BiggerPockets Money Podcast
BiggerPockets Money Podcast
BiggerPockets
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.
267: Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/Robert Farrington
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 16
45 min
266: Finance Friday: How to Pay Off Bad Debt + When Is Life Insurance Worth It?
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 13
1 hr 17 min
Protecting Your Home (and Wealth!) When a Natural Disaster Strikes w/ Steve Longenecker (Bonus Episode)
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 11
45 min
265: Death and Finances: What to Do (Before and) After A Loved One Passes w/ Allison Nichol Longtin
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 9
1 hr 7 min
264: Finance Friday: Passive Income, Syndications, Real Estate, and Retirement
“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! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jan 6
1 hr 9 min
263: Becoming Debt-Free and Generating $320,000/Year from Simple Side Hustles w/Jannese Torres-Rodriguez
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! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jan 2
1 hr 12 min
262: Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen
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! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 30, 2021
1 hr 2 min
261: Stop Taking Money So Seriously w/ Joe Saul-Sehy & Emily Guy Birken
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! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 26, 2021
1 hr 1 min
260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)
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! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 23, 2021
1 hr 4 min
259: Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus
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! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dec 19, 2021
1 hr 12 min
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