BiggerPockets Money Podcast

By BiggerPockets

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Subscribers: 1894
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
340: Finance Friday: When Rental Property Investing Doesn’t Make Sense
01:11:18

Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in-law suite brings in enough cash flow for many to pay off a sizable amount of their mortgage. One such investor is Allen, who turned his low-interest rate primary residence into a lucrative short-term rental in the Portland, Maine area.

Allen is a vacation rental house hacker, leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move.

With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you. Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose.


In This Episode We Cover

When is the right time to buy real estate and how high-interest rates hurt your chances of getting a good deal

Limiting your monthly spending and taking advantage of earning a high income

Short-term rental house hacking and using it to cover most of your living expenses

Stocks vs. real estate investing and when it’s the right time to choose one over the other

Aggressive debt payoff and how to know whether an interest rate is too high

Credit score tips and the factors that make yours go up and down

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Airbnb

Finance Friday: Self-Employed Income and Short-Term Rental Investing

Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-340

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 30, 2022
339: From Sociology Major to Seven-Figure Agent Commissions
01:17:11

Everyone knows that real estate agent commissions are hefty. Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollars really went. It’s not hard for a new agent in today’s world to lock in six-figures worth of real estate commissions within their first few years. But, not many agents, even uber-experienced ones, have been able to hit what Pat Hiban has.

Pat was one of the first “billion-dollar” real estate agents. Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent!

But how did Pat, a sociology major without any connection to real estate, reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors, you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today!


In This Episode We Cover

Everything you ever wanted to know about real estate agent commissions and broker splits

Why so many new real estate agents fail during their first few years

Leveraging out your work, hiring employees, and scaling a business instead of building a job

Real estate investing basics and the downsides of taking too much depreciation

Quitting a lucrative career and the financial moves to make that ensure a successful transition

The six steps to reaching seven figures for real estate agents (and any other entrepreneur!)

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-339


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 26, 2022
338: Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought
00:59:10

Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable. 

Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom. 

Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too!


In This Episode We Cover

Living on less than half of your income and how to maximize your unused funds

Income-based repayment plans and determining the best loan payoff plan for you

Reallocating your portfolio and finding creative ways to pay off your debt 

Time management and how to know when you should outsource or delegate tasks

Preparing for a career shift and how to create a solid financial foundation

Getting into a debt-free mindset and finding financial independence even faster

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

BiggerPockets FIRE Planning Worksheet

Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington

Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie

Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-338


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 23, 2022
337: College is NOT for EVERYONE: Joining the Military & Become Financially Free
00:54:05

College isn’t the only option after high school. In fact, it’s not even the best option. Typically, twenty-two-year-olds fresh out of college are launched into the workforce with a lot of debt and little life experience. So how do you enter the workforce debt-free with life experienceJoin the military.

Today’s guest, David Pere, is a financially free veteran with 100 rental units, all thanks to his time in the military. He enlisted fresh out of high school in 2008. While he did the usual “stupid young guy stuff” for a few years, once he read Rich Dad Poor Dad in 2015, he decided to get serious about financial freedom. After thirteen years of active duty, in 2021 he was honorably discharged with a net worth of a million dollars.

The military offers various benefits, from the ability to learn trades to getting life experience to its financial advantages. As a service member, you are in an ideal position to become financially free. Your housing and food get paid for, and you have access to government-backed savings plans and loans. You also get tuition assistance for yourself and your family. With all the support and benefits the military provides, you can start building the life you always dreamed of straight out of high school.

 

In This Episode We Cover

Why the military may be the best option straight out of high school

The various opportunities to start a career through the military

The GI Bill vs. tuition assistance and how to make sure you qualify

The tangible and intangible skills you learn in the military and how they translate into the workforce

The VA Loan, qualifications, and how to get rich with it via house hacks

The TSP and the SDP and how to use them to grow your wealth faster

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

David on BiggerPockets

David’s Site From Military to Millionaire

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

The (Almost) Guaranteed Way to 31x Your Investments

DIY Your Way to FI with Tinian Crawford


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-337


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 19, 2022
336: Finance Friday: Six-Figure Passive Income in Just 4 Years!
00:52:52

Becoming a millionaire by 30 is almost every 20-or-something-year-old’s dream. But what if you want to go even further? Instead of seven-figure net worth, what about an eight-figure net worth? Would this be enough to make your wildest dreams come true, or is planning for ultra-wealthy status a wasted pursuit, as most people could easily retire earlywith just a few million? The question we’re trying to ask is, how much is enough?

It’s not Scott and Mindy asking this question, it’s today’s guest, Travis. You could call Travis an overachiever, although he doesn’t have the ego to fit that title. Travis has built close to a million dollars in net worth, with $10,000 of monthly passive income in just four years. He’s done this while working a full-time job and spending just $2,000 a month. If we could give a “You Did It, You Won the Money Show!” award, Travis would be first in line.

But Travis is struggling to get his goals aligned with his portfolio. He set a lofty eight-figure goal for retirement, but with his rock-bottom spending rate, is this dollar figure even worth the work? Travis also wants to pose the stocks vs. real estate question, as he’s almost entirely invested in rental properties with very little left in retirement accounts or any stock accounts in general. So what is Travis’ next move? Quit the job, load up on stocks, or keep doing what he’s been doing?


In This Episode We Cover

Using the BRRRR strategy to grow a large rental portfolio in very little time 

Hitting millionaire status by your thirties through smart spending and consistent investing

When to quit your W2 and pursue entrepreneurial pursuits full-time

Stocks vs. real estate and loading up your Roth, 401K, and other retirement accounts

Goal setting and when to take a step back from building wealth 

CapEx calculations, cash reserves, and prepaying your mortgage 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

BiggerPockets FIRE Planning Worksheet

Ready to Retire: The Ultimate Pre-Retirement Checklist

Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers

Episode 200 Special: A Personal Finance Masterclass with Kyle Mast


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-336


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 16, 2022
335: The (Almost) Guaranteed Way to 31x Your Investments
00:42:00

What do timing the market and a circle have in common? There’s no point, literally and figuratively. Some people would like to have you think they’ve cracked the code and there’s some secret formula. There’s not. They may have been able to “time the market” once or twice, but they probably can’t repeat it multiple times. Being correct for the wrong reasons isn’t repeatable, and with the market being so arbitrary, timing it correctly for the right reasons is unlikely. Despite this, there’s still a way to have enormous success while realizing great returns in the stock market, and today’s guest, Jesse Cramer, explains that.

In Jesse’s article, The Near-Zero Benefit from Timing the Market, he tells the story of three investors. All three investors have different experiences “timing” the market, and while they all have different outcomes, it’s not the outcome you’d expect. While you can’t time the market, time in the market can be just as lucrative. If you let your money compound interest over time, you’d be surprised at how much more you can earn by simply leaving your money alone.


In This Episode We Cover

Time in the market vs. timing of the market and which one wins over decades

The unpredictability of the market and how to combat it

Advice for new investors on how to manage emotions while investing

The benefits of reinvesting your dividends and letting your investments compound

The importance of self-education and how to use it as insurance when investing

The history of the stock market and its overall growth

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Mile High FI Podcast

1,500 Days to Freedom

Coronavirus: Is It Time to Give Up on Financial Independence?

The Near-Zero Benefit from Timing the Market

BestInterest Blog


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-335


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 12, 2022
334: Finance Friday: The 5 Questions to Ask if You Want to Fast-Track FI
00:44:40

If someone told you that financial freedom could be achieved by traveling the world, you probably wouldn’t believe them. How can going on a work vacation to Europe make you richer? Surprisingly, doing this can help cut years off your retirement horizon, allowing you to save more, spend less, and invest for your future faster than ever before. Don’t believe it’s possible? Scott and Mindy prove the profits behind doing so in this Finance Friday episode!

Today we’re talking to James, who is inches away from retirement. He has only a few years left before he can sail off into the sunset, but James wants to know how he can reach his goals even faster. He keeps his spending low, continuously invests, and has a remote work position, allowing him to work wherever he wants. He dreams of living in other areas of the United States but wants to ensure he has enough money to do so.

His highest monthly cost? Housing! Like most Americans, a majority of James’ spending is for the roof over his head, but could geographic arbitrage turn his travel plans into a seriously profitable excursion? For those who are trying to hit FI, are close to FI, or simply want to spend more time enjoying life abroad, this episode is for you!


In This Episode We Cover

Calculating your FI number and getting to early retirement faster 

Defining your retirement goals and knowing what you want to do and where you want to be

The 4% rule and whether or not it holds up as stock values have taken a tumble

Geographic arbitrage and using it to reduce your largest monthly cost

Coast FI and why a more gradual retirement option may work for you

The five questions every investor should ask themselves when planning for retirement

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Ready to Retire: The Ultimate Pre-Retirement Checklist

BiggerPockets FIRE Planning Worksheet

Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers

Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together

Networthify

Cfiresim Simulator


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-334


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 09, 2022
333: From Broke at 40 to FI at 50 While Raising 4 Kids
00:51:27

In the early retirement movement, becoming a millionaire is a crucial part of the financial path. While everyone has different spending habits, the first million will allow you to start pivoting so you can make choices for your enjoyment, not just for the sake of money. But when is it too late to start making these moves? Is there a certain point where early retirement, or retirement at all, is off the table? If you think so, listen to today’s episode with Courtney Robinson.

Courtney was raised frugal, and unlike most, she never strayed off that path. Buying old cars, eating at home, and seeing matinee movies were the norm for her, but this began to get harder and harder as her family grew. Courtney was raising four children on her own, making only $15,000 per year, with multiple debts to pay off. But now, only ten years later, she’s a millionaire with equity, retirement investments, a large cash reserve, and multiple rental properties.

How did she make the switch in the “late period” of her life? Courtney goes over the details that led her and her husbandout of bankruptcy, into investing, and eventually to millionaire status. By no means was this an easy or quick journey, but Courtney serves as living proof that even if you’re in your forties or fifties, you still have plenty of time to build a strong financial foundation, and maybe retire early!


In This Episode We Cover

Early frugality and the long-term benefits of teaching your children to save

Living off of $15,000 per year and how to intelligently increase your yearly income 

Bankruptcy, debt payoff, and differentiating the “needs” from the “wants” in your life

Paying off your mortgage and living for “free” in just a few years 

Calculating your FI number and making sure your investments match what you’ll need

Emergency funds, cash reserves, and how much to keep in each account

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Dave Ramsey Solutions

Early Retirement by 30 with $20K/Month in (Actually) Passive Income

Finance Friday: How to Get to Early Retirement Even Faster


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-333


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Sep 05, 2022
332: Handling Finances as a Couple: Individual, Combined, or a Bit Of Both?
00:55:07

Having shared finances, for most couples, is an automatic thing to do once married or after being together for many years. It seems natural to want to combine income, expenses, and investments all in one big pot. This was the norm for most couples over the past hundred years, but as technology has made individual accounts more defined, some couples are finding freedom in keeping their finances separate from their relationship.

We thought we’d put this theory to the test by having Doug Cunnington and Carl Jensen, hosts of the Mile High FI podcast, on the show. Doug and his wife have separate finances, Carl (Mindy’s husband) has completely combined their cash flow, and David Pere (our trusted military millionaire) has walked the tightrope between combined and separate finances with his wife. But which couple is fairing the best?

Unfortunately, we will not be having a couple vs. couple cage match?—but we will discuss the pros and cons of each strategy. Carl, David, and Doug all bring up interesting, and often emotional, arguments as to why they think their money-splitting strategy works best for their specific relationship. If you’re currently in a relationship, married, or about to be wed, this may be a crucial topic worth exploring before your spouse spends $50,000+ on an impulse Tesla order!

In This Episode We Cover

Three couples with three different ways of splitting finances 

How to combine monthly cash flow so that bills are paid

The bright side of prenuptial agreements and why every married couple should have one

Respecting your partner's money mindset by building a spouse-specific system for the two of you

Saving for your child's college and whether or not higher education is worth it as college becomes increasingly optional

Advice for couples who will (or already) combine their finances and investing

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

David on BiggerPockets

David’s Site From Military to Millionaire

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Mile High FI Podcast

1,500 Days to Freedom

Why You’re (Probably) Wrong About Prenups


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!


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

Sep 02, 2022
331: From Food Stamps to Six-Figure Flips and Debt-Free On a Teacher’s Salary
00:59:06

How would a six-figure side hustle change your financial picture? Think of the possibilities—being able to travel, becoming debt-free, or even buying your dream home. For most Americans, income is capped at what you make through a salary. There isn’t enough time, creativity, or energy left at the end of the day to make more. But, one specific subset of employees does have an upper hand that most people overlook—teachers. With a sizable summer break, teachers can make more than many others, even with their median incomes.

Someone who took full advantage of this lucrative scheduling was Skyler. Skyler was raised in a very frugal household, resorting to food stamps and government subsidies at times. But Skyler was poised to turn a hard past into hard assets and laterfinancial freedom. He used financial aid to heavily discount his college tuition, rent-hacked (sometimes for free) into his mid-twenties, and thought of every decision as a return on investment.

As he slowly whittled down the debt he had accumulated through school, real estate caught his eye. Skyler not only beganselling homes on the side as an agent but performing live in flips during the off-season of his teaching career. Thisskyrocketed his net worth, debt payoff schedule, and timeline to financial freedom. He’s made so many wise moves that Skyler will soon be saving eighty percent of his income all while living for free abroad!


In This Episode We Cover

Turning frugality into financial success through smart money-saving moves

Student loan payoff and using the “debt snowball method” to become debt-free faster

Live in flips and how to make six-figure, tax-free wealth through this lucrative side-hustle

The true price of adopting a child in the US and why it’s something worth saving up for

Making the most of your median-income job by building wealth in the background

Geographic arbitrage and living for free (and tax-free!) in other parts of the world

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

How to Create Financial Security (From Scratch!) and Become “Set for Life”


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Aug 29, 2022
330: The Ultimate Teen Money Hack for Parents
00:42:49

You’ve heard of money hacks before, but probably not like this. For the teenagers and parents of teenagers listening, this episode will give you everything you need to make yourself, or your child, financially successful, straight out of high school. Most parents think that a strong financial foundation is built through allowances, debit cards, and making their child get an after-school job. While none of that is bad advice, it doesn’t leave the teenager with a sense of financial security or knowledge of how to manage money.

Thankfully, the Sheek Freak himself, Dan Sheeks, is back on the show to give his “ultimate teen money hack for parents.” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path. This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independenceresponsibility, and the ability to save and invest for a better future.

But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too!


In This Episode We Cover

The “ultimate teen money hack” every parent should try with their high-schooler

Teen debit cards, credit cards, and building up basic frugality

Teaching your teen to “pay yourself first” through strategic spending and investing

Letting your child make mistakes now, so they don’t make life-long mistakes later

The perfect age to implement this strategy and when it matters most

Common questions your teen may ask and getting them excited about money management

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

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Aug 26, 2022
329: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street
01:04:00

Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought, or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future.

But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again.

But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!


In This Episode We Cover

Escaping childhood poverty through basic financial education

DIY financial literacy by asking questions others are too intimidated to

401ks, Roth IRAs, HSAs, and other tax-advantaged investing accounts

Tweaking your “money mindset” to place yourself on the path to building wealth

Amanda’s biggest financial mistake that, once corrected, increased her income two-fold

Building your emergency reserves and using them to catapult your investments

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

XY Planning Advisor

Fidelity Investments

She Wolf of Wall Street Website


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-329


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Aug 22, 2022
328: The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson
01:41:19

For average investors, private money lending has been mentally squared away as “something mega-wealthy people do.” Most investors will write off lending money because they think they lack the experience or funds to do a successful deal. But what if we told you private money lending requires less money than you thought, that it’s almost completely passive, and that today’s high-interest-rate environment may be the perfect time to start?

Alex Breshears and Beth Johnson are graciously coming in as our private money messiahs, teaching us all how easy (and lucrative) it is to be a private money lender. They’ve been lending for years, not only to supplement their real estate portfolios but often to outright replace them. Private money is far more passive and flexible than performing a flip or BRRRR yourself, and almost anyone (and yes, we mean anyone) can do it in one way or another. It’s such a good way to make more money that Alex and Beth wrote the new BiggerPockets book, Lend to Live, on this exact subject.

But before you print off business cards that say “private money expert” under your name, listen to what Alex and Beth have to say. They drop some valuable gems on who should (and shouldn’t) be a private money lender, how to protect yourself when you lend, points, rates, and fees you can charge, and building a pool of borrowers you can trust. If you’re anything like Scott and Mindy, then there’s a good chance you’ll walk away from this episode far more interested in private money than before!


In This Episode We Cover

How any investor can become a private money lender and build a pool of borrowers

Why 2022 presents an interesting opportunity for new private money lenders 

Points, rates, laws, and setting up your private money structure

Building the perfect private money team that can protect you on any deal

The insane returns lenders get when doing different types of deals

Betting on the “jockey” vs. the "horse” when vetting a potential borrower

Private lending red flags that new lenders can easily fall prey to

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Loans Gone Wild: Turning a Private Loan Into a Profitable Flip After Foreclosure

Private Money: What the Experts Warn Against Before You Lend (Or Borrow!)


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-328


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Aug 19, 2022
327: Why the Stock Market Should NOT Scare You (Even As It Crashes) w/Brian Feroldi
00:47:37

stock market crash looks like bad news. The world is ending and everything is down. There won’t be any more profits to take…until the stock market gets back on track, which it always does. We’re not kidding—take a look at the past hundred years of total stock market performance and you’ll see something not-so-shocking. The stock market always finds a way to head back up, even after massive crashes like the great depression and great recession.

You don't need to trust David and Mindy on this, instead, trust a stock investing expert like Brian Feroldi. Brian wrote the book on why the stock market always goes up, appropriately titled, Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren'tBrian uses this book to educate, inform, and enhance investors’ abilities to invest without stress, headache, or anxiety about future prices.

In this episode, Brian demystifies the calculations behind investing in the stock market. From price to earnings ratios to company valuations, and why individual stock picking only makes sense if you’re the right type of person. He also hints at a “multimillion-dollar mistake” some investors are making when investing for retirement. Simply hearing his warning could save you millions of dollars in the future!


In This Episode We Cover

Why stock market crashes shouldn’t scare the average investor

What causes the stock market to go up in the long-term, even with short-term dips

Price to earnings ratios explained and using them to value companies before you buy

How long you should hold stocks and why consistent trading could cost you more than you think

The 4% rule and how the gold standard of retirement calculations is holding up in 2022

Avoiding the “multimillion-dollar mistake” many investors are making

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

David on BiggerPockets

David’s Site From Military to Millionaire

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Why You’re (Probably) Wrong About Prenups


Click here to check the full show notes: https://www.biggerpockets.com/blog/money-327


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Aug 15, 2022
326: Finance Friday: Still Feeling "Money Anxious" After Hitting FI
01:01:08

The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats, trains horses, and buys rentals in cash. Before you get squeamish, this isn’t a show about flipping rats for profit. But, it is a show about horse training, unique investments, and how to ease off the gas when building wealth. Even if you’re far from your FI number, thinking about this concept will help you tremendously once you’ve retired.

Alexis and Max have an interesting situation, and they aren’t your everyday workers. Both of them work out in the field, up against the elements, making some serious money to help train horses. Max was a self-taught trainer who built an impressive resume while only in his teenage years. He has a passion for finding, training, and flipping horses that will one day be champions. This is his life’s work and it’s allowed him to charge a pretty hefty price tag.

But, the couple hasn’t just been investing in horses. They also have nine paid-off rental properties, subsidizing the entirety of their monthly spending. But, even with their high net worth, they’re struggling to feel comfortable with their financial situation. They’d like to buy a house of their own, take a break from work, and allow themselves more time freedom. But do they really need more money, or do they simply need to rethink their already solid situation?


In This Episode We Cover

Flipping horses and the astounding money this unique investment can make

Rental property investing and why being debt-free isn’t such a bad thing

Sheltering business taxes so you can keep more income at the end of the year

When to use leverage to buy real estate vs. buying rentals in cash

What to do with your “lazy money” even if you’ve already hit financial freedom

Getting clear on your financial goals so you can work less and enjoy your wealth

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

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Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable

Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth

How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast

Episode 200 Special: A Personal Finance Masterclass with Kyle Mast

XY Planning Advisor


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Click here to check the full show notes: https://www.biggerpockets.com/blog/money-326

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Aug 12, 2022
325: How to Buy Yourself a 6-Figure Income Stream
01:23:19

Buying a business may sound out of your element. Stocks are one thing, and real estate is another, but what about buying businesses? Isn’t business buying something reserved for large companies, wealthy entrepreneurs, or seriously experienced store owners? Funnily enough, the business of buying businesses may be one of the most overlooked, yet most profitable ways to make more money, work less, and retire richer. Don’t believe us? Just listen to Tim Delaney.

Tim did not take the standard wealth-building route. He was making just over $2,000 per year while working in the Peace Corps after college. From there, he was hired on by other non-profits when the opportunity to buy a business fell into his lap. It didn’t require a ton of money, but it did require some sweat equity and a fair amount of time. While he didn’t end up taking the first opportunity that came his way, he did end up buying a business shortly after. And if you like hops-laden libations as much as Mindy and Scott, you’ll love hearing about Tim’s business.

Tim invested in a local liquor store that had almost zero technological improvements. No point of sale system, no running inventory, and a cash register that was appropriate for the 1950s, not the 2010s. Tim saw an opportunity, and with the right upgrades, he was able to turn this into a full-fledged business with multiple employeeshundreds of thousands in profit, and the best part of all, a 10-hour per week work schedule for Tim. Today you’ll hear exactly how Tim did it, how much money it took, and how you can repeat the process.


In This Episode We Cover

Living frugally even when making very little and how your savings can catapult your wealth

How to buy a business and what it takes to turn an outdated trade around

What types of opportunities to look for when shopping for a business to buy

SBA loansseller financing, and how to finance a small business with very little down

Hiring, firing, and how to keep a passionate staff paid and happy with work

Commercial real estate investing and turning profits into property

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Business Analyzer Spreadsheet

Alternative Investments: How to Determine Which Option(s) Are Right For You

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-325


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Aug 08, 2022
324: Finance Friday: Why Even Millionaires Still Have to Budget
00:55:22

What is a millionaireBy definition, someone who has a million dollars or more in net worth. But what do you think of when we say “millionaire”? Are you picturing sports cars, expensive vacations, big houses? The reality is that most millionaires are people just like you and me, living in regular homes, still attending their jobs, and trying their hardest to budget. Being a millionaire doesn’t mean you’ve “made it,” but it does mean you’re on the fast track to building wealth.

