more important!

 In This Episode We Cover:

  • Doc G's specialty as a doctor
  • His journey into the medical field
  • How his life changed from being a doctor to investor
  • How his money journey began
  • The art of subtraction
  • Stepping away from being a physician and leaving a large paycheck behind
  • Questioning what truly makes you happy
  • Doc G's portfolio
  • His rental property business
  • And SO much more!

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Jul 13, 2020
132: Financial Independence Without a College Degree with Marquez Griffin
00:51:55

Marquez Griffin graduated from high school but did not feel that college was his path. His uncle worked in a sheet metal shop, and was able to get him a job there.

He quickly learned that taking a bit of action with regards to his sheet metal training would catapult him higher in his earnings, so he enrolled in trade school and alternated between work and school to learn the trade faster.

His earnings rose as he completed coursework, but Marquez found himself unexcited about his path and started looking for more. Moving in with a friend and his dad turned out to be a real-life Rich Dad event, with his friend’s father introducing him to the concept of saving and investing.

Marquez started listening to audio books and podcasts while working in the shop, looking for information about a better life. This self education led him to Scott’s book Set for Life, and then to BiggerPockets where he discovered that House Hacking, real estate investing and that he could marry real estate with a career and go from salaried trade work to commission based agent work where the sky was the limit with regards to earnings.

He further discovered the job of Signing Agent and has now incorporated that into his work schedule as well. (For more information about Signing Agents, check out our episode 74 at www.biggerpockets.com/moneyshow74.)

Marquez knew college was not his path, so he followed the path he was meant for and is reaching for Financial Independence on his terms.

In This Episode We Cover:

  • Marquez's journey with money
  • His experience working in a sheet metal shop
  • Practical approach on making more money while in school
  • Things that influence him to financial freedom
  • His approach on building emergency funds and investments
  • Talking about house hacking and his everyday expenses
  • How he became a Notary Signing Agent
  • Marquez's portfolio
  • On index fund investing
  • And SO much more!

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Jul 06, 2020
131: Investing Made Simple with Kevin Matthews II
01:04:09

Kevin Matthews II started paying attention to finance way back in 6th grade - because his parents said they wouldn’t buy him any more video games, he’d have to buy them himself.

Kevin’s parents telling him no propelled him into a lifelong planner - saving up for purchases rather than buying and figuring out how to pay it off later. And he parlayed his planning skills into a career as a financial advisor, eventually being named one of Investopedia’s Top 100 Advisors in 2017.

Kevin is passionate about teaching people - specifically millennials - how to manage their money. In fact, he’s SO passionate about teaching people how to alter their financial lives, he almost missed the birth of his first child in order to make a video about how $2,000 can turn your kids into millionaires! (Spoiler: He made it back to the room in time.)

Kevin wants you to know how to invest, how to manage your money so that you can further yourself down the path to Financial Independence. Kevin has an excellent video called Three ways to get started investing that discusses three ways we’ve never heard of!

Kevin credits consistency in investing with his client’s financial successes. He also believes that patience is the number one thing investors need - a point that’s been hit home so clearly in the past few months - and that a lack of patience is the biggest mistake investors are making today.

Kevin also shares tips for teaching your children about investing to get them used to seeing ups and downs, so they don’t lose their patience when they start investing with real dollars.

In This Episode We Cover:

  • Kevin's financial journey
  • How he's saving his lunch money
  • Becoming a financial planner
  • Individual stocks vs. index funds
  • When he discovered and committed to financial freedom
  • Mistakes that he sees new investors make
  • What his end-goal looks like
  • How $2,000 can make your kids millionaires
  • 3 ways to get started investing
  • And SO much more!

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Jun 29, 2020
130: Refusing to Retire at 65: How a Couple in their 40s Managed to Hit FI in 12 Years with Susan and Norm
01:23:53

Susan and Norm got married a little later in life. They started off basically flat, with debts equalling assets. Neither wanted to have the debt, and focused on paying it off and building an emergency fund.

Then they discovered that they could retire early if they put their minds to it. So they jumped in with both feet, paid off the mortgage, bought an investment condo, paid it off, and aggressively saved to buy the second condo.

From the time they met until the time they were ready to retire, starting with basically a $0 net worth, was 12 years. Starting at age 43.

The one constant in their journey is their partnership, their commitment to each other and the end goal, and their desire to “be in this together.” Susan and Norm have a very clear respect and love for each other, never keeping score, never trying to hide a mistake from the other, always recognizing that they’re building their life together.

When starting on the journey to Financial Independence, it can be difficult to say the course - especially when your journey starts later than most. Susan and Norm and an excellent example of what CAN happen when you make a goal and aggressively pursue success.

This episode is for anyone who is struggling in their journey to FI, have hit a setback they feel is insurmountable, or anyone who is just getting started on their journey a little later in life.

In This Episode We Cover:

  • When did they start saving for retirement
  • How they approach the conversation about money
  • The decisions they make on housing, transportation, and food
  • How they paid off their debt
  • What their emergency fund looks like
  • What their company do
  • What they learned about the 401k benefits from a self-employment perspective
  • Talking about their multiple income streams
  • The book that made their mindset shift
  • Peer-to-peer lending
  • What they will do when they are fully retired
  • And SO much more!

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Jun 22, 2020
129: How to Teach Your Children About Money with The Budgetnista Tiffany Aliche
01:00:23

Today, we welcome back the Budgetnista, Tiffany Aliche. When we spoke to her way back in episode 8, we heard her story of an investment gone wrong and how 2008 really threw a monkey wrench into her life plans. But instead of allowing that to deter her, Tiffany committed to teaching people how to budget.

Since we last spoke, she has expanded her original, uber-successful Live Richer Challenge (www.livericherchallenge.com) into a savings edition, a credit edition, a net worth edition, and a homebuying edition—all free and all designed to teach you the things you never learned about money and finance.

Tiffany is SO PASSIONATE about personal finance that she worked tirelessly for more than two years to get a bill passed in New Jersey, mandating financial literacy education for middle schoolers. (Want to duplicate her success in your state? Here’s a video that details how she did it: How to Get a Law Passed with Assemblywoman Angela V. McKnight.

But she’s not done! Tiffany has combined her love of budgeting with her love of teaching children in her new book Happy Birthday Mali More, and on today’s episode, she shares her top tips for teaching your children the fundamentals of managing money properly.

If you have children, this episode can help you figure out the age-appropriate lessons you should be teaching them to help them grow into financially responsible adults.

In This Episode We Cover:

  • The Budgetnista Law
  • The reason why parents have a hard time teaching their kids about money
  • The concepts that parents should teach at various ages
  • How early should parents start teaching their kids about money?
  • Communicating the concept of financial freedom
  • How Tiffany got her husband on board with financial freedom
  • And SO much more!

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Jun 15, 2020
128: Pay Off Debt Fast With These Smart Money Moves From Whitney Hansen
01:18:00

Whitney Hanson is one of six children. Growing up she watched her father start a business, watched it fail, and watched him turn destructive, eventually leaving her mother to raise six kids on her own - all while making $7.25 an hour.

Whitney has seen the ugly side of money - and what can happen when you have none - and decided she wanted no part of it. Money equals options, and she wanted as many options as she could get! 

She began to research how to build wealth, because she did not want to perpetuate the cycle of poverty. She knew she wanted to go to college, but also knew she’d have to find a way to pay for it. Rather than taking out tons of student loans, Whitney went through a 3-month cosmetology program starting the day after she graduated high school, and used the money she made as a nail technician to pay for college. 

Because she values financial stability over everything else, she bought a house when she turned 19 - and house hacked by renting two rooms to friends to help with the mortgage. 

Upon graduating college, she realized she had taken out $30,000 in student loans that now had to be paid back. Rather than allow it to rule her life, she cut out everything and worked a second job in order to knock out her debt - in 10 months!

Whitney knew she had figured out how to lead a healthy financial life - and was eager to help others solve their own financial struggles. She started a coaching program to help financially empower people, and help them navigate the beginning stages of their financial journey.

Whitney’s story is 100% repeatable for anyone listening. She came from nothing, and made it on her own.

In This Episode We Cover:

  • Whitney's journey with money
  • Difference between a want and a need
  • Her personal financial situation during highschool
  • What her job is while she's studying college
  • The reason why she bought a house at 19 years old
  • Whitney's tips for students
  • Talking about scholarships
  • On her adulting moment
  • Her ways on how she paid off her debt
  • Her journey in creating a business during her MBA program
  • Talking about her cashflow
  • Biggest challenges that people are facing who she talk with about finances
  • And SO much more!

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Jun 08, 2020
127: Planning for the Unexpected: Being Financially Ready to Take Advantage of Opportunities with Ramit Sethi
01:10:48

Ramit Sethi from I Will Teach You To Be Rich is back again to chat with Scott & Mindy about money, unexpected events, and taking advantage of opportunities by being prepared. 

Ramit does not hold back with his advice that the Coronavirus should be a financial wakeup call to you. A crisis like this WILL happen again (maybe not viral) and NOW is the time to prepare yourself.

He’s increased his recommended Emergency Fund to one year of expenses. If you’re struggling right now, you should be making minimum payments because “money in your pocket now is worth more than money in your pocket later.” Start crafting your emergency plan even if you don’t think you’re going to need to use it. Panic is bad, but overreaction is good. Don’t worry about looking stupid. One of the reasons you save is to be prepared for the worst. So prepare. 

If you’re financially stable and strong, Ramit also has some tips for taking advantage of this crazy time we’re living in. Have you ever wanted to start your own business? While it can seem counterintuitive to start a business in these uncertain times, it’s actually a fantastic time to start. Your target audience is WAITING for you to fill the need they are having RIGHT NOW. 

Even better? Ramit and Mindy discuss Mindy’s pain points regarding homeschooling - and Ramit comes up with 3 6-figure business ideas on the spot!

Scott & Mindy also discuss Dollar Cost Averaging, finding a new job now, and paying down debt.

Looking for more options in the coming months? This episode can’t be missed.


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Jun 01, 2020
126: 16 Money Skills They Didn't Teach You In High School with Scott & Mindy
00:59:12

Financial Education is so important - but so many people are graduating high school without the basic skills to make informed decisions.

Today, Scott & Mindy sit down to share some of the big money moves you should make - as well as some of the big money mistakes you should avoid.

These are the tips you didn't learn in high school. From choosing a major wisely (or even deciding if college is truly the right choice for you) to paying for college, to truly understanding just how much it will cost you to pay back your student loans, the decisions you're making now, entering college, are going to affect your financial future for years to come.

They also discuss relationships, and how those can also have a huge impact on your finances.

Other big decisions you need to consider include how and when to get a first credit card - and how to use it properly to improve and increase your credit score.

Scott & Mindy also dive into just exactly what a credit score is - and how its far-reaching influence can affect your job and housing.

Scott also shares his unique views on wants and needs - and how to minimize the costs of the needs so you can afford a few wants.

This episode is a great intro to financial education for young adults who are eager to make excellent financial decisions and put themselves on the path to freedom.

In This Episode We Cover:

  • Decision-making process after highschool
  • The difference between subsidized and unsubsidized student loans
  • The importance of calculating total student loans
  • Everything you need to know about credit scores
  • The difference between good and bad debt
  • How relationships impact money and the importance of prenup
  • Wants vs. needs
  • Roth IRAs, traditional IRAs, and 401(k)s
  • How to set up automatic investments
  • And SO much more!

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May 25, 2020
125: Ready to Retire: The Ultimate Pre-Retirement Checklist with The Retirement Manifesto
01:24:46

In today’s episode, we speak with Fritz Gilbert from The Retirement Manifesto and go through his checklist to ensure a smooth transition into your new life.

Fritz speaks from experience and wrote the checklist during his own transition, starting five years out.

Oh yes, FIVE YEARS. If you want a smooth transition, you’ll need to plan ahead.

Scott and Mindy go through the checklist with Fritz, starting at five years before your retirement date. (They even touch on what to do BEFORE five years out.) Fritz’s list is extremely thorough and includes things you’ve most likely NOT even thought about.

From paying down debt to checking in with a financial planner to transferring all that personal stuff you currently have on your work computer or in your work email, we cover the obvious. But more importantly, we also touch on the “Oh man, I totally forgot to do that” stuff, which can be the difference between a seamless transition and one filled with “I wish I had done things differently.”

Fritz is such an expert in retirement planning that he wrote a new book about it: Keys to a Successful Retirement: Staying Happy, Active and Productive in Your Retired Years.

