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.
Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taught as a child were frugality and saving, because you never knew what was going to happen.
Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time.
She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training.
When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23.
Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate.
She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age.
In This Episode We Cover:Sunitha's journey with moneyOn having a scarcity mindset around moneyHow she turned into a professional tennis player at age 14What happened to her money being a professional tennis playerWanted to succeed in the corporate worldHer journey at a community collegeHow she found endowment programsPros and cons about going to college at different age bracketHer highs and lows point being a professional tennis playerWhat realization that sparks her journey to financial independenceHad their house governed by domestic abuseBelieved on being diversifiedStarted real estate business at IndianapolisWhat her goals going forwardOn domestic and financial abuseHow did she leave from a domestically violent relationshipAnd SO much more!Links:BiggerPockets ForumsThe Domestic Violence Hotline - 1-800-799-SAFEGRIFFIX Property Group
You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real estate, he made mistakes. LOTS of mistakes.
Today, Brandon shares everything he did wrong - from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell.
But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt and started living the life he truly wanted.
The episode is for people who’ve made mistakes, who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach.
In This Episode We Cover:Brandon's journey with moneyHow to learned negotiating from his motherThe reason his mom bought him a book on how to handle moneyHis financial position after collegeHow he got a No-Doc loanBought properties to flip and turned them into rental propertiesWhat hard money loan isHis rock bottom experienceRead a hundred books on real estateThe reason he got into buying rentalsHow he convinced his wife to invest in rental propertiesStarted saving money by doing the cash envelope systemWhat seller financing isHow he bought his 24-unit apartmentThe importance of building integrityHow they met Josh DorkinHis balance sheet when he retiredBrandon's advice on investingLinks:BiggerPocketsBiggerPockets Real Estate PodcastBiggerPockets Business PodcastBiggerPockets ForumsThe BiggerPockets Book StoreBiggerPockets Money Podcast 42: How to Invest in Real Estate with Joshua Dorkin & Brandon TurnerRental Property Calculator from BiggerPocketsThe Dave Ramsey ShowPodcast Movement
On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life after FIRE” stories, each completely different, each extremely powerful.
We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time.
Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement.
A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life.
And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children.
These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives.
In This Episode We Cover:What their life looks like after FIRE and the challenges they facedWilliam's journey to financial independenceThe advantage of being financially independent in the workplaceHow they plan for caregivingTim's backgroundFinancial Independence Rewired EarlyThe importance of having a clear second actThe difference between working on his business and working as a coachThe FIRE lifeTim's advice for anyone who's looking to pursue financial independenceRachel and Paul's backgroundsOn their mission 50 by 50Oma's backgroundOn healthcare costLinks:Mr. Money MustacheMad FienstistThe Money Nerds PodcastWhat's Up Next PodcastAltus Business AdvisorsTim's email
You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store.
Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world.
In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast.
She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance.
Her message has reached more than one million people, and has changed the lives and financial futures of countless more.
Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age.
In This Episode We Cover:Vicki's journey with moneyOn having a poverty mentalityOn how to appear prosperous to other peopleSurvival thing for social animalsHow the behaviours of her peers differed from hersOn working with Joe DominguezWhat her journey looks when she wrote the book, "Your Money or Your Life"Her concern re climate changeResource sharingHow the financial independence movement evolvedCapitalist gameThe levels of financial independenceFreedom to have new interests and following themHer advice on life circumstancesVicki's living situation right now and how she used real estateAnd SO much more!Links:Financial Independence - RedditMr. Money MustacheMad FientistBiggerPockets Money Podcast 58: Optimizing Every Channel to Achieve Financial Freedom with Grant SabatierMillennial MoneyDollar RevolutionBiggerPockets Money Podcast 55: How to Quit Your Job and Travel the World with Millennial RevolutionProfiles:Your Money or Your LifeVicki Robin's WebsiteYour Money or Your Life Facebook Community
Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything!
Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund.
Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.”
For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options.
She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid!
In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier.
In This Episode We Cover:Financial Mechanic's journey with moneySaved money to buy a puppyThe importance of focusing on your future opportunitiesGraduated college debt-freeHer money situation during her first internshipEarning a lot of money before she discovered financial independenceHow his mindset changed the moment she found financial independenceHow her money journey evolvedOn her careerDid research on glassdoor for salary rangeHow she got her signing bonusWhat her end-goal isHow she lived $20,000 a yearAnd SO much more!Links:GlassdoorPersonal Finance on RedditMr. Money MustacheForum - BogleheadsPersonal CapitalAchieving FI Before 40 Despite Breaking Every Financial “Rule” with Tanja from Our Next LifeBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz ThamesEvery Dollar I Spent Last YearHow to Effectively Ask for a Raise (from Someone Who's Done It Twice)How To Make Your Significant Other Hate FIREThe Psychology of Money– 4 Ways Your Brain is Working Against YouProfiles:Financial MechanicFinancial Mechanic's TwitterFinancial Mechanic's Instagram
Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad, Poor Dad, The Millionaire Next Door and Think and Grow Rich.
Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month!
He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!!
Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child!
Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free.