Gracie is a millionaire, but she doesn’t feel like it. When she discovered financial freedom, she set an impressive goal to hit millionaire status by the time she and her husband hit their mid-30s. They worked hard, were diligent savers, and ended up hitting that goal right on time, but it came with a lot less flexibility than they had hoped. While Gracie was able to quit her job, her husband wasn’t able to, and even as he brings in a great salary, the family still is close to breaking even every month on their budget.

But Gracie isn’t doing anything wrong. She’s got a tame budget, regularly reviews her spending, and knows that something has to change if she wants to reach the life of financial freedom she had been promised. So what should she do, change her assets, completely revamp her budget, or move to a lower cost of living area to increase her monthly cash flow? Scott and Mindy give Gracie some good advice that will most likely apply to you, even if you’re not a millionaire yet.


In This Episode We Cover

Coast FI and using it as an alternative to traditional financial independence

Budgeting, expense tracking, and knowing where your monthly income is going

Pivoting to part-time when trying to slowly leave a job you don’t love 

Increasing your “financial flexibility” without sacrificing a ton of time

Budgeting red flags and where most families fail in saving money

Whether or not being heavy in retirement funds is a wise move in early retirement 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers

Check Out Mindy’s 2022 Live Spending Tracker and Budget

3 Degrees, Debt Free, and “Coasting” to Financial Independence

Finance Friday: How to Get to Early Retirement Even Faster


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Aug 05, 2022
323: Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers
01:01:39

Coast FI is an interesting concept. Unfortunately, to much of Mindy’s surprise, “coast FI” doesn’t mean having enough money to live by the coast. But, just like living down by the beach, the coast FI lifestyle is far more enjoyable than most. We constantly hear from online personal finance bloggers about how you need to save as much as you can, eat at home every night, and never take a vacation. While this does allow you to hit financial independence faster, it makes the journey a highly stressful one at worst and a barely bearable one at best.

What about a different way to reach financial independence? What about still eating out and taking trips, all while working to retire early? This is the path that Jessica from The Fioneers has chosen to take. She and her husband learned about the financial independence movement while they were making just $30,000 per year combined. As their income grew, so did their savings rate. But, Jessica realized that the stress of climbing the corporate ladder wasn’t worth it when she ended up taking a six-month mental health break from her work.

Jessica never ended up going back to work, but she did start working for herself. Now, she’s on the path to coast FI, or as she also likes to call it, “slow FI.” She still takes trips and lives comfortably, but she does so with full autonomy of her time and a plan to retire in her early 50s. She is living proof that you don’t need to burn yourself out to hit financial freedom, and you definitely don’t need to do so just to reach retirement.


In This Episode We Cover

Coast FI explained and how it’s a far more enjoyable alternative to standard financial independence

Saving and investing even while making a below-median income salary 

Resisting lifestyle creep and how to use pay raises to increase your net worth

The danger of going “too fast to FI” and how retiring too early can be a detriment

Part-time jobs, side hustles, and other ways that you can make more apart from your W2

Spending money to “escape” and how quitting a stressful job could save you more money

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

David on BiggerPockets

David’s Site From Military to Millionaire

Change Your Money Mindset, Change Your Life with Vicki Robin


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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Aug 01, 2022
322: Finance Friday: Living Paycheck-to-Paycheck with 9 Rental Properties
01:04:42

Rental property cash flow is one of the most important metrics to calculate when analyzing real estate. Your cash flow not only helps you make a little extra money every month but also keeps your property afloat during months of heavy expenses or when large repairs need to take place. If you don’t do the correct cash flow calculations, you could find yourself with a cash-hemorrhaging property.

This is why running (and re-running) your “true cash flow” number is so important. It’s also what Pam, today’s guest, might need to do to figure out which rentals to sell and which to keep in her portfolio. Pam owns nine rental properties, which is doubly impressive since she declared bankruptcy just a decade ago. She’s been able to rebuild a financial position that many would envy. And even though Pam and her husband make a great income, they’re struggling to figure out where it’s going every month.

As six-figure earners, they’re barely breaking even on some months and overspending on others. Is Pam being too relaxed with some of her budget categories, or is there another cash flow leak coming from somewhere she isn’t looking? Scott and Mindy go through Pam’s current financial situation and quite quickly come up with a solution that could save her thousands every month.


In This Episode We Cover

How to calculate “true cash flow” for your rental properties so you know what actually comes in every month

Selling vs. refinancing vs. holding and which choice to pick for which property

Why so many six-figure earners feel like they’re living paycheck to paycheck 

Capital expenditure (CapEx) costs and why every rental property investor must anticipate them

Climbing out of bankruptcy and finding financial success after starting from zero

Using private money lending to grow a rental portfolio quickly

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Finance Friday: How to Get to Early Retirement Even Faster

Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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Jul 29, 2022
321: From Spending Six-Figures a Year to Saving 80% of His Income
01:13:50

Living paycheck to paycheck isn’t sustainable. But, if you’re in this position, you already know that. The stress of always worrying about bills, scrounging for money, and never really feeling security can eat away at you. This is how Anthony Michael felt, but surprisingly, he wasn’t making a small amount of money. He and his wife were making six figures, but only saving around $200/month. This was far less than Anthony was comfortable with, so he sat down, crunched the numbers, and started taking drastic actions.

After he was able to increase his savings rate tenfold, he knew the extra money he was bringing in needed to be deployed. He started listening to The BiggerPockets Real Estate Podcast, read Rich Dad Poor Dad, and saw that house flipping could be his way to real estate riches. He found a partner, picked an area to invest in, and since then has madeflipping homes his top money-marker.

Anthony’s story didn’t always go to plan. He had house flipping budget busters that forced him to use much of his emergency savings, a “partner” who ran off with thousands of dollars, and other fumbles along the way. But, all these mistakes lead to Anthony being in the position he is in today, and maybe you can avoid some of his pricey mistakes simply by hearing his story.


In This Episode We Cover

How lowering your expenses is a faster way to save than increasing your income

Flipping products online and choosing side hustles that can quickly bring in some cash

House flipping and how (when done right) it can be a killer side hustle for new investors

The “BRRRRbnb” short-term rental bringing in over $500 per night 

Real estate partnerships and what to look out for before you start sending money

Credit card debt and how to use it the right way when investing in real estate

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

David on BiggerPockets

David’s Site From Military to Millionaire

Airbnb

PropStream

MLS

Bonds: The Perfect Inflation Hedge (with One BIG Caveat)

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-321

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

Jul 25, 2022
320: Finance Friday: How to Invest When the 20-Year Grind Pays Off
01:02:01

Retirement strategies range from simple index fund investing all the way to full-on real estate development deals. What works for some investors won’t work for others. What’s most important to you is knowing what will or won’t work for your lifestyle. Some workers can easily do a couple of fix and flips on the side to generate income, while you may have a sixty-hour workweek, without a lot of free time to start investing in more intense asset classes.

Chris feels just like this. As a working professional with a hectic schedule, he's concerned that he can’t participate in more “active” income-generating projects like real estate investing. He's been grinding for decades, making decent money but funneling much of it to pay off expensive student loan bills. When his wife sold her business, an unexpected windfall profit resulted, leaving the couple with more options than they thought.

Now they want to “back into retirement” as easily as possible, while still making wealth-building moves. What’s the best option for them? Stocks, real estate, or focusing on work so they can build a large cash reserve? While Scott and Mindy can’t answer this question for him, Chris is presented with a few good options that’ll help him become a multimillionaire in only a few short years.


In This Episode We Cover

Buying and selling a business, plus some lucrative exit options for when you decide to sell

Short-term rental investing and why big profits usually come with big-time commitments

The “perfect” retirement portfolio and how to build your assets around your lifestyle

Planning for your child’s college and how to invest risk-free while taking tax-advantages

Whether to invest in pre or post-tax retirement accounts when you’re coming close to retirement age

Serious side hustles that’ll help you achieve the “four-week work year”

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Finance Friday: How to Get to Early Retirement Even Faster

The “Perfect” Investment Portfolio for Early Retirement w/Ask The Money Coach

Bonds: The Perfect Inflation Hedge (with One BIG Caveat)


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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Jul 22, 2022
319: The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable
00:55:58

Your financial freedom journey won’t look like anyone else’s. It’s your future, your passion, and your life on the line when trying to hit financial independence. But what are we missing out on during the journey? Are we mindlessly walking towards a “money mirage” where everything in life is perfect and happiness is always abundant, simply because we have more money? Or, is the end of the financial independence journey far less satisfying than it’s hyped up to be?

Doc G, from The Earn & Invest podcast, knows about regret. When he’s not recording episodes about residual income, he’s helping hospice patients who are months, weeks, or even days away from life’s end. He knows what it looks like when someone harbors regret about what they should have done. So many of our greatest regrets are caused by not knowing what we truly want to do. The question is, do you know what will actually make you happy?

It’s okay if you can’t answer that question right away. In Doc G’s newest book Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, he gives a concoction of stories, exercises, and thought-provoking metaphors to help you not only reach FI but do so regret-free.


In This Episode We Cover

Why stepping away from a high-paying career could make financial freedom easier for you

Finding what you truly want out of life and how to do so before it’s too late

The “mirage of money” that financial independence chasers can’t get enough of

Why the “death march to FI” is rarely worth it and what to do if you’re on that path

The “three brothers” story that will have you rethinking how you want to reach early retirement 

What hospice patients regretted most and their advice for those who are healthy

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Life After FIRE – Case Studies with Scott, Whitney Hansen, and Doc G

Earn and Invest Podcast


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Jul 18, 2022
318: Finance Friday: The Median Earner’s Guide to Fast-Tracking FI
00:55:14

The “semi-retired” lifestyle seems to go against everything early retirement chasers have been taught. For years, it’s been pushed into our brains that “retirement” is one stark event. You retire once, do what you want for the rest of time, and that’s that. But life doesn’t always go that way. Today’s guest Amanda has spent the past two decades raising children, working, and focusing on getting an advanced degree. Now, with extra money coming in she’s finally in the position to invest.

Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts, saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it.

Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement. In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life?


In This Episode We Cover

After-tax vs. pre-tax investment accounts and which to prioritize for early retirement

Pensions and whether or not they’re worth working at the same job for

HSA vs. FSA investing and how to maximize your tax-advantaged healthcare accounts

Index fund investing and how to aggressively invest without making things complicated

The four levers of financial independence and which to pull when you don’t have many assets

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Finance Friday: How to Get to Early Retirement Even Faster


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Jul 15, 2022
317: Early Retirement by 30 with $20K/Month in (Actually) Passive Income
00:59:02

Early retirement is something people in their forties and fifties do, right? It would seem almost impossible for someone to retire in their mid/late twenties or early thirties without a large inheritance or winning the lottery. Today you’ll meet the woman who did the impossible—Rachel “Money Honey” Richards. Her voice may sound familiar as not so long ago Rachel was a guest on The BiggerPockets Real Estate Podcast where she talked about retiring in just two years thanks to “aggressive” real estate investing.

This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income, much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college. She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be.

Fast forward a few years and Rachel has a strong real estate portfoliobestselling financial literacy books, an exclusive mastermind and coaching program, as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here.


In This Episode We Cover

Using your age as a benefit and how to get around clients/customers judging you by your youth

Where to find the most cash-flowing real estate deals that no one else knows about

Living frugally as you make more money and resisting lifestyle creep at all costs

The multitude of passive income streams almost anyone can create

Selling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to be

Imposter syndrome and why self-doubt could be costing you tens of thousands

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards

MoneyHoney Website

Download Rachel's "Passive Income Starter Kit"


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Jul 11, 2022
316: Spending Categories to Cut During a Downturn | Mindy & Carl’s Budget Review
00:34:56

When building your budget, do you have a line designated for “economic downturn” or “high inflation?” Probably not. Many financial freaks like Carl and Mindy Jensen don’t prepare for economic anomalies like rampant inflation or double-digit stock market losses. And like most Americans, they’re finding it hard to not spend more money every month.

Carl and Mindy understand this, but can't seem to rein in their rebellious budget. This month was their most expensive month ever. And even though these expenses were planned, they nonetheless stung when reviewing them later. But even without these accounted expenses, Carl and Mindy have noticed the cost of goods going up while their stock portfolio continues to drop.

If you’re worried about high inflation, rising home prices, food prices, and everything in between, this is a great time to make the needed adjustments to your budget. This will save you not only a bunch of time but also stress when seeing shockingly high prices for everyday things.

Even financially free couples like Carl and Mindy need to reassess, and you may want to as well!


In This Episode We Cover

Mindy’s most expensive month ever recorded and why you should never books flights a month in advance 

Categories you can cut when an economic downturn hits so you (and your family) stay safe

Why saving is more special when you can truly enjoy the things you’re spending on

Rethinking early retirement and why now may not be the best time to leave the workforce

Budgeting, expense tracking, and keeping an eye on your overspending (before it gets out of hand)

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

BiggerPockets Events

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

1500 Days

1500 Days YouTube Channel

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Jul 08, 2022
315: From 400 Credit Score to Making $17,000/Month in Passive Income
01:44:19

Passive income and credit scores. While they don't entirely rely on each other, having good credit does allow you to build passive income streams far faster. Andrew Brazell learned this the hard way, but thankfully profited big time by making some needed changes. Less than a decade or so ago, Andrew was living in a rat-infested apartment, riddled with credit card and student loan debt, spending all of his money every month. He felt financially hopeless until he struck up a conversation with his Rugby teammate, and BiggerPockets CEO, Scott Trench.

Scott personally helped Andrew dig himself out of a debt hole, start house hacking, and get well on his way to financial freedom. From there, Andrew understood the formula—save your money, buy income-producing assets, and repeat until financially free. Andrew took this lesson to heart, and shortly after paying off his debt, began rental arbitraging his apartment, helping him eliminate his cost of living. That’s when he met Haley Ferguson, his future wife, and a soon-to-be top short-term rental host.

The duo saved their money and bought their first house hack property. And, because of smart landlording, they were able to bring in more than double their mortgage payment in rent alone, allowing them to live at a profit. Now, they’re well on their way to buying even more properties, helping them go from financial fiasco to financial freedom, and finally financial abundance.


In This Episode We Cover

How to save money every month so you can pay off debt, invest, or just have peace of mind

House hacking, rental arbitrage, and other ways you can eliminate your cost of living

Reducing your credit card, medical, or other debts by making a simple phone call

Lifestyle creep and why every financial freedom chaser should resist it

Vacation rental investing and the massive profits that come with it

Purchasing properties with the VA loan and using low down payment loans to scale your real estate portfolio

And So Much More


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Biggerpockets Bookstore

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

How to Create Financial Security (From Scratch!) and Become “Set for Life”

300 Doors, 100% Creative Financing with Pace Morby

Airbnb


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Jul 04, 2022
314: Finance Friday: How to Get to Early Retirement Even Faster
01:14:53

Those searching how to retire early usually come away with one conclusion—you have to make much, much more money. Most financial independence pursuers think that a large salary or enormous sum of assets is what will bring them closer to FI. Fortunately for you, that isn’t always the case, and you’ll see exactly why when we talk to today’s Finance Friday guest, Rebecca.

Rebecca makes a great salary. Actually, she makes two great salaries, working at her government job during the dayand her technical writing job at night. She’s pulling in six figures, owns her own home, and splits expenses with her boyfriend. But she’s struggling to put together a passive income portfolio that will give her a good amount of monthly income when she decides to leave work. So what’s the missing piece in this passive income puzzle?

Scott and Mindy sift through Rebecca’s finances and find some strikingly simple ways that she (and all of you) can save money every month and get to financial freedom decades in advance. This strategy isn’t hard, but it will take a little bit of willpower to get done. Thankfully, even those FIRE movement and financial freedom chasers who aren’t die-hard FI fanatics can still take these lessons to heart.

In This Episode We Cover

Building a passive income plan that can carry you along in early retirement

Budgeting and expense tracking that can save you hundreds (or thousands) a month

Emergency funds and “financial runway” that’ll give you more choices in life

When luxury spending (pool cleaners, house cleaners, etc.) is acceptable

House hacking and how to build wealth all while lowering your housing costs 

The “true value” of your retirement pension and why it may not be worth the extra years of service

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Amazon

Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out

Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus


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Jul 01, 2022
313: The “Perfect” Investment Portfolio for Early Retirement w/Ask The Money Coach
00:51:28

Early retirement is one of those common personal finance topics that always comes up on the show. It’s arguably the most talked-about subject in our Facebook group and is a common theme among guests on the show. But what does a time-tested, well-respected financial journalist and coach think about retiring early? What does the “perfect” early retirement plan look like if you’re starting from scratch?

Today we’re joined by Ask The Money Coach’s Lynnette Khalfani-Cox, who is used to getting personal finance questions thrown at her all day long. She’s dug deep into everything surrounding investing and early retirement. From stocks to Bonds, to real estate investing and cryptocurrency—if you’re interested in building (and maintaining) wealth, Lynnette’s website and books have something that will help you on your benjamin-stacking journey.

Mindy and Scott take some of the top investing, saving, and retirement questions from the BiggerPockets Money Facebook Group and ask Lynnette her opinion on them. Hear answers to top questions like when to invest and when to pay off debt, what makes the “perfect” portfolio, how to stop saving and start spending when you retire, and whether to invest for retirement or start a business.


In This Episode We Cover

The debt payoff schedule you should follow if you want to invest while shedding consumer debt

I Bonds explained and how to get around the $10,000 personal purchase limit

Transitioning from “save mode” to “spend mode” when you’ve hit your retirement goal

How to introduce others to personal finance (without it sounding like a lecture)

What to do before you start a business and getting your personal finances in order

Why younger generations of investors are choosing more “risky” investment options 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Biggerpockets Bookstore

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Fueling Early Retirement at 36 with Just 4 Rental Properties

Investopedia Stock Simulator

Money Coach University


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Jun 27, 2022
312: Buy Now, Pay Later: Consumer Convenience or Predatory Pricing Scheme?
00:47:04

“Buy now, pay later” companies have been around for decades, but not in the form they take today. You may have noticed that when you check out from an online store, a little prompt asks you if you want to purchase your goods for just “four easy payments of…” It seems like a good deal, doesn’t it? You can buy the same goods, for less, today, with no interest payments! Before you add those shoes to your cart, think twice before selecting the “buy now, pay later” option.

Alexi Horowitz-GhaziNPR reporter and host of Planet Money, was interested in how this type of interest-free internet shopping is affecting consumers. Through his research, he found numerous examples of online shoppers overspending, getting into debt, and not knowing their total purchase price. The ease of paying just a fourth of a product’s price and getting it delivered in days became too much for many consumers to resist. And now, they’re paying the price.

If you don’t want to fall prey to this type of split-up pricing, you’ll want to hear what Alexi, David, and Mindy have to say. Using this type of “interest-free” credit could put your financial freedom in jeopardy—and no one wants to trade early retirement for a new swimsuit.


In This Episode We Cover

The “buy now, pay later” programs and how they target online shoppers

How buying now and paying later could affect your credit score in the long run

What happens when shoppers can’t pay their future installment loans?

Why US legislators are taking “buy now, pay later” companies to court 

The marketing tactics used by these companies to get you to spend more at checkout

Why saving now and buying later will help your future finances

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget


Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

Jun 24, 2022
311: How to Create Financial Security (From Scratch!) and Become “Set for Life”
01:23:47

What's stopping you from becoming debt-free? Everyone’s answers will vary, but one truth remains the same—excessive debt can prevent you from living the life you deserve. Today’s guest, Joe Bussey, took control of his life once he decided to pay off his $220,000 worth of debt and build a “financial runway” he could rely on.

Joe's debt accumulated as he did what everyone in his life told him to. He was in pursuit of a college education when his life took a series of unexpected and unfortunate twists and turns. It all started when he got robbed at gunpoint for all the money he saved for college. From there, he had to start from scratch to save up for school. He had to work several jobs, once working five jobs at a time, to keep up with rent and student loan payments. He then went back to school to pursue a better career but ended up in school for five more years—forcing him to take out even more student loans.By the time he graduated, he was $220,000 in debt.

After graduation, Joe was only making $1,000 a month and eventually fell into a deep depression. It was then Joe decided he needed a change, so he wrote out all his worries and came to one conclusion—they were financial problems. After doing some research, Joe came across BiggerPockets and Set for Life. He read the book cover to cover in one day, and a light bulb went off. After reading the book, Joe took control of his finances, saving up $25,000 in his bank account while paying off $100,000 in just fourteen months!


In This Episode We Cover

Financial runways and how to create financial security from scratch 

How to become “set for life” and the actionable steps you can take to start your journey to financial freedom 

Living off less than half your income and the importance of earning more and spending less

Using your Roth IRA to maximize retirement savings and find financial peace

The benefits of paying off student loans now and how to refinance them

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

How to Become an “Overnight” Success in 10 Short Years with David Greene

Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington

How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt


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Jun 20, 2022
310: Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out
00:55:16

Retirement investing is a crucial part of planning for financial freedom. While early retirement is a status that almost everyone would love to achieve, the second-best thing is standard retirement, where you can use your smart investments to make the later years of your life that much easier. But, oftentimes those who are born with a strong work ethic don’t know when the right time to ease off retirement investing is. In some cases, even intelligent investors can find themselves with a lot of retirement income that can’t be touched until decades later.

Jill is trying to end up with a future of financial flexibility. She wants to be able to travel the world with her family,leave her W2 job (if she feels like it), and invest more in assets that give her the power of choice today. She has a very good income, impressive retirement accounts, and wants to take her first step into real estate investing. She’s planning on turning her primary residence into a short-term rental, while her family moves into the live in flip she’s buying next.