In this book, Fritz shares 24 keys to a great retirement—once you’ve made sure the transition goes well.

If you are on the path to retirement, this episode is NOT to be missed!

In This Episode We Cover:

  • What his pre-retirement checklist is all about
  • What his financial position looks like five years prior to retirement
  • His advice to people who are pursuing financial independence before starting
  • The "one more year" syndrome
  • 5-year, 3-year, 2-year, 1-year, and 6-month checklists before retiring
  • Quitting your job
  • And SO much more!

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May 18, 2020
124: Starting from $0 at Age 35 as a Teacher and Becoming "The Millionaire Educator"
01:07:41

Gerry Born is a teacher who is married to a teacher. He started his financial independence journey when he was 33—with a wife, $45,000 in college debt, and a job in Saudi Arabia teaching English as a second language (ESL).

He knocked out his debt in two years, then threw everything he could into savings. The ESL job provided everything but internet and phone, so he really didn’t need to spend much money if he didn’t want to.

After 9/11, they moved back to the United States and got jobs teaching—and you know what kind of salaries teachers make!

Unhappy with that particular school, they moved on to a different one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) but can be immediately accessed penalty-free as soon as you separate service from your employer.

Gerry uses this to fund his life while reducing his taxable income to as close to zero as possible.

If you’re starting late—or if you’re a teacher or public employee—this episode provides tips for funding retirement that will blow your mind!

In This Episode We Cover:

  • How he retired early on a teacher's salary
  • The tax advantages he swears by
  • The reason why he maxed out his 457 plan first
  • What a 403(b) plan is
  • His job in Saudi Arabia
  • How he got into the concept of financial freedom
  • How he paid off his debt
  • How he saved his money
  • How he maximized his income
  • And SO much more!

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May 11, 2020
123: Carefully Crafting Financial Independence Through Passive Income with Avery Heilbron
00:58:29

Joining us today is Avery Heilbron, a listener on his way to financial independence through real estate investing. But Avery isn’t going all out and buying up every property as fast as he can. He’s making calculated purchases that allow him to live for free - and also cashflow while he’s there even though he lives in a high cost of living area. Once he moves out, that cashflow increases even more!

Avery is also thinking ahead, and mitigating his risk of non-payment of rent by using the Section 8 rental assistance program to help guarantee rent payments. 

Oh, and Avery is 25. 

He went to college on a soccer scholarship, worked through school, studied hard and graduated with ZERO student loans and a great job.

Do you have high school or college students in your life? This episode can help give them direction and encouragement that a little careful thought can have a HUGE impact on your future financial situation.

In This Episode We Cover:

  • How he purchased a property that was originally listed for $800k in January of 2020 for less than $700k 
  • Avery's journey with money
  • How he discover financial freedom
  • Talking about FHA loan and why it is so unattractive to sellers
  • His plans to achieve financial independence
  • Talking about his rental properties
  • His philosophy on reserves
  • What Section 8 program is
  • On house hacking
  • His side hustle
  • And SO much more!

Links:

Check the full show notes: http://biggerpockets.com/moneyshow123


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May 04, 2020
122: Getting Back to Financial Independence Basics - Using Lockdown to Reset Your Finances
00:51:40

Scott and Mindy have focused on Coronavirus for the last few episodes - talking to experts about how the virus has affected the stock market, the 4% rule, and even early retirees.

They’ve interviewed Financial Planners to get tips for using the current market conditions to their advantage, as well as chatted with a mortgage broker to determine the best time to refinance. 

In this episode, Scott and Mindy talk about lifestyle creep - and how they have both been affected over the last couple of years. They revisit the basics of Financial Independence, spending less than you earn, increasing your income, investing wisely, creating multiple sources of income, and living your best life once money has been taken care of.

Using their lockdown spending as a guide, Scott and Mindy go through the steps they’ve taken and the changes they’ve made to their expenses - including what they will add back once the world reopens and what expenses they don’t miss.

This episode will help you get back to your Financial Independence basics, too.

In This Episode We Cover:

  • The basics of Financial Independence
  • Spending less than you earn
  • How Scott and Mindy save their money
  • How their spending changed
  • Increasing your income
  • Investing in low cost, quality investment vehicles
  • Creating multiple, passive streams of income
  • Living the life you truly love
  • And SO much more!

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Apr 27, 2020
121: Should I Refinance Or Wait For Better Rates? How Coronavirus Is Impacting The Mortgage Market with Seth Jones
01:01:25

In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if you can still make your mortgage payments. 

We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender.

Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan.

We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal.

Seth even shares a mortgage checklist below.

If you need more information about the mortgage process, this episode is a must listen!

In This Episode We Cover:

  • The right time to take mortgage forbearance
  • His thoughts on refinancing
  • How a first time home buyer should approach their first mortgage
  • Cash outlay
  • Barriers to closing besides income disruptions
  • Five categories of fees
  • The difference between financing a primary home, secondary home, and an investment
  • What mortgage fraud is
  • And SO much more!


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Apr 20, 2020
120: Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces
01:17:34

Michael Kitces joins us today to talk about Early Retirement - and how the recent stock market movement affects the FIRE Community and the 4% rule.

We spend a lot of time on the 4% rule - including this graph which illustrates what Michael discusses - basically, there is an ultra-high probability that you will come to the end of 30 years with MORE money than you started out with, and an extremely LOW chance you’ll spend it all. In fact, only one time does the retirement fund hit zero - and even that isn’t until year 31!

Since the FIRE Movement is based on the 4% rule, we wanted to hear from Michael, the Research Nerd Supreme, what he feels about it. “...historical safe withdrawal rates aren’t based on historical averages. They’re based on historical worst case scenarios.”

Yes, we’re seeing some pretty big movement in the market, and yes, it can make you think. This episode provides some pretty powerful reassurance that “every little thing, is gonna be all right.”

If you are worrying about your financial future, if you have money or want more, this powerful episode is a can’t miss, absolutely-must-listen edition of BiggerPockets Money.

In This Episode We Cover:

  • The origin of 4% rule
  • Three different time periods that trigger the 4% number
  • Safe withdrawal rates
  • Different 4% rule scenario
  • Bucket strategy
  • Key assumptions that start crapping up on modeling or evaluating the short term cash bucket
  • The right time to start looking at bonds
  • Constant mid-course adjustments
  • What a retirement red zone is
  • Bond tent strategy
  • Safe withdrawal rate research
  • Guardrail strategy
  • Smart money moves during this market
  • Dollar cost averaging
  • And SO much more!


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Apr 13, 2020
119: Coronavirus: Is it Time To Give Up On Financial Independence?
01:44:23

In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing.

Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects.

Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown.

Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans.

The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too!

And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times.

These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate!

Is it time to give up on Financial Independence? Nope, not even close! 


In This Episode We Cover:

  • How Andy's life changed after his last interview in this podcast
  • Andy's feeling about his decision on quitting his job and build his own business
  • Andy's financial position before he leave his job
  • One thing he wished he would have done differently before he left his job
  • Amy and Tim's after retirement plan
  • How they do their withdrawal on their stock portfolio to sustain their lifestyle
  • What their plan right now
  • Amy and Tim's advice for people who want to follow their footsteps
  • How prepared Brandon was
  • Brandon's opinion on the 4% rule 
  • What does he recommend having cash buffer
  • Brandon's definition of a cash buffer
  • Brandon's advice for people who are in the journey to Financial Independence
  • Bryce and Kristy's cash cushion
  • Their travelling routine
  • Their advice
  • Continuing to invest their money on stock market
  • The reason why Doug is not concerned about the recession
  • How prepared Doug was 
  • Doug's advice
  • And SO much more!


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Apr 06, 2020
CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package
00:38:53

This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shutdown of most of the economy.

Joining Mindy today is Natalie Kolodij, who last appeared on Episode 112. Today’s episode was recorded on March 28, and we are fully expecting additional clarification and guidance from the federal government on these provisions. 

Congress just passed a 2.2 TRILLION dollar bill to provide relief for Americans in the face of the Coronavirus. While the bill does provide for monetary help, there’s a lot of other benefits that may not be getting the same press. 

OF COURSE we talk about the checks: How much, Who is eligible, When does it arrive? We also go a bit further and answer if it’s taxed, do you have to pay it back, is it a loan? 

If you have a 401(k), IRA or even a Roth IRA, there are additional provisions for you to consider like extended loan limits and penalty-free distributions.

There are benefits for already retired people such as no RMDs this year if you haven’t already taken them.

We discuss the student loan interest rate freeze and how to take advantage of their no payment option. 

We even touch on the additional provisions to employers such as IRC Section 139 changes that allow employers to help their employees out during this time of crisis, payroll deferment, sick leave, employee retention benefits and extended unemployment benefits. 

If we have our financial ducks in a row, now could be a great time to make some tax-advantaged moves.

In This Episode We Cover:

  • How to qualify stimulus check
  • How much money people get on stimulus check
  • Key thing to keep in mind with stimulus check
  • Can people refuse the check
  • Stimulus check for dependents
  • Are green card holders and H1B VISA holders who work and pay taxes eligible for these benefits
  • IRA versus 401k distribution
  • Things to consider before converting funds from a traditional plan to a Roth plan
  • Are there any provisions for already retired people
  • How can an employer use the IRC Section 139, Disaster Relief Payments
  • How does provision work on student loans
  • Families First Coronavirus Response Act
  • Employee Retention Credits
  • Payroll tax payment deferral
  • And SO much more!

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Apr 02, 2020
118: Retirement Planning During (and After) The Coronavirus with Kyle Mast
01:00:40

Kyle Mast is a Certified Financial Planner, back for his third episode to answer YOUR questions about our current market conditions.

We ask him the questions YOU had on your mind, including rebalancing your portfolio, staying the course, and trying to time the market.

We take a deep dive into the retirement planning system, including weighing the benefits of Roth plans vs a traditional plans, and even discuss whether converting pre-tax retirement funds into post-tax funds during this down market is the right choice for you.

While this episode focuses more on the state of the stock market, we do discuss real estate investing, and considerations for whether you should jump in or hold back.

As always, consulting your own tax advisor and financial planner is advised, but Kyle brings up some very interesting ideas to take advantage of this down market. 

In This Episode We Cover:

  • What people should do on their asset allocation with the situation right now
  • The best way to protect your net worth in this economy
  • Talking about Roth contributions
  • Contribution limits on a Roth 401k
  • A good plan to start investing in stocks for a short-mid term leaving the Real Estate aside for a while
  • Kyle's thoughts on 4% rule
  • Kyle's thoughts on withdrawing Roth IRA contribution for down payment on a rental property
  • What is a good use for Stimulus Check
  • How can someone find a good estate planner or estate planning attorney
  • The importance of estate planning
  • And SO much more!

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Mar 30, 2020
117: Coronavirus Q&A with Scott & Mindy
01:11:42

Today, Scott and Mindy discuss the biggest news story of the century: Coronavirus or COVID-19.

This episode covers a wide range of topics both money and real estate -- with a guest spot from Brandon Turner, who answers the number one question on every real estate investor’s mind: What do I do if my tenant(s) can’t pay rent?

You'll also learn what resources are available for people whose incomes have taken a hit, and get answers to questions such as: should I continue with the purchase of a property I have under contract, and should I continue to pay down debt or take advantage of this current market?

These are scary times, and it can be easy to cut and run or throw out your carefully-laid plans in favor of an instinctive reaction. So now is a good time to detach, assess your options, and chart a course forward.

If you have Coronavirus fears, you’re not alone. Scott, Mindy, and the entire BiggerPockets Money Community are here to help you weather this storm.

In This Episode We Cover:

  • How to invest from a position of strength
  • How to tackle debt during this time
  • How to do a "financial reset"
  • What the 4 Percent Rule is in Financial Independence
  • Brandon's tip when tenants don't pay rent
  • What practical things can landlord do in these times
  • How to take advantage of the current situation
  • List of resources for those who are out of work
  • BiggerPockets reminders that you should consider
  • And SO much more!

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Mar 23, 2020
116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins
01:08:36

The stock market is up, then down, then down, then up. What is an investor to do?

Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.

The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn.

JL expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.)

Long story short, stay the course. 105 years of historical stock market data says this too shall pass.

While JL is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves.

If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success.

In This Episode We Cover:

  • Why are people freaking about the crash
  • How one should handle this market drop if you risk losing your job
  • When to prepare emergency funds and how much to put into it
  • Why you should hold your portfolio forever
  • What an Index Fund is
  • Why it is important to "ignore" the market
  • How index outperform stock picking
  • How one can never time the market
  • How those who say they predicted the market only did it because of luck
  • The only time the market is not going to recover...
  • And SO much more!