In This Episode We Cover:Wilson's journey with moneyHad an open discussion with his dad about money growing up Money books he readThe reason why he did not pursue as a financial advisorThe importance of having a financial literacyThe perfect environment on getting our kids to learn financial educationWhat lifestyle changes did they make in order to save money and pay off their debtGot a lot of comments after he posted on Facebook that he paid off his student loan debtFocused on having a baby fund and 2 years expense fund after paying off their debtHow he started doing financial coachingMistakes that other people make with their financesThe first thing he teach people to do with their financesAnd SO much more!Links:Blogger Net Worth Tracker - Rockstar Finance DirectoryMy Fab FinanceMindy JensenScott TrenchConnect with Wilson:The Money SpeakeasyFacebookInstagramTwitter
One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hacking!
Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing.
Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends.
Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience.
If you’re thinking about jumping into house hacking, this episode lays it all out.
In This Episode We Discussed:Craig's journey with house hacking Craig's numbers on his first house hackWhat PMI isCraig's PMI monthly paymentHow he leverage his first house hack into the second house hackCraig's numbers on his second house hackThe importance to consider the occupancy lawHow he bought his third house hackCraig's numbers on his third house hackHow he managed all his rentalsHow to find a property managerThe idea of sacrificing comfortability and profitabilityAdvantages on house hackingWhat kind of property makes for a good house hackOn luxurious house hackGetting pushback about house hackingCraig's biggest house hacking mistake and how to prevent itThings that is important when it comes to house hackingAnd SO much more!Links:BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Podcast 244: “Unfair” Taxes and Unfair Advantages with Linda Weygant, CPABiggerPockets Podcast 350: How to House Hack Your Way to Financial Freedom in 3 Years with Craig CurelopBiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott TrenchBiggerPockets ForumsBiggerPockets BlogTenant Screening: The Ultimate Guide
The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?”
Without going into too much detail, we’re all aware that healthcare costs are fairly ridiculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out.
Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!)
If you are on the path to financial independence, you NEED this episode.
In This Episode We Cover:How Lynn became interested in financial independenceHow she began investing at age 12The process of researching healthcare options18 different options for healthcareHealthcare preventionThe difference between deductibles, co-pays, and premiumsAnd SO much more!Links:Mr. Money MustacheReeditMilitary DollarBloombergHealthCare.govFinConBiggerPockets Money Podcast 80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & RegularRich & RegularFrom Childhood Poverty to Financial Freedom by Age 32 with Jillian JohnsrudMontana Money AdventuresEconoMe ConferenceProfiles:Nurse NumbersLynn's emailFI Healthcare
All the BiggerPockets podcast hosts on stage in one place!
This bonus episode was recorded at the BiggerPockets Conference 2019 on October 7th in front of a live audience of more than 1,000 people at the Gaylord Opryland Resort in Nashville, Tenn.
We turned the mics over to our members, who fired a bunch of great questions at Scott Trench and Mindy Jensen, Brandon Turner and David Greene, Joshua Dorkin, and J and Carol Scott.
Our panelists covered some nitty gritty real estate topics, like tackling vacancy and how to invest IRA funds, as well as big-picture concepts like motivation, marketing, and teaching family members the importance of investing at an early age.
Also, everyone reveals which animal they would be if they had to choose, and a member of the audience challenges David Greene to produce an analogy on the spot. Listen to find out whether he performed under pressure!
Our first conference in seven years was a big success, and we’re so thankful to everyone who came out to learn, network, and have a great time.
Download this bonus episode, and be sure to subscribe to all three shows BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, and BiggerPockets Business Podcast so you won't miss an episode.
Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous!
In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence.
Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts.
Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future.
This episode truly is for anyone who has money AND wants to have more.
In This Episode We Cover:What house hacking isOn buying a carChallenges that come up in relationshipsWhat to buy on engagement ringsConcept to apply on weddingsOn having kids and petsThe importance of being on the same team in your relationshipWays to save money on travelTravel hackingTax MistakesThe right time to talk to a CPATalking about retirement accountsWithdrawing money early inappropriatelyNot understanding feesNot taking the matchTrack and analyzing your spendingSigns that you have miscellaneous spending problemOn investingLinks:The $51,000 mistake thousands of retirement savers have already madeBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Money Podcast 87: How to Save Money for Your Down Payment with Scott & MindyBiggerPockets Money Podcast 83: Buying Your First House with Scott & MindyBiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke MillennialBiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On FireBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David SteinBiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on WednesdayMake Your Own Free Mobile Expense Tracking App in 30 MinutesBiggerPockets Career OpportunitiesBiggerPockets YouTube ChannelConnect with Scott and Mindy:Mindy's emailScott's emailBiggerPockets Money's emailScott's Instagram Mindy's InstagramBiggerPockets Money's Instagram
Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy.
Except that’s not how the world works. What brought success to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L!
Of course that said, there are some general principles that apply to everyone: Spend less than you earnInvest wiselyIncrease your incomeTrack your spendingBe money consciousChris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone.
Topics:What their book is all aboutThe framework they applied to the concept of financial independenceDeconstructing rules and create new mindsetThings they questioned that started to fall apartHow to frame the conversation to attract and get more people interested on financial independenceThe concept of spending less money Principles on how to cut your expensesLearn the rules of money and mathHow to earn more incomeHow they approach on investingThe final step towards financial independenceAnd SO much more!Links:Mr. Money MustacheMad FientistYNABMintFrugalwoodsBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz ThamesBiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David SteinBudgets Are SexyTwitter - Dad JokesScott's InstagramChooseFIChooseFI PodcastEat The Financial ElephantCan I Retire Yet?
Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt.
Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt)
September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".
Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.
Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.