This rental property income should give her and her family a cushion of passive income to rely on, but she’ll need much more than this to become truly financially free. Scott and Mindy debate the “invest for later” vs. “invest for now” frames of mind, tackling which one will work best for Jill in her high-income but low passive cash flow situation.


In This Episode We Cover

  • How to get over your fear of debt when investing in real estate
  • Why you may want to sell your primary residence instead of rent it out (once you move)
  • Avoiding capital gains taxes and taking home a BIG profit when selling a primary residence
  • Building equity and net worth through simple cosmetic live in flips 
  • Achieving financial flexibility and how overinvesting in retirement can hurt you in the short-run
  • The Rule of 72 and using it to quickly calculate how much you’ll have in retirement
  • And So Much More!


Links from the Show


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Jun 17, 2022
309: Bonds: The Perfect Inflation Hedge (with One BIG Caveat)
01:14:38

I Bonds, and treasury bonds in general, have always been thought of as the “retiree's investment choice.” For those that have a short time horizon on investments, bonds have made perfect sense. With a guaranteed return, there isn’t a lot to risk for someone close to retirement age who simply wants to watch their investments stabilize—not grow or decline. And in today’s high-inflation environment, more and more individuals are realizing how worthwhile bonds are, especially as their traditional assets start to nosedive

Neither Mindy nor Scott have heavy allocations in the bond market, so to understand these interesting assets a bit more they invited Shane Shepherd, Assistant Professor at USC’s School of Business, to the show. Shane has seen a recent pique in interest from his students in a few certain subjects—inflation, rising interest ratesand bonds. It seems like even the young generation of investors want to safely store their cash during pre-recession markets. But, does Shane think that I Bonds are a smarter way to save?

If stock market slumps are starting to hit your portfolio hard, this may be the perfect episode to listen to. Shane describes exactly why so many Americans are investing in I Bonds while also explaining who should not contemplate investing in something as stable as bonds. His advice could help you keep pace with inflation or buy killer deals in the coming months!


In This Episode We Cover

I Bonds explained and how they can help you minimize the effects inflation has on your portfolio 

Nominal yield vs. real yield and why you must understand the difference before you invest

What happens to bonds if the US enters into an deflationary period 

Who should (and more importantly shouldn’t) start investing in bonds 

The downside of diversifying and why bonds are a safe, but static investment 

How taking on real estate debt could beat bond rates while building wealth for you

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Coronavirus: Is It Time to Give Up on Financial Independence?

Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig

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Jun 13, 2022
308: Why You Can’t Stop Overspending | Mindy & Carl’s Budget Review
00:36:56

Many FIRE chasers want to know how to stop overspending. But maybe the solution to overspending is simply knowing about it in the first place. For many Americans, credit card debtexuberant living, and buying more than what they need are ongoing problems. And even for money masters like Carl and Mindy Jensen, it’s no different. As two leaders in the personal finance space, they understand why people overspend and how to stop it. But, as they’ve found out this year, giving advice can be easier than putting it into practice.

As many listeners know, Carl and Mindy have been publicly tracking their household spending. They’ve tried their hardest to stay within the limits they set for themselves, but some months' bills creep up on you more than others. In this monthly budget review, Carl and Mindy talk about why they’ve overspent, how to become more “money conscious”, and how to stop yourself from living a “money rich, lifestyle poor” life.

Editorial Correction: On a previous episode of the "BiggerPockets Money" podcast, we stated that gains in a 529 Plan account would be forfeited if not used for educational expenses. This is incorrect and we apologize for the mistake. If you’d like to know more about the 529 Plan rules and regulations, please visit this blog post. Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing! 


In This Episode We Cover

How to budget and expense track the right way (stay up to date on your inputs!)

Umbrella insurance and how to get better insurance coverage for even less

Why many millionaires choose not to use a budget

Carl and Mindy’s newest live in flip project purchase

May’s budget busters and how buying quality goods can save you more in the long run

How to stay “money conscious” while living a proactive (not reactive) life

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

529 Plan Rules - Nerdwallet article

Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap

Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again

1500 Days

1500 Days YouTube Channel


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Jun 10, 2022
307: The 4 Steps to Financial Freedom and Debt-Free Wealth
01:11:26

Want to work less and make more? With a forty-hour workweek, it seems hard to imagine a reality where you can do less but still get the same results. How can you fit an entire week’s worth of work into only one day’s working hours? Jason Wojo and Peter Kolat, hosts of The Lifeonaire Show, argue that it’s easier than you think to cut out much of your workday, enjoy your life more, and reach financial freedom faster.

Both Jason and Peter grew up in troubling financial environments—raised in households where fighting about money was the norm. As Jason and Peter grew up, took on careers, got married, and had families, they saw themselves falling into the same traps as their parents—taking on debtoverspending, and working far more than they had liked. After hitting “rock bottom”, they decided to take a step in the right direction and change their financial future.

With the help of a financially-free “vision”, Jason and Peter now live lives almost unrecognizable to their pasts. They now help others find their passions, chase their dreams, and achieve financial freedom with ease. So, if you’re tired of the grind, the stress, and the financial anxiety, you may want to consider becoming a “Lifeonaire” like Jason and Peter.


Links from the Show

Why healthy finances are key to keeping a family (and marriage) in-tact 

Hitting “rock bottom” and climbing out of credit card and consumer debt 

Building a rental property portfolio debt-free and how you can do it too

The four core tenants of money philosophy and why everything starts with your “vision”

The 80/20 Rule and why working less can help you make more money

Calculating the cost of financial freedom and why it’s probably less than you think

And So Much More!

Links from the Show

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Finance Review Guest Onboarding

Mindy's Twitter

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Apply to Be a Guest on The Money Show

Podcast Talent Search!

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How to Get Financial Freedom So You Can Do What You’re Meant to Do

Lifeonaire Website

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Jun 06, 2022
306: Finance Friday: Self-Employed Income and Short-Term Rental Investing
00:58:54

If you want to invest in real estate, you’ll need a few things: a property, an income source, and some cash. If you’ve got all three, you should be able to finance your way to owning a rental property, but this becomes a little more challenging when you’re someone with fluctuating income. Entrepreneurs, especially those without a consistent client base or consistent schedules, have a seriously hard time tracking, budgeting, and saving their income which changes every other month.

Chelsea and Wade feel this way as well. They’re both entrepreneurs, but, as a filmmaker, Wade has far more fluid income than Chelsea does. Some months Wade will bring in tens of thousands, while other months, nothing. Chelsea can subsidize the household budget with her more regular income, but even then, the couple needs to keep a strong safety reserve to ensure they’re never going too over budget without their bank account being refilled.

Thankfully, Chelsea and Wade are very good at managing their money and may actually have too much of it. They’relooking to dive into real estate investing to start building a path to financial freedom. With a serious amount of safety reserves, they’re thinking of buying a short-term rental as their first investment property. But, does their inconsistent income threaten their vacation rental plans?


In This Episode We Cover

How to manage emergency funds and safety reserves when self-employed

Retirement accounts vs. rental property investing and which is best for early FI

Saving for your child’s college and why a 529 plan may limit your child’s future choices

Self-employed health insurance and whether or not getting a job is worth the lucrative benefits

The most important metric to look at when investing in short-term rental properties 

Whether or not your cash position is too conservative for your investing goals

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt

Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”

Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston Cooper

529 Plan Rules - Nerdwallet article


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Jun 03, 2022
305: What to Do Before You Quit the High-Pay & Benefits of Corporate World
01:15:03

Before you quit your job, you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business. As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business.

This is doubly true if you’re like Daniella Flores from I Like to Dabble, who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life, so she can avoid the instant shock of being an overnight entrepreneur.

Daniella has some helpful tips for anyone who thinks their time at a job is close to the end. She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom.


In This Episode We Cover

The importance of having a side hustle (especially when you’ve been working for a while)

Job hopping and negotiating more than just salary at your new or current job

Prioritizing yourself in your company and the downside of saying “yes” too often

Building a stable reserve fund so you can quit with confidence

Self-Directed 401k and other retirement options that self-employed individuals have

Self-employed health insurance and how to keep your benefits as you step away from full-time work

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Connect with David

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

I Like to Dabble


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May 30, 2022
304: Finance Friday: The Fastest Way to Pay Off $300k in Student Debt
01:10:57

It’s a strange time for student debt. On one hand, many college graduates are electing not to pay their student loans while they sit in forbearance. On the other, some debtors are choosing to take advantage of the zero-percent interest period as a way for them to pay down their loans faster. While neither of those choices is inherently wrong, they may also not be right. Today’s guest, Colton, finds himself in this position with a good $300,000 worth of student debt.

This number encompasses both Colton and his wife’s student loan payments. A good portion of their loans can be forgiven over twenty years, so which loan balance should he handle first? Thankfully, with Colton’s sizable take-home pay, he has options that many wouldn’t think of. Scott and Mindy debate on whether or not paying off debt early, waiting for forgiveness, or investing instead would be the best course of action for Colton.

Regardless of whether you have student debt, a car loan, a medical loan, or any other type of timely payment due soon, this is a calculation worth performing. Scott and Mindy also take a look at Colton’s diversified portfolio of assets, arguing that diversification could be leading him down a long path to FI, instead of helping him gain financial footing.


In This Episode We Cover

How over-diversification can set you back from reaching your financial goals

Why the “grind to FI” doesn’t have to destroy the life you love

Real estate investing as a hedge against large amounts of personal debt

Student loan forbearance and forgiveness, plus when to start paying back your loans

Private mortgage insurance and the multiple options you have to get rid of it

Live in flip tips and how to keep your sanity while renovating your primary residence 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington

Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie


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May 27, 2022
303: The Secret Steps to Getting Qualified for the Best Mortgage Possible
01:05:07

You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group, but rarely do you get preapproval tips straight from a lender themselves. As the housing market stays hot and interest rates continue to rise, it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability, you can get answers directly from the source!

Joining us today is Jon Lallande, former mortgage lender, now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays”, and how tax deductions can be dangerous for self-employed professionals.

No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal, primary residence, or next investment property!


In This Episode We Cover

The easiest way to make yourself “attractive” to a lender 

Lender overlays and how to get around them so you can get preapproved

The easiest way to raise your credit score so you can get the best loan possible

The upside of PMI (private mortgage insurance) and how to purchase properties with low money down

Why many investors put themselves in mortgage fraud territory and how you can stay out of it

How to get a mortgage as a self-employed individual and when NOT to take deductions

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn

Finance Friday: Should You Pay Off Your Mortgage Early or Invest?

Ginnie Mae Website

Credit Karma


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May 23, 2022
302: Finance Friday: Can I Live in Flip My Way to FI at 55 Years Old?
01:19:38

Almost every age group wants to know how to retire in ten years. Whether you’re in your teens, your mid-thirties, or your mid-fifties, retirement can seem like an eternity away. Those who retire early and find financial freedom tend to do so through a combination of smart investing, early saving, and a tenacity for budgeting (without giving up everything they love). But what if you don’t have time on your side? What if you’re still paying off debt? Is it still possible to retire?

Thankfully for today’s guest Rik, and all you listeners at home, we can safely say that retirement is in reach, even if you feel like you’re a little off track. Rik has three degrees and as a result, is strapped with some moderate student debt. He wants to retire in five to ten years and realizes that it will take some work to get him in that position. Thankfully, he has some hands-on real estate investing experience—owning a duplex and performing a live in flip on his primary residence.

Rik is more than willing to get his hands dirty in his pursuit of early retirement, whether that means doing remodels himself, limiting his booze budget, or simply living a little leaner. With some smart investments under his belt, he’s been able to set himself up in a good position to take on more projects, have smarter debt, and keep more cash. But, Rik will need to take care of a few things first before he can continue building this retirement runway that’s already underway.


In This Episode We Cover

Student loan debt forgiveness and how to pay off your debt in the smartest way possible

House hacking, live in flipping, and turning your home into a cash-flowing machine or equity check

Building a strong cash position/safety reserve and having the funds to invest faster

HELOCs (home equity lines of credit) and using them to pay off renovations

Whether to rent or sell a property in these high-interest times

Building a retirement nest egg that allows you to travel, take time off of work, and creatively invest

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

MintMobile.com

Amazon Prime

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?

Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth

Finance Friday: How Do I Get Out Of This Cash Flow Crisis?


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May 20, 2022
301: Why You’re (Probably) Wrong About Prenups
01:04:01

Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it could be the thing that secretly saves your marriage. The everyday American knows very little about the prenuptial agreement and has gotten most of their information from movies, reality TV shows, and hearsay from friends and relatives. We wanted to know the truth about prenups, so we invited attorney Aaron Thomas on the podcast.

Aaron Thomas has a wide range of experience in family law, divorce law, and anything that comes from legally joining (or separating) a couple. He knows how difficult divorce cases can be and saw the same mistakes repeated by couples. The lack of communication over finances, minimal planning (if any at all), and wishful thinking led to more and more couples seeking separation shortly after marriage.

Now, Aaron and his team work with couples to form strong prenuptial and postnuptial agreements so that they have a rock-solid financial foundation to stand on when dealing with the daily joys and struggles of marriage. Aaron argues that the prenup may be the most important step in mitigating a divorce and that the protection of a prenup goes far beyond wealth. If you never thought about getting a prenup or postnup before, you definitely will after this episode!


In This Episode We Cover

Prenuptial and postnuptial agreements explained and what they protect

Added stipulations in a prenup that most couples don’t know about

The optimal way to combine finances as a couple and how to split uneven paychecks

How to bring up a prenup or postnup to a partner who’s feeling averse to one

The cost of divorce vs. a prenup and why you DON’T want to leave a legal separation up to state laws

Which couples shouldn’t look into signing a prenuptial or postnuptial agreement

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

ATL Aaron Thomas Law

BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry

Prenups.com


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May 16, 2022
300: Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth
01:09:57

You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a far less known type of middle-class trap, the type that keeps your wealth growing but limits the amount of “freedom” you feel in the process. Oftentimes, savers can find themselves in a position with a big cash surplus but hold tight to it to feel “safe” instead of feeling flexible.

Today’s guest, April, falls into this category. She’s done a phenomenal job at building a millionaire life, keeping large cash savings, and diligently investing in retirement accounts. She’s in a favorable position, but it’s not the position she wants to stay in. April wants to feel a true sense of financial flexibility, with the option to leave her job or decrease the amount of time she spends working. But, to do this, she’ll have to confront her limited “cash scarcity” mindset and chase other investing options.

Scott and Mindy guide April on exactly how to do this, walking through various types of investment options that she (and you at home) can use to maximize a lifestyle for freedom, not just wealth. Even a financial powerhouse like Mindy struggles with these same issues, and you might too once you hit millionaire status!

In This Episode We Cover

Whether or not you’re overinvesting in retirement accounts (and how to find out if you are)

Converting from a scarcity mindset to money abundant mindset to truly take worthwhile risks

Investing in passive income streams like rental properties, syndications, and dividend stocks

How much to keep in your cash position and when to start investing your excess capital

HELOCs (home equity lines of credit) and how they can combat a low-cash position

Whether or not to pay off your mortgage early (or your car loan!)

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

BiggerPockets Money Podcast 243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together

BiggerPockets Money Podcast 260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)

BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist


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May 13, 2022
299: Food Spending Eating Away at Your FI Plans? Here's How to Eat for Cheap
00:50:57

Budget meals, cheap eats, and deliciously discounted recipes are all in this episode of the BiggerPockets Money Podcast. As many of you financial freedom chasers know, one of the biggest monthly expenses on your budget tends to be food costs. Whether that be going out or grocery shopping to feed yourself, your spouse, your kids, and anyone else in your family— eating well isn’t cheap…or so most people think.

Beth Moncel is here to tell you that the preconceived notion of good food = expensive food, isn’t exactly right. Beth started her blog, Budget Bytes, over a decade ago during the great recession, when many families struggled to put food on the table. With a degree in nutrition, Beth knew that she could scientifically design recipes that not only filled up her family but helped her do so on a budget.

If you’re constantly going over your food budget, this is the episode to listen to. Beth gives a masterclass on food budget savers vs. sinkers, pantry staples and go-to recipes, meal planning, eating out, and whether or not you should shop on an empty stomach. Prepare to upgrade your dinner time while keeping more cash in your pocket!

In This Episode We Cover

Common mistakes budgeters make when trying to plan weekly meals 

The biggest budget busters you’ll find in your local grocery store and what to buy instead

Beth’s go-to recipes that also act as pantry clean-out meals for less food waste

Meal planning and how to start with simple, filling recipes you won’t get tired of

Shopping without coupons and why the best ingredients are often the cheapest

Calculating the exact cost of your meals and tweaking recipes for frugal shoppers

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets

Check Out Mindy’s 2022 Live Spending Tracker and Budget

BiggerPockets Money Podcast 251 with Preston Cooper

Flipp.com Website

BudgetBytes.com

Connect with David


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May 09, 2022
298: The April Stock Market Slump | Mindy & Carl’s Budget Review
00:24:15

Stock market crashes aren’t common, but when they happen, they often catch you by surprise. Thankfully, we’re not in the middle of a stock market crash, but this current correction or “dip” we’re riding has got some early retirement and FIRE chasers feeling a little anxious. Carl and Mindy Jensen, real estate and index fund investors, have seen a twenty-five percent drop in their portfolio just over the past six months alone. What effect does that have on their future financial plans?


Welcome back to this month’s episode of Carl and Mindy’s Spending Summary, where we finally get to see an under budget month! Thanks to some family frugality, Carl and Mindy were able to shop pretty light this April, even while going over budget on some essentials like groceries and medical expenses. This may be the last under budget month for a bit as some upcoming trips may prop up their expenses as we roll into summer.


Carl and Mindy have also been keeping an eye on the stock market and how its performance is affecting their portfolio and future retirement plans. When Carl decided to step away from work five years ago, he had the tailwinds of a strong stock market at his back. But, with recent drops in stock valuation, it begs the question: would Carl still be able to retire early if the market conditions mirrored today?


In This Episode We Cover

The budgeting and expense tracking “slog” that helps you spend less and keep more 

Expensive summer trips and how to account for future travel in your monthly budget

The Nasdaq’s rough month and what to do when stock indexes start to fall

The 4% rule and how rough market conditions could hurt your early retirement plans

Whether or not you should still retire during a market crash/correction 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets 

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Hear Our Interview with 4% Rule Creator, Bill Bengen

Michael Kitces’ Interview on FIRE and the 4% Rule

The “Mile High FI” Podcast

1,500 Days to Freedom

Connect with Carl on BiggerPockets

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May 06, 2022
297: How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt w/Robert Farrington
01:11:04

The idea of college comes with a lot of questions—but there is one question that isn't usually asked: is college worth the cost? Most would say yes, but the honest answer is sometimes. Today’s guest, Robert Farrington, the College Investor, answers college questions in a detailed manner to help you make profitable decisions on your higher education choices.


Robert goes over how to look at college as a business decision rather than a necessity. A deciding factor in any college decision should be profitability. Is going to college going to make you more valuable in your field? Will the salary you make post-grad outweigh the student loans you took out? What financial resources are available to you to minimize debt and out-of-pocket expenses? How can you leave college debt-free


When you start asking the right questions, each decision gets easier. And in today’s episode, Robert gives you the right questions to ask. He also goes over different ways to pay for college, including FAFSA, grants, and scholarships, and how each of them work. College requires a lot of informed choices, and this episode contains the knowledge to equip you to make those choices. 


In This Episode We Cover

Looking at college as a business decision and determining whether a college education is financially worth it for you (or your child) 

How to finance college through loans, grants, financial aid, and scholarships 

529 plans explained and why it's an ideal way to save for college 

Saving yourself by using the “Yes Model” to save for college 

FAFSA vs. scholarships and how to apply for both 

Cutting your college expenses in half with government-sponsored programs 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets 

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Here's What I Wish Someone Told Me Before I Racked Up $180,000 In Student Loan Debt

How To Pay For College

How To Save For College

Ultimate Guide To Military And VA Education Benefits

Taxable Scholarships


Check the full show notes here: https://www.biggerpockets.com/blog/money-297

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May 02, 2022
296: Finance Friday: How Do I Get Out Of This Cash Flow Crisis?
01:05:11

Everyone has experienced negative cash flow. If you have a troublesome rental property, you may experience negative cash flow. If you have a low income but an appetite for expensive eateries, you may also experience negative cash flow. But, more common than most, if you’re in the early stages of building your small business, negative cash flow may be a harsh but hard to mitigate reality. 

Chris is feeling the sting of sinking purse strings every month. At the start of 2020, Chris left his old job as an engineer to start working for himself. He hired a couple of employees and started taking on more and more work. But, he’s spending too much time training his junior engineers and not enough time locking down high-value contracts, leaving him in the red every month. Surprisingly, more business owners face this problem than you would think. 

Scott puts on his CEO hat to dive deep into the finances of Chris’ business and gives some challenging, yet reasonable, advice on how he can immediately improve his financial situation. With suggestions from both Mindy and Scott, Chris may have a better picture of how he can go from cash flow negative to very comfortable with highly positive cash flow in the near future. You may not be in Chris’ position now, but if you ever plan on starting a business, or have already, this episode is a MUST. 

In This Episode We Cover

Cash savings and why it’s always important to keep a strong safety reserve (especially as a business owner) 

How to break down your negative cash flow situation to find the most costly expenses 

Starting a business vs. continuing to work at a job and why entrepreneurs should be prepared for risk (and loss)

How to establish whether or not an employee truly brings value to your company 

KPIs, goals, and getting on the same page with your team and employees

Executive assistants and why high per-hour earners may need them the most 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets 

Check Out Mindy’s 2022 Live Spending Tracker and Budget

6 Steps to Improve Your Financial Situation

15 Things Every Newbie Needs to Know About Starting a Business

How to Know When to Hire Your First Employee

10 Challenges to Seriously Consider BEFORE Quitting Your Day Job


Check the full show notes here: https://www.biggerpockets.com/blog/money-296

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Apr 29, 2022
295: Fueling Early Retirement at 36 with Just 4 Rental Properties w/Antoinette Munroe
00:54:08

Early retirement was a goal for today’s guest, Antoinette Munroe, the moment she started making money. Her money journey started in second grade when she sold her Halloween candy for extra cash. By high school, she graduated to selling a wide variety of different things and even started her own distribution network with her cousins at their respective schools. 