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Mar 16, 2020
115: Growing an Empire From Nothing with Felipe Mejia
01:02:12

Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income.

His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting.

Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer.

Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie.

Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate.

The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement.

The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts.

In This Episode We Cover:

  • Felipe's money story
  • How important money is for Felipe
  • What he did to his first rental property
  • The importance of putting money into an investment
  • How he earned money during his quest to join the police department
  • On getting attracted to the power of earning passive income through real estate
  • On house hacking
  • Challenges he encountered in terms of his rental properties
  • His advice on getting one’s spouse onboard
  • How he approaches cash reserves
  • And SO much more!

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Mar 09, 2020
114: Paying Off Debt Through Conscious Spending and Real Estate Investing with Ashley Kehr
01:12:34

Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000.

Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE.

Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family.

She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate.

Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did.

Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family.

If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode!

In This Episode We Cover:

  • Ashley's money journey
  • How Ashley and her husband accumulate both rental properties and debt
  • The moment she purchased her first rental
  • How her rental income helps her to be more conscious about money
  • Ashley and her partner's agreement on their investments
  • 2 rules to analyze markets for rentals
  • What a portfolio loan is and how to use it
  • Ashley's method of recycling her cash to buy more properties
  • What her lifestyle looks like after reading Dave Ramsey's book
  • Debt snowball method
  • How Ashley managed her various properties with various partners
  • And SO much more!

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Mar 02, 2020
113: Single Hourly Employee with No College Degree and STILL FI by 40 with Bianca DiValerio
01:21:14

This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40.

How did she do it?

She saved her money. She didn’t spend it on things that didn’t matter to her.

There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford.

And yet, she saved her money. She didn’t spend it on things that didn’t matter to her.

And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again.

She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life.

Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom.

In This Episode We Cover:

  • Bianca's journey with money
  • How she avoid on having debt
  • The problem with not having a college degree
  • What happened after she got her job as a flight attendant
  • How she got into real estate
  • Her thoughts on investment
  • The importance of having cash reserves
  • Her credit score after her three short sales
  • The moment she came across the FIRE movement
  • Her experience living in a train caboose
  • Reasons to not quit your job
  • And SO much more!


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Feb 24, 2020
112: Choosing the Right Tax Professional for YOUR Specific Needs with Natalie Kolodij
01:08:44

Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs.

Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not.

She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you.

Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo!

If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice!

In This Episode We Cover:

  • The right time for somebody to start looking for a tax professional
  • How to find a tax professional
  • How important state-specific knowledge is
  • What a true expert can bring to the table regarding your return
  • What a real estate professional is
  • Benefits of consulting a tax professional prior to buying a property
  • How to prepare for a meeting with your tax professional
  • 3 most common errors—check these before submitting your return
  • How to approach a tax return for a house hack or duplex
  • What to do if you recognize issues with past returns
  • What depreciation recapture is
  • And SO much more!

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Feb 17, 2020
111: Starting Late? Early Retirement Is STILL Possible with A Purple Mom
01:00:03

On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55!

So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40!

Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them.

Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension.

Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement.

In This Episode We Cover:

  • Momma Purple's journey with money
  • Her life looks like when Purple was born
  • How she managed her money and able to save up so much as a single mom
  • Things that changes her practice with money after the conversation she had with her colleague
  • Her 10-year plan to early retirement
  • Talking about her investing journey
  • What she do the moment she was retired
  • Her advice for older listeners
  • And SO much more!

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Feb 10, 2020
110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life
00:57:15

Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested.

Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances.

So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them.

She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money.

And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!”

Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted!

In This Episode We Cover:

  • Purple's journey with money
  • Her mom's gift
  • Deciding to seek financial independence
  • Convincing your partner to pursue FIRE
  • Purple's net worth
  • Tips for people who are looking for a new job and better income
  • The importance of research
  • Purple's plan in the future
  • What her retirement looks like
  • Possible downsides of remote work
  • And SO much more!

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Feb 03, 2020
109: Attacking Debt and Tenaciously Pursuing Financial Freedom with Airman Mildollar from Military Dollar
00:54:30

This week, we sit down and talk with Airman Mildollar, from Military Dollar.

(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)

Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.

She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.

She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.

Every time she received a raise, she committed to put at least 50% of that raise into her investments.

In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.

2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.

MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.

In This Episode We Cover:

  • What an airman is
  • Airman Mildollar's money journey
  • Where she got her scholarships
  • How she creates financial freedom
  • Things she did on managing her finances
  • The reason why she didn't do househacking
  • On her housing and food allowance
  • How she discover FIRE community
  • What Thrift Savings Plan is
  • How she finance her properties
  • On her rental properties
  • Her plans in the future
  • And SO much more!

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Jan 27, 2020
108: Starting Early & Finishing Strong with Real Estate with Kristi Tanner Smith
00:52:45

Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12.

During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances."

Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go.

Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company.

(Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!)

After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her!

She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus.

She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains.

Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want!

In This Episode We Cover:

  • Kristi's journey with money
  • How her mother taught her about money
  • Her experience with money during high school and college
  • Her financial position during her first job
  • Kristi's tip to get free tuition in college
  • How she discovered financial independence
  • Her first experience in real estate investing
  • What she did on her dad's life insurance policy
  • How she got her first property
  • Advice on working with a real estate agent
  • Tips on actively managed funds and commission-based financial planners
  • And SO much more!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow108

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 20, 2020
107: Choosing Side Hustles (& Happiness!) Over Full-Time Employment with Financial Panther
01:05:38

Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right?

So, with all this income potential, why is he doing side hustles that pay him significantly less? Happiness.

Being an attorney didn’t make Kevin happy. In fact, it made him decidedly unhappy. He changed jobs several times but in the end decided being a lawyer simply wasn’t for him. So, he left the field to pursue fun things that he liked doing.

Kevin loves to be outside. He lives near a university in a large city. He loves dogs. Put that all into a shaker, and out comes Kevin 2.0.

Kevin 2.0 takes dogs for walks during lunchtime. He gets out of his downtown office (he makes himself go to a co-working space so he accomplishes things every day) and delivers meals to office workers who can’t get away.

Kevin walks dogs around the downtown area for their owners who can’t get away at lunchtime to take them out. Kevin charges scooters overnight, and on his way home, he delivers even more meals.

Best of all? Kevin gets to spend time outside almost every single day. He does what he CHOOSES to do, regardless of what it pays.

Financial freedom isn’t about quitting your job. It's about living your best life, which Kevin 2.0 is now doing.

In This Episode We Cover:

  • Kevin's journey with money
  • How he started learning about money
  • His position when he got his first paycheck
  • The differences between his salary at the big law firm versus at the non-profit job
  • How Kevin and his wife handle student loan debt
  • How he generate his income in spite of being unemployed
  • Kevin's side hustles
  • The reason why he does side hustles instead of doing law-related jobs
  • What his day and night looks like while doing his side hustles
  • Tips on reselling things
  • And SO much more!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow107

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 13, 2020
106: Planning For Your Future Wealth with Megan Gorman from The Wealth Intersection
01:01:34

Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined.

Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff.

She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards. 

Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets.

And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location location.

Megan now advises high net worth and ultra-high net worth individuals manage their money, because no matter how much money you make, everyone struggles with expenses.

And today, Megan shares excellent advice with us for strategically thinking about our money for the present as well as planning for the future.


In This Episode We Cover:

  • Megan's journey with money
  • The best way to raise kids
  • How her money story evolved during her high school and college days
  • Her debt planning
  • Interest rate she recommends for those paying off debts
  • The best approach to taxes
  • The first big thing she did when she started making money
  • Her real estate beliefs
  • Helping older parents
  • Planning her own financial future
  • What a position capable of taking risks looks like
  • Her take on high net worth individuals
  • Cash flow management
  • Her opinion on the 4% rule
  • And SO much more!


Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow106

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 06, 2020
105: Budgeting Yourself OUT of Debt and Into a Fantastic Life with Jen Hemphill
00:59:01

Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money.

Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.

She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.

Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.

Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.

Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem.


In This Episode We Cover:

  • Jen's money story
  • How she made money to buy things she likes
  • Her position entering and leaving college
  • The reason why she got a discount on college
  • Having a mindset of being an extremely frugal person
  • How long it took to pay off her family's debt
  • The reason why she took a hard look at finances within her marriage
  • Her financial awakening
  • Her upbringing
  • Her Thrift Savings Plan and emergency fund
  • The importance of accepting and understanding individual money stories
  • Having 15 separate bank accounts
  • What her future plans are
  • Money issues that she sees repeatedly in her clients
  • Examples of variable expenses
  • And SO much more!


Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow105

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 30, 2019
104: Cash-Flowing a Series of Mini-Retirements with Steven & Lauren from Trip of a Lifestyle
01:14:34

Lauren and Steven met in high school and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a Ph.D. in Physics, but he really enjoyed working with students.

They moved back to Florida so Steven could get his master’s in Education, while Lauren worked her first “real” job.

But after two years, they were burned out from working full-time. After learning about financial independence and achieving an incredible savings rate—to the tune of $100K in two years—they decided to take a break.

Their “break” was a six-month trip to Hawaii, paid for up front by their big savings account—but repaid by a series of side hustles in Hawaii. While most people spend lavishly to go on a tropical vacation for one week, they ended up $1,000 positive while spending six months there.

Re-energized, they returned to Florida for a full-time job for Lauren and a continuing tutoring job for Steven—making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing a three-bedroom condo, periodically renting out an unneeded bedroom.

But after about three years, they felt burned out again. This time their “break” was a trip around the country to visit every national park—all 61 of them—in seven months. Again, they wanted to pay for the trip with income generated during the trip.

They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for seven months, and hit the road.

Each time they return from their mini-retirements, they are refreshed, re-energized, and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey.


In This Episode We Cover:

  • Lauren and Steven's journey with money
  • How they managed their money during their college years
  • How they saved $100K in two years
  • Their monthly income and expenses
  • Preparations to go to Hawaii
  • How they managed their cash flow while staying in Hawaii
  • What they did when they returned to the mainland
  • Their strategy for asset allocation
  • Working part-time while on the road
  • How they get internet access while traveling
  • Their freelance business
  • The ideas behind financial independence
  • And SO much more!


Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow104

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Dec 23, 2019
103: Budgets Really ARE Sexy! with J. Money
01:11:46

J Money wasn’t necessarily BAD with money, but his first home purchase - made because everyone else was doing it - prompted him to seek out advice about money.

He stumbled upon the blogging world and was enthralled with the transparency. Here were real people talking about real issues they were facing - similar to what he was going through himself.

He started his own blog called BudgetsAreSexy, and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation!

His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment. 

As he became more entrenched in the blogging space, he discovered that people buy and sell blogs - so he started flipping web sites. Another source of income generation.

When it came time to choose between his full time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.)

Thrust into entrepreneurship, J buckled down with his spending, and discovered that Budgets really ARE sexy, and they can be the key to your financial success.

Topics:

  • J's journey with money
  • How he came across blogging world
  • What his biggest financial regret is
  • Building income on buying blogs
  • Where he got his blog name "Budgets Are Sexy"
  • How he handle his personal financial position
  • The moment he created his budget
  • The 'no spend month' challenge
  • Talking about his net worth
  • How important time for him is
  • What his wife doing for work
  • His plan for the future
  • His advice on starting a blog
  • The biggest help to fix his finances
  • The reason why he was called as Miley Cyrus of finances
  • And SO much more!


Links:


Profiles:

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Dec 16, 2019
102: Understanding How Your Personal Money Story Shapes Your Financial Future with Jean Chatzky
00:47:08

Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, and soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her. 

A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor.

But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life!

In this Episode We Cover:

  • Jean's journey with money
  • Her financial position before and after college
  • How her financial habits changed
  • The importance of prioritising decision making
  • Her job on Smart Money Magazine
  • What she learned in reporting women with money
  • On HerMoney Happy Hour
  • The outcomes of the conversations at Happy Hour that might surprise men
  • The reason why couples are reluctant to talk about money
  • How to start the conversation with a partner who doesn't want to talk about money
  • The first thing a woman needs to do to start changing her financial situation
  • The importance of prenup

Links:

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Dec 09, 2019
101: Building a Life of Financial Independence, Starting From Less Than Zero with Sunitha Rao
00:51:35

Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taught as a child were frugality and saving, because you never knew what was going to happen.

Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time.

She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training.

When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23.

Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate.

She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age.

In This Episode We Cover:

  • Sunitha's journey with money
  • On having a scarcity mindset around money
  • How she turned into a professional tennis player at age 14
  • What happened to her money being a professional tennis player
  • Wanted to succeed in the corporate world
  • Her journey at a community college
  • How she found endowment programs
  • Pros and cons about going to college at different age bracket
  • Her highs and lows point being a professional tennis player
  • What realization that sparks her journey to financial independence
  • Had their house governed by domestic abuse
  • Believed on being diversified
  • Started real estate business at Indianapolis
  • What her goals going forward
  • On domestic and financial abuse
  • How did she leave from a domestically violent relationship
  • And SO much more!

Links:

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Dec 02, 2019
100: From Financial Disaster to Real Estate Master with Brandon Turner
01:29:27

You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real estate, he made mistakes. LOTS of mistakes.

Today, Brandon shares everything he did wrong - from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell.

But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt and started living the life he truly wanted.

The episode is for people who’ve made mistakes, who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach.

In This Episode We Cover:

  • Brandon's journey with money
  • How to learned negotiating from his mother
  • The reason his mom bought him a book on how to handle money
  • His financial position after college
  • How he got a No-Doc loan
  • Bought properties to flip and turned them into rental properties
  • What hard money loan is
  • His rock bottom experience
  • Read a hundred books on real estate
  • The reason he got into buying rentals
  • How he convinced his wife to invest in rental properties
  • Started saving money by doing the cash envelope system
  • What seller financing is
  • How he bought his 24-unit apartment
  • The importance of building integrity
  • How they met Josh Dorkin
  • His balance sheet when he retired
  • Brandon's advice on investing

Links:

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Nov 25, 2019
99: Life After FIRE - Four Case Studies with Scott, Whitney Hansen, and Doc G.
00:46:53

On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life after FIRE” stories, each completely different, each extremely powerful.

We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time.

Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement.

A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life.

And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children.  

These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives. 

In This Episode We Cover:

  • What their life looks like after FIRE and the challenges they faced
  • William's journey to financial independence
  • The advantage of being financially independent in the workplace
  • How they plan for caregiving
  • Tim's background
  • Financial Independence Rewired Early
  • The importance of having a clear second act
  • The difference between working on his business and working as a coach
  • The FIRE life
  • Tim's advice for anyone who's looking to pursue financial independence
  • Rachel and Paul's backgrounds
  • On their mission 50 by 50
  • Oma's background
  • On healthcare cost

Links:

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Nov 18, 2019
98: Change Your Money Mindset, Change Your Life with Vicki Robin
01:12:34

You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store.

Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world.

In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast.

She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance.

Her message has reached more than one million people, and has changed the lives and financial futures of countless more. 

Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age.

In This Episode We Cover:

  • Vicki's journey with money
  • On having a poverty mentality
  • On how to appear prosperous to other people
  • Survival thing for social animals
  • How the behaviours of her peers differed from hers
  • On working with Joe Dominguez
  • What her journey looks when she wrote the book, "Your Money or Your Life"
  • Her concern re climate change
  • Resource sharing
  • How the financial independence movement evolved
  • Capitalist game
  • The levels of financial independence
  • Freedom to have new interests and following them
  • Her advice on life circumstances
  • Vicki's living situation right now and how she used real estate
  • And SO much more!

Links:

Profiles:

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Nov 11, 2019
97: Intentionally Choosing the Path to Financial Independence with Financial Mechanic
00:54:32

Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything!

Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund.

Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.”

For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options. 

She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid!

In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier.

In This Episode We Cover:

  • Financial Mechanic's journey with money
  • Saved money to buy a puppy
  • The importance of focusing on your future opportunities
  • Graduated college debt-free
  • Her money situation during her first internship
  • Earning a lot of money before she discovered financial independence
  • How his mindset changed the moment she found financial independence
  • How her money journey evolved
  • On her career
  • Did research on glassdoor for salary range
  • How she got her signing bonus
  • What her end-goal is
  • How she lived $20,000 a year
  • And SO much more!

Links:

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Nov 04, 2019
96: Speaking Fluent Finance with Wilson Muscadin
01:00:42

Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad, Poor Dad, The Millionaire Next Door and Think and Grow Rich.

Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month!

He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!!

Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child!

Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free.

In This Episode We Cover:

  • Wilson's journey with money
  • Had an open discussion with his dad about money growing up 
  • Money books he read
  • The reason why he did not pursue as a financial advisor
  • The importance of having a financial literacy
  • The perfect environment on getting our kids to learn financial education
  • What lifestyle changes did they make in order to save money and pay off their debt
  • Got a lot of comments after he posted on Facebook that he paid off his student loan debt
  • Focused on having a baby fund and 2 years expense fund after paying off their debt
  • How he started doing financial coaching
  • Mistakes that other people make with their finances
  • The first thing he teach people to do with their finances
  • And SO much more!

Links:

Connect with Wilson:

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Oct 28, 2019
95: The House Hacking Strategy with Craig Curelop
01:00:45

One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hacking!

Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing.

Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends. 

Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience.

If you’re thinking about jumping into house hacking, this episode lays it all out.

In This Episode We Discussed:

  • Craig's journey with house hacking 
  • Craig's numbers on his first house hack
  • What PMI is
  • Craig's PMI monthly payment
  • How he leverage his first house hack into the second house hack
  • Craig's numbers on his second house hack
  • The importance to consider the occupancy law
  • How he bought his third house hack
  • Craig's numbers on his third house hack
  • How he managed all his rentals
  • How to find a property manager
  • The idea of sacrificing comfortability and profitability
  • Advantages on house hacking
  • What kind of property makes for a good house hack
  • On luxurious house hack
  • Getting pushback about house hacking
  • Craig's biggest house hacking mistake and how to prevent it
  • Things that is important when it comes to house hacking
  • And SO much more!

Links:

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Oct 21, 2019
94: 18 Options for Healthcare in Early Retirement with Lynn Frair
01:04:13

The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?”

Without going into too much detail, we’re all aware that healthcare costs are fairly ridiculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out.

Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!)

If you are on the path to financial independence, you NEED this episode. 

In This Episode We Cover:

  • How Lynn became interested in financial independence
  • How she began investing at age 12
  • The process of researching healthcare options
  • 18 different options for healthcare
  • Healthcare prevention
  • The difference between deductibles, co-pays, and premiums
  • And SO much more!

Links:

Profiles:

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Oct 14, 2019
94: LIVE from BPCon2019: Ask Us Anything!
01:19:34

All the BiggerPockets podcast hosts on stage in one place! 

This bonus episode was recorded at the BiggerPockets Conference 2019 on October 7th in front of a live audience of more than 1,000 people at the Gaylord Opryland Resort in Nashville, Tenn.

We turned the mics over to our members, who fired a bunch of great questions at Scott Trench and Mindy Jensen, Brandon Turner and David Greene, Joshua Dorkin, and J and Carol Scott.

Our panelists covered some nitty gritty real estate topics, like tackling vacancy and how to invest IRA funds, as well as big-picture concepts like motivation, marketing, and teaching family members the importance of investing at an early age.

Also, everyone reveals which animal they would be if they had to choose, and a member of the audience challenges David Greene to produce an analogy on the spot. Listen to find out whether he performed under pressure! 

Our first conference in seven years was a big success, and we’re so thankful to everyone who came out to learn, network, and have a great time.

Download this bonus episode, and be sure to subscribe to all three shows BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, and BiggerPockets Business Podcast so you won't miss an episode.

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Oct 13, 2019
93: Financial Mistakes and How to Avoid Them with Scott & Mindy
00:56:15

Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous!

In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence.

Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts.

Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future. 

This episode truly is for anyone who has money AND wants to have more.

In This Episode We Cover:

  • What house hacking is
  • On buying a car
  • Challenges that come up in relationships
  • What to buy on engagement rings
  • Concept to apply on weddings
  • On having kids and pets
  • The importance of being on the same team in your relationship
  • Ways to save money on travel
  • Travel hacking
  • Tax Mistakes
  • The right time to talk to a CPA
  • Talking about retirement accounts
  • Withdrawing money early inappropriately
  • Not understanding fees
  • Not taking the match
  • Track and analyzing your spending
  • Signs that you have miscellaneous spending problem
  • On investing

Links:

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Oct 07, 2019
92: An Introduction to Financial Independence with Chris Mamula, Brad Barrett and Jonathan Mendonsa
01:16:27

Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy.

Except that’s not how the world works. What brought success to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L!

Of course that said, there are some general principles that apply to everyone: 

  • Spend less than you earn
  • Invest wisely
  • Increase your income
  • Track your spending
  • Be money conscious

Chris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone.

Topics:

  • What their book is all about
  • The framework they applied to the concept of financial independence
  • Deconstructing rules and create new mindset
  • Things they questioned that started to fall apart
  • How to frame the conversation to attract and get more people interested on financial independence
  • The concept of spending less money 
  • Principles on how to cut your expenses
  • Learn the rules of money and math
  • How to earn more income
  • How they approach on investing
  • The final step towards financial independence
  • And SO much more!

Links:

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Sep 30, 2019
91: Debt is NOT a Death Sentence with Melanie Lockert of Dear Debt
01:15:09

Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt.

Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt)

September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".

Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.

Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.

In This Episode We Cover:

  • Melanie's journey with money
  • Experiencing mental health issues because of debt
  • Start blogging and wrote break-up letters to debt
  • How she paid off her debt
  • Her main side hustle
  • How much it costs her to pay her student loan debts
  • The reason why debt is depressing
  • The biggest mistake people are making
  • Her advice to anyone who has the same path with her
  • Five stages of grief that are similar to paying off debt
  • On living in denial
  • Steps to prepare your mindset and addressing the underlying issues 
  • Therapy hack
  • What keep her motivated
  • Talking about the first person who reach out to her
  • How she personally managed to pay off her student loans
  • On making more money
  • What her life look like after she paid off her student loan debt
  • And SO much more!

Links from the Show


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Sep 23, 2019
FinCon Bonus Episode: Improving Financial Education with Billy Hensley from NEFE
00:20:11

Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this oh-so-important information.

They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement.

Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed.

This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle money.

In This Episode We Cover:

  •  The right time to start teaching kids about money
  •  The importance of understanding the needs versus wants at the very early age 
  •  How to introduce financial education into elementary and middle school childrens' curriculum
  •  On financial education mandates
  •  How do we get mandates to all 50 states
  •  Misconception about financial education
  •  And SO much more!

Links:

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Sep 21, 2019
90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling Wallet
01:02:31

When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating. 

Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one!

Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan.

Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball.

In This Episode We Cover:

  • Melissa's money journey
  • Three situations that set up her money mindset
  • What her life looks like during her college years
  • What her school program looks like during her college years
  • How she handles the situation when she got pregnant during her college years
  • On childcare
  • Her goal after college
  • All about her medical debt
  • The reason why she opens up her 401k
  • What her lifestyle looks like and the sacrifice she made to make things possible
  • On paying off her debt
  • How does her situation changed after she got married
  • The moment she discovered the FIRE movement
  • And SO much more!

Links:

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Sep 16, 2019
89: Retire Before Mom & Dad, with Rob Berger
01:01:39

Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits. 

Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife.

Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.” 

Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free. 

He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.”

Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was!

Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life.

In This Episode We Cover:

  • Rob's journey with money
  • Lived rich dad poor dad life
  • Saved money for retirement
  • How his lifestyle and position changed transitioning from a law firm job to a government job
  • Psychological component of a side hustle
  • Leaving the big law firm changed his mindset about money
  • Making $100 in 6 months to $30k in 18 months doing blogs
  • How he treated his salary money and side hustle money differently
  • The moment he paid down his debts
  • The reason why he decided to sell the business
  • What prompted him to write the book called, "Retire Before Mom and Dad"
  • What his book all about
  • And SO much more!

Links from the Show

 Connect with Rob

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Sep 09, 2019
88: Consciously Choosing to be Debt Free with Ashley Likely
00:49:54

Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler alert) she graduated college with $77,000 of student loan debt.

A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research. 

Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.”

She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got. 

Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul!

In This Episode We Cover:

  • Ashley's money journey
  • Worked side jobs and open up credit card to get an employee discount
  • Total debt she had from credit card and student loan after college
  • What she did after college
  • Used her income tax return to paid out her credit card debt and bought a house
  • On her journey to financial freedom
  • Aggressively attacked student loan debt in 2017
  • What prompted her to paid down her student loan debt
  • Got interested in real estate
  • How he got downpayment for her investment property
  • On househacking
  • And SO much more!

Links from the Show


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Sep 02, 2019
87: How to Save Money For Your Downpayment with Scott & Mindy
01:04:51

In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?”

In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing.

They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500.

If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path.

In This Episode We Cover:

  • Things to do before buying a house
  • Getting your taxes in order
  • Disadvantages of self-employment
  • Mindy's story of buying her current house
  • Avoid making big purchases until after you close on your loan completely
  • Understanding closing cost
  • All about down payments
  • Do you get your earnest money back if you don't buy the house
  • On finding a good agent
  • What Private Mortgage Insurance is
  • On finding a good inspector
  • How to save up for the downpayment
  • And SO much more!

Links from the Show

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Aug 26, 2019
86: Choosing the Right Investment Type for Your Goals with David Stein
01:08:08

David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES of investments you can choose from.

In this episode, we explore asset classes we haven’t really discussed before: Closed End Mutual Funds, REITs, Mortgage REITs, and the different types of stock you can buy. (Yes, there is more than one!) We even touch on Gold and Cryptocurrency! 

Investing isn’t limited to stocks, bonds and real estate, and David introduces these ideas so you can start investigating the asset classes that appeal to you and works best for your financial goals.

David also shares his Investing Principles and his top tip is so simple, yet such an EXCELLENT piece of advice: Be able to describe in detail what you are investing in. If you can’t, you’re not ready to invest in that just yet.

If you’re looking for different asset classes, better returns or even just to diversify your portfolio, this episode is a must-listen!

In This Episode We Cover:

  • David's money journey
  • Launched businesses at the very young age
  • Studied and liked the aspect of finance
  • His approached to money throughout his career
  • What prompts him the decision to retire
  • On the "Money For The Rest of Us"
  • The investment principles that he teach
  • On the trading
  • Disadvantages of buying individual stocks
  • The difference between investment, speculation and gambling
  • Individual stocks versus index funds
  • Any circumstances that would make people buy an individual stock
  • The reason why he start the podcast
  • Closed-End Mutual Funds
  • Bonds
  • On real estate investment trust
  • How he select reits
  • Private reits versus public reits
  • On preferred stock
  • Buying preferred stock versus common stock
  • What a mortgage reit is
  • On bitcoin
  • What makes bitcoin speculation rather than a gamble
  • And SO much more!

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Aug 19, 2019
85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets
01:18:14

Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses.

His father passed away when he was 4, leaving him an inheritance of $100,000 when he turned 18. Jacob quickly spent it on a truck, customized to the hilt. He soon had nothing to show for it, and at his lowest point, had to move in with his girlfriend’s mother, because he had no money to pay rent.

Enter Dave Ramsey’s Total Money Makeover. Jacob devoured this book and of course, lightbulb!

Jacob did what most new-to-FI people do, he cut out everything! He started tracking his spending and preaching to everyone who would listen. Finally fed up with his constant preaching, his wife said “I don’t want to hear about this anymore - go start a website!” And I Heart Budgets was born, where Jacob could preach to his heart’s content.

Jacob and his family are now on a year long road trip around America, a mini-retirement to spend time with their young children before school starts, taking advantage of their financial position.

Later in the episode, Jacob drops a knowledge bomb on Mindy & Scott, sharing the existence of the “Spousal IRA,” a way for non-working spouses to contribute to an IRA.

Thinking you made such a big mess of your finances that you won’t ever recover? Jacob’s story shows that it’s never too late to start, and that poor financial choices don’t have to define you.

In This Episode We Cover:

  • Jacob's money story
  • Inherited $100k at age 18 and blew it very quickly
  • The moment he realised to get serious about money
  • On tracking his spending
  • His lifestyle before and after he read Dave Ramsey's book
  • The power of getting on a budget
  • How he perform against his plan after tracking his spending
  • On his first three months of budgeting
  • How to set goals that you can actually achieve
  • What they did after wedding and honeymoon
  • What their lifestyle looks like living in Washington
  • On purchasing their house
  • Talking about their payment and savings after buying their house
  • On being a tax professional
  • The power of DIY
  • How he learn DIY
  • Made a choice to quit his job, buy an rv and hit the road
  • What a spousal IRA is
  • Their formal budget and money dates
  • The importance of having a wife that is in the same page as yours
  • Reshaping mindset and habits
  • And SO much more!

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Aug 12, 2019
84: Traditional Retirement: Social Security, Market Conditions & Managing Expectations with Kyle Mast
01:18:15

Kyle Mast first visited us on Episode 41 of the BiggerPockets Money Podcast, and he BLEW US AWAY with his suggestions, ideas, tips and tricks for early retirement.

Kyle is back again today to talk more to traditional age retirees - those of us who are retiring at or near age 65.

Retiring now can seem scary - the market is near all-time highs and has been so for a very long time. Markets are cyclical and unpredictable.

Kyle shares how to ride out the storm with strategies to manage both behavior and emotions. He’s a big fan of Retirement Fund Dates - but not of putting all your retirement eggs into one fund-date basket. 

Kyle also looks at Social Security and covers several scenarios to help you decide when to start receiving your benefits. 

Kyle is a fee-only Certified Financial Planner - and this episode shows time and again just how valuable a consultation with a CFP can be. If you’re nearing traditional retirement age - and you’re not quite sure what’s next - THIS episode is especially for you.

Topics:

  • How to set up portfolio transitioning to traditional retirement age
  • On managing behavior and emotion
  • What a bucket strategy is
  • Sequence of returns risk
  • Delaying social security
  • On claiming social security
  • Income limitation for social security
  • The importance of having an understanding of social security
  • What people look for when finding a financial planner
  • Designing lifestyle and expectation around spending
  • How to plan your expenses on retirement
  • What a long-term care insurance is
  • On having a long-term cafe insurance with golden policy
  • On target date funds
  • Identifying your own risk tolerance

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Aug 05, 2019
83: Buying Your First House with Scott & Mindy
01:18:26

Buying your first home - either an investment or a primary residence - can be scary. This is a HUGE purchase, and no one wants to mess that up. But buying a house doesn’t have to be scary, if you’re properly prepared.

This week, Scott and Mindy sit down and talk about the process - what you need to consider BEFORE you even start looking at houses and what to REALLY look for when you’re looking at houses.

They also talk about different funding options, different purchasing strategies and even different ways to hack your housing to live for free - or make big money when you sell.

If you’re in the market for your first property - or second or third - or you’re just starting to think about buying a house, this is an episode you cannot miss!

In This Episode We Cover:

  • First step that Scott recommend someone once they decide to purchase a home
  • Consider exit options
  • Three possible exit options
  • Don't buy on a busy street
  • Don’t put yourself in an artificial urgent state on buying your first house
  • Don't spend every dime you have on your downpayment
  • How real estate agents and mortgage brokers are incentivise
  • On funding
  • Mortgage broker versus a lender
  • Adjustable versus fixed rate mortgage
  • What a mortgage insurance is 
  • FHA versus conventional loan
  • On house hacking
  • Credit score on Credit Karma
  • Pre-qualification versus pre-approval process
  • How to find a real estate agent
  • Things to inspect and to avoid on buying your first home
  • 7 step checklist for buying your first home
  • And SO much more!


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Jul 29, 2019
Money Dates, Prenups & Combining Finances with Aditi Shekar
00:35:41

Talking to your partner about money can be very difficult - especially when you’re bringing up the conversation for the first time.

Today, we’ve brought Aditi Shekar back to discuss finances from a couple’s point of view. Yesterday we heard Aditi’s personal money story, and today she shares tips for speaking to your partner about your finances. 

How to go on a Money Date, all about her $20 prenup and why she feels everyone should have one, her guide to combining your finances. In fact, Aditi is so passionate about personal finance in general, and couples finance specifically, she created an app to help you share and discuss finances with your partner! 

Zeta is a personal finance app designed for couples to help you stay on top of your finances, together. 

Looking for a way to talk about money with your partner? This episode was made especially for you.

In This Episode We Cover:

  • The first thing that a couple should do once they discover that they are far apart on money
  • The importance of talking about money early and often with your significant other
  • Layers of fights about money
  • Guide to combining finances
  • On prenup and how she approach the subject with significant other
  • On people who didn’t have prenups
  • How to go on a money date
  • Finding out who is the CFO in couple
  • Her relationship advice and tip for listeners
  • The importance of knowing your money personality
  • And SO much more!

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Jul 23, 2019
82: Early Money Lessons Create Healthy Money Experiences with Aditi Shekar
00:55:51

Aditi Shekar learned entrepreneurship at a very early age - when she asked her father for a toy and he said no, make your own money. She’s been creating businesses ever since.

Her father’s advice wasn’t the only great money management tips she received early on. In college, a finance professor did two entire classes on personal finance, sharing the benefits of starting early to save for retirement. 

Her financial independence journey was kickstarted when her apartment burned down - and she had no renters insurance. “I don’t want more stuff. I just want to figure out the life I want to lead.” 

Aditi and her husband took a roadtrip to discover where they wanted to live, and ended up in two separate cities, visiting on the weekends. Time apart made them realize they wanted to be together, so she moved to him, and started the life she truly wanted.

In This Episode We Cover:

  • Aditi's journey with money
  • On learning about entrepreneurship and business ethics at age 5
  • Her philosophy on spending money
  • How she developed discipline when she got her first job
  • Saving early for retirement
  • Big question to ask yourself when you're opening a retirement account
  • How she started investing
  • The importance of creating a rule of thumb
  • Started teaching a class on personal finance
  • The realisation she had after their apartment burned down
  • The importance of emergency funds
  • How her outlook changed in terms of life and finances after the fire incident happened
  • Her goal in her financial journey
  • And SO much more!