In This Episode We Cover:Melanie's journey with moneyExperiencing mental health issues because of debtStart blogging and wrote break-up letters to debtHow she paid off her debtHer main side hustleHow much it costs her to pay her student loan debtsThe reason why debt is depressingThe biggest mistake people are makingHer advice to anyone who has the same path with herFive stages of grief that are similar to paying off debtOn living in denialSteps to prepare your mindset and addressing the underlying issues Therapy hackWhat keep her motivatedTalking about the first person who reach out to herHow she personally managed to pay off her student loansOn making more moneyWhat her life look like after she paid off her student loan debtAnd SO much more!Links from the ShowCraigslistTaskRabbitFinConMintOpen Path CollectiveCrisis Text Line - Text HOME to 741741Suicidal Hotline - 1-800-273-8255Suicide PreventionNational Foundation for Credit CounselingAnnual Credit ReportSide Hustle NationBiggerPockets Money Podcast 90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling WalletBiggerPockets Money Podcast 28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick LoperBiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice WashingtonBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this oh-so-important information.
They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement.
Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed.
This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle money.
In This Episode We Cover: The right time to start teaching kids about money The importance of understanding the needs versus wants at the very early age How to introduce financial education into elementary and middle school childrens' curriculum On financial education mandates How do we get mandates to all 50 states Misconception about financial education And SO much more!Links:FinConMandates Matter When it Comes to Borrowing for CollegeNational Endowment for Financial Education
When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating.
Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one!
Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan.
Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball.
In This Episode We Cover:Melissa's money journeyThree situations that set up her money mindsetWhat her life looks like during her college yearsWhat her school program looks like during her college yearsHow she handles the situation when she got pregnant during her college yearsOn childcareHer goal after collegeAll about her medical debtThe reason why she opens up her 401kWhat her lifestyle looks like and the sacrifice she made to make things possibleOn paying off her debtHow does her situation changed after she got marriedThe moment she discovered the FIRE movementAnd SO much more!Links:BiggerPockets Money Podcast 79: Financial Freedom Through Decades of Hard Work and Hustle with Carol ScottBiggerPockets Money Podcast 82: Early Money Lessons Create Healthy Money Experiences with Aditi ShekarBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody BermanBiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis HornsbyStudent Loan PlannerSoFiMr. Money MustacheMindy's emailConnect with Melissa:Traveling WalletMelissa's Twitter
Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits.
Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife.
Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.”
Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free.
He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.”
Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was!
Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life.
In This Episode We Cover:Rob's journey with moneyLived rich dad poor dad lifeSaved money for retirementHow his lifestyle and position changed transitioning from a law firm job to a government jobPsychological component of a side hustleLeaving the big law firm changed his mindset about moneyMaking $100 in 6 months to $30k in 18 months doing blogsHow he treated his salary money and side hustle money differentlyThe moment he paid down his debtsThe reason why he decided to sell the businessWhat prompted him to write the book called, "Retire Before Mom and Dad"What his book all aboutAnd SO much more!Links from the ShowBiggerPockets ForumsFinConPT MoneyFrugalwoodsBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz ThamesMindy's emailScott's email Connect with RobRetire Before Mom and DadRob's TwitterThe Dough Roller Money Podcast
Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler alert) she graduated college with $77,000 of student loan debt.
A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research.
Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.”
She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got.
Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul!
In This Episode We Cover:Ashley's money journeyWorked side jobs and open up credit card to get an employee discountTotal debt she had from credit card and student loan after collegeWhat she did after collegeUsed her income tax return to paid out her credit card debt and bought a houseOn her journey to financial freedomAggressively attacked student loan debt in 2017What prompted her to paid down her student loan debtGot interested in real estateHow he got downpayment for her investment propertyOn househackingAnd SO much more!Links from the ShowBiggerPockets Podcast 268: Acquiring 20 Long-Distance Rental Homes (on a Military Salary!) with Rich CareyBroke MillennialBiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy JensenAshley's Instagram
In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?”
In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing.
They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500.
If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path.
In This Episode We Cover:Things to do before buying a houseGet your taxes in orderDisadvantages of being a self-employedMindy's story of buying her current houseAvoid making big purchases until after you close on your loan completelyUnderstanding closing costWhat to expect on your closing costWho pays for the closing costTalking about downpaymentDo you get your earnest money back if you don't buy the houseOn finding a good agentWhat an earnest money isWhat a downpayment isOn Private Mortgage InsuranceOn finding a good inspectorHow to save up for the downpaymentAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money Podcast 83: Buying Your First House with Scott & MindyBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES of investments you can choose from.
In this episode, we explore asset classes we haven’t really discussed before: Closed End Mutual Funds, REITs, Mortgage REITs, and the different types of stock you can buy. (Yes, there is more than one!) We even touch on Gold and Cryptocurrency!
Investing isn’t limited to stocks, bonds and real estate, and David introduces these ideas so you can start investigating the asset classes that appeal to you and works best for your financial goals.
David also shares his Investing Principles and his top tip is so simple, yet such an EXCELLENT piece of advice: Be able to describe in detail what you are investing in. If you can’t, you’re not ready to invest in that just yet.
If you’re looking for different asset classes, better returns or even just to diversify your portfolio, this episode is a must-listen!