By the time she got to college, her main focus was staying out of trouble, avoiding debt and saving. It wasn’t until her last semester of grad school that she had to take out loans. After graduation, her priorities shifted, and she got a job to pay off her debt. Starting with her first check at her new job, she laid out her budget ABCs. Her ABCs follow a simple principle; automation, balance, and consistency. And after two years, she paid off her $27,000 debt! 


In 2015 she decided to start looking for a home, and by the end of 2015, she purchased one. She did a complete rehab on the house while also adding an addition in hopes of getting rid of her expenses to achieve her ultimate goal of not having to work. She put the finished addition on Airbnb, and it now cash flows and pays her expenses. After she realizing the power of real estate investing to build net worth and generate wealth, she did this three more times and now owns four cash-flowing properties. She is now retired and lives the free life of leisure she always envisioned for herself. 


In This Episode We Cover

The importance of saving money and the freedom that comes with it 

How to make an efficient and realistic budget & how to stick with it 

The Budgeting ABCs & how to simplify your budget (and your life!)

Creative financing and using it to buy deals when you don’t have the cash 

How to create and maintain a cash-flowing asset 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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Check the full show notes here: https://www.biggerpockets.com/blog/money-295

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

Apr 25, 2022
294: Finance Friday: Stable Index Funds or Cash-Flow-Reliable Rentals?
00:57:43

Index funds and rental properties are at opposite ends of the investing spectrum. On one side, you have highly diversified, almost entirely passive index funds. On the other, you have cash-flowing, yet far more hands-on, rental properties. Both of these beloved types of investments belong in (almost) every investor's portfolio, but how much should you have of one or the other?


Today’s guest Cecilia has built a strong net worth while keeping her income high and expenses low. She bought at the bottom of the market in Southern California, so while home prices rise all around her, she’s sitting comfortably with her rock-bottom mortgage payment. Thanks to all the housing expense-related savings, Cecilia has been able to dump a lot of her extra cash into the stock market. But, she’s longing for a more travel-focused life, where she can take sabbaticals in any corner of the world she chooses.


Part of her plan to wealth-gaining greatness is buying a short-term rental in a city she loves, so she can still vacation on the cheap. In order to do this though, she may need to sell off some of her investments or swap her strategy entirely for cash-flowing rental properties in cheaper parts of the United States. Which path will set Cecilia on a fast track to FI?


In This Episode We Cover

How much to have in your safety reserves and what to do when you have too much cash

Index funds vs. rental properties and when to focus on which asset 

Long-term rentals vs. short-term rentals and the cash flow that comes from both

Building the perfect investment plan that will coast you to the life you love

Automating your business and spending less time on repeatable tasks 

Whether or not early mortgage payoff is a good idea in low-interest times 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: SpotifyApple PodcastsBiggerPockets 



Check the full show notes here: https://www.biggerpockets.com/blog/money-294


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

Apr 22, 2022
293: Why 40% of Master's Degrees Aren’t Worth It (and Which Are) w/Preston Cooper
01:13:07

A master’s degree shows quite simply that you’re a master (at least to some extent) in a certain subject. For decades, getting a master’s degree has been seen as a financially savvy move to open you up to higher pay, better job opportunities, and golden networking connections. But times have changed, and as more students see college as an inferior option to working, it begs the question: is a graduate degree worth the price?


You can’t know the answer unless you compile tens of thousands of pieces of data. Thankfully, we didn’t have to do that, we just invited Preston Cooper on the show to explain the research he and his team at FREOPP did. You may recognize Preston from his previous episode on the BiggerPockets Money Podcast where he mapped out which undergraduate degrees were worth it. Now, he’s back to show which master’s degrees have the highest (and lowest) ROI.


You’ll hear Preston answer questions like when is the right time to go back to school, which master’s degrees are fatal for financial freedom, and how students should go about choosing a degree or a combination of degrees. So, whether you’re pondering going back to school to get a degree in underwater basket weaving, horse training, or law, Preston has the data to help you make that decision! 


In This Episode We Cover

Why different schools can have dramatically different degree ROIs

The best (and worst) master’s degrees to pursue 

How degree combinations can help you make more money in a related career 

When is the right time to pursue a graduate degree (after college or after working)?

The common misconception about MBAs and why most graduate business degrees aren’t worth the cost

The future cost of college tuition as admission rates drop and inflation continues to rise 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets 

Hear Our Previous Interview with Preston on Episode 251

Check Out Preston’s Grad Degree and Bachelor Degree Study:

More FREOPP Higher Education Resources 

FREOPP

Is A Master’s Degree Worth The Pay Raise?

Connect with Dave on BiggerPockets


Check the full show notes here: https://www.biggerpockets.com/blog/money-293

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

Apr 18, 2022
292: Mindy & Carl’s Spending Summary: March Money Madness Edition
00:35:44

Financial independence is not a new concept to Carl and Mindy Jensen. For as long as they’ve been together, Carl and Mindy have been open and upfront about their financial situations. When they learned about the FIRE movement, they knew they had an all-time goal to hit. Fortunately for them, they hit it earlier than they needed, but has their current spending forced them to recalculate what it takes to hit financial freedom?


Welcome back to Carl and Mindy's Spending Summary, or as we’re naming it this month, March Money Madness. Carl and Mindy had a few big-ticket items on this month’s expense tracker, namely things like a lovely trip to Seattle and a brand new couch (Mindy bought something new!?). As the months fly by, Mindy has noticed an “over budget” trend, forcing her to either recalculate her FI number or get back into budget mode.


If you’ve gone over budget like Mindy this month, don’t fret! Tracking your expenses and keeping up to date on your budget will still help you achieve the goals you’ve set for yourself. Just be extra mindful in April! 


In This Episode We Cover

Frugal vacations vs. relaxing retreats and how to plan for added travel spending

Gas prices, utility bills, and using solar to lower your cost of living 

The benefits of budgeting and how expense tracking keeps you frugal

Having “money respect” for your partner when sharing finances 

Accounting for big “one-time” purchases like furniture or trips 

How to save money on next month’s grocery bill (look in your pantry!) 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!



Check the full show notes here: https://www.biggerpockets.com/blog/money-292

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

Apr 15, 2022
291: Turning eBay Profits into Cash-Flowing Rentals w/The Frugal Gay
01:09:27

eBay flipping isn’t something new. You’ve probably bought something on eBay that was sold by a reseller. Maybe a type of makeup you liked got discontinued. Maybe your favorite pair of jeans from a nationwide chain suddenly disappeared. For eBay resellers like today's guest, Tom Brickman (The Frugal Gay), it’s all about finding the products that people love but can’t get a hold of anymore.


Tom is a master of frugality. Raised by a real estate investor, he knew what cash flow could do to a nine-to-five worker's life. So, at age twenty-one, Tom cashed in some company stock to buy his first multifamily. He inadvertently house hacked and was living in his own place for a whopping $138 per month! From there, he moved from his native Ohio to Texas where he got a full-time job, built his eBay flipping business, and never stopped reinvesting into rentals.


As a side-hustle addict, Tom shares numerous stories about how he made (and lost) large sums of money by reselling on eBay. He even bought an entire house on eBay at auction, which came with bullet holes included. Talk about a deal! Now, retired well before sixty-five, Tom lives a life he loves with his partner, thanks to financial frugality! 


In This Episode We Cover

Why frugality at a young age can compound into massive wealth-building benefits 

ESPP and reinvesting your paycheck so you can use investments to buy cash flow

What makes a great eBay flipping product and how to find the best deals around 

Commercial real estate investing and rehabbing properties for enormous equity gains 

Buying homes at auction online and why you shouldn’t solely trust the zip code a house is in

Paying off credit card debt quickly through hard work and smart money management 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

5 Frugality Myths Americans Believe That Would Make Ben Franklin Cry

A Beginners Guide to Hack Your Housing and Live for Free

How to Pay Down Bad Debt—Fast!


Check the full show notes here: https://www.biggerpockets.com/blog/money-291

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

Apr 11, 2022
290: Finance FAQs: Renting vs. Buying, How to Pay Off Debt, & Creative Real Estate Closings
00:57:03

Renting vs. buying a home, debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions.


In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life!


If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel. We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming! 


In This Episode We Cover

The safest investment vehicle in 2022 (and why safest doesn’t always mean best)

Whether to pay off student loans or invest in retirement and real estate 

Which debt to pay off first so you can coast to debt-free freedom

Renting vs. buying in today’s hot housing market and how to decide for yourself 

Funding home renovation projects (even when contractor costs are high!) 

House hacking and using it to lower your expenses, grow net worth, and build financial runway 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Follow Along Mindy’s Live Budget Tracking

BiggerPockets Money Podcast 35 with Craig Curelop (House Hacking)

BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans)

Does It Make More Sense to Rent or Buy in Today’s Real Estate Market?

A Beginners Guide to Hack Your Housing and Live for Free

Pay Off Debt or Invest?


Check the full show notes here: https://www.biggerpockets.com/blog/money-290


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

Apr 08, 2022
289: How to Retire in 3 Years (After MANY Mistakes) with Real Estate w/Hugh Carnahan
01:26:46

Real estate and early retirement go hand in hand. Most people think that it’ll take years (or decades) to build up enough cash flow to simply break even on your monthly expenses (lean FI). Those people probably aren’t thinking as big as today’s guest, Hugh Carnahan, who retired in only three years thanks to speed, diligence, and a courageous amount of risk-taking.


You’d probably assume that to retire in three years, Hugh had to be a very financially adept person. Well, you’d be 100% wrong! Hugh struggled for years with his finances and committed almost every cash flow cardinal sin in the book. He made great income, saved almost none of it, then saved way too much of it, and thought that his path to financial freedom was through getting solar panels on his house, NOT buying houses.


When a local business owner set him straight, he consumed as much real estate investing content as he could. He listened to the BiggerPockets Real Estate Podcast religiously and after 386 episodes, decided he should invest in real estate. So Hugh went and bought a nice single-family home, right? Nope. He did something much different—and he’s financially free because of it.


In This Episode We Cover

How to NOT practice the “pay yourself first” principle of investing and saving 

Lifestyle creep and how it can eat away at your wealth, even as a high-earner 

ESPP programs and the benefits of getting discounted company stock

The BRRRR strategy and using it to force equity on your rental properties

Commercial and portfolio loans, plus how they differ from residential mortgages 

How to leverage cash-flowing real estate to hit financial freedom (fast!) 

And So Much More!


Links from the Show

Follow Along with Mindy’s 2022 Budget

Make Your Own Free Mobile Expense Tracking App in 30 Minutes

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!


Check the full show notes here: https://www.biggerpockets.com/blog/money-289

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

Apr 04, 2022
288: Finance Friday: Am I Investing Fast Enough to Retire Early in Portugal?
01:13:03

Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move.


Brandy has multiple streams of income—her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion!


Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible. 


In This Episode We Cover

Building wealth after bankruptcy, failed businesses, and financial mistakes 

Quitting corporate and coming back in a more flexible, entrepreneurial role

Short-term rental investing and the big profits (and costs) that come with it

What to do if you have too much home equity as part of your net worth?

Backdoor Roth IRAs and retirement investing for self-employed individuals 

Calculating rental property profits and pitting them against other investments 

And So Much More!

Links from the Show:

BiggerPockets Money Facebook Group

BiggerPockets Forums

How I Used Real Estate to Pay for My Newborn Daughter’s College Education

Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders

Equity Rich and Cash Poor?

Calculate Potential Airbnb Earnings on Your Short-Term Rental

How I Live Overseas & Still Manage My U.S. Rentals


Check the full show notes here: https://www.biggerpockets.com/blog/money-288

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

Apr 01, 2022
287: How to Ask for a Raise (and Actually Get It!) w/Kassandra Dasent
00:50:40

Do you know how to ask for a raise? If you’re like most people, you probably think that we’re asking a rhetorical question. If you think it’s as easy as simply walking up to your boss, asking for more money, and leaving, you probably haven’t ever asked for a raise before. Behind every pay raise request is a clammy-handed employee, hoping that they’ve done well enough to justify that salary bump. Maybe you’re nervous to talk to your boss, maybe you feel unprepared, or maybe you just find it hard to talk about money.


On today’s show, Kassandra Dasent, program manager and wealth advocate, touches on how every employee can prepare to get the raise they deserve. Despite what most people think, you should NOT prepare for your salary review days before it happens. Kassandra has a simple timeline that allows employees to maximize their raise potential throughout the year. So, when it finally comes time to talk numbers, most of the discussion is already done.


This type of strategy has not only helped Kassandra but numerous listeners of the BiggerPockets Money Podcast. But, what if you can’t get a raise? What if your boss says no? What if there’s no budget left for you at the end of the day? Don’t fret, Kassandra lays out the exit strategies you should plan for when career hiccups happen (which they inevitably will). 


In This Episode We Cover

Building your “success folder” and using it as your greatest tool in a salary negotiation 

Taking initiative on pay raises and not letting your boss control your career

Mitigating the fear of talking about money and using your goals to ask for a raise with confidence 

How job-hopping really looks to employers and how it will dictate your career path

Strategizing your raise and negotiating for more than just money 

How often you should update your resume (even if you’ve been at the same company)

And So Much More!


Check the full show notes here: https://www.biggerpockets.com/blog/money-287


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

Mar 28, 2022
286: Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn
01:22:13

It's not uncommon to have irregular income as a business owner or self-employed individual. But with different amounts of money coming in every month, how can you budget, invest, or plan? Some months you’ll make a killing, while other months may have huge burn rates. How do you gain financial clarity when running multiple businesses with multiple income streams? What about becoming debt-free? Is it possible with such inconsistent income? 


This is how Eric Dunn has been feeling lately. After paying off a significant sum of debt, Eric has seen his income slowly rise and needs help ironing out his finances before he can invest in real estate. Eric has numerous businesses that haven’t been given the accounting love they deserve. Not only that, Eric has been trying to get his safety reserve up to hold himself over during the lean months of self-employment.


Mindy and Scott work with Eric to build a financial framework that allows him to scale simply and with minimal effort. They also talk through self-employment tax, financial planning, safety reserves, renting vs. buying real estate, and more. If you’re a regular listener, you probably have more than one stream of income (or will in the future) making this advice worth its weight in gold so you don’t make some of the mistakes Eric is trying to avoid! 


In This Episode We Cover

Paying off consumer debt and using it to propel forward your financial position

Separating business and personal expenses so tax time is headache-free 

Financial planning and analysis, plus using it to model and predict future income

Self-employment taxes and quarterly tax penalties that you can avoid as an entrepreneur 

Whether to rent or buy a home in today’s hot housing market (and strategies for both)

Why your emergency fund is meant to be spent on the right things 

And So Much More!


Check the full show notes here: https://www.biggerpockets.com/blog/money-286

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

Mar 25, 2022
285: The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins
01:17:41

When most people think of JL Collins, they think of smart stock and index fund investing. In his classic, The Simple Path to Wealth, JL lays out the foundational path that investors can follow to secure financial freedom simply, easily, and without a ton of stress. So it may come to many FI chasers’ surprise that JL has written a new book on real estate investing, and not index funds, the stock market, or our current state of high inflation.


In, How I Lost Money in Real Estate Before It Was Fashionable, JL lays out, quite candidly, how not to invest in real estate. And before you get mad about that type of advice on a BiggerPockets Podcast, please note that JL isn’t saying to NOT invest in real estate, but to invest in real estate in a smarter way than he did. 


JL is the first to admit that real estate is a phenomenal way to build wealth, create passive income, and retire early. But, if you haven’t fulfilled your 250+ hours of real estate investing education, you probably shouldn’t be purchasing income properties. In today’s show, you’ll hear JL explicitly list out all the mistakes he made when investing, and how you can mitigate these risks and come out profitable instead! 


In This Episode We Cover

“Stagflation” and how 2022 is looking more and more like 1979’s burdensome economy 

How following the herd mentality to buy real estate may cost you time and money

The biggest home renovation mistakes and how to manage contractors correctly 

Staying cautious when buying in a hot housing market and making an offer based on the fundamentals of real estate investing 

Capital gains taxes and preparing for depreciation recapture when selling a property 

The biggest real estate mistakes rookie investors can avoid when getting started 

And So Much More!


Check the full show notes here: https://www.biggerpockets.com/blog/money-285

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

Mar 21, 2022
284: Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again
00:36:33

Travel budgeting, sky-high gas prices, and “free” utilities are coming up in this month’s episode of Carl and Mindy’s Spending Summary. Like many Americans, Carl and Mindy didn’t have the easiest time sticking to their March budget. With rising food, gas, and utility prices, it may seem that your budget is squeezing you more and more as the months go on.


This month, Carl and Mindy touch on their biggest budget busters and wins, plus why budgets are meant to be adjusted when life permits. Carl and Mindy have been publicly tracking their budget and have found it to be a little trickier than they originally thought. That being said, both of them agree that if you have the financial means to do something you love, it’s probably worth the extra money for a once-in-a-lifetime experience.


If you’ve felt strained while expense tracking and budgeting throughout the start of 2022, just know that two of the most respected voices in the financial space also stumble from time to time. If you make a mistake, overspend, or forget to track your expenses, get back on track, hit your goals, and keep chasing financial freedom!


In This Episode We Cover

What happens when a big expense bursts your budget early 

Optimizing your budget so you have breathing room when prices go up

Offsetting your electricity bill with solar and siphoning off some free natural gas 

Downsizing your costs and reviewing utility bills so you only spend on what you need

Travel budgeting and keeping extra money to build life-long memories 

Conferences where you can find Carl and Mindy in 2022!

And So Much More!


Check the full show notes here: https://www.biggerpockets.com/blog/money-284

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

Mar 18, 2022
283: 8+ Income Streams as a Single Mom and Money Master w/ Tiffany Grant
01:01:06

Multiple streams of income are a must if you’re trying to hit financial independence, retire early, and have the luxury of time brought back into your life. While most people simply rely on one stream of income, their W2, others want more than one leg to stand on when it comes to their financial wellbeing. How would you feel if every day you had eight (or more) income streams flowing into your bank account?


Tiffany Grant from Money Talk with Tiff spent over a decade building the income streams that would eventually set her free from the golden handcuffs of corporate life. But, that road wasn’t made easy for her. Tiffany unexpectedly became a teen mom, forcing her to pivot her journey from aspiring chef to community college business student. Thankfully, her natural knack for anything related to money allowed her to advance quickly through college and later the corporate world.


She was making good money, she enjoyed her job, and she was saving almost all of her income. Tiffany knew that her real dream was to own her own business, grow her wealth, and build the life she dreamt of. So, thanks to her smart money management, Tiffany was able to leave corporate, build over eight streams of income with one business, and regain control of her time. If you’re looking to do the same, then definitely don’t skip out on what Tiffany teaches in today’s episode. 


In This Episode We Cover

Building credit at an early age and disputing false claims on your credit report

Fighting income/lifestyle creep as soon you begin to make more income

Quitting corporate life and having the emergency reserves to support yourself

Strategizing your current position so you can make more and work less 

Building multiple income streams from a single business and how anyone can do it

Investing in yourself and doing whatever it takes to stay on the path to financial independence 

And So Much More!


Check the full show notes here: https://www.biggerpockets.com/blog/money-283

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

Mar 14, 2022
282: Finance Friday: Got a Late Start? Here’s How to Ramp Up Your Passive Income
01:04:33

Passive income is the name of the game when it comes to real estate investing. While equity can help you build wealth, passive income is what can get you on the road to financial independence. But what if you got a late start in your investing career? With so many millionaire twenty-or-something-year-olds on the internet, it seems like you have to start investing at age eighteen to hit financial freedom.


This couldn’t be more wrong. Even if you feel like you’re a late bloomer when it comes to investing, you’re probably only a few years away from hitting FI—if you make the right decisions. This is the quandary that today’s guest, Nicole, finds herself in. Nicole has recently gone through a divorce and lost a good chunk of her net worth thanks to it. But, she’s poised on investing in real estate so she can hit financial independence sooner rather than later.


Thanks to her service in the military, Nicole has access to the ever-so-helpful VA loan, allowing her to purchase homes with little (or no) down payment. She also has a military pension that will kick in soon, allowing her to mitigate her cost of living even more. So, does Nicole have enough time to build her rental empire and enjoy the Floridian beaches on her time off?


In This Episode We Cover

Why it’s never too late to start investing for your future 

Using VA loans to purchase house hack properties with little to no money down

Short-term rentals, medium-term rentals, and other rental property strategies 

Generating more income through side hustles, job-hopping, and more

The 2022 housing market and the risks/benefits of buying in today’s hectic atmosphere 

Whether or not to invest in retirement accounts when your main goal is cash flow

And So Much More!


Check the full show notes here: https://www.biggerpockets.com/blog/money-282

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

Mar 11, 2022
281: Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig
01:09:44

Inflation can be a detriment to any early retirement plan. At first, you may think you only need a certain amount of money to retire, and maybe you’re adjusting for inflation when you do these calculations. But what happens when inflation runs more than triple the average or crosses into double-digit numbers. How does your investment strategy change? How does your “dream retirement” come true when it costs ten percent more than you originally accounted for?


These are all questions that average Americans are asking themselves: when can I retire? Can I retire? How can I afford food or gas or pay my bills? Although we can’t solely blame high inflation on the Federal Reserve, we can see how their policies lead to the situation we’re in now. Someone who stood up against the policies of quantitative easing and massive stimulus packages, is former president of the Federal Reserve Bank of Kansas City, Tom Hoenig. 


Tom was in favor of quantitative easing back at the start of the great recession, but as this power to pump more money into the economy started to get abused, he rallied against the choice of the fed. Today, Mindy and Scott use this episode to ask Tom the hard-hitting questions that average investors want answered so they can make the best financial moves possible while still building wealth


In This Episode We Cover

The rampant inflation of the 1980s and how it affects Fed policy to this day

Quantitative easing explained and how it artificially inflates asset prices

How asset values and price inflation go hand in hand 

The goal of the Federal Reserve and how many of their policies have backfired 

Whether or not the 4% rule still stands true in an inflationary environment 

What a “good” unemployment rate looks like and how it maps the health of the economy

How investors can prepare to take advantage of times of economic uncertainty and high inflation 

And So Much More!


Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

What Every Investor Should Understand About Inflation

How the Unemployment Rate Affects Us All (Yes, Even the Employed)

The Fed’s Doomsday Prophet Has a Dire Warning About Where We’re Headed

Tom Hoenig on Wikipedia

Check the full show notes here: https://biggerpockets.com/blog/money-281

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

Mar 07, 2022
280: Finance Friday: Who Should (and Shouldn’t) Be Investing in Real Estate
00:59:31

Investing in real estate is a proven way to build wealth, produce more cash flow, and retire early. But, not everyone is cut out to do every type of real estate investing. Some strategies take dramatically more time and effort than others. House hacking may be perfect for investors or couples without kids, live in flips could work best for those with some rehab experience, and BRRRR investing is reserved for those with proven investing experience.


While some of these strategies are as simple as buying a house and renting out a side, others require far more of a time commitment—time that many investors, like today’s guest Jeff, may not have. Jeff is already an established investor, currently living in a house hack that’s helping him offset his mortgage. But, he wants to expand into more return-focused real estate like live in flipping and BRRRRing.


But, with a high-paying job and lots of money in the bank, Scott and Mindy ask the question, “is real estate investing even worth it for Jeff?” Should he be sticking to stocks or does a labor-intensive rehab clearly outweigh the costs? If you’re wondering whether or not you should choose the real estate investing path to FI, make sure you hear out the arguments in today’s episode. 


In This Episode We Cover

Whether or not PMI (private mortgage insurance) is worth it on a low down payment loan

How to make moves to buy a rental property in today’s hot housing market 

Active income vs. passive income and which yields greater benefit 

Live in flipping and the benefits of doing your own work on a rehab

What to do when you have too much cash on hand in an inflationary environment 

Rolling over your 401k to maximize your non-taxable retirement income

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 04, 2022
279: Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/Amy & Tim from GoWithLess
01:13:10

Health insurance for early retirement? Is that even a thing? If it is, it doesn’t seem self-evident in the United States. For most early retirees within the USA, you have a couple of options for healthcare—make a low enough income to qualify for government-subsidized healthcare or pay an exorbitant amount of money to either buy healthcare upfront or pay out of pocket any time you get sick. But, that’s not a terribly safe way to live, especially when you’re working with a (relatively) fixed income.


Throughout their world travels, Amy and Tim from GoWithLess have had to learn this the hard way. They were originally insured on a healthshare plan but found it far riskier than they would have liked. Now, as they travel throughout the United States, Mexico, and the world, they’re making sure they’ve covered all bases so a random surgery or two doesn’t force them back into the working world.


Early retirement health insurance is one of the biggest reasons that financial independence-chasers stay at their jobs, so if you’re itching to get your post-work-life travel on, listen to this whole episode. In it, Amy and Tim drop gems about finding health (and auto) insurance when retiring early (or abroad). They also discuss the best questions to ask a healthcare provider or broker, what to look for in a healthcare plan, and how to save money with digital nomad insurance. 


In This Episode We Cover

How Amy and Tim’s post-pandemic travel plans unraveled in 2020 and 2021

House-sitting, dog-sitting, and other ways to creatively lower your travel costs 

“Quick traveling” and the time/mental energy it takes to be a full-time nomad

Roth conversions and using resident-specific tax benefits to convert more

The top questions to ask a healthcare broker when choosing health insurance 

Car insurance as a retiree and how to pay less to be more protected 

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 28, 2022
278: Finance Friday: How to Quell Your Money Anxiety (Even as a High Earner!)
01:09:03

If you want to know how to save money, just look at your expenses. Odds are, if you’re like most people, you aren't budgeting or tracking your expenses to a tee. But there’s no need to be so hard on yourself, even our money mages themselves, Scott Trench and Mindy Jensen don’t always write down every cent spent. That being said, if you’re planning for a big trip, different expenses, or a sudden life change (like leaving your job), there is no better time than NOW to start tracking your expenses. Today’s guest, TJ, knows this all too well.


TJ makes a phenomenal income and already has a multi-million dollar net worth. But, he still suffers from money anxiety and not knowing how much he’ll need to step away from full-time work. Not only that, TJ is planning to take his children on a two-year-long expedition around the globe, all while TJ and his wife aren’t bringing in their regular high incomes.


But he isn’t just relying on his salary for monthly cash flow. TJ has also invested in rental properties as well as real estate syndications—both of which are providing him thousands a month in passive cash flow. But, after the globe-trotting ends, will TJ have to find himself another job or can he happily ski his way to early retirement upon re-arrival? 


In This Episode We Cover

Retirement accounts, private pensions, and setting your future self up for financial success

Cash savings and emergency funds, plus who needs them (and who doesn’t)

Rental property investing and real estate syndications for passive cash flow

Reducing spending and building a “future budget” that forecasts future spending

Money anxiety and how to mitigate it even if you have a high income and net worth

The 4% rule and using it to easily map out your date of financial independence 

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 25, 2022
277: Fighting the “Hustle Culture” That Ruins The Joy of Financial Independence w/ Pete McPherson
01:22:28

“Hustle culture” has been a term for the past decade or so. It somehow became a badge of honor to prove that you’re working the hardest, longest, and most stressful job around. You can handle it, you’re making money, putting in the hours, but what do you have left at the end of the day? This constant grind is what Mindy likes to call the “death race to FI” due to its unnecessary harshness on your free time, relationships, and mental health.


Pete McPherson foresaw this “hustle culture” taking over his life when he quit his sixty-hour week accounting job and decided to start his own business. This wasn’t the first, or second, or fiftieth time Pete had started a business, and he was driven to never set foot in an office again. He wasn’t making phenomenal money the first year, but he made enough to provide for his family, and that was enough for him.


Mindy and guest host Sarah Putt from OT 4 Lyfe talk with Pete about the rarely discussed downsides of chasing early retirement and financial independence. Make no mistake, even if you decided to work twenty hours a week, like Pete, you can still make plenty of money all while being able to watch your favorite movies in the middle of the day or spend time with your kids!


In This Episode We Cover

The detriment of “hustle culture” and why working hard doesn’t mean burning yourself out 

The importance of having an available safety reserve in case you get let go from a job

Jumping into entrepreneurship and developing the grind to make it work

Learning from your mistakes and seeing every failure as a lesson

Picking your “good enough” number and living life on your terms

Why time freedom is the ultimate goal of FI, not exorbitant 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.

Feb 21, 2022
276: Carl and Mindy’s Spending Summary: Why Did We Go So Over Budget in January?
00:44:40

Emergency funds, frugal experiments, free photons, and “thoughtful spending” were just a few things that came to light during Carl and Mindy Jensen’s January 2022 budget recap. If you didn’t know already, Mindy has been publicly tracking her expenses and budgeting for BiggerPockets Money listeners (and the world) to see. But of course, as soon as Mindy shared her public budget, things started to go awry.


Nothing says “let’s start the month off right” like car repairs, furnace replacements, and sky-high gas prices. But, Mindy isn’t a quitter! Even with some big emergency expenses, she and Carl have managed to stay within budget for most of their costly categories in spite of life's fun financial curveballs. 


Carl and Mindy discuss their January “frugal experiment” including hotels and air fryers, how “dry January” became “moist January”, and why this financial powerhouse has opted out of the traditional emergency fund. If you’re starting this year with a few budget busters like Carl and Mindy, don’t let it keep you from hitting your overall 2022 spending goals. Track it, stick with it, and shoot for FI!


In This Episode We Cover

How expense tracking inadvertently stops you from overspending 

Using money in the most efficient way possible so you can increase your “thoughtful spending” 

Budgeting wins (and challenges) that Mindy and Carl faced this January 

Preparing from unexpected budget busters and whether or not an emergency fund is necessary 

How to allocate large bills throughout the year so you don’t go over budget 

Splurging on things you truly enjoy while keeping everyday costs as simplistic as 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.

Feb 18, 2022
275: The Most Common (and Rarely Discussed) Money Mishaps w/ David Pere
00:52:15

Lifestyle creep, budget hesitancy, and cash scarcity are problems you’d likely hear from someone just getting into the realm of financial independence/literacy. But, funnily enough, these wealth woes aren’t coming from newbies—they’re coming from two asset-stacking veterans, Mindy Jensen and David Pere from The Military Millionaire Podcast.


While on the outside David and Mindy may look like squeaky clean financial figures, they’ve realized recently that they have to tighten up their systems to maximize wealth. Mindy has seen a slow and steady lifestyle creep, and although her income can support her, she still wants to have a strong sense of strategy when it comes to budgeting and expense tracking.


David has tried time and time again to budget, but it’s never really gone to plan. He also is feeling a bit stressed at times due to his “cash poor, asset rich” lifestyle that has allowed him to build so much wealth. Our two hosts serve as financial therapists for one another other in this episode as they dive deep into how each other can re-strategize their financial situations. Even the gurus don’t always get it right!


In This Episode We Cover

How to turn budget hesitancy into expense-tracking mastery 

Stocking up your emergency reserve so you (and your business) can survive life’s hiccups

Entrepreneur income and why you should go lean on your business spending, without compromising quality

Lifestyle/income creep and how to fight it so you can save and invest more 

Why everyone (even our money gurus) make mistakes from time to time

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 14, 2022
274: Finance Friday: What’s The Best Way to Buy Rentals—Partnerships or Solo?
01:16:51

Rental properties can be a phenomenal second source of income for the majority of us who work at regular jobs. One or two rental property purchases every year or so can slowly, but surely, build a strong foundation for financial independence, sometimes within only a few years. Today’s guest Connor has taken this approach to wealth building and now sits on six rental units, splitting some of the profits with his partners.


Connor runs a lot of the operation for these rental properties. He has a background in construction management, making him an integral piece of any future BRRRR, flip, or rehab project he and his partners decide to take on. But, could these real estate partnerships be slowing down his personal wealth growth? And if so, how does he mitigate the risk of being an independent investor in a cash-intensive business?


Aside from his real estate portfolio, Connor also wants to simplify his personal portfolio, plan for future baby expenses, maximize his retirement, and get a better handle on his financial situation in total. Scott and Mindy leave Connor with some clear action items that may help him achieve financial freedom in his five to seven-year time horizon! 


In This Episode We Cover

Real estate partnerships and establishing the value that you bring to them

Generating more income (and reducing expenses) through live in flips and house hacking

Land contracts and seller financing on rental properties that allow you to scale faster

Student loan repayment, deferral, and when you should plan on starting up your payments again

Shopping for a baby as frugally as you can so you can invest for their future 

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 11, 2022
273: Breaking Down Barriers: From Homelessness to Renowned Surgeon w/Dr. David L. Rhoiney
01:19:40

The poverty cycle is a hard one to break out of. For some people, it is near impossible to climb yourself out of the hole that society, family, or unfortunate circumstances have placed you in. But sometimes, through sheer willpower alone, those who break through can crush this cycle and bring their families up with them. Someone who’s done this (and much more), is Dr. David L. Rhoiney from surgiFI. 


Dr. David is a renowned “robot surgeon”, operating on patients using the finest precision that modern technology has to offer. He holds two degrees, has two homes, and invests heavily. You’re probably assuming he was raised in a family that taught him the worth of hard work, education, and investing early. You wouldn’t be more wrong.


Dr. David’s childhood consisted of a combination of living in cars, homeless shelters, sleeping on friend’s couches, and surviving completely on the edge. After being accepted into the US Naval Academy, he knew that he had to do everything he could to never return to that life. He has been told “no” thousands of times, that he wasn’t good enough, didn’t look the part, or simply that he wasn’t worth it. He proved every doubter wrong and has had the last laugh as he and his family now are on the path to a phenomenal financial future


In This Episode We Cover

Growing up and poverty and using it as fuel to strive for something greater 

Why you should always choose the “hard path” and pursue something others would fear

Medical student loans and going debt-free through intelligent financial decisions 

House hacking and using rental properties to propel your net worth higher 

Affordable housing and what real estate investors can do to help those in need

Giving yourself no other choice but to succeed, even when all bets are against you 

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 07, 2022
272: Finance Friday: Should You Pay Off Your Mortgage Early or Invest?
01:06:30

Ahh, the age-old question: pay off your mortgage early or invest? It’s no wonder so many members of the financial independence community have strong feelings about one or the other. With a paid-off mortgage, you’re less in debt, with more free cash to invest or spend on things you love doing. But, there’s another side to that cash flow coin. If you’re paying off your mortgage early, you’ll have less money to invest, leaving you with less compound interest


If you’ve been asking for someone to answer this question for you, be sure to thank today’s guest, Javier. He’s been doing a phenomenal job paying down his mortgage as quickly as he can, especially at such a young age. Javier has a respectable net worth and works not only at his W2 but also as a real estate agent on the side. Javier is struggling to find where to best put his extra $1,300/month once he pays off his primary residence.


And while this is a BiggerPockets Podcast episode, Scott and Mindy do not immediately vouch for real estate investing. Instead, they take a look at his overall risk tolerance, personal finance situation, and work backwards from his goals to find what he really wants out of early retirement, instead of just grasping for cash. 


In This Episode We Cover

Setting up your “bare-bones emergency fund” so you can invest with confidence 

Whether or not you should pay off your mortgage early 

When the right time to leave your W2 job is and pursue your side income streams

How to pay for healthcare when you’re self-employed or without work subsidies 

How much to allocate towards taxes per month as a self-employed individual 

When real estate investing does and does not make sense for your lifestyle

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 04, 2022
271: The 4 Rules of Managing Your Money w/Jesse Mecham from YNAB
00:58:20

You Need a Budget is the expense tracker/budgeter that requires no introduction…but we’ll give it one anyways! In 2004, Jesse Mecham launched this ground-breaking software, allowing money masters and novices alike to easily track their money and plan for a financially stress-free future. Jesse may have been the perfect person to build a product like this—he started tracking his expenses at age sixteen for fun!


As Jesse grew older, he continued to track his expenses regularly, allowing him to have a tight hold on his money and fight back the urge to go into debt. When his wife decided to take a backseat on working and have children, Jesse started to work harder at converting YNAB from a simple spreadsheet to a full-blown business. He was so conservative that three years into the business when he was making twice as much as his accountant salary, he continued to reinvest almost every cent of profit so he could have a strong financial foundation behind him.


Now, some eighteen years after launching, Jesse still holds the principles that he started YNAB with. He lives a simple lifestyle, enjoying “parlor time” with his seven children, keeping a strong emergency fund, and investing in a very, very conservative manner. Take it from someone like Jesse who has “made it”—budgeting can change your life. 


In This Episode We Cover

Why budgeting and expense tracking are important at an early age 

How simple expense tracking allows you to save and invest more while starving off debt

The four money rules that will change the way you think about your finances 

Where to keep the money that you’re saving for emergencies, down payments, and more

How to know it’s the right time to quit your job and pursue your passions

Running your real estate business through YNAB’s intuitive budgeting 

Why Jesse refuses to invest in high-risk assets while building his business

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.

Jan 31, 2022
270: Finance Friday: How to Achieve “Financial Flexibility” on a $65K/Year Salary
01:16:08

Financial flexibility is one of the hidden stages along the path to financial independence. When you hit financial flexibility, you have far more choices than you did before. You can invest more, spend more, save more, and work less if you choose to do so. But, this type of lifestyle can only be achieved by being mindful and proactive about where your money is going, as today’s guest Kevin, knows very well.


Kevin’s story was posted on the BiggerPockets Money Facebook Group, where he relived the horror of his credit card being declined at his girlfriend’s birthday dinner. This struck Kevin, since he made a decent salary and was relatively responsible with his money. He contributed to retirement accounts and kept a lean emergency fund, so where was all his money going?


In today’s discovery, Scott and Mindy walk Kevin through which parts of his budget need a tune-up, and whether or not aggressive loan paydown is worth it for optimal financial flexibility. So where can you tweak your budget to maximize flexibility while minimizing credit-card-induced stress? 


In This Episode We Cover

How to pay off bad debt fast and work your way to debt-free status 

Achieving “financial flexibility” before financial independence and the steps to get there 

Tracking your expenses and budgeting for spending (every single month!)

How to cut food and eating out spending so your stomach and wallet stay happy 

What to do with extra income once you’ve paid off all your debt

The importance of a strong emergency fund and always having a safety reserve

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.

Jan 28, 2022
269: From Filing Bankruptcy to $1.4 Million in Income Producing Assets
01:27:23

Today’s guest, Jennifer Grimson, is a prime example that every problem has a solution.  Jennifer has always been a hard worker so she had no problem working through college as she aspired to be a foreign service officer, but her life took a turn when she fell in love and married her (now) ex-husband. Her dynamic with money completely changed as he spent money frivolously while she spent conservatively. When things ended poorly 8 years later he sued her 25 times, not including when he sued her mother and brother, and left her with $500,000 worth of attorney fees. 

At this point, she was left with nothing and had two children to raise on her own. While most would be completely devastated, Jennifer focused on finding a way out. Jennifer had never been scared of a little hard work so she found a job with a steady paycheck and filed for bankruptcy to help with her attorney fees. She continued to file for bankruptcy and start  from scratch until she could build herself back up financially. She was then able to rebuild her credit through various methods and gain financial autonomy. 


Her overall goal was to experience financial peace— but she didn’t stop there. She started building small pockets of wealth and always had at least three streams of income at all times. Once Jennifer found out about short-term rentals, she saw an opportunity and started buying houses to convert into Airbnb properties and turn a profit. After 4 years she created an astounding $1.4 million in income-producing assets! 


In This Episode We Cover

How to properly intertwine money and romantic relationships (and how to protect your personal wealth) 

Filing for bankruptcy and how it can be your saving grace from future lawsuits

Borrowing against a 401k and investing with retirement funds 

Rebuilding your credit from scratch (and even bankruptcy!) 

Short term rentals, passive investments, buying land and other ways to build long-lasting wealth 

Cost Segregation and how to greatly reduce your tax burden 

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.

Jan 24, 2022
268: Finance Friday: Why You Should Focus on ‘Hitting Singles’ for Early Retirement
00:55:28

Expats and rental portfolios go together like peanut butter and jelly. It’s no surprise that a fair amount of retired globetrotters owe their freedom to real estate investing. While many real estate investors are looking to retire themselves and their families in the US, today’s guest Paul has other plans.


Paul thoroughly enjoys his full-time job in Utah. He gets paid well, has access to some phenomenal benefits, and isn’t planning on quitting anytime soon. That being said, Paul has had the itch to live as an expatriate abroad, hopping from country to country, enjoying world travel. But, in order to do this, Paul has to create an income stream that can support him and his partner along their travels.


Of course, as a smart investor, Paul has already been building this extra income in the background. Since starting his rental property investing journey only a year and a half ago, Paul is already at five doors, with a sixth closing soon. He needs to be at ten doors to have enough rental income to cover his expenses in the US, but how much farther could that money go abroad? 


In This Episode We Cover

Why rental properties are perfect for those planning on retiring abroad

Keeping your expenses low as your income grows so you can retire early

When to transition from traditional retirement accounts to real estate investing 

Roth conversion ladders and turning pre-tax retirement accounts into post-tax savings 

Out-of-state investing and leveraging your high income to invest in low-cost areas

Using a HELOC (home equity line of credit) to fund real estate purchases 

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.

Jan 21, 2022
267: Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/Robert Farrington
00:45:44

Student loan forgiveness was a hot topic during the 2020 election cycle. With so many outstanding student loan payments, will the government step in to wipe out the debt? While many theorize about this, Robert Farrington takes the opposite angle, urging those who have student loans to prepare for repayment, rather than cancellation. This way, even if your student loans get forgiven, you’re put in a financially advantageous spot.


Robert runs The College Investor, a website dedicated to investing and personal finance for millennials. It comes as no surprise that the biggest thing on millennials’ minds are student loans, especially after two years of repayment moratoriums. So, how does someone strapped with student loans prepare for repayment, especially when so many variables are up in the air? Well, according to Robert, there are some simple steps you can take to make sure you’re paying on time and with as little stress as possible. 


Episode note: This episode was recorded prior to the new student loan pause, set to expire on May 1st, 2022. Mindy and Robert record a special intro to update listeners on the new dates set by the Biden Administration. All other topics discussed in the show, especially around repayment strategy, are still viable and accurate for those who have student loans.


In This Episode We Cover

The most recent student loan repayment moratorium update 

The difference between federal and private student loans and which are preferable 

Refinancing your student loans and why most people shouldn’t 

Student loan forgiveness and whether or not it will come to fruition this year

Steps you need to take NOW to ensure you don’t miss a payment or accrue extra interest 

Which repayment plans work best for your lifestyle and allow you the most financial flexibility 

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.

Jan 17, 2022
266: Finance Friday: How to Pay Off Bad Debt + When Is Life Insurance Worth It?
01:17:32

Bad debt is more common than it seems. Many people you know have a car loan, personal loan, credit card loan, or some other form of high(er) interest debt. If you find yourself with bad debt, the first thing to do is formulate a plan to get rid of it, unless you want your savings and potential investments to suffer the consequences.


Today’s guest, Stephanie is in a financially solid position, but she has some bad debt to take care of. She’s on her way to financial freedom by forty after already owning a home and having some retirement investments growing in the background. But, her $13,000 window loan at ten percent interest is causing leakage of investable cash flow. 


Yet, Stephanie may be in a better position than she thinks. Since buying her house, she’s seen a big increase in her property value, which may enable her to secure some lower interest financing to pay off her window loan. Scott and Mindy also help Stephanie develop an expense tracking plan, debate whether or not whole life insurance is worth it, and put her in the driver’s seat to become a cash-flowing landlord only a few short years down the road! 


In This Episode We Cover

The importance of tracking your expenses and why every dollar needs its place 

Good debt vs. bad debt and how to know whether or not an interest rate is too high

HELOCs (home equity lines of credit) and using them to pay off bad debt

Whole life insurance vs. term life insurance and which makes more sense for you

Whether or not that bathroom upgrade will have a positive ROI

Becoming a financial expert slowly through podcasts, books, and enjoyable education

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.

Jan 14, 2022
Protecting Your Home (and Wealth!) When a Natural Disaster Strikes w/ Steve Longenecker (Bonus Episode)
00:45:03

Home insurance isn’t the sexiest topic, but in the world of financial independence, predictability is quite an attractive trait to have. That’s why money nerds across the world value insurance as a natural hedge against catastrophic wealth-ending disasters. Whether you’re a homeowner, a renter, or a landlord, home insurance could help you rebuild quicker after the unexpected happens.


Recently, a large fire broke out around the Denver, Colorado area, affecting families in Mindy’s home city of Longmont. Thankfully, Mindy and her family are safe, but many didn’t share the same fate. Hundreds of households were left without homes, while they watched their old neighborhoods turn to ashes and embers. This prompted Mindy to invite her good friend and insurance expert, Steve Longenecker, onto the show to discuss how you can financially protect your family when disaster strikes.


Are you underinsured thanks to rising home prices? How much will your insurance company pay you if your home is destroyed? How are renters protected during natural disasters? And who should you contact to make a claim? All these questions (and more) are answered in today’s bonus episode of the BiggerPockets Money Podcast


In This Episode We Cover

How home price appreciation greatly affects your insurance coverage 

Checking to make sure you’re not underinsured or overinsured 

“Binding restrictions” and how insurance companies use them during disasters 

Tips for homeowners on getting the most appropriate insurance policy for their needs 

Renters insurance and how renters can stay protected as well

How to submit and process a claim with your insurance agent

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.

Jan 12, 2022
265: Death and Finances: What to Do (Before and) After A Loved One Passes w/ Allison Nichol Longtin
01:07:00

Death and finances can arguably be called the two things that people hate talking about most. Unfortunately, these are two topics that cannot be kept in the dark, as we all must deal with loss, both emotionally and financially over our lifetime. What can the average person do when they’ve just received the heartbreaking news that a loved one has died. Even worse, what if it’s their partner?


This almost unimaginable shock came to Allison Nichol Longtin when her husband passed away six years into their marriage. Not only did Allison have to carry the emotional burden of losing her partner, but she also had to deal with the financial fallout of his death. She spent over a year carrying around a portfolio of papers, proving to numerous different entities that she indeed was the new owner of her husband’s accounts.


Allison admittedly made some mistakes in not preparing for the unexpected, but she’s since then made a strong case that every couple should do what she overlooked. Today, Mindy and Allison go through the top steps that every couple (married or unmarried) should take in order to keep their financial burden as minimal as possible during an unexpected death. 


This was a very difficult episode to record (due to the subject matter at hand). We wholeheartedly thank Allison for coming on and giving advice that will benefit every couple listening to this episode. 


In This Episode We Cover

How to prepare for the unexpected death of your spouse or partner

The importance of creating a will and estate planning 

Why having joint bank accounts is an often overlooked financial failsafe 

Having a plan in place to share passwords and login information for financial accounts

Defeating your money anxiety and becoming less avoidant about finances 

How to have a money date with yourself or your partner

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.

Jan 10, 2022
264: Finance Friday: Passive Income, Syndications, Real Estate, and Retirement
01:09:11

“Can I retire yet?” If you’re today’s guest Jenn, then the short answer is a resounding “yes”. And if you aren’t Jenn, you’ll probably want to be in her position upon retirement. Jenn has a lot of income options: a military pension from her spouse, a great full-time income, real estate syndication cash flow, and a LOT of assets. Jenn’s net worth has reached the height of around $4 million, with more than a million alone in retirement accounts.


If Jenn is so set, why is she coming on the Money Podcast to talk with Scott and Mindy? Well, Jenn has a pretty large amount of expenses: somewhere in the ballpark of nine thousand dollars a month. She wants to know if she has enough passive income and investable assets to continue living life the way that she sees fit. Her family will also be moving to Europe for the next year or so, making it even more crucial that she has enough to enjoy traveling. 


This show talks about some pretty high-level concepts specifically around real estate equity and syndications. Even if you’re not an accredited investor, this information will be worth its weight in gold to you as you scale your income and net worth. Soon, you could be in a position just like Jenn! 


In This Episode We Cover

Military pensions and how to value them for retirement 

Spending less than you earn and joint vs. separate bank accounts for couples 

Building (and then selling off) a high-value real estate portfolio 

Investing in real estate syndications and the tax benefits that come with it

How to avoid “one more year” syndrome when thinking about retirement 

Maximizing your portfolio’s income and calculating your return-on-time 

And So Much More!


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Jan 07, 2022
263: Becoming Debt-Free and Generating $320,000/Year from Simple Side Hustles w/Jannese Torres-Rodriguez
01:12:38

Most people assume wealth is built from a singular source, but the most successful people have multiple streams of income. 2020 was the year of the side hustle. People started to find ways to monetize their hobbies, create services, and capitalize on their talents. While some people are just now catching on, today’s guest, Jannese Torres-Rodriguez, was ahead of the curve. It all began with a food blog she started for fun that has turned into passive income for her $320,000 salary composed solely from her various “side hustles”. 

 

Before the start of her money journey, Jannese was on the traditional path to what most would consider the ideal type of success. She not only graduated from college but got her master's in pharmaceuticals and landed a job that led to her dream, a six-figure salary. Despite this, she was still unhappy and soon realized she was unaligned with the power of money. Over time, she made several lifestyle changes and started learning about financial independence. Using what she learned, Jannese finished paying off her $57,000 student loans and became debt-free in February of 2020.  

After 5+ years of accruing income from her food blog, Jannese discovered she could make her side hustles a full-time business and finally be fulfilled by the work she was doing. She began a podcast about financial independence that aims to help people of color learn more about financial freedom. She also does virtual workshops, digital courses, and brand partnerships as well as several other services that contribute to her salary. Jannese is a perfect example that you don’t have to give up what you love to make money, you just have to capitalize on it. 


In This Episode We Cover

How to find financial independence, even if you’re in a lot of debt 

How to minimize excessive spending while still enjoying your money 

Becoming a full-time entrepreneur and managing the struggles of being self-employed 

Outsourcing work and its importance especially when you’re stretched thin 

Dealing with Imposter Syndrome and overcoming shyness  

The value of diversifying your income and why it’s becoming more popular  

Finding your niche target market, even if you don’t think you have one 

And So Much More!


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Jan 03, 2022
262: Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen
01:02:51

Mindy may seem like a financial superhero to most listeners of the Money Podcast, but she’s nothing without her financial education inspiring partner, Carl Jensen. Carl is known quite well around the personal finance community as co-host of the Mile High FI podcast and writer over at 1500days.com. Carl and Mindy are just closing in on their twentieth anniversary, so there’s no better occasion to have them both on the show than right now!


Surprisingly, Carl and Mindy didn’t talk about money for a significant time once they started dating. Mindy credits her faith in Carl’s money skills by how he acted more than how he spoke. Carl was driving around a used car, he lived in a house he inherited from his grandmother, and he used a coupon on their first date (smart move, Carl). 


Now as a financial and romantic powerhouse, they both share thoughts on prenuptial agreements, protecting your wealth, 401k investing, and questions to ask a potential partner. Whether you’re single, dating, married, or a money-hoarding hermit, this episode sheds light on twenty years worth of money lessons learned so you can live a happier, more FI-focused life!


In This Episode We Cover

When a prenup is worth having and whether or not it will protect your wealth 

The telltale “context clues” of dating someone who has a frugal mindset

Frontloading your retirement accounts so you can build wealth faster

The importance of tracking your expenses and regularly updating your FI number 

Margin loans and getting low-interest debt on your stock portfolio

When to start talking about money with a potential partner 

And So Much More!


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Dec 31, 2021
261: Stop Taking Money So Seriously w/ Joe Saul-Sehy & Emily Guy Birken
01:01:10

Building wealth takes decades with some serious hard work and many, many mistakes along the way. The problem? Most financial independence chasers see themselves as having to be perfectionists. Every investment must be perfect, every dollar spent housed within a budget, and at no time can money become something fun or playful.


Joe Saul-Sehy and Emily Guy Birken rightfully see this type of “serious money attitude” as a mistake that should be avoided at all costs. Every financial guru, expert, or leader in the field has made money mistakes, stressed about money, and finally overcame to accomplish greatness. This is exactly what Joe and Emily want you to accomplish through their new book Stacked: Your Super-Serious Guide to Modern Money Management.


Joe and Emily threw out the old-fashioned mentality about money having to be a serious subject. Instead, they littered their new book with humorous anecdotes, financial innuendo, and lessons that will allow you, your child, your spouse, or your best friend to succeed. If you’re tired of stressing about money and want to start stacking it instead, preorder the new book today!


In This Episode We Cover

Why most personal finance books tend to miss the mark on being entertaining and informative 

Risk management and how it goes far beyond simply buying insurance 

The importance of having a financial plan in place NOW before disaster strikes

401ks vs. Roth IRAs and the future tax implications of retirement accounts 

Tax brackets and the simplicity of calculating yours 

Why Joe needed to “fire” his own mother from working on his book

And So Much More!


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Dec 27, 2021
260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)
01:04:28

Stocks vs. real estate is a regular feud among many financially savvy forums on the internet. While some investors love the passive aspect of stocks, other investors love the tax savings and flexibility of real estate. Regardless of your preferred asset, it’s better to stick your hard-earned money in something that makes money for you, instead of spending it or letting it sit.


Our guest today, Madison, is having trouble deciding which asset class she and her husband are best suited for. They have high-income jobs, a great net worth for their age, and just moved from the expensive San Francisco Bay Area to far more reasonable Texas. They’ll have a lot more money to stash away without the high rent, gas prices, or child care they had in California.


But neither Madison nor her husband have plans to retire early, so should they even plan for early retirement? Scott and Mindy walk Madison through her multiple different investing options, along with giving her the structure to formulate a three, five, and ten-year plan for wealth building and financial freedom. We may hear back from Madison very soon on the progress she’s made!


In This Episode We Cover

Why relocating to another state can be a massive savings lever 

Understanding when you want to retire and how your assets play a part in retirement 

Putting in your “500 hours” to any asset you truly have an interest in 

Turning your primary residence into a rental property after you upgrade 

Stock investing vs. real estate and the pros and cons of both

Reducing your spending so you can save (and invest) much more

And So Much More!


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Dec 24, 2021
259: Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus
01:12:54

If you need pension funds explained, there’s no better person to talk to than the internet’s leading voice on all things pensions and retirement, Grumpus Maximus. After spending twenty or so years in the military, Grumpus began to put his health, happiness, and passions first. Now, retired with plenty of money coming in (thanks to pensions and retirement accounts), Grumpus spends his time blogging and helping others ask the meaningful question, “is my pension worth it?”


Guest co-host Joe Saul-Sehy from the Stacking Benjamins podcast is here to help Mindy tee up some pension-related questions for Grumpus. Whether or not you have a job offering a pension or you’re debating accepting a job with a pension, the research-based questions asked today will help you evaluate whether or not a pension is truly worth it. 


You’ll hear about the safety of pensions, healthcare-impacted pensions, annuities, and Cost-of-Living Adjustments (COLA) so you can make the best possible decision regarding your (early) retirement plans!


In This Episode We Cover

“Cashing out” of a pension and what to do with the money

Understanding the healthcare implications that come with leaving a pension 

Which industries have the riskiest pension plans

Is an annuity ever worth the fees? 

Researching your pension and understanding the benefits 

How to analyze the safety of an organization’s pension plan 

And So Much More!


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Dec 20, 2021
258: Finance Friday: Are “High Cash Flow” Rentals Still Realistic in 2022?
01:08:46

A common debate in real estate is cash flow vs. appreciation. While some investors rely on their rental property income to reach FI, others argue that appreciation will provide them the equity gain to truly build wealth. You’ll hear this discussion in-depth on today’s episode as guest Jackeline walks Mindy and Scott through her $20,000 rental property in Northern Illinois. 


Jackeline is already doing well in other aspects of her life. She’s got a high net worth, with fully-funded retirement accounts and a big cash cushion, but she wants to reach FI by 45 so she has the option to retire. One of the best ways to do that? Cash flowing rentals! The only problem is that Jackeline is buying these rentals in a less-than-optimal area.


With rentals in C or D-class neighborhoods, you can count on more tenant problems, repairs, and headaches. But, these downsides come with the big upside of higher cash flow. Scott and Mindy both help Jackeline balance the scales on what is most important to her: buying in an appreciating market but using more of her cash or continuing to purchase low-cost, riskier rental properties. 


In This Episode We Cover

Building multiple financial safety nets between retirement accounts, cash, and cash flow 

Buying rentals in C to D-class neighborhoods and the pros/cons associated with them

Properly screening tenants to minimize turnover and maximize ROI

Experimenting with different rental property classes to find a strategy that works for you

Finding your real estate tribe and networking with others who can help you grow

1031-ing a property to avoid a tax penalty and grow your real estate portfolio

And So Much More!


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Dec 17, 2021
257: 20 Year-Old Minimum Wage Marine with $850k in Real Estate
01:26:31

We have a lot of impressive guests on the show, and they just seem to get younger with every new episode. You’ve heard the stories of people in their twenties buying rentals, people in their thirties hitting coast FI, and people in their forties and beyond making many, many millions. But, what about a marine recruit, making a low salary, buying more than $800k in real estate within his second decade on earth? Now that sounds like an interesting story.


Jabbar Adesada fits the bill exactly! After moving in with his father, he was given strict instruction to read books like Rich Dad Poor Dad, I Will Teach You To Be Rich, and Automatic Millionaire. Jabbar decided to put down his NBA/med school dreams and open up a brokerage account. Lucky for him, right around the time he started investing was the 2020 stock market crash, giving him all the discount he needed to make his first profits.


After running some “when will I be a millionaire?” scenarios, Jabbar realized that real estate, and not the stock market, was the best path to financial independence. Jabbar shares the story of how he was able to find funding, a down payment, and a property that would allow him to house hack, Craige Curelop style. Not only that, Jabbar just closed on a short-term rental in the Smoky Mountains, which puts his real estate portfolio north of $800k! Let’s mention this again: He’s twenty years old! 


In This Episode We Cover

Why early financial education can make or break your child’s path to success

The best finance books that you (or your child, cousin, niece, or nephew) should read 

Why crashes aren’t a sign to panic, but a sign to buy more

House hacking at a young age, and how to get pre-approved for loans without an extensive job history 

Having an “obsessive mindset to be wealthy” and using it to help not only yourself but others

Practicing delayed gratification and building a brighter future with each investment

And So Much More!


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Dec 13, 2021
256: Finance Friday: Financial Independence in 5 Years w/ Short-Term Rentals
01:04:42

There are many ways to fund your nest egg. You could outright save, or you could invest in index funds, rental properties, or short-term rentals like today’s guest, Charlotte from Charlotte. Working as a teacher in one of the lowest-paid states in the US, Charlotte was able to fully replace her teacher’s salary by operating a single short-term rental cabin in Western North Carolina.


When she discovered the FIRE Movement only a year ago, she knew that intelligent investments like this could fund the globetrotting adventures she and her husband had plans for. But, with her husband four years away from securing his government pension, Charlotte wants to be absolutely sure that her short-term rentals will be pulling the fiscal weight of word travel when he steps away from his job.


Charlotte may be a rookie in the terms of real estate investing, but she’s far from it when it comes to taking actionable steps to ensure phenomenal returns. She’ll be hitting a 100% cash-on-cash return with her newest rental addition! If you have dreams of early retirement through real estate, follow Charlotte’s lead by planning, executing, and financing to FI!


In This Episode We Cover

The phenomenal returns of short-term rentals and why now may be the best time to invest

How to plan for retirement with a pension or predictable income stream 

Investing in index funds vs. real estate when trying to hit FI

Vacation home, second home, and portfolio loans for your next short-term rental

Why the high price of STR property management may be worth the peace of mind

And So Much More!


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Dec 10, 2021
255: Escaping The Rat Race Before Your First Job w/ Dan Sheeks
01:06:35

If you’ve been in the FI community for years, you know the ins and outs of retirement planning, index fund investing, house hacking, and every other money-making opportunity around. But, it’s safe to say that this took you years to figure out, sometimes well into adulthood. What if you were given the same knowledge you have now, but when you were a teenager?


Dan Sheeks is trying to do this exactly, by teaching his students about personal finance, saving, investing, and how they can plan for FI. Dan has taken his knowledge of finance, teaching, and working with teens to write First to a Million, a Teenager’s Guide to Achieving Financial Independence. In this book, Dan takes teens on a journey through the four mechanisms of financial independence and teaches them to plan money around what makes them happy.


So many teenagers have seen their parents run off to work only to come home exhausted, constantly checking emails, and rarely present with the family. Dan wants to make this all-too-real future a thing of the past for teens who are willing to work hard, be frugal, and practice financial discipline. 


In This Episode We Cover

Why The American Dream may be off-course for modern teens 

The financial independence “plan of attack” for teens who want to hit FI fast

Why happiness should be at the forefront of your financial decisions 

Whether or not college is still a viable choice for today’s modern working world 

The importance of having a strong community you can count on

And So Much More!


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Dec 06, 2021
254: Finance Follow-Ups: When to Scale Up (or Down) Your Real Estate Portfolio
00:47:32

We’re back with another Finance Friday Follow-Up! This week, we talk to two past guests and review three life updates. Fabio from episode 174, Clayton from episode 168, and Rachael from episode 190 all have life updates for the audience!


When we last talked to Fabio, he was starting to expand his real estate empire. Since the market has been so hot, he has had to pivot his strategy towards what works best for him in the long term. With a few years of military service left, Fabio wants to wind down his more active income and pursue more passive income streams, while still including real estate and stocks/index funds in the mix!


Clayton shared with us on his solo episode how lucrative living on the road can be. Since then, his girlfriend has turned into his fiancé, he’s been offered a very large pay raise, and he has scaled his real estate portfolio with one more house hack. He also gets to take his foot off the literal gas pedal since he’ll be transitioning into a more stay-at-home role.


Rachael wasn’t able to be here for a video interview but sent Mindy an update on her overall financial situation. Since we last talked, Rachael realized that house hacking wouldn’t be exactly the right fit for her family. Thankfully, she’ll be closing on a new home closer to her children. Rachael also found herself in a particularly scary financial and medical situation since we last talked, something that you’ll hear about in-depth on a new episode in the coming months!


In This Episode We Cover

When is the right time to sell a property, especially in a hot seller’s market?

Paying off high-interest debt so you can reach financial independence faster

The importance of budgeting and expense tracking so you don’t impulse buy

ESPPs (employee stock purchase plans), HSA (health savings accounts), and other lucrative investing options 

Sharing the financial knowledge with your significant other in case of an emergency

And So Much More!


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Dec 03, 2021
253: 7-Figure Net Worth on a Middle-Class Salary w/ Adam Zaleski
01:23:58

On the last day of a semester in college, Adam Zaleski’s geology professor dropped a bomb on his class: the professor was worth a staggering $10,000,000! The reason for telling the students about his net worth wasn’t to impress but to make the case that exponential growth is more likely than most people think. This taught Adam that he needed to choose a profession he enjoyed so he could continue to work, invest, and grow his wealth exponentially, just like his professor. 


Adam did just that, and now, he’s a millionaire professor, working a casual thirty hours per week, doing what he loves! Adam knew from the beginning it was more important to make long-lasting, intelligent financial decisions, instead of chasing after a bigger salary. He did this right out of college, taking a serious pay cut to live in a state with far cheaper housing, allowing him to house hack, build wealth, and reach financial freedom.


Now, Adam is looking to expand his real estate empire a little further, without having to sacrifice a large amount of time to do so. If you’re interested in partnering up with Adam or looking to chat about long-distance real estate investing, market analysis, or the best surf spots in Kauai, shoot Adam a message on BiggerPockets!


In This Episode We Cover

Why lifestyle choices are important when choosing your job, house, and investments 

Understanding the value that comes with exponential wealth growth 

House hacking and analyzing real estate markets with the most growth opportunity 

Buying rentals in places you love, so you can write off the trip!

Scheduling your rent raises so you keep up with market cash flow 

The most important financial lessons of your 20s, 30s, and 40s

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.

Nov 29, 2021
252: Finance Friday: Self-Employed Revenue, Health Insurance, and Hiring
00:52:41

It takes a leap of faith to leave a W2 job and wander through the hills and valleys of self-employment. With the right skill set, time management, and perseverance, you can come out more profitable (and happier) than you were originally at your old job. But, once you succeed, it may be hard to slow down the self-employment train, and your side-gig could become a full-on business, with the need for employees.


TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee. Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation?


Scott and Mindy have both spent time outsourcing and hiring before. They help TJ develop a roadmap to getting her first hire on board while keeping crucial revenue in the business. This episode also dives into self-employed health insurance, project management, and hiring a junior position that can grow into a senior in little time. 


In This Episode We Cover

Why it’s imperative to keep your costs low while trying to run a business 

What to do once you’ve hit your max capacity for work at your business 

Whether or not now is the time for you to hire your first employee

Fully mapping out the cost of a full-time vs. part-time worker on your team

Putting together a business plan that allows you to forecast your business’s future 

Health insurance while self-employed and why an HSA plan may be your best bet

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.

Nov 26, 2021
251: Is College Worth the Cost? This 30,000 Variable Study Says "Sometimes..."
01:18:23

Is college worth it? For the first time in history, we may have a definitive answer to whether or not your specific degree and school choice provides a positive ROI. We know that ROI isn’t the only thing that matters when choosing a degree, but when looking at higher education through a financial independence lens, it’s definitely the highest value.


Looking through census, employment, and Department of Education data is number crunching crusader, Preston Cooper. Preston and his team over at The Foundation for Research on Equal Opportunity put together the most extensive research on college degree ROI ever created. Preston’s findings allow you to parse through over 30,000 degrees and school choices so you (or your child) can make the best decision on where to get a bachelor's degree.


Preston discusses the discrepancies between nonprofit and for-profit university degrees, whether or not high-cost schools equal a higher payday through life, and why even going to Harvard doesn’t secure a high ROI. Want to know the true value of your degree? Tune in and check out Preston’s full study!


In This Episode We Cover

How much you could benefit, in general, from getting an undergraduate degree

The degrees that have the highest lifetime ROI

Degrees that offer little-to-no or negative financial benefit

Whether investing in real estate or a college degree is more worth it 

The biggest criticisms of Preston’s study and how he combats them 

Dave, Mindy, and Scott’s ROI on their respective degrees 

And So Much More!