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Jul 22, 2019
81: The Basics of Investing with Erin Lowry from Broke Millennial
00:53:52
Erin Lowry last joined us on Episode 24 of the BiggerPockets Money Podcast, where she talked about getting Financially Naked with your partner. She’s back today to talk about investing - and all the things many people don’t really know. Erin shares the basics that so many articles and podcasts gloss over - but that are so important to know in order to be financially successful. She also has a new book out: Broke Millennial Takes On Investing: A Beginner’s Guide to Leveling Up Your Money, where she tackles investment basics. If you’re new to investing, or just having trouble figuring out all the terminology, this episode is right up your alley. In This Episode We Cover: Where Erin started investing The importance of educating yourself On setting financial goals What a time horizon is Her take on insurance What to think about when it comes to investing Her take on retirement The easiest way to start investing for retirement What a target date fund is Two different ways to think about investing What are the difference between Traditional IRA and Roth IRA How to start investing when you still have debts Credit card debt versus student loans How powerful compound interest is Important thing she wants people to take away from this episode about investing And SO much more! Links from the Show BiggerPockets Forums Getting Financially “Naked” with Your Significant Other — With Erin Lowry NerdWallet MagnifyMoney Bankrate Investor.gov Vanguard Fidelity See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jul 15, 2019
What’s Your Why of FI?: Recorded Live at CampFI
00:47:50
This Bonus Episode of The Money Podcast was recorded live at CampFI, a financial independence retreat for people on all parts of the journey to Financial Independence. Scott Trench was celebrating his mom’s birthday, so Mindy Jensen is joined by Paul Thompson and Paula Pant, asking attendees of CampFI why they are on the path to Financial Independence, and hearing a bit about their stories. Answers range from spending more time with kids, to lifestyle, health, and simply being able to retire at all. If you feel like you’re the only one on the path to financial freedom, this episode shows that you’re not alone, this journey IS possible, and you CAN do it! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jul 13, 2019
80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & Regular
01:00:25
Kiersten and Julien came from two very different money backgrounds. She’s the naturally spendy one, and he’s the natural saver. Their money views came to a head on their first vacation, when she put everything on a credit card—not to earn reward points—because she didn’t have the money to pay for it. The ensuing argument caused them to have some pretty tough money conversations very early on in their relationship. But it also set them up for early financial freedom. Kiersten decided her old, spendy ways weren’t what she wanted out of life. She started shedding her "things" so that she could pay off her debt and start investing. They researched and discovered a hole in the FI community. There just weren’t many blogs devoted to the African American community that focused on tips about money and early financial freedom. So, they started their blog, Rich & Regular, to bridge this gap. Investing in real estate helped create enough passive income for Julien to leave his corporate job, and for the couple to start living the life they truly want.  Plus, don't miss when Julien casually drops one of the best paying-for-college tips that's ever been shared on this show. If you’re struggling with spending too much money or reconciling your frugal ways with that of your partner, this is a must-listen episode. In This Episode We Cover: Julien's money journey Frugality as part of his everyday life On feeling he needed different ways to earn income On his job right after college How Julien and Kiersten met Kiersten's money journey On her sales and retail experience How Kiersten had a problem with spending Julien’s hack to pay $25 per semester in college Reason Kiersten got into debt Talking about their relationship journey and how they fixed their money problems Went on a saving spree after paying off all his debts Didn’t get into investing together until after marriage Their philosophies on buying properties On their investment properties How their careers have progressed since marriage And SO much more! Links from the Show BiggerPockets Forums Getting Financially “Naked” with Your Significant Other — With Erin Lowry FinCon Financial 180 Mint CampFI See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jul 08, 2019
79: Financial Freedom Through Decades of Hard Work and Hustle with Carol Scott
01:05:00
Carol Scott has a successful real estate investing company that she runs with her husband, Jay. They have two children, live where they want, and just in general enjoy life on their own terms, free from the stress of having a “real” job, a boss and all the time constraints that come along it. But it wasn’t always this way for her. Carol grew up without having a lot of money. Her financial journey really begins at age 9, when her mother told her if she wanted to have nice shampoo, she had to figure out a way to earn money to buy it. Enter Carol’s hustle. Whenever Carol wanted to buy something, she started a new entrepreneurial endeavor. Face painting, caligraphy - anything related to art was fair game for young Carol. At age 15, she hopped onto her bike and rode up to the convenience store, all but demanding a job. She graduated college into a job where she had regular access to the C-Suite - and mentorship opportunities abound. Carol’s focus turned to learning - and she picked up tips from every person she encountered. She’s here today to share many of these tips with you, and to inspire your journey through her own. This is a tale of never giving up, and not being satisfied with what life throws at you. Go out and grab the bull by the horns. In This Episode We Cover: Carol's background with money On starting her financial independence and entrepreneurial journey at age 9 The importance of having a work ethic Did calligraphy, face painting, signs, and artsy stuff to earn money What she did with the money she earned On her college journey The big transition which occurred between her freshmen and sophomore year On the first internship she got Coming out of college with $35k in student loan debt and $40k in credit card debt Exposure to C-level people How growing up with no money influenced her behavior How she began making lots of money Taking leadership courses her companies pay for Moving to Franklin Covey 8 years into her career Her advice to those who are looking to get into a job that offers a high salary What’s urgent versus what’s important How she began managing her money How she handles her investments What she does post-career at eBay The importance of being resourceful The importance of spending time with the family And SO much more! Links from the Show BiggerPockets Forums eBay FranklinCovey BiggerPockets Money Podcast 70: 7 Tips for Successfully Investing in ANY Market Condition With J Scott See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jul 01, 2019
78: How to Talk to Your Parents About Money with Cameron Huddleston
01:04:55
Parents are supposed to know everything, and talking about money is impolite. So how do you make sure your parents are taken care of and that their wishes are followed throughout their golden years? Today Scott and Mindy sit down with Cameron Huddleston, author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, who shares her story of the journey through her mother’s finances pre- and post-Alzheimer's. Cameron also shares the documents your parents need to have—the documents YOU need to have—to be able to help them navigate their finances as they advance in age. She offers encouragement for continuing the conversation after parents initially say, “That’s none of your business.” She explains everything from the perspective of someone who has been through the more difficult times of parental financial navigation. BiggerPockets Money guests have typically focused on their own journey to financial freedom. But this episode provides guidance for starting challenging conversations with your parents. Use Cameron's advice to sit down with them and make sure their wishes are followed. In This Episode We Cover: Cameron's journey with money Got $1 a week and saved money to buy model horses How she fell into the world of personal finance writing Worked as a reporter before transitioning into the personal finance field Learned about money once she started writing about personal finance The importance of having a will How she reconciled the shift with her parents How to start the conversation with your parents Scenarios to open the door to more conversations with your parents What you can do if your parents say their finances are none of your business or don't want to share any information with you Overview of key things to have in place as far as what your parents should have Legal documents—a will or a living trust Power of Attorney Document Living will or advance directive Long-term care insurance Resources people can go to to get professional help The importance of meeting with an attorney Where people can find an estate planning attorney Some of the fights that occur when there is a lack or prep and how to avoid this The difference between old people’s home and retirement community Mistakes to avoid as parents go into retirement or begin to age And SO much more! Links from the Show BiggerPockets Forums Kiplinger See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jun 24, 2019
77: Entrepreneuring Your Way To Financial Freedom with Pete Mockaitis
00:54:57
Pete Mockaitis grew up in the cheapest place to live, Danville, IL. He watched his mother work her way up the local credit union ladder from teller to CEO, simply by doing more than necessary, repeatedly. His mother strongly discouraged debt, having seen so many of the credit union’s customers declare bankruptcy and have their entire bank accounts wiped out. As a kid, he saw firsthand that hustle pays off. He helped his brother with his paper route for a quarter, only to learn his brother was making $1.80. After high school, he got into college on a full ride scholarship, and graduated into his dream job with Bain & Company. He saved money by skipping the little things like taking a cab when he could walk, having roommates instead of living alone, and drinking water instead of ordering drinks when he was out. Pete’s true calling was entrepreneurship. To prepare for the jump to self employment, he figured out his burn rate - and discovered it was a lot lower than he originally thought. By figuring out how much he was spending, and computing the value of his pre and post tax time, Pete optimized his path to Financial Freedom, and is now enjoying the fruits of his labor. In This Episode We Cover: Pete's journey with money Lessons he learned from his mother How he applied the lessons he learned in his approach to early financial freedom How he pursued early financial freedom On growing up frugal Why it took him 3 years to save a year’s worth of living expenses His advice for people who would like to try the entrepreneurial route The importance of being smart with your savings On being real and quantitative On tracking recurring and non recurring expenses and breaking it down into dollars per day On his revenue generation His advice on building revenue On investing And SO much more! Links from the Show BiggerPockets Forums How to Become an “Overnight” Success in 10 Short Years with David Greene How To Be Awesome At Your Job Episode 386: How to Earn More, Spend Less, and Build Wealth with Mindy Jensen BiggerPockets Money Podcast 73: Ramit Sethi Will Teach You to Be Rich! BiggerPockets Money Podcast 56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances Podcast Movement See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jun 17, 2019
76: How to Talk to Your Partner About Money With the Debt Free Guys
01:15:00
John and David didn’t have "the money talk" right away. They both worked in the financial industry, and each thought the other would be great with money. About a year and a half in, they discovered they were both AWFUL with money. Both had lots of debt with no real plans to pay it off. Enter the spreadsheet. David is a self-professed numbers nerd. He entered every expense from the last 12 months into a spreadsheet and discovered some shocking spending habits in several categories. These were places they could easily cut their spending so they could start paying down their debt. And like everyone else who finally figures out money, they hit it hard—planning menus, making grocery lists, and clipping coupons. (They didn’t buy anything they didn’t have a coupon for!) Rather than the debt snowball or debt avalanche methods, they approached their debt paydown with a new method: the debt lasso. They gathered up all their debt—mostly credit card—transferred it to 0% interest cards, and hit the payments hard. In the process, David and John discovered that no one is talking about money in the LGBTQ community. So they set out to change that, opening up the topic to help their community stop being fearful of money and start aligning their spending with their values. In This Episode We Cover: David and John's journey with money How they amassed such a huge debt Having a "money" conversation in regards to their expenses The importance of having a conversation about what their life goals are Cut about $30,000 of food spending a year Using the spreadsheet and looking at their net worth each month Paying off the smallest loan and gaining momentum Debt Snowball versus Debt Avalanche Their investment approach after their paying off their debt Built up emergency savings of $1,000 Ways to get yourself out of debt (by spending less than you make!) Why people are afraid to talk about money And SO much more! Links from the Show BiggerPockets Forums Waffles On Wednesday BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180 Financial 180 BiggerPockets Money Podcast 73: Ramit Sethi Will Teach You to Be Rich! Dave Ramsey See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jun 10, 2019
75: The Most Efficient Path to Financial Freedom With Justin From Saving Sherpa
00:59:21
Justin grew up without a lot of money in a small town. His parents divorced when he was eight, and his mother eventually quit her job to attend school. Necessity is the mother of invention, and a year of no income led to some very creative ways to squeeze more value out of every dollar. This "invention" stayed with Justin for his entire life, and he applies it to every facet of his finances. From his very low rent (in a high rent area) to his ridiculously low grocery bills to collecting travel rewards points, Justin gamifies every cent he spends. Today we hear how Justin actually made money from his college scholarships and military stipends, how he negotiated a smoking deal on his rent, and how his five tenets of grocery shopping pay off. Justin calls this "the lazy path to financial independence," but really he’s just being incredibly efficient with his resources. If you’re looking to cut expenses, listen to this show with a notepad handy. In This Episode We Cover: Justin's journey with money The idea of squeezing the amount of a dollar and cutting something out of your life Joining the military through the ROTC program and getting free tuition from the government What a career starter loan is and what his decision-making process was What his position looks like after going to college The moment he got serious about creating wealth The reason he is still very unhappy after achieving his goals The first investment he made On his expenses How he lived on $24,000 a year in Boston What's inside his sacred freezer The importance of getting to know your specific local grocery store His commandments on groceries On saving $69,000 a year Investing in real estate On retirement How he found his apartment And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman BiggerPockets Money Podcast 71: 5 Years to Financial Freedom Through Real Estate Investing With Sarah P. Mr. Money Mustache BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 57: Financial Freedom, House Sitting & Travel Hacking With GoWithLess See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jun 03, 2019
74: Making Money From a Legitimate Side Hustle With Mark Wills
00:48:01
Side hustle is a big topic on BiggerPockets. But finding the right one—and one that isn’t a scam—can be difficult. Today’s episode focuses on not only a legitimate side hustle, but also one that involves real estate AND can be as much or as little as you want it to be. Best of all, the most popular time to use this side hustle is at night and on the weekends. Signing agents work when their clients don’t—meaning they’re busiest at night and on the weekends—perfect for an actual side hustle. Startup costs are extremely low. They hover around $1,000. Working four to six jobs will pay off your initial investment! Mark Wills shares what you need to get started and how to find jobs once you’re all ready to go. If you’re looking to generate extra income, this episode is right up your alley. In This Episode We Cover: What a notary signing agent is The only requirement to become a signing agent How he became one What signing services exist for Biggest skillset you need to be a notary signing agent Startup cost when doing appointments On doing 10 to 15 appointments a day Who are not ideal candidates for the position The importance of paying attention to details On getting a notary commission The importance of taking a course to become a notary signing agent Other ways to make money through notary commissions outside of loan signing Kind of salary for signing appointments Attorney states versus escrow states And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner Newsletter Signup - I Will Teach You To Be Rich The Jerry Springer Show Bogleheads forum Bogleheads Investing Advice and Info See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
May 27, 2019
73: Ramit Sethi Will Teach You to Be Rich!
01:30:32
Ten years ago, Ramit Sethi released his groundbreaking book I Will Teach You to Be Rich. Now he’s back, with an all-new, updated version, delivered with the same authority and enthusiasm as the original. But wait, there’s more—MUCH more! Ramit... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
May 20, 2019
72: Increasing Your Income Through Commissions With Dawn Brenengen
01:08:31
Dawn Brenengen’s money story begins a bit differently than most. Dawn’s parents shared their finances with her. She knew what things cost, she knew her parents worked hard to pay off their mortgage, and she saw her mother writing checks to pay bills every month. She went to college and graduated with relatively little debt—around $21,000 in student loans and credit cards combined. After graduation, she stayed at her low-paying college job until her father suggested she get a real estate license. Dawn completed the work for the license and got a job making almost the same money, working for a builder and selling their new homes. But she was the assistant to the agents who were making the BIG BUCKS, and she knew that’s what she really wanted to be doing. At the time, real estate agents were eligible to take the test to open up their own brokerage simultaneously with the licensing test, so she did that. While working as an assistant, she laid the groundwork to strike out on her own, eventually ramping up her income to multiple six-figures—with virtually limitless potential. Here Dawn share her story of how hard work and determination paid off tenfold—and all in just four short years! In This Episode We Cover: Dawn's background with money How she grew up in a financially literate household The debts she accumulated during and after graduating college How she paid off her debts Is it possible to invest your student loan? What happened after she got her real estate license How she got serious about making money and building her financial position Having a goal to get a job where she was making a bulk of the commission Started her own brokerage business on 2010 People she recommend to hire out on starting a business How much time and money needed on starting a business The benefits of having a business partner Applying all the money she makes in terms of her wealth building philosophy Dawn's investment approach Private lending on her surplus cash What a private lending is Her annual spending and her income And SO much more! Links from the Show BiggerPockets Forums Mr money Mustache Frugality as a Muscle - Mr. Money Mustache BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
May 13, 2019
71: 5 Years to Financial Freedom Through Real Estate Investing With Sarah P.
01:07:02
Like so many of our guests, Sarah P. did not grow up understanding how money works. She wasn’t bad with money, she just wasn’t very good with it. She learned about financial independence through Mr. Money Mustache and completely revamped her... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
May 06, 2019
70: 7 Tips for Successfully Investing in ANY Market Condition With J Scott
01:24:35
J Scott is a successful real estate investor (to say the least). But he’s also a student of the markets—and his studies have shown him that we are teetering near the top of this current real estate cycle. In this week’s episode, J shares three reasons why he believes we’re at or near the peak based on past market cycles, and he details seven things investors should be doing to prepare for a softening market. His number one piece of advice? Educate yourself! J brings his A-game in this episode, just like he does with every other podcast he's featured on. And make sure to stick around until the very end of the show for a special BiggerPockets announcement you'll definitely want to hear! In This Episode We Cover: Reasons J believes a market crash is coming On the 33 case studies of what economic cycles look like Talking about the last 2 recessions J Scott's analogy with economy to the seasons Phases of the economic cycle and indicators he knows the market is on the peak What a yield curve and GDP is The reason why the price drops in the market How can someone who is considering jumping into the real estate market invest with confidence What might happen in the next recession of the market How does a newbie investor get affected by the potential of being on peak phase of the economic cycle What should people be doing now in preparation for the next phase The importance of building credit and paying your debt on time His recommendations for someone who is investing right now The biggest mistake he sees people make And SO much more! Links from the Show BiggerPockets Real Estate Podcast BiggerPockets Bookstore J Scott's Books on Amazon Using the Power of Goal-Setting to Fundamentally Alter Your Financial Path with J Scott (episode) BiggerPockets Forums Mint Credit Karma Annual Credit Report TransUnion Equifax Experian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Apr 29, 2019
69: From Near Death To Debt Free With Liz from Chief Mom Officer
01:02:57
Liz has always been a frugal gal and self-proclaimed personal finance nerd. Discovering The Wealthy Barber as a teen cemented her course down the financial independence path, even if there wasn’t a formal name for it at that time. And it’s a good thing for her family that she was so frugal - a botched surgery for her husband turned a routine procedure into a nightmare that involved a coma, a month in the hospital and years of recovery. Without her financial savvy, her family could have been financially ruined! Now, 7 years later, she has paid off her house and replenished her emergency fund using a Tiered Emergency fund that allows her maximum liquidity while also maximizing her earnings on those funds. Her unique plan combines online savings with CD ladders, savings bonds and money market funds. Liz explains just how important it is to her family to have the peace of mind a paid-off mortgage can provide, and how planning for unforeseen events is truly the best course of action.   In This Episode We Cover: Liz’s background story On being smart with money throughout her 20s and 30s What happened after her husband's surgery On her work and immediate debt consequences while working towards financial independence On having the mindset of saving for retirement, for college, and for an emergency fund Having various accounts: Flexible Spending Account, High-Deductible Health Plan, Health Savings Account, & Health Reimbursement Account Learning financial independence through the book "The Tightwad Gazette" How she cuts off their expenses and the free entertainment they did Paying off their house for financial security The importance of not depending on stocks Tiered emergency plan On the concept called college compact Her philosophy on paying his son's college Financial independence retirement elective And SO much more! Links from the Show Mad Fientist HSA - The Ultimate Retirement Account BiggerPockets Money Podcast 64: Scholarships and Other Ways to Pay for College with Zach Gautier Harvard Business Review - Case Study BiggerPockets Podcast See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Apr 22, 2019
68: Hacking Your Military Benefits to Become Financially Free With J Grayson
01:19:34
J Grayson grew up poor. But with food on the table every night, he didn’t realize it. Then his sister tragically passed away from brain cancer, financially ruining the family. J fell into a pattern: skipping school, drinking, and doing drugs. A few... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Apr 15, 2019
67: How Living An Intentional Life Led to Financial Freedom With Steven Donovan
01:11:38
Steven Donovan graduated from high school and went to college—because that’s what you do. He graduated from college but got cold feet when it came time to get a “real job.” So, he bounced around random jobs with no plan and no focus. Despite... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Apr 08, 2019
66: Investing, Freelance, & Morning Routines With Paula Pant
01:31:00
Paula Pant has seen it all and learned a thing or two... thousand. Today, we sit down and chat with her about, well, everything. Paula shares her habits, her take on journaling, and her morning routine. We delve into her fascinating backstory with... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Apr 01, 2019
65: Getting Your Family on Board with Financial Freedom with Jacqueline Burch
01:13:36
Jacqueline Burch got married and did what all newlyweds do, spent time with her husband. They continued down the road of "things you’re supposed to do"—had dinners out with friends, purchased a home, and had a baby! After her first son was born,... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Mar 25, 2019
64: Scholarships and Other Ways to Pay for College with Zach Gautier
01:31:31
Zach Gautier oversees academic and college counseling at a Denver-area high school. He reached out to us, and proposed a show to share creative ways to fund college tuition—and blew us away with the depth of his knowledge! This episode is for anyone who has children who have not yet graduated from college. And if you know someone else who can benefit from this information, please share it with them, too! This show includes tips that apply to kids of every age, from elementary school to middle school to high school students. We cover multiple ways to reduce higher education costs, such as transfer credits, AP courses, and CLEP tests, along with early college programs and dual credit options.   We also discuss work-based scholarships and military options, as well as preparation for high school that starts in grade school. Zach shares his advice on taking the ACTs or SATs and also ways to decide which one to take (and whether to retake if you get a low score). This episode can help shave tens of thousands of dollars off your child’s college expenses! In This Episode We Cover: How Zach paid for college The CLEP test Systematic approach to transform college options The best financial choices that somebody can make Interventions that are very effective for your child to learn and figure out their love for school On helicopter parenting Things parents need to do when their children are pre-high school and high school age to save for college 529 plans as the biggest avenue that needs to be considered Brandon Turner's approach for his child college education 3 ways to fund college Dual credit program How much does SAT and ACT prep cost How to apply scholarships Two college batches when it comes their application review process His perspective on brand name college Things that people should be looking for in a school Ways to save money on college application process Other avenues to approach prior to entering college to get excess funding What is a loan and a grant And SO much more! Links from the Show Paychecks & Balances Khan Academy BiggerPockets Money Podcast 56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances Fastweb Cappex Scholarships.com BigFuture - The College Board Scholly BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby BiggerPockets Forums See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Mar 18, 2019
63: Financial Freedom With 5 Kids IS Possible with Jordan Klint
01:19:24
One of the most common misconceptions of financial independence is that you can’t do it with kids. But Jordan Klint doesn’t listen to what other people say. He became financially independent with kids—and not just one or two of them. He did... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Mar 11, 2019
62: Taking Advantage of ALL Opportunities Life Throws at You with Anna Li
01:29:01
Anna Li moved to America from Uzbekistan when she was 22. On today’s episode, she shares the opportunities she’s been presented with—and taken advantage of—from an opportunity to learn at the first non-government university in Uzbekistan that... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Mar 04, 2019
61: The Repeatable Path to Financial Independence with Reshawn & Rob from Learn Hustle Grow
00:57:08
Reshawn and Rob got married nine years ago, joining their lives, families and bank accounts. Premarital counseling revealed two different views on money—and they knew if they wanted to stay married, they needed to get themselves on the same page.... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Feb 25, 2019
60: Rejecting a Scarcity Mindset and Going All-In on Apartment Investing with Gino Barbaro
00:50:58
Gino Barbaro was a chef, working hard every day. He made good money and had no debt, but never seemed to be able to save more than 10%. He started dabbling in real estate investing, and after closing his fourth deal worth $11 million, he... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Feb 18, 2019
59: Playing with FIRE (Financial Independence, Retire Early) with Scott Rieckens
01:14:21
Scott Rieckens was raised in a Navy family. He lived on base and often shopped in the commissary. It gave him a rather skewed sense of what things actually cost. Fast-forward to adulthood. He knew he should be investing, but he wasn’t sure what to... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Feb 11, 2019
58: Optimizing Every Channel to Achieve Financial Freedom with Grant Sabatier
01:12:46
Grant grew up knowing his parents didn’t have much money. He recognized their constant stress about finances throughout his childhood, and one of his first memories was his dad telling him, “Money is freedom.” Graduating from college in the... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Feb 04, 2019
57: Financial Freedom, House Sitting & Travel Hacking With GoWithLess
00:57:07
Tim and Amy were frugal—or so they thought. They spent less than they earned, so they figured they were doing it right. Then one day, they happened upon the concept of financial independence. Turns out, they had a LOT of room in their budget to cut... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jan 28, 2019
56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances
01:05:53
Rich Jones and Marcus Garrett are the men behind Paychecks and Balances, a podcast aimed at helping Millennials figure out their finances. And they should know a little on the subject—both Rich and Marcus made some pretty epic money mistakes in their youth. From Rich just not looking at his bills to Marcus actively going into almost $30K of debt in 72 hours (NOT a typo!), they know what owing money to someone feels like. Marcus details his D.E.B.T. plan so you can pick yourself up, dust yourself off, and pay off your debt for good. Are you looking to be debt-free in 2019? This episode can help you formulate a plan that works for your specific situation, with tips for staying out of debt once you arrive. In This Episode We Cover: Marcus and Rich's money journey How Marcus spent $26K in just one weekend How Rich optimized his budget around things he wants versus the things he needs The concept of the debt snowball Rich's hybrid approach to tackling his debt The purpose of an emergency fund Advice for being financially responsible The importance of focusing on priorities first Their advice for people on paying debts The importance of being conscious about your decisions, especially when it comes to paying debt Building responsible habits And SO much more! Links from the Show FinCon Podcast Movement Mint Annual Credit Report Bankrate Paychecks & Balances Podcast - How I Reached Six Figures in My Trading Account ft. Jason Brown- PB105 Uber Lyft We Read the 15 Best Personal Finance and Investment Books and Summarized the Action Items From Each That Will Make You Rich - Paychecks and Balances See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jan 21, 2019
Testing Your Portfolio BEFORE Retirement with Millennial Revolution
00:36:53
A little over halfway into BiggerPockets Money Podcast episode 55, Bryce dropped a bombshell: “We had three years of runway before we actually pulled the trigger.” What he meant is that they tested their portfolio for three years before quitting... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jan 15, 2019
55: How to Quit Your Job and Travel the World with Millennial Revolution
01:04:00
Kristy Shen grew up poor. Knowing her parents couldn’t help her financially, she gave up her dreams of being a writer, and went to school to make big bucks as a software developer. She even graduated on the five-year program with an internship to... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jan 14, 2019
54: 6 Ways to Reduce Your Taxable Income with Eric Brotman
01:04:24
Preparing For Retirement By Reducing Taxable Income & Saving More. In today’s episode, we chat with Eric Brotman, CEO of BFG Financial Advisors, who discusses his top 6 ways to reduce taxable income. Eric dives deep into each of these 6 methods,... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jan 07, 2019
53: 2018 Financial Freedom Lessons With Scott & Mindy
01:10:55
2018 Financial Freedom Lessons Today, Scott and Mindy go guest-less to recap and review the things they’ve learned over the first year of podcasting. Topping the list—and surprising no one—is tracking your spending. But we did learn some new things this year too, like how money dates are a great way to bring your spouse on board. Looking for change your financial situation in 2019? THIS is the episode that can start you down the path to financial freedom. In This Episode We Cover: What Scott and Mindy's goal is The most important thing that their guests have done for their success in achieving their financial goals A discussion on tracking your spending Why relentless self-education is so vital How to get your spouse on board with money dates  Why there's no secret sauce for making more money How past money mistakes do not dictate your future money life How to apply intelligence and work ethic to earn more income How real estate helps people to pursue financial independence The four major categories people spend on: Housing Transportation Childcare expense Healthcare And SO much more! Links from the Show BiggerPockets Money Podcast BiggerPockets Podcast BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday Waffles On Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes Mr. Money Mustache Blog BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner The Busy Budgeter BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Frugalwoods BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry Broke Millennial BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners 5 Dollar Dinners BiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant BiggerPockets Money Podcast 32: Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio Planting Our Pennies BiggerPockets Money Podcast 08: From Financially Perfect to Rock Bottom (and Back Again) with Tiffany “The Budgetnista” Aliche The Budgetnista BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180 FI 180 BiggerPockets Money Podcast 49: Wealth Transfer—How to Financially Prepare for Inheritance Money with Hari Mix BiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington BiggerPockets Money Podcast 12: How to Become an “Overnight” Success in 10 Short Years with David Greene BiggerPockets Money Podcast 01: The Surprising (Scientific) Truth Behind What Makes You Successful with Mr. Money Mustache BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen BiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire Guy on FIRE BiggerPockets Money Podcast 16: Financial Security Through Passive Income with Joel Larsgaard BiggerPockets Money Podcast 21: How Losing 265 Pounds Spurred Job & Investing Success with Tony Gayden BiggerPockets Money Podcast 19: The Ultimate Real Estate Retirement Plan with Chad Carson BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Forums BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby BiggerPockets Money Podcast 48: Breaking the Impulse Shopping Twitch to Embrace Minimalism with Anthony Ongaro Turo Airbnb BiggerPockets Money Podcast 29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Paros BiggerPockets Money Podcast 38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 31, 2018
52: Creating a Life Worth Living Before Retirement With Roger Whitney
00:52:43
Finding Financial Freedom Before Retirement Roger Whitney learned early on that your life doesn’t always cooperate with your plans. The passing of his mother - who had always worked hard and saved for ‘later’ made him realize that ‘later’ doesn’t always happen. So he set out to create a life he loves - and NEVER wants to retire from. But first, he made a bunch of money mistakes. His free-wheeling 20’s gave way to his more responsible 30’s, where he cleaned up his debt and got serious about his finances. Now he’s living his best life, and shares tips for having the conversation with your partner to allow you to live your best life, too. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 24, 2018
51: Using Financial Freedom to Prioritize Family with Crispy Doc
01:17:39
Prioritizing Family with Financial Freedom Carlos Fuego is an emergency room doctor with a superpower—the ability to realize that money doesn’t buy happiness and family time is far more important than the status of being a doctor. He realized that... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 17, 2018
50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington
01:07:51
Patrice Washington was flying high in 2006, the multi-million dollar real estate company she had started with her husband was practically printing money. But 2007/2008 came, and things went south fast. A high-risk pregnancy finally pushed her over the... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 10, 2018
49: Wealth Transfer—How to Financially Prepare for Inheritance Money with Hari Mix
00:58:20
Hari Mix figured out money in grad school and started saving for his future before he graduated. He became an assistant professor at Santa Clara University—and then, his mother was diagnosed with terminal cancer and his whole focus shifted. Today, Hari shares his experiences with his mother’s passing and how discussing it before she died made it easier for him to manage her estate afterwards. He shares some REALLY great tips for ways to handle an estate, including having all your documents in order and having a will. This episode gets pretty deep into topics that no one ever wants to think about, but that everyone will have to deal with, both with their parents and for their children. Having a will is a great first step, but there are lots of other things you can do to ease the financial transfer burden—and things you need to know before making any moves. The more prepared you are, the easier this process will be during one of the most difficult times of your life. If you’re in a position to inherit wealth from a parent or transfer wealth to heirs upon death, this is an episode you cannot miss. In This Episode We Cover: Hari's journey with money Why prioritizing saving and long-term goals for retirement is so vital The steps he took to handle his mother and grandfather's financial affairs How he ended up creating his own estate plan The importance of being open and honest with your family about financial affairs Steps for approaching your loved ones' financial affairs How to avoid the probate process How he fielded the discussion with the other heirs in his grandfather’s financial affairs The importance of talking to a professional The right time to contact an estate planning attorney Tips for investing an inheritance His written investment policy statement How he came up with his investing plan What he did after his mother died His idea of inflating his lifestyle The checklist you need for when somebody dies Peculiarities of inheriting money and IRAs And SO much more! Links from the Show Mr. Money Mustache American Academy of Estate Planning Attorneys LegalZoom Nolo.com Bogleheads Investing Advice and Info   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 03, 2018
48: Breaking the Impulse Shopping Twitch to Embrace Minimalism with Anthony Ongaro
00:50:39
Anthony Ongaro had a habit. Every time he had a bad day, every time life wasn’t amazing, he opened up his online shopping site, and One-Click purchased something. Anything. It didn’t matter. He didn’t need it, it didn’t matter what it was, but... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Nov 26, 2018
47: Big Money Wins—Unique Ways to Save & Use Cash Efficiently with Jim Wang
01:18:04
Jim Wang has been sharing his views on money for more than 14 years—more than enough to earn him the title of Great Uncle of Personal Finance Blogging. And he’s learned a LOT about money in those 14 years. Today, Jim shares his "big money... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Nov 19, 2018
46: Engineering Passive Income Streams to Fund the Life You Want with Financial Samurai
01:17:59
This week’s episode features Sam Dogen from Financial Samurai. After one month working for a top investment firm, Sam knew 70-hour workweeks were not the life he wanted. So Sam took action immediately. Instead of fancy cars and dinners out, Sam shared a studio apartment with a friend and socked away HUGE sums of money—50% of mediocre starting salary. He invested in real estate (shocker), stocks, and bonds—and continued his massive savings rate. Taking advantage of the economic downturn, Sam engineered his layoff and an enormous payout. Sam now lives the life he wants, having set up multiple passive income streams during his working years. He spends time with his family every day and embodies the concept of financially free. He no longer trades his time for money; his money just simply reproduces itself and does all the heavy lifting. This episode is a great look at how a little upfront discomfort can lead the your best life. Links from the Show Craigslist PayPal BiggerPockets Jobs Why Households Need To Earn $300,000 A Year To Live A Middle Class Lifestyle Today (blog) Don't Quite, Get Laid Off Instead (blog) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Nov 12, 2018
45: The Truth About Entrepreneurship with Matt Giovanisci
01:14:13
Matt Giovanisci is a serial entrepreneur. He decided early on that “working for the man” was not in his cards, and set out to never have to do that again, creating side hustles that generated income so he could be his own boss and do everything on... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Nov 05, 2018
44: DIY Your Way to FI with Tinian Crawford
00:59:39
Tinian Crawford went to college - and took 6 years to complete his Associates Degree in Graphic Design. College just wasn’t for him - he didn’t enjoy it and didn’t get much out of it. He knew he needed a job, but wasn’t sure what he wanted to... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Oct 29, 2018
43: Using the Power of Goal-Setting to Fundamentally Alter Your Financial Path with J Scott
01:13:41
You’ve probably heard J Scott’s real estate story (spoiler alert—he’s killing it!). But he’s never really told his money story that led up to this massive real estate success. Today, we talk to J and discover that in his 20s, he knew nothing... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Oct 22, 2018
42: How to Invest in Real Estate with Joshua Dorkin & Brandon Turner
01:19:16
Real estate is a hot topic right now, and who better to talk about the subject than BiggerPockets founder Joshua Dorkin and BiggerPockets Real Estate Investing Podcast Host Brandon Turner? No one, that’s who. So we went to these experts, and grabbed some excellent real estate advice. We get a brief history of their experiences with money and chat about their new book, How to Invest In Real Estate. Buy the book at www.biggerpockets.com/investinre This fun episode also includes tips for managing your money while you save for your first investment, Josh’s inverted funnel analogy and Brandon’s Harry Potter references. Thinking about adding real estate investing into your portfolio? This episode will educate and inspire. Links from the Show BiggerPockets Forums FinCon BiggerPockets BiggerPockets Podcast (to find all shows mentioned) BiggerPockets Blog BiggerPockets Forums BiggerPockets Webinar Bitcoin is a Stupid, Horrible Thing to Invest In! Scott's Email See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Oct 15, 2018
FinCon Bonus Episode: Debt Free in Three Years With Zina Kumok
00:25:10
Zina Kumok’s parents immigrated to the United States, with no money education and completely unprepared for the consumer society they found themselves in. They quickly got into credit card debt in order to have the lifestyle they “deserved.” An avid listener of Dave Ramsey, Zina quickly determined she did not want to ever be in debt. However, she graduated with $24,000 in student loan debt and made it her mission to pay that off as soon as she could. Every single extra dime she found, she threw at her debt until it was all gone. So once the debt is gone, Zina realized that she needed to ramp up her investing. Not one to just ‘show up and wing it,’ she set about learning how to invest properly. Zina’s story illustrates that you CAN pay off debt while making a lower salary, you CAN pursue financial independence while self-employed, and that your past does not define you. Links from the Show FinCon Dave Ramsey’s Podcast Behavior Gap (Carl Richards) BiggerPockets Money Podcast 35 with Craig Curelop See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Oct 13, 2018
41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast
01:37:23
You’re on the path to financial independence—but you’re not sure what to do with your money. Index funds sound great, but your total financial situation doesn’t end with index funds. Today we sit down with Kyle Mast, a Certified Financial... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Oct 08, 2018
40: Taking Command of Your Finances by Understanding (& Controlling) Money with Joe Saul-Sehy
01:33:12
Today we chat with Joe Saul-Sehy from Stacking Benjamins. Joe shares his money story, which starts off with him figuring out how to get into debt, then discovering he didn’t like being there. He learned that you can’t diagnose what’s wrong with... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Oct 01, 2018
39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant
01:07:08
Jamila Souffrant grew up watching her mom struggle to provide for her. She decided early on that she wanted to be a millionaire, her solution to not having enough was to simply make a lot of money. She saved like crazy, but didn’t have a plan for it. A good student, she attended college and got into an internship program that places minority students with Fortune 500 companies and pays them well. During college, she saved 80-90% of her salary - but was still considered herself “bad with money,” buying luxury items she doesn’t remember. Internship led to employment, and Jamila changed her focus from IT to the real estate department. But her finances stayed the same. She contributed to her 401(k), but not even enough to get the full company match in her 20s. The switch flipped in her 30s, after an exceptionally bad commute home. She discovered FI through podcasts and blogs, and finally understood this could be her reality, too. Jamila and her husband kicked their savings into high gear and started investing. Jamila went from “bad with money” to saving $169,000 in two years! This episode shows it’s not too late to start your Financial Freedom journey, too. Links from the Show BiggerPockets Forums Mad Fientist Mr. Money Mustache The Millionaire Educator Podcast Movement Mindy's Twitter Profile See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Sep 24, 2018
38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money
01:11:21
Phillip Taylor studied to be a CPA in college, just like his dad. He graduated with some debt and decided to add to it by buying a house. In order to afford his new house, he didn’t max out his 401k—he didn’t even contribute enough to get the... See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Sep 17, 2018
37: Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke
00:58:54
Kyle Renke graduated from college and hopped right on the American dream bandwagon. He started off with a starter house, added a couple of kids and moved onto a bigger, better house—one that he could barely afford. He then went back to grad school, tacking on another $40k in student loans. Kyle and his wife spent money left and right, never seeming to be able to get ahead. Finally, he got sick and tired of being sick and tired. Kyle read books and connected with friends in a better financial position. He sold the big house, threw everything at the student loans, and rented a smaller, MUCH less expensive place. Kyle’s story shows that you CAN make big financial mistakes, change your course, and work toward financial freedom—even with children. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Sep 10, 2018
36: From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud
01:20:45
Jillian Johnsrud grew up lacking the privileges that many of us take for granted. Jillian Johnsrud grew up poor, with an abusive step father and a mother unable to leave due to lack of funds. She emancipated herself during her junior year of high school, living in a camper in high school, waiting tables after class. Still, she managed to save $8,000 by the time she graduated. She married young, and medical debt and student loan debt put her family in a tough starting position. From there, however, Jillian began building wealth. In adventures that span tons of different states and even a stint in Europe, Jillian was able to eliminate her debt and achieve financial freedom—all while never earning more than a median income. Hear Jillian’s story of investing when everyone thinks you’re crazy, adopting a group of siblings, and “creating a life that is such a perfect fit she never wants to retire from it.” Links from the Show BiggerPockets Forums Simplify Your Budget with Fun Money Accounts (Blog) Museum Pass Ultimate National Park Road Trip (Blog) Camp FI See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.