In This Episode We Cover:David's money journeyLaunched businesses at the very young ageStudied and liked the aspect of financeHis approached to money throughout his careerWhat prompts him the decision to retireOn the "Money For The Rest of Us"The investment principles that he teachOn the tradingDisadvantages of buying individual stocksThe difference between investment, speculation and gamblingIndividual stocks versus index fundsAny circumstances that would make people buy an individual stockThe reason why he start the podcastClosed-End Mutual FundsBondsOn real estate investment trustHow he select reitsPrivate reits versus public reitsOn preferred stockBuying preferred stock versus common stockWhat a mortgage reit isOn bitcoinWhat makes bitcoin speculation rather than a gambleAnd SO much more!
Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses.
His father passed away when he was 4, leaving him an inheritance of $100,000 when he turned 18. Jacob quickly spent it on a truck, customized to the hilt. He soon had nothing to show for it, and at his lowest point, had to move in with his girlfriend’s mother, because he had no money to pay rent.
Enter Dave Ramsey’s Total Money Makeover. Jacob devoured this book and of course, lightbulb!
Jacob did what most new-to-FI people do, he cut out everything! He started tracking his spending and preaching to everyone who would listen. Finally fed up with his constant preaching, his wife said “I don’t want to hear about this anymore - go start a website!” And I Heart Budgets was born, where Jacob could preach to his heart’s content.
Jacob and his family are now on a year long road trip around America, a mini-retirement to spend time with their young children before school starts, taking advantage of their financial position.
Later in the episode, Jacob drops a knowledge bomb on Mindy & Scott, sharing the existence of the “Spousal IRA,” a way for non-working spouses to contribute to an IRA.
Thinking you made such a big mess of your finances that you won’t ever recover? Jacob’s story shows that it’s never too late to start, and that poor financial choices don’t have to define you.
In This Episode We Cover:Jacob's money storyInherited $100k at age 18 and blew it very quicklyThe moment he realised to get serious about moneyOn tracking his spendingHis lifestyle before and after he read Dave Ramsey's bookThe power of getting on a budgetHow he perform against his plan after tracking his spendingOn his first three months of budgetingHow to set goals that you can actually achieveWhat they did after wedding and honeymoonWhat their lifestyle looks like living in WashingtonOn purchasing their houseTalking about their payment and savings after buying their houseOn being a tax professionalThe power of DIYHow he learn DIYMade a choice to quit his job, buy an rv and hit the roadWhat a spousal IRA isTheir formal budget and money datesThe importance of having a wife that is in the same page as yoursReshaping mindset and habitsAnd SO much more!
Kyle Mast first visited us on Episode 41 of the BiggerPockets Money Podcast, and he BLEW US AWAY with his suggestions, ideas, tips and tricks for early retirement.
Kyle is back again today to talk more to traditional age retirees - those of us who are retiring at or near age 65.
Retiring now can seem scary - the market is near all-time highs and has been so for a very long time. Markets are cyclical and unpredictable.
Kyle shares how to ride out the storm with strategies to manage both behavior and emotions. He’s a big fan of Retirement Fund Dates - but not of putting all your retirement eggs into one fund-date basket.
Kyle also looks at Social Security and covers several scenarios to help you decide when to start receiving your benefits.
Kyle is a fee-only Certified Financial Planner - and this episode shows time and again just how valuable a consultation with a CFP can be. If you’re nearing traditional retirement age - and you’re not quite sure what’s next - THIS episode is especially for you.
Topics:How to set up portfolio transitioning to traditional retirement ageOn managing behavior and emotionWhat a bucket strategy isSequence of returns riskDelaying social securityOn claiming social securityIncome limitation for social securityThe importance of having an understanding of social securityWhat people look for when finding a financial plannerDesigning lifestyle and expectation around spendingHow to plan your expenses on retirementWhat a long-term care insurance isOn having a long-term cafe insurance with golden policyOn target date fundsIdentifying your own risk tolerance
Buying your first home - either an investment or a primary residence - can be scary. This is a HUGE purchase, and no one wants to mess that up. But buying a house doesn’t have to be scary, if you’re properly prepared.
This week, Scott and Mindy sit down and talk about the process - what you need to consider BEFORE you even start looking at houses and what to REALLY look for when you’re looking at houses.
They also talk about different funding options, different purchasing strategies and even different ways to hack your housing to live for free - or make big money when you sell.
If you’re in the market for your first property - or second or third - or you’re just starting to think about buying a house, this is an episode you cannot miss!
In This Episode We Cover:First step that Scott recommend someone once they decide to purchase a homeConsider exit optionsThree possible exit optionsDon't buy on a busy streetDon’t put yourself in an artificial urgent state on buying your first houseDon't spend every dime you have on your downpaymentHow real estate agents and mortgage brokers are incentiviseOn fundingMortgage broker versus a lenderAdjustable versus fixed rate mortgageWhat a mortgage insurance is FHA versus conventional loanOn house hackingCredit score on Credit KarmaPre-qualification versus pre-approval processHow to find a real estate agentThings to inspect and to avoid on buying your first home7 step checklist for buying your first homeAnd SO much more!
Talking to your partner about money can be very difficult - especially when you’re bringing up the conversation for the first time.
Today, we’ve brought Aditi Shekar back to discuss finances from a couple’s point of view. Yesterday we heard Aditi’s personal money story, and today she shares tips for speaking to your partner about your finances.
How to go on a Money Date, all about her $20 prenup and why she feels everyone should have one, her guide to combining your finances. In fact, Aditi is so passionate about personal finance in general, and couples finance specifically, she created an app to help you share and discuss finances with your partner!
Zeta is a personal finance app designed for couples to help you stay on top of your finances, together.
Looking for a way to talk about money with your partner? This episode was made especially for you.