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Nov 22, 2021
250: Finance Friday: Laying a Strong Financial Foundation in Only a Few Years
01:06:17

Everyone knows that tech salaries tend to be on the higher end. In tech, you could be working as an engineer, programmer, or statistician, like today’s guest Matthew. But, Matthew never planned to go to school for this type of work. Half a decade ago, Matthew was wearing a chef’s apron, working forty to sixty-hour weeks, making slightly above minimum wage. He loved the work (and the food) but realized he couldn’t keep living with the long hours, low wages, and high stress.


Mathew went back to school to study statistics and landed a job in tech, which he’s just recently moved on from, and accepted a far higher salary. This all sounds like good news, so what exactly is Matthew having trouble with?


After maxing out many of his retirement accounts, Matthew is wondering where else he should be putting his money. He’s already saving a significant amount every month, thanks to his frugal lifestyle, but wants to be sure he’s standing on a strong financial foundation. Should he look into rental properties, taxable brokerage accounts, or higher-risk assets like tech stocks and crypto? If you’re lucky enough to have a little extra change left over at the end of every month, you may be in Matthew’s position too!


In This Episode We Cover

Changing careers even after you’ve been working in the industry for years

What to do if you’re young and don’t know which field to study 

Keeping your expenses low, regardless of how well your job pays

Starting side businesses that can help you float expenses 

Investing in after-tax retirement accounts vs. investing in post-tax retirement accounts

Live in flip tips from the master herself (Mindy Jensen

Calculating out your estimated retirement nest egg using the ‘Rule of 72’

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.

Nov 19, 2021
249: The #1 Reason Side Hustles Fail to Become Businesses
00:53:05

You’ve heard the old statistic “nine out of ten businesses fail”, but why is that? If there are so many people willing to risk their livelihood to pursue a great idea, why do so many end up broke and back at a job? Gabe Nelson, certified financial planner and business advisor, has an idea.


Gabe advises many business owners and solopreneurs through building their businesses with maximum cash flow and minimum time commitment.


A couple of decades ago, Gabe was in the position many entrepreneurs are in today. He was working seven days a week, almost living at the office, doing anything he could to build his business. Once his daughter was born, he knew he had to take a step back from the seven-day workweek. Then, his second and third daughter were born, forcing him to automate, delegate, and eliminate every unnecessary task on his plate. 


Now, with a thriving firm, Gabe knows what does (and doesn’t) work for solopreneurs, and the systems they need to implement now to secure a happy life tomorrow. 


In This Episode We Cover

The #1 thing you should do before you start a business or side hustle 

Keeping your relationships healthy while working long hours at your business

Outsourcing when you’re ready and growing a self-operating team 

Laying the groundwork of communication between you and your partner 

Managing cash flow in your business and keeping a healthy safety reserve

Trusting the “whispers” that your gut tells you about your business

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.

Nov 15, 2021
248: Finance Friday: I Just Got a Big Raise, What Should I Do With the Money?
01:25:00

Your late 20s through early 30s can be a financially troubling part of life. You aren’t making the most money you ever will, but you’re tackling big expenses. A wedding, a down payment, and trying to max out retirement accounts can put you in a financial tizzy. But, it doesn’t have to be so complicated, especially if you stick to a scalable investment strategy.


Today’s guest Louise is in this position. She recently changed employers and found herself with a big uptick in monthly income. She has plans on the horizon to marry her girlfriend but knows this will come at the cost of many thousands of dollars (rings, dresses, etc.) She’s also looking at buying a primary residence, but is already familiar with the home buying experience (she has two rentals!) Louise has a plan to hit FI (or at least coast FI) by age 40 and wants to know the best way to optimize her finances to do so. 


Scott and Mindy have a healthy debate over 401ks, Roth IRAs, refinancing rental properties, and combining finances as partners, in order to get Louise in the best position possible to tackle her financial goals. 


In This Episode We Cover

Why switching jobs may be the ultimate hack to getting a better salary 

Whether you should max out your Roth, 401k, Roth 401k, or HSA

Getting a cash-out-refinance instead of stockpiling cash 

Whether or not paying off a rental property mortgage is a good idea

Renting vs. buying when living in an expensive market 

Combining finances as a couple and having the ever-important “money date”

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.

Nov 12, 2021
247: Turning 31 Years of Financial Disaster into Ultimate Freedom w/ Alex Felice
01:18:58

There are few people on this earth that can make Mindy laugh as much as Alex Felice. He’s been around the block with BiggerPockets a few times, appearing on episode 301 of the BiggerPockets Real Estate Podcast. Alex has a growing rental property portfolio, a flipping business, and is a professional photographer/videographer. But, beneath his success, was thirty-one years of financial struggle.


Alex was taught financial skills growing up. The only problem: he didn’t listen to any of the advice he was given. He joined the Army without any skills, and as soon as he got out, he immediately bought a new car with a high monthly payment. He then was hit with a DUI, forcing him to really think what his life would turn out like unless he made a change.


He needed cash flow but didn’t want to go out and get another job, so he settled on investing in real estate. It was important for Alex to have a “get rich slowly” type asset, one with stability that could take care of him well into retirement. Now, he’s amassed an impressive portfolio, with some large commercial deals and flips on the side. Alex spends his days investing, working on his skills, traveling, and really doing whatever he wants!


In This Episode We Cover

Why self-sustainability is more important than a big paycheck 

Using “radical responsibility” to mold your perfect life and never falling into the “it will be okay” trap

Buying foreclosures and BRRRRing properties to minimize cash needed for investing

Having control over your money so you have ultimate financial freedom

Why you MUST surround yourself with like-minded, successful individuals 

Focusing on your passions (regardless of whether they pay well or not)

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.

Nov 08, 2021
246: Finance Friday: I Want to Cash Out My 401k Early, Should I?
01:14:10

“Should I cash out my 401k?” That’s a question you never want to ask in an online financial independence forum. It’s been a well-known rule to never cash out retirement accounts due to withdrawal penalties, tax implications, and the possibility of throwing away your retirement plans. But, what if you had a substantially larger amount in real estate and other assets, what would you think then?


Kate is in this exact predicament and has done a phenomenal job at growing her wealth over the past decade. Kate and her husband have acquired $1.8 million in rental properties, bringing in gross rents of over $10,000 per month! She’s currently sitting on half a million dollars in rental property debt and is wondering whether cashing out her 401k to pay off the debt would make sense.


Because Kate is in such a high cash flow position, she may be asking a question that’s not so obvious. Mindy and Scott spend time walking through calculations that allow Kate to visualize what her life would look like with paid-off rentals as opposed to a fully-funded 401k account. 


In This Episode We Cover

Why a mentor can help spur you onto to make better, more aggressive investing decisions 

Moving to a different part of the country to take advantage of higher salaries

How to calculate whether or not you should withdraw your 401k funds 

Switching your job to a more flexible schedule without giving up your salary

Travel hacking and using credit card points to pay for your vacations

The benefit of using financing to buy your primary residence or rental properties

And So Much More!


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Nov 05, 2021
245: High Income, New Cars, Profitable Businesses, and $190k in Debt
01:28:51

Brad Finn was raised with a strong work ethic that follows him to this day. He always knew he should be working hard, and that’s exactly what he did. Brad worked throughout high school, college, and started multiple businesses in adulthood. While his work ethic was strong, his financial skills were lacking. When Brad went to college, he remembers using almost a third of his student loans on partying alone.


Fast forward to his mid-thirties, Brad is waking up in a beautiful house, with two nice cars in the driveway, a great income, a new business, and a negative net worth. It wasn’t until Brad allowed himself to look at the true number behind his net worth that he realized something needed to change. Fortunately, his wife had been slowly, but surely, trying to tell Brad that they had to make that change.


The day Brad’s first child was born, he and his wife were debt-free. This didn’t come easy, especially since they were facing close to $190,000 in debt. They tracked their spending and realized they spent close to $20,000 in two months, solely on eating out. They dialed it in, worked side jobs to boost their savings rates, and rewarded themselves when they hit milestones. Now their net worth is growing fast, and they’re locked in on investing.


In This Episode We Cover

Calculating how much you need in student loans and taking out that exact amount

How to continue your debt payoff journey without getting discouraged

Rewarding yourself for big milestones, even if it will set you back a small amount

Talking to your partner about money and asking their opinion on strategies 

Raising your budget on things that matter while lowering it on things that don’t

Retirement plans for government workers, like 403b and 457 plans 

Understanding that the long journey to financial freedom is worth it

And So Much More!


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Nov 01, 2021
244: Finance Friday: Why a $1M Retirement Goal Isn’t Far Fetched For Late Starters
00:56:26

Retirement planning can be complicated when you have so many options to choose from. Do you stick with the Roth IRA, the 401k, the Roth 401k, your employee pension plan, or solely invest in stocks and real estate? With all these different types of accounts and their numerous benefits and drawbacks, it’s easy to get stuck financially stalling. 


One person who has been able to optimize his retirement plans, is Matt, pilot and soon-to-be captain, delivering cargo around the United States. Matt bought a home in high-appreciation St. Petersburg Florida, where his home has already gained a fair amount of equity. Although he loves the ability to rent out his home and create cash flow, Matt doesn’t like staying on dry land for too long. He’s going to captain his own home; living in a houseboat and renting out his primary residence to lower his living costs even more.


Matt talks through questions he has about his 401k, Roth 401k, Roth IRA, and other retirement accounts. Even though Matt feels he could be optimizing his finances for faster retirement, both Mindy and Scott agree: if he keeps doing what he’s doing, he’ll reach his fifty-year-old retirement goal, without any change to his current lifestyle.


In This Episode We Cover

Deciding between the 401k, Roth IRA, Roth 401k, and other retirement accounts 

House hacking and taking advantage of low-interest, owner-occupied loans 

Whether or not an employee pension should be thought of as a guaranteed retirement 

Living on a boat to save money on housing costs and maximize cash flow

How to plan for retirement when you have an age limit for your job

Employee stock purchase plans (ESPPs) and when to invest in one

And So Much More!


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Oct 29, 2021
243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together
01:30:10

If you’re part of the FI community, you’re probably a saver. Heck, if you’re listening to this podcast you’re probably a saver. While we all are busy optimizing our budget, reinvesting dividends, and contributing to our retirement accounts, do we ever take a step back and ask, “why are we saving so much?” Maybe you have a simplistic answer for this: your kids, your spouse, your “future”. When it comes time to finally reap the rewards of all that saving and investing, we struggle, and often fail to do so.


Ramit Sethi, the author of I Will Teach You To Be Rich, has struggled with this in his personal life as well. When he got married, he and his wife spoke about what money meant to them, and they were shocked to have completely different answers. While Ramit loves setting up models and spreadsheets, he also encourages couples to speak about their finances through a shared vision. It isn’t “I’m saving this money so we can be happy”, it’s “WE are saving this money so we can take that camping trip we always dreamed of.”


We touch on other topics like joint bank accounts, creating a “worry-free number”, and building a rich life together, as partners. Ramit also gives personal advice to Mindy to help her realize that she has already won the “money game”, even if it doesn’t feel like it at times. 


In This Episode We Cover

  • Combining finances as a couple and creating a shared vision 
  • How much to keep in your personal and joint bank accounts 
  • Creating your “worry-free” number that allows you to live life without money stress
  • The “money rules” that Ramit uses in his daily life 
  • Getting over your “savings rate obsession” and finding joy in spending 
  • Why spending can become painful for those who are on the road to financial independence
  • And So Much More!


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Oct 25, 2021
242: Finance Follow-Ups: Short-Term Rentals, Safety Reserves, & More Cash Flow
01:03:23

A few weeks ago, Mindy was asked by a listener of BiggerPockets Money, “when are you going to do a Finance Friday follow-up?” Well, listener, your wish has come true! Today we talk to three past guests of the BiggerPockets Money Show, Sarah from episodes 6 and 178, Brian from episode 180, and Erik from episode 170.


In Sarah’s most recent episode, she spoke about having large safety reserves and sinking funds for her new property. Since being on the show, she’s taken time to evaluate how safe she really needs to feel. She’s taken a risk and has started to invest in her first short-term rental, as well as being on the house hunt for her next house-hack property!


Brian had the question we all want to have, “what do I do with all this money?” Since coming on the show, he’s expanded his rental property portfolio, purchasing an off-market five-unit in upstate New York, and a short-term rental in North Carolina. He’s currently looking into syndications to see if that would be another great avenue for his wealth accumulation. 


Lastly, Erik has returned to the show with more rental units and more cash flow! He’s been able to pay off his HELOC with a very lucrative refinance, allowing him to buy a new condo that is paying him $400/month after all expenses! He was even able to increase his salary thanks to his employer’s free education program! Make sure you stick around for his bonus tip towards the end of the episode! 


In This Episode We Cover

Why being too conservative with your savings can become a financial detriment 

Making offers on properties that work for your numbers, even if it means rejection

Why short-term rentals are very cash flow heavy investment 

Telling everyone you know that you’re investing in real estate (to get more deals!)

Using a cash-out refinance to pay off old loans like equity lines and HELOCs

Taking advantage of employee benefits like free college tuition 

And So Much More!


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Oct 22, 2021
241: The Keys to Free College, Graduating Early, & Retiring with $10 Million
01:05:30

Amber Porter has one of the most optimized retirement plans we’ve ever seen. Seriously, she could give Mindy and Scott a run for their money! Amber grew up in a neighborhood that was anything but rich. Surprisingly, the wealthier people in her neighborhood were more interested in purchasing nice cars instead of investing, which they told her was essentially gambling. Amber quickly saw past this idea and realized that smart, consistent investing could lead her to many millions of dollars.


She worked throughout high school and was able to graduate in only three years. Then, she applied for every scholarship possible and did the same in college, graduating in three years and completely debt-free. Suddenly, the idea of law school came into her head. She studied, passed the entrance exam, and got into a top school. The same school even gave her a twenty-five thousand dollar scholarship every year she attended.


After graduating, she started investing heavily, working as much as she could to fund retirement accounts. She started working for the Army on the side, which allowed her to get an even better retirement plan, an army retirement check, and the ability to buy homes with a zero percent down VA loan. If all goes to plan, Amber will be retiring with close to ten million dollars at age fifty! 


In This Episode We Cover

How to graduate from college debt-free by taking advantage of scholarships 

Graduating early so you can save a year's worth of tuition 

Working a government job with the benefit of a pension upon retirement 

Military benefits for homeownership, retirement investing, and more

Getting rid of the “investing is gambling” fear many people have

Reaching Fat FIRE upon retirement so you can live exactly how you dreamed

And So Much More!


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Oct 18, 2021
240: The Biggest Takeaways from BPCon 2021 | Live Host Panel from NOLA
01:28:45

Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders, investors, and authors, learning about everything from running a business to short-term rental markets, to self-storage, and more.


On this live episode, your BiggerPockets Money host, Scott Trench, is joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast, Ashley Kehr and Tony Robinson, hosts of the Real Estate Rookie Podcast, and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast, plus special guest Esther, who has a widely impressive portfolio herself.


You’ll hear the hosts talk about topics like how to connect with fellow investors, future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round. 


If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year!


In This Episode We Cover

What’s ‘firing up’ the hosts of the BiggerPockets Podcast Network?

What investors can do in today’s market to ensure wealth tomorrow

Future trends that allow investors to profitably pivot 

How BPCon helps connect investors, reshape ideas, and build wealth

How do you vet partners before you go in on a deal with them?

The top characteristics that contribute to your success as an investor 

Why you should definitely be at BPCon 2022 

And So Much More!

Links from the Show:

NPR (National Public Radio)

Kevin Leahy's BiggerPockets Profile

Mark Ferguson's InvestFourMore

Wendy Papasan's LinkedIn Profile

Noah Evans's LinkedIn Profile

Rickey Rodriguez's BiggerPockets Profile

Your First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First Deal

Joe Asamoah's BiggerPockets Author Profile

AJ Osborne's Personal Website

Steve Rozenberg's BiggerPockets Profile

InvestHer's Partnership Question Guide

Meetup

Hal Elrod's Personal Website

Dave Ramsey's Personal Website

Cashflow The Board Game

Matt Faircloth's BiggerPockets Author Profile

BiggerPockets Calculators

The Real Estate InvestHER Community


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Oct 15, 2021
239: The Side Hustle Queen’s Guide to a 100% Saving & Investing Rate
01:14:07

If you and your sweetheart want to get married, rent a truck in a Colorado ski town, and have your dog watched while you’re doing so, Stephanie Warner is the person you should get in touch with. Even though she has a great W2 job, she still hustles hard with her side income work, making enough to pay for her lifestyle while her nine-to-five pays for her future financial freedom.


Stephanie had enough money growing up, but she wasn’t given a ton of financial literacy lessons from her parents. Thankfully, her Grandma who loved driving used cars and buying rental properties taught her the importance of being a homeowner and helping those who are in need. Once she left her hometown for college, graduated, and got a job, she moved all over the country doing all different sorts of work. This gave her a diversified education and allowed her to take on challenges that were interesting to her.


Now, she shares with BiggerPockets Money listeners how she flipped her financial position, thanks to some very lucrative side hustles!


A special thanks to our guest host, Joe Saul-Sehy from Stacking Benjamins, who got so tired of Scott’s puns, he decided to host one of the shows himself.  


In This Episode We Cover

The importance of owning your own home and rental properties 

Graduating with little-to-no college debt, allowing you to save and invest more

Taking on jobs that interest you, instead of ones that solely pay the bill

The art of side hustles and making thousands after your nine-to-five

Living “paycheck to paycheck” by paying yourself first for investing and saving

And So Much More!


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Oct 11, 2021
238: Finance Friday: 250x-ing His Salary from Employee to Business Owner
01:09:35

Over at BiggerPockets, we all have much love and respect for our trusted video editor, Joel Esparza. He brings phenomenal work quality, timing, and communication to every project he’s on, but many of us don’t know his inspiring and truly impressive backstory.


Joel is originally from Venezuela, which has experienced rampant inflation over the past decade putting its citizens in economic turmoil. Joel went to school in Argentina and was able to leave without debt thanks to an inheritance left to him. When he migrated back to Venezuela, he was hired as a video editor for an agency making, get this, $20/month. Yes, that’s correct, we’re talking about $240 per YEAR. 


This was not an uncommon salary for Venezuelans, but through sheer luck, Joel was introduced to some side business that began paying him two to three times the amount he would make in one month, in only two hours. Joel quickly jumped ship as an employee and began building his clientele as a self-employed editor. Now, as the head video editor at BiggerPockets, Joel wants to outsource his business, hire on staff, and move towards more of a leadership role.


In This Episode We Cover

The massive financial struggles of living in Venezuela during exceedingly high inflation

Living as a political refugee in a brand new country on a whole different continent 

Using freelance work as a way to substantially increase your income 

Starting partnerships with others in your field who may become competitors 

Being cognizant of your professional strengths and using them to get more clients

Understanding the unit economics behind growing a business and a team

And So Much More!


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Oct 08, 2021
237: $700k Net Worth in 4 Years Thanks to “Super Assets”
00:49:13

It didn’t take Addison Freeman long to realize what worked in school, wouldn’t work in real life. Those who got good grades and followed the standard playbook weren’t rewarded as plentifully on the investing front as they were in the classroom. When Addison realized it would take her over thirty years to hit millionaire status on the conventional track, she knew she needed a change.


Addison started to look for, as she likes to call them, “super assets” or assets that grow while putting cash in your hand. She started with a house hack duplex where she was able to pay her mortgage by renting out one side. Then, she started to get into self-storage investing, which is now her husband’s main job. Along the way they tried (and failed) at starting businesses, but never took their foot off the gas on their journey to financial independence.


At the age of 26, Addison and her husband are financially independent, sitting on a net worth of over $700,000 with an almost guaranteed chance at being part of the millionaire class very, very soon.


In This Episode We Cover

Why conventional investing won’t cut it when you’re trying to be a millionaire

Buying as many “super assets” as you can while you’re young 

Starting a small business and the reason that it may (or may not) fail

Why self-storage is an excellent industry for real estate investors to get into 

How commercial real estate is valued and the immense equity you can add to it

Living below your means and investing hard for years 

And So Much More!


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Oct 04, 2021
236: Finance Friday: Enjoy Life Before FI with Simple Investing Strategies
01:24:57

Strong frugality is hard to come by. Not many people would write off their solar system as a business expense and use bitcoin mining to provide heat to their house, instead of using a space heater. These are just two things that Yourri, an engineer and diversification whiz, has done to make his balance sheet as optimized as possible.


Yourri has spent the better part of the last decade at school and was able to graduate with a phenomenal job doing something he loves. He makes $120,000 a year but has a big retirement goal of $7,000,000! While this may seem like a massive number to most, Yourri should be able to hit it with some regular investing due to his age and aggressiveness to invest. But, he’ll need to opt-out of an over-diversified investing strategy if he wants to reach this goal as fast as possible.


Passion projects are also a big part of Yourri’s life, as he’d like to rebuild a vintage motorcycle, get his pilot license, and adopt as many dogs in need as he can. He has a calculated outlook on his financial growth, and there’s no doubt he’ll hit his goals!


In This Episode We Cover

Pursuing high-cost hobbies and understanding that FI isn’t all about saving every penny

Whether or not diversification could be slowing down your net worth growth 

The “golden butterfly” investing ratio that helps mitigate risk when investing

Writing off solar systems as a business deduction when in a buy-back program 

Mining bitcoin for not only extra income but free heat!

Whether a 401(k) or a Roth 401(k) is the best option for your 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.

Oct 01, 2021
235: Why a High-Income Doesn’t Automatically Fast Track You to FI
01:03:34

High-income earners have a better shot at retiring early than those making a median income.  That being said, with more money comes more investing risk. After the great recession, Bob Haines was sitting on a $300,000 loss from leveraging too many properties to flip. This put the possibility of retiring early multiple years behind. But, even with a money mistake as large as Bob’s, he’s been able to retire at age forty-four, a good twenty-one years before the standard retirement age.


You could say that Bob’s early retirement sprung from his ability to take risks, leave jobs, and go where the money was. Bob went from making $40,000 a year at his first job to $500,000 less than a decade later. While a $500,000 salary was not the norm for Bob, these frequent career and company jumps allowed him to build up a massive cash position ($250k) and invest for retirement faster.


Funnily enough, the first time Bob heard about the FI movement, he quickly calculated his FI number and realized he had already hit it. While he took a couple more years to finally pull the trigger and get over his “one more year” dilemma, Bob and his wife were able to retire in 2018 and 2019, allowing them to travel, spend time with family, and enjoy life at the beach.


In This Episode We Cover

Why small salary increases can massively change a financial position 

Calculating your market salary and finding a job that matches it

The world of “pre-sales engineering” allows for huge compensation 

The mistakes you can make when sitting on a large amount of cash 

Over-leveraging yourself in real estate and biting off more than you can chew

How to shake off “one more year syndrome” to enjoy early retirement 

Fighting lifestyle creep even as your salary expands exponentially 

And So Much More!


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Sep 27, 2021
234: Finance Friday: From “We Can’t Retire” To Retiring Early in 5 Years
01:17:08

A rock-solid financial position consists of a few things: budgeting, expense tracking, living below your means, and making extra income. Once those are accomplished, you’re on track to start investing heavily and financial independence is in sight. This is exactly the position Lynsey (mother to Mindy’s pool boy) is in.


Lynsey and her husband bring in a moderate salary from his job and her businesses of jewelry making, relationship counseling, and their garage and basement house hack. For a long time, Lynsey assumed she would never be able to retire, but as her income has grown she’s realized that she not only can retire but retire early


Lynsey has a few key ways she could increase her business revenue: outsourcing, marketing, and scaling. Her husband also has a strong suspicion he’s underpaid, meaning a boost in income could be one ask away for him. The couple also wants to invest in more short-term rentals or buy another house hack property. But, of all the options they’re presented with, which one will push the needle?


In This Episode We Cover

Creating a “hype folder” so you can painlessly ask for a raise 

Shopping the sales and feeding a family of five for $700 per month

Creative house hacking by renting out basements, garages, and other dwelling areas

Using a self-directed 401(k) to invest in real estate and grow retirement savings 

What to do with a large amount of cash while you’re waiting to invest?

Outsourcing repetitive tasks in your business so you can scale

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.

Sep 24, 2021
233: How to Financially Plan for 2 Special Needs Family Members
01:00:21

Life can be challenging at times. When you think you’re in a stable spot, the universe tends to throw you one (or many) curveballs. In the realm of financial education, the smart early decisions we make can help alleviate the stress of these curveballs. This has happened almost to the tee for today’s guest, Karen Ferrero.


Karen grew up in a small town to a middle-class family. She was a first-generation college graduate and worked throughout high school and college. She later took a job and began consulting in the tech world, which offered her a respectable salary. She got married and had two kids with her husband, but shortly after, her husband was paralyzed in a motorcycle accident. Not only that, her son was diagnosed with autism. 


Now, Karen had to sell her house, find a new accessible one, take her son to therapy every day, and continue working her full-time job. This put her in a sizable debt hole, but through strategic debt payoff and intelligent investing, Karen has come out on top. She still has a very high-paying job, a loving family and some very, very profitable investment accounts for her children that she started decades ago.


In This Episode We Cover

How to plan for when life changes your course by force 

The importance of having good insurance when you’re young 

Why you should always take advantage of the 401(k) match when presented to you 

Investing as early as you can to capitalize on massive gains 

Why you should put education accounts in a trust

The extra costs that come with taking care of special needs family members

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.

Sep 20, 2021
232: Finance Friday: What Would You Do With an Extra $100k Per Year?
01:18:14

Kari and her wife made some big moves over the past few years. They packed up their stuff and left the San Francisco Bay Area for a relocation in the midwest. Unlike the Bay Area, the Midwest has many affordable housing options with plenty of chances to house hack. So, that’s exactly what the couple did! They bought a duplex in rough condition, put in close to $80,000 of renovations, and now get $900 a month from the side they’re renting out.


Although this renovation allowed them to live for free, it put a $66,000 hole in their pockets, which they recently just paid off. Without much retirement savings or investments in general (save the house hack), Kari is wondering what she can do to maximize the extra $100,000 in after-tax income she and her wife bring in every year.


Should she go the index funds route, buy another rental, or help her wife pursue her dreams by investing in a restaurant? Scott and Mindy give Kari a lot of ideas in this episode, many of which could help you as well!


In This Episode We Cover

Using “strategic debt” to grow your investments and income 

Planning your future finances when trying to start a family 

Investing in your 401(k), Roth IRA, Self-Directed 401(k), and other investment accounts

Using the “Live in Flip” model to avoid paying capital gain taxes 

Why you shouldn’t diversify when you are in a low to moderate net worth category

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.

Sep 17, 2021
231: 'On the Road' to FIRE: The Massive Financial Benefits of Van Living
00:58:26

Not everyone has the vagabond spirit of those who choose to optionally live out of their cars, trucks, or vans. While this isn’t up Scott and Mindy’s alley, it’s been perfectly fine for today’s guests Tien and Brandon. After deciding to end their lease before a road trip, Tien and Brandon found living in their specialty-built van wasn’t just habitable, but preferable for their lifestyle. This was especially true after paying pricey southern California rent.


All this happened after making some impressive financial moves; paying off $50k of loans in eight months, flipping their first house, and buying a small portfolio of duplexes. Tien and Brandon have made a spree of financially intelligent moves, pushing themselves into a high net worth category, all while living in one of the most beautiful places on earth.


As of March 2021, Tien and Brandon dismantled their truly remote lifestyle to settle into their first short-term rental house hack. They’ve been pulling in $8,000 a month (yes, a month) from their San Diego Airbnb property, which is not only covering their entire mortgage but paying them some profits to boot!


In This Episode We Cover

Paying off a large amount of student debt in a short period of time 

Finding side hustles that can support your saving and investing goals

Making a plan to retire early and investing in income streams that will make it a reality

Flipping a house without construction or real estate experience 

Investing out of state where you already have family/friends/relationships 

The hardest part of living in a van full-time (and its MAJOR benefits)

House hacking with a short-term rental 

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.

Sep 13, 2021
230: Finance Friday: In My Mid-50s, Do I Have Enough to Retire Next Year?
00:49:39

Retiring early can be a daunting task. Not only do you have to do more, with less time, but you have to stay diligent on your budgeting, expense tracking, and investing if you want to hit your goal by a certain age. Today we talk to Lisa, who wants to retire next year, in her mid-50s. While most people think early retirement means retiring in your 20s and 30s, this isn’t necessarily true. Retiring 10 years early, like Lisa, is a massive accomplishment, but requires the same skills needed for retiring decades earlier.


Lisa has three pieces of property: a cash-flowing rental in pricey Boise, her primary residence in Washington, and a plot of land in North Idaho. She’s tinkered around with ideas of using her primary residence as a short-term rental, but unbeknownst to her is the fact that having a short-term rental could bankroll her retirement. She also has a sizable amount in retirement accounts, but none of those assets produce cash flow.


Will Lisa be able to retire using the 4% rule with her retirement accounts? Or, should she use this last year of employment to double down on cash-flowing assets like rental properties? 


In This Episode We Cover

Using the 4% rule to calculate how much you need to be invested to retire 

Leasing out your home as a short-term rental while you travel 

Choosing cash-flowing assets over assets that merely appreciate 

Calculating out your TRUE living expenses (with the Mindy Method!)

Profiting off of land purchases and when the right time to sell is

When the appropriate time to raise rents on a tenant 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.

Sep 10, 2021
229: The 6 Money Mistakes High School/College Students MUST Avoid
01:03:33

Most college students know next to nothing about money. Even worse, many of them sign on to expensive student loans with almost no plan on how they’re going to pay it back. While this is the average, some people, like Nathan Kennedy, host of The New Money Podcast, did things differently.


Although he overspent a bit going out in college, Nathan graduated with a degree and $40,000 in cash, a MASSIVE amount for any college student. Through applying for grants, working at on-campus jobs, and collecting tip money as a bartender, Nathan was able to graduate in a solid position, allowing him to invest heavily in the stock market during the 2020 crash.


Now, Nathan teaches others how they can strengthen their financial position through hard work, planning, and constant content consumption. If you have children who are in high school, college, or are newly graduated, send them this episode so they can have a leg up on future finances! 


In This Episode We Cover

The importance of tracking your expenses and budgeting properly 

Vision boards, daily logs, and other ways to plan for your success 

Pursuing grants and scholarships WHILE school is in session

Becoming a constant content consumer 

Money mistakes that many college students make (and how to avoid them)

Making time for health, fitness, and no-phone relaxation 

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.

Sep 06, 2021
228: Finance Friday: Is “Random Spending” Ruining Your Budget?
01:24:54

“Beware of little expenses; a small leak will sink a great ship.” This is the topic of today’s episode, where we interview Jenny for a Finance Friday review. Jenny is finishing up her fourth degree and has been working throughout grad school to help her family. Her husband brings in a sizable income, but he wants to retire in 2030 and spend more time with their (future) kids. 


Jenny has great control over her fixed expenses, but as for her variable expenses...not so much. Her family is consistently teetering between $1,000 a month and $2,400 a month in variable expenses, many of which can be resolved with some simple shopping tweaks (like leaving your credit card at home when you go to the grocery store). Luckily, they’ve invested a fair amount of their take-home pay, have a stellar 401(k) match, and are about to have dual incomes once Jenny is out of school. 


If you’re having trouble keeping a hold on your variable expenses, such as random Amazon shopping, tune in for this episode for advice on exactly what to do.


In This Episode We Cover

How to plan for retirement with two full-time incomes 

Paying off your home vs. investing in assets like index funds and real estate

Taking advantage of 401(k) matches and maxing out retirement accounts

Leveraging a future job to pay off student loans 

How to curtail your variable expenses and reduce “random spending”

Why someone with “mortgage anxiety” should be wary of real estate investing

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.

Sep 03, 2021
227: ‘Rocketing' To FI at Age 35: What’s Life Like Post-Retirement?
01:00:49

What do you think of when you think about retirement? Are you on a tropical island drinking fruity cocktails out of a coconut? If you dream about that sort of retirement, Steve Adcock may have some revealing words for you. Retirement isn’t just about doing nothing all day, it’s about exploring your passions, and sometimes working more than you did before, to accomplish things that truly matter to you.


Steve decided to leave his high-stress IT job after 11 years of work. It was eating away at him every day, and it got to the point where just going into work became a grueling weight on his shoulders. He knew from a few years before potential retirement that he had a choice: lavishly live his life now or live frugally and have financial freedom forever. He chose the latter and doesn't regret it for one second.


Now, Steve and his rocket scientist wife spend their time taking care of their completely self-reliant housing compound in Arizona. He has a lot more to accomplish, but for now, he’s enjoying his off-grid lifestyle, complete with solar panels, his own water well, and a brand new septic tank.


In This Episode We Cover

Why it’s important to have a financial plan (even if you won’t retire early) 

Working (lightly) in retirement so you can enjoy more freedom 

Tracking your spending meticulously so you know where every cent goes

Taking care of your health and wealth when given free time 

Spending in post-retirement, and how it differs from regular spending 

Why early retirement WON’T make you happy

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.

Aug 30, 2021
226: Finance Friday: Is Your Cash Losing Value While You Wait to Invest?
01:21:40

Sometimes having a lot of cash can be dangerous. Would you rather be sitting on months (or even years) worth of emergency reserves or have your money be challenging inflation by sitting in investments like index funds or real estate? This is the question that many people have, and also one that today’s guest, Phil, is having as well.


Phil and his wife live in a relatively low cost area and bring in a very solid income. They’ve been maxing out HSAs, 401(k)s, and other accounts all while having a significant amount of cash on the sidelines, just waiting for the right investment. While Phil wants to go into an unconventional type of real estate investing, both Scott and Mindy believe he should focus on the long-term goals he has set for himself and find asset classes that fit within his strategy. 


In This Episode We Cover

How much is too much of an emergency fund?

Selling tradelines and the risks/rewards that come with it 

Why investing in traditional-layout houses presents you with multiple exit strategies 

Solo 401(k)s, IRAs, HSAs, and other retirement accounts 

Creating a reasonable timeline to act on an investment, instead of losing money to inflation

Understanding what a good rent-to-price ratio is for your area

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.

Aug 27, 2021
225: From $52K in Debt to $100K/Month in (Almost) Passive Income
01:07:48

A lot of people in the financial independence community successfully get out of debt, but not many of them get out of debt and then start a monthly six-figure side business. One person who has done that is Deacon Hayes. Deacon was raised by a single mother on welfare who taught Deacon that debt was a way of life. When Deacon married his wife, they both collectively realized that the only way for them to live the life they wanted to, was to get out of debt.


Deacon did whatever he could to pay off his debt. He delivered pizzas and resold furniture, all while working full time. Once he was out of debt, he decided his passion was in teaching others how to get rid of their debt, so he became a financial planner and started his website, Well Kept Wallet. His story was so well received that he was brought on to record with Fox and tell their audience about his debt-free journey.


Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion's share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another worker to fill his role so he could focus on what he loves. 


In This Episode We Cover

Getting rid of debt as fast as you can so you can start saving and investing

Foreclosures, land leases, and other real estate predicaments 

Making sure you keep a large emergency fund (especially if you’re an entrepreneur) 

How to hit “hockey stick” level growth and what to do when you want to step away

Firing yourself from your business and learning to outsource

How to establish self-worth after you “retire” 

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.

Aug 23, 2021
224: Finance Friday: Paid-Off House Peace of Mind vs. Investing Opportunity
01:08:32

Making too much money is a good problem to have, and it’s one that many people in the Bay Area experience. Today we talk to Laurin, a mother of two, making $281,000 a year when combining her salary with her husband’s. They’re doing everything right: paying off the mortgage, contributing to their 401(k)s, and saving up for an emergency reserve


With all these investments and income, Laurin is wondering whether or not her investing strategy is optimized. Her mortgage spans 15 years, so she’s dedicating a large amount every month to pay off her house before she retires. While some people prefer the financial security of not having a mortgage, others (like Scott), prefer having a mortgage for longer while investing in other assets. 


With the goal of enjoying her life more, Scott and Mindy bring up a handful of options that can help Laurin achieve a massive net worth by the time she is ready to retire. She could work less and contract more, she could refinance and invest for cash flow, she could look into real estate investing, all while she’s setting up a massive nest egg for herself upon retirement!


In This Episode We Cover

Always taking the 401(k) match your company offers (when available)

Using “event-based” planning when you’re closer to retirement age

Pre-tax retirement accounts vs. post-tax retirement accounts  

Saving for children’s college with a 529 plan 

The two main real estate investing traps to avoid when investing out of state

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.

Aug 20, 2021
223: How ‘The Rich Immigrant’ Went from $10/Hour to Wealthy Globetrotter
00:42:40

Dee Olateru doesn’t have the traditional FI story, but it didn’t take her long to catch onto the concepts that now allow her to live a life exactly how she sees fit. Dee immigrated to the United States from Nigeria when she was sixteen. Without the ability to get student loans, Dee had to work throughout school, apply for every scholarship available, and borrow money from friends and family to pay for her undergrad degree.


While she made it out of college without student debt, she still had some credit card debt that needed taking care of. She amassed $10,000+ in credit card debt to help her pay for necessities like groceries throughout her years in college. But now she had a business degree, so clearly, she went on to get a full-time job in her field, right? Actually, she didn’t. Dee graduated during the great recession and had to take a $10/hour job at a local factory. 


Dee says that many people don’t believe her about the factory job because of the high-level position she’s in now, but it taught her many valuable lessons. As Dee made more and more money, she started looking into finance blogs to see where she should be saving and investing. For the better part of a decade, Dee has been maxing out her Roth IRA, 401(k), and investing in individual accounts, all while she travels around the world!


In This Episode We Cover

Having a “debt payoff plan” so you know exactly how and when you can get rid of debt

Joining online communities as a “close circle” for financial debates and idea-sharing 

Maxing out your Roth, 401(k), and other retirement accounts as early as possible

Never falling into FOMO and only investing in assets you understand 

Seeing your financial journey as a way to “start with what you have”, not what you wish you had

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.

Aug 16, 2021
222: Finance Friday: Are You Too Over-Diversified In Your Investments?
01:27:54

Investments galore! This week, we talk to Jeana and Scott, a couple with a hefty amount of investments under their belt. We know what you’re thinking, “what type of stocks and real estate are they investing in?” This is where you might be surprised. Jeana and Scott are investing in three gyms, a gas and oil investment, a documentary, a 24-unit apartment building, a 52-unit apartment building, a senior care business, and...a $20,000 dog! Seriously! This is one of the most diversified couples we have ever had on the show!


While it’s great to have investments spread out over multiple different asset classes, Scott and Mindy want to help the couple come up with a more systematized and formulaic approach to wealth building. Since they both have well-paying jobs, once they set up a “set it and forget it” type investment strategy, they won’t be too far away from reaching FI.


If you’ve ever had an interest in running a memory care facility, dog breeding, or investment clubs, this will be a great episode to listen in on!


In This Episode We Cover

Diversifying your investments into multiple different asset classes

Knowing which investments are likely to make a return and planning for those that won't

Setting up a system for wealth creation so you can develop an early retirement plan

Investing in multifamily real estate like apartment buildings and senior living homes

Using government benefits to maximize wealth as quickly as possible

Investing in an Airbnb property and which markets make the most sense for it

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.

Aug 13, 2021
221: Hard Decisions Leading to a $170k Debt Payoff (During Covid)
01:14:59

Darius Smith always knew how to make money, but wasn’t very good at saving it. Growing up, he had jobs ranging from delivering phone books, to running paper routes, to even putting up eviction notices on homes. He opened his first bank account when he was around nine years old! So how did Darius end up with almost $170,000 in debt? An even better question may be, how did Darius pay off all that debt in only a few years?

Darius spent time at multiple different colleges, racking up $40,000 in student debt, then buying a Mustang, paying for a wedding, putting some charges on credit cards, and finally combining his wife’s debt with his. They started to use the “debt snowball” method, but after having to take out business loans, the debt grew even more.

This is when Darius decided that he and his wife needed a plan to conquer their finances. They moved into a friend’s extra room for cheaper rent, stopped going out as much, began working more than one job, and siphoned all the money they could into savings and debt payoff. As of July 2021, they are debt-free!

In This Episode We Cover

How to prepare to take on student debt (when needed)

Avoiding lifestyle creep and finding ways to lower your expenses 

The “reverse house hack” and renting a room for far cheaper living expenses 

Mortgage forbearance and student loan forbearance in 2021

Isolating yourself” from friends or influences that will cause you to spend more

Having a money date with your partner and going over finances regularly

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

Net Worth Calculator

Debt Pay Off Plan

6 Month Spending Tracker

Sinking Funds Tracker

Lifetime Earnings Calculator

BiggerPockets Money Podcast 121 with Seth Jones

BiggerPockets Money Podcast 73 with Ramit Sethi

BiggerPockets Money Podcast 127 with Ramit Sethi


Check the full show notes here: https://www.biggerpockets.com/moneyshow221

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

Aug 09, 2021
220: Finance Friday: How Do I Scale My Business But Reduce My Hours?
01:01:02

Entrepreneurs work long, stressful hours, and as a result, they get paid the big bucks. This is the position that Stephanie, a freelance Salesforce consultant is in. She makes a respectable income, bringing in $14,000 after tax! But, that income comes at a cost.

While Stephanie is currently contracting out work to a few part-time employees, she spends at least 50 hours per week on the business. She’d like to get to a point where she can step back and work 20 (or so) hours per week and have a systematized and growing business. She’s financially in a great place, with more than three years of expenses saved in cash, so she can take more risks with her business.

If you’re growing your own business, rental portfolio, or side-income stream, you may be in Stephanie's position in the future. Stick around to hear exactly what Scott (an active CEO) would do if he was in her shoes.


In This Episode We Cover

Time freedom or financial freedom, which is more important?

Taking your hands off the reins and letting your business grow 

Subcontracting out work so you can focus on leading a business 

Firing clients who aren’t the best fit for your business 

Creating systems and procedures so your business can become scalable and saleable 

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.

Aug 06, 2021
219: Syndications: Everything You Need to Know BEFORE You Invest
02:05:50

You may have heard the term “real estate syndication” thrown out quite a lot over the past few years. It seems like almost every real estate investor is either starting a real estate syndication or investing in one. So what’s all the hype about? Is this an investment opportunity that you’re missing out on, and if so, is it truly passive as many people claim?

We’ve brought the master flipper, rehab estimator, and syndicator himself, J Scott, back to the BiggerPockets Money Podcast so he can share some information (and advice) on real estate syndications. J walks through a handful of points worth examining before investing in syndications. We talk about what a real estate syndication is, where to find syndications, how to validate the syndicators themselves, what a limited partner is, what a general partner is, and more.

The most valuable part of this entire episode is about researching the syndication deal itself. Where is it located, what is the structure, who’s running it? These are all questions you should ask, along with some other key questions like:


What is the team’s track record, reputation, experience?

What is the location, risks, population size, employment, wage growth?

On the deal, what do the returns look like, what are the big risks?

Do they have an investor presentation?

What’s the minimum investment?

Are there capital calls? How do they deal with capital calls? Have they required capital calls in the past?

What are their accreditation requirements?

Can you get better terms in exchange for a larger investment?

How frequent are the distributions? Quarterly, monthly, yearly?

When will distributions start? 

Will they be doing a cost segregation study?

What fees are they receiving?

When will they give updates? Monthly, quarterly?

Can you invest using a 1031 or an IRA?


In This Episode We Cover

What is a real estate syndication and who qualifies to invest in one?

What an accredited investor is and the qualifications behind it?

Where can you find syndicators?

Whether or not investors have liability if a deal goes bad

Cap rates, NOI, and valuations on large deals

How to research a syndication deal

Syndications vs. funds vs. REITs

What happens if a syndication runs out of money?

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.

Aug 02, 2021
218: Finance Friday: How to Plan for Inconsistent Income as an Entrepreneur
01:09:39

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

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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. 

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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!


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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