In This Episode We Cover:The first thing that a couple should do once they discover that they are far apart on moneyThe importance of talking about money early and often with your significant otherLayers of fights about moneyGuide to combining financesOn prenup and how she approach the subject with significant otherOn people who didn’t have prenupsHow to go on a money dateFinding out who is the CFO in coupleHer relationship advice and tip for listenersThe importance of knowing your money personalityAnd SO much more!
Aditi Shekar learned entrepreneurship at a very early age - when she asked her father for a toy and he said no, make your own money. She’s been creating businesses ever since.
Her father’s advice wasn’t the only great money management tips she received early on. In college, a finance professor did two entire classes on personal finance, sharing the benefits of starting early to save for retirement.
Her financial independence journey was kickstarted when her apartment burned down - and she had no renters insurance. “I don’t want more stuff. I just want to figure out the life I want to lead.”
Aditi and her husband took a roadtrip to discover where they wanted to live, and ended up in two separate cities, visiting on the weekends. Time apart made them realize they wanted to be together, so she moved to him, and started the life she truly wanted.
In This Episode We Cover:Aditi's journey with moneyOn learning about entrepreneurship and business ethics at age 5Her philosophy on spending moneyHow she developed discipline when she got her first jobSaving early for retirementBig question to ask yourself when you're opening a retirement accountHow she started investingThe importance of creating a rule of thumbStarted teaching a class on personal financeThe realisation she had after their apartment burned downThe importance of emergency fundsHow her outlook changed in terms of life and finances after the fire incident happenedHer goal in her financial journeyAnd SO much more!
Erin Lowry last joined us on Episode 24 of the BiggerPockets Money Podcast, where she talked about getting Financially Naked with your partner. She’s back today to talk about investing - and all the things many people don’t really know. Erin shares the basics that so many articles and podcasts gloss over - but that are so important to know in order to be financially successful. She also has a new book out: Broke Millennial Takes On Investing: A Beginner’s Guide to Leveling Up Your Money, where she tackles investment basics. If you’re new to investing, or just having trouble figuring out all the terminology, this episode is right up your alley. In This Episode We Cover: Where Erin started investing The importance of educating yourself On setting financial goals What a time horizon is Her take on insurance What to think about when it comes to investing Her take on retirement The easiest way to start investing for retirement What a target date fund is Two different ways to think about investing What are the difference between Traditional IRA and Roth IRA How to start investing when you still have debts Credit card debt versus student loans How powerful compound interest is Important thing she wants people to take away from this episode about investing And SO much more! Links from the Show BiggerPockets Forums Getting Financially “Naked” with Your Significant Other — With Erin Lowry NerdWallet MagnifyMoney Bankrate Investor.gov Vanguard Fidelity
This Bonus Episode of The Money Podcast was recorded live at CampFI, a financial independence retreat for people on all parts of the journey to Financial Independence. Scott Trench was celebrating his mom’s birthday, so Mindy Jensen is joined by Paul Thompson and Paula Pant, asking attendees of CampFI why they are on the path to Financial Independence, and hearing a bit about their stories. Answers range from spending more time with kids, to lifestyle, health, and simply being able to retire at all. If you feel like you’re the only one on the path to financial freedom, this episode shows that you’re not alone, this journey IS possible, and you CAN do it!
Kiersten and Julien came from two very different money backgrounds. She’s the naturally spendy one, and he’s the natural saver. Their money views came to a head on their first vacation, when she put everything on a credit card—not to earn reward points—because she didn’t have the money to pay for it. The ensuing argument caused them to have some pretty tough money conversations very early on in their relationship. But it also set them up for early financial freedom. Kiersten decided her old, spendy ways weren’t what she wanted out of life. She started shedding her "things" so that she could pay off her debt and start investing. They researched and discovered a hole in the FI community. There just weren’t many blogs devoted to the African American community that focused on tips about money and early financial freedom. So, they started their blog, Rich & Regular, to bridge this gap. Investing in real estate helped create enough passive income for Julien to leave his corporate job, and for the couple to start living the life they truly want. Plus, don't miss when Julien casually drops one of the best paying-for-college tips that's ever been shared on this show. If you’re struggling with spending too much money or reconciling your frugal ways with that of your partner, this is a must-listen episode. In This Episode We Cover: Julien's money journey Frugality as part of his everyday life On feeling he needed different ways to earn income On his job right after college How Julien and Kiersten met Kiersten's money journey On her sales and retail experience How Kiersten had a problem with spending Julien’s hack to pay $25 per semester in college Reason Kiersten got into debt Talking about their relationship journey and how they fixed their money problems Went on a saving spree after paying off all his debts Didn’t get into investing together until after marriage Their philosophies on buying properties On their investment properties How their careers have progressed since marriage And SO much more! Links from the Show BiggerPockets Forums Getting Financially “Naked” with Your Significant Other — With Erin Lowry FinCon Financial 180 Mint CampFI
Carol Scott has a successful real estate investing company that she runs with her husband, Jay. They have two children, live where they want, and just in general enjoy life on their own terms, free from the stress of having a “real” job, a boss and all the time constraints that come along it. But it wasn’t always this way for her. Carol grew up without having a lot of money. Her financial journey really begins at age 9, when her mother told her if she wanted to have nice shampoo, she had to figure out a way to earn money to buy it. Enter Carol’s hustle. Whenever Carol wanted to buy something, she started a new entrepreneurial endeavor. Face painting, caligraphy - anything related to art was fair game for young Carol. At age 15, she hopped onto her bike and rode up to the convenience store, all but demanding a job. She graduated college into a job where she had regular access to the C-Suite - and mentorship opportunities abound. Carol’s focus turned to learning - and she picked up tips from every person she encountered. She’s here today to share many of these tips with you, and to inspire your journey through her own. This is a tale of never giving up, and not being satisfied with what life throws at you. Go out and grab the bull by the horns. In This Episode We Cover: Carol's background with money On starting her financial independence and entrepreneurial journey at age 9 The importance of having a work ethic Did calligraphy, face painting, signs, and artsy stuff to earn money What she did with the money she earned On her college journey The big transition which occurred between her freshmen and sophomore year On the first internship she got Coming out of college with $35k in student loan debt and $40k in credit card debt Exposure to C-level people How growing up with no money influenced her behavior How she began making lots of money Taking leadership courses her companies pay for Moving to Franklin Covey 8 years into her career Her advice to those who are looking to get into a job that offers a high salary What’s urgent versus what’s important How she began managing her money How she handles her investments What she does post-career at eBay The importance of being resourceful The importance of spending time with the family And SO much more! Links from the Show BiggerPockets Forums eBay FranklinCovey BiggerPockets Money Podcast 70: 7 Tips for Successfully Investing in ANY Market Condition With J Scott
Parents are supposed to know everything, and talking about money is impolite. So how do you make sure your parents are taken care of and that their wishes are followed throughout their golden years? Today Scott and Mindy sit down with Cameron Huddleston, author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, who shares her story of the journey through her mother’s finances pre- and post-Alzheimer's. Cameron also shares the documents your parents need to have—the documents YOU need to have—to be able to help them navigate their finances as they advance in age. She offers encouragement for continuing the conversation after parents initially say, “That’s none of your business.” She explains everything from the perspective of someone who has been through the more difficult times of parental financial navigation. BiggerPockets Money guests have typically focused on their own journey to financial freedom. But this episode provides guidance for starting challenging conversations with your parents. Use Cameron's advice to sit down with them and make sure their wishes are followed. In This Episode We Cover: Cameron's journey with money Got $1 a week and saved money to buy model horses How she fell into the world of personal finance writing Worked as a reporter before transitioning into the personal finance field Learned about money once she started writing about personal finance The importance of having a will How she reconciled the shift with her parents How to start the conversation with your parents Scenarios to open the door to more conversations with your parents What you can do if your parents say their finances are none of your business or don't want to share any information with you Overview of key things to have in place as far as what your parents should have Legal documents—a will or a living trust Power of Attorney Document Living will or advance directive Long-term care insurance Resources people can go to to get professional help The importance of meeting with an attorney Where people can find an estate planning attorney Some of the fights that occur when there is a lack or prep and how to avoid this The difference between old people’s home and retirement community Mistakes to avoid as parents go into retirement or begin to age And SO much more! Links from the Show BiggerPockets Forums Kiplinger
Pete Mockaitis grew up in the cheapest place to live, Danville, IL. He watched his mother work her way up the local credit union ladder from teller to CEO, simply by doing more than necessary, repeatedly. His mother strongly discouraged debt, having seen so many of the credit union’s customers declare bankruptcy and have their entire bank accounts wiped out. As a kid, he saw firsthand that hustle pays off. He helped his brother with his paper route for a quarter, only to learn his brother was making $1.80. After high school, he got into college on a full ride scholarship, and graduated into his dream job with Bain & Company. He saved money by skipping the little things like taking a cab when he could walk, having roommates instead of living alone, and drinking water instead of ordering drinks when he was out. Pete’s true calling was entrepreneurship. To prepare for the jump to self employment, he figured out his burn rate - and discovered it was a lot lower than he originally thought. By figuring out how much he was spending, and computing the value of his pre and post tax time, Pete optimized his path to Financial Freedom, and is now enjoying the fruits of his labor. In This Episode We Cover: Pete's journey with money Lessons he learned from his mother How he applied the lessons he learned in his approach to early financial freedom How he pursued early financial freedom On growing up frugal Why it took him 3 years to save a year’s worth of living expenses His advice for people who would like to try the entrepreneurial route The importance of being smart with your savings On being real and quantitative On tracking recurring and non recurring expenses and breaking it down into dollars per day On his revenue generation His advice on building revenue On investing And SO much more! Links from the Show BiggerPockets Forums How to Become an “Overnight” Success in 10 Short Years with David Greene How To Be Awesome At Your Job Episode 386: How to Earn More, Spend Less, and Build Wealth with Mindy Jensen BiggerPockets Money Podcast 73: Ramit Sethi Will Teach You to Be Rich! BiggerPockets Money Podcast 56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances Podcast Movement
John and David didn’t have "the money talk" right away. They both worked in the financial industry, and each thought the other would be great with money. About a year and a half in, they discovered they were both AWFUL with money. Both had lots of debt with no real plans to pay it off. Enter the spreadsheet. David is a self-professed numbers nerd. He entered every expense from the last 12 months into a spreadsheet and discovered some shocking spending habits in several categories. These were places they could easily cut their spending so they could start paying down their debt. And like everyone else who finally figures out money, they hit it hard—planning menus, making grocery lists, and clipping coupons. (They didn’t buy anything they didn’t have a coupon for!) Rather than the debt snowball or debt avalanche methods, they approached their debt paydown with a new method: the debt lasso. They gathered up all their debt—mostly credit card—transferred it to 0% interest cards, and hit the payments hard. In the process, David and John discovered that no one is talking about money in the LGBTQ community. So they set out to change that, opening up the topic to help their community stop being fearful of money and start aligning their spending with their values. In This Episode We Cover: David and John's journey with money How they amassed such a huge debt Having a "money" conversation in regards to their expenses The importance of having a conversation about what their life goals are Cut about $30,000 of food spending a year Using the spreadsheet and looking at their net worth each month Paying off the smallest loan and gaining momentum Debt Snowball versus Debt Avalanche Their investment approach after their paying off their debt Built up emergency savings of $1,000 Ways to get yourself out of debt (by spending less than you make!) Why people are afraid to talk about money And SO much more! Links from the Show BiggerPockets Forums Waffles On Wednesday BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180 Financial 180 BiggerPockets Money Podcast 73: Ramit Sethi Will Teach You to Be Rich! Dave Ramsey
Justin grew up without a lot of money in a small town. His parents divorced when he was eight, and his mother eventually quit her job to attend school. Necessity is the mother of invention, and a year of no income led to some very creative ways to squeeze more value out of every dollar. This "invention" stayed with Justin for his entire life, and he applies it to every facet of his finances. From his very low rent (in a high rent area) to his ridiculously low grocery bills to collecting travel rewards points, Justin gamifies every cent he spends. Today we hear how Justin actually made money from his college scholarships and military stipends, how he negotiated a smoking deal on his rent, and how his five tenets of grocery shopping pay off. Justin calls this "the lazy path to financial independence," but really he’s just being incredibly efficient with his resources. If you’re looking to cut expenses, listen to this show with a notepad handy. In This Episode We Cover: Justin's journey with money The idea of squeezing the amount of a dollar and cutting something out of your life Joining the military through the ROTC program and getting free tuition from the government What a career starter loan is and what his decision-making process was What his position looks like after going to college The moment he got serious about creating wealth The reason he is still very unhappy after achieving his goals The first investment he made On his expenses How he lived on $24,000 a year in Boston What's inside his sacred freezer The importance of getting to know your specific local grocery store His commandments on groceries On saving $69,000 a year Investing in real estate On retirement How he found his apartment And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman BiggerPockets Money Podcast 71: 5 Years to Financial Freedom Through Real Estate Investing With Sarah P. Mr. Money Mustache BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 57: Financial Freedom, House Sitting & Travel Hacking With GoWithLess
Side hustle is a big topic on BiggerPockets. But finding the right one—and one that isn’t a scam—can be difficult. Today’s episode focuses on not only a legitimate side hustle, but also one that involves real estate AND can be as much or as little as you want it to be. Best of all, the most popular time to use this side hustle is at night and on the weekends. Signing agents work when their clients don’t—meaning they’re busiest at night and on the weekends—perfect for an actual side hustle. Startup costs are extremely low. They hover around $1,000. Working four to six jobs will pay off your initial investment! Mark Wills shares what you need to get started and how to find jobs once you’re all ready to go. If you’re looking to generate extra income, this episode is right up your alley. In This Episode We Cover: What a notary signing agent is The only requirement to become a signing agent How he became one What signing services exist for Biggest skillset you need to be a notary signing agent Startup cost when doing appointments On doing 10 to 15 appointments a day Who are not ideal candidates for the position The importance of paying attention to details On getting a notary commission The importance of taking a course to become a notary signing agent Other ways to make money through notary commissions outside of loan signing Kind of salary for signing appointments Attorney states versus escrow states And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner Newsletter Signup - I Will Teach You To Be Rich The Jerry Springer Show Bogleheads forum Bogleheads Investing Advice and Info
Ten years ago, Ramit Sethi released his groundbreaking book I Will Teach You to Be Rich. Now he’s back, with an all-new, updated version, delivered with the same authority and enthusiasm as the original. But wait, there’s more—MUCH more! Ramit...
Dawn Brenengen’s money story begins a bit differently than most. Dawn’s parents shared their finances with her. She knew what things cost, she knew her parents worked hard to pay off their mortgage, and she saw her mother writing checks to pay bills every month. She went to college and graduated with relatively little debt—around $21,000 in student loans and credit cards combined. After graduation, she stayed at her low-paying college job until her father suggested she get a real estate license. Dawn completed the work for the license and got a job making almost the same money, working for a builder and selling their new homes. But she was the assistant to the agents who were making the BIG BUCKS, and she knew that’s what she really wanted to be doing. At the time, real estate agents were eligible to take the test to open up their own brokerage simultaneously with the licensing test, so she did that. While working as an assistant, she laid the groundwork to strike out on her own, eventually ramping up her income to multiple six-figures—with virtually limitless potential. Here Dawn share her story of how hard work and determination paid off tenfold—and all in just four short years! In This Episode We Cover: Dawn's background with money How she grew up in a financially literate household The debts she accumulated during and after graduating college How she paid off her debts Is it possible to invest your student loan? What happened after she got her real estate license How she got serious about making money and building her financial position Having a goal to get a job where she was making a bulk of the commission Started her own brokerage business on 2010 People she recommend to hire out on starting a business How much time and money needed on starting a business The benefits of having a business partner Applying all the money she makes in terms of her wealth building philosophy Dawn's investment approach Private lending on her surplus cash What a private lending is Her annual spending and her income And SO much more! Links from the Show BiggerPockets Forums Mr money Mustache Frugality as a Muscle - Mr. Money Mustache BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman
Like so many of our guests, Sarah P. did not grow up understanding how money works. She wasn’t bad with money, she just wasn’t very good with it. She learned about financial independence through Mr. Money Mustache and completely revamped her...
J Scott is a successful real estate investor (to say the least). But he’s also a student of the markets—and his studies have shown him that we are teetering near the top of this current real estate cycle. In this week’s episode, J shares three reasons why he believes we’re at or near the peak based on past market cycles, and he details seven things investors should be doing to prepare for a softening market. His number one piece of advice? Educate yourself! J brings his A-game in this episode, just like he does with every other podcast he's featured on. And make sure to stick around until the very end of the show for a special BiggerPockets announcement you'll definitely want to hear! In This Episode We Cover: Reasons J believes a market crash is coming On the 33 case studies of what economic cycles look like Talking about the last 2 recessions J Scott's analogy with economy to the seasons Phases of the economic cycle and indicators he knows the market is on the peak What a yield curve and GDP is The reason why the price drops in the market How can someone who is considering jumping into the real estate market invest with confidence What might happen in the next recession of the market How does a newbie investor get affected by the potential of being on peak phase of the economic cycle What should people be doing now in preparation for the next phase The importance of building credit and paying your debt on time His recommendations for someone who is investing right now The biggest mistake he sees people make And SO much more! Links from the Show BiggerPockets Real Estate Podcast BiggerPockets Bookstore J Scott's Books on Amazon Using the Power of Goal-Setting to Fundamentally Alter Your Financial Path with J Scott (episode) BiggerPockets Forums Mint Credit Karma Annual Credit Report TransUnion Equifax Experian
Liz has always been a frugal gal and self-proclaimed personal finance nerd. Discovering The Wealthy Barber as a teen cemented her course down the financial independence path, even if there wasn’t a formal name for it at that time. And it’s a good thing for her family that she was so frugal - a botched surgery for her husband turned a routine procedure into a nightmare that involved a coma, a month in the hospital and years of recovery. Without her financial savvy, her family could have been financially ruined! Now, 7 years later, she has paid off her house and replenished her emergency fund using a Tiered Emergency fund that allows her maximum liquidity while also maximizing her earnings on those funds. Her unique plan combines online savings with CD ladders, savings bonds and money market funds. Liz explains just how important it is to her family to have the peace of mind a paid-off mortgage can provide, and how planning for unforeseen events is truly the best course of action. In This Episode We Cover: Liz’s background story On being smart with money throughout her 20s and 30s What happened after her husband's surgery On her work and immediate debt consequences while working towards financial independence On having the mindset of saving for retirement, for college, and for an emergency fund Having various accounts: Flexible Spending Account, High-Deductible Health Plan, Health Savings Account, & Health Reimbursement Account Learning financial independence through the book "The Tightwad Gazette" How she cuts off their expenses and the free entertainment they did Paying off their house for financial security The importance of not depending on stocks Tiered emergency plan On the concept called college compact Her philosophy on paying his son's college Financial independence retirement elective And SO much more! Links from the Show Mad Fientist HSA - The Ultimate Retirement Account BiggerPockets Money Podcast 64: Scholarships and Other Ways to Pay for College with Zach Gautier Harvard Business Review - Case Study BiggerPockets Podcast
J Grayson grew up poor. But with food on the table every night, he didn’t realize it. Then his sister tragically passed away from brain cancer, financially ruining the family. J fell into a pattern: skipping school, drinking, and doing drugs. A few...
Steven Donovan graduated from high school and went to college—because that’s what you do. He graduated from college but got cold feet when it came time to get a “real job.” So, he bounced around random jobs with no plan and no focus. Despite...
Paula Pant has seen it all and learned a thing or two... thousand. Today, we sit down and chat with her about, well, everything. Paula shares her habits, her take on journaling, and her morning routine. We delve into her fascinating backstory with...
Jacqueline Burch got married and did what all newlyweds do, spent time with her husband. They continued down the road of "things you’re supposed to do"—had dinners out with friends, purchased a home, and had a baby! After her first son was born,...
Zach Gautier oversees academic and college counseling at a Denver-area high school. He reached out to us, and proposed a show to share creative ways to fund college tuition—and blew us away with the depth of his knowledge! This episode is for anyone who has children who have not yet graduated from college. And if you know someone else who can benefit from this information, please share it with them, too! This show includes tips that apply to kids of every age, from elementary school to middle school to high school students. We cover multiple ways to reduce higher education costs, such as transfer credits, AP courses, and CLEP tests, along with early college programs and dual credit options. We also discuss work-based scholarships and military options, as well as preparation for high school that starts in grade school. Zach shares his advice on taking the ACTs or SATs and also ways to decide which one to take (and whether to retake if you get a low score). This episode can help shave tens of thousands of dollars off your child’s college expenses! In This Episode We Cover: How Zach paid for college The CLEP test Systematic approach to transform college options The best financial choices that somebody can make Interventions that are very effective for your child to learn and figure out their love for school On helicopter parenting Things parents need to do when their children are pre-high school and high school age to save for college 529 plans as the biggest avenue that needs to be considered Brandon Turner's approach for his child college education 3 ways to fund college Dual credit program How much does SAT and ACT prep cost How to apply scholarships Two college batches when it comes their application review process His perspective on brand name college Things that people should be looking for in a school Ways to save money on college application process Other avenues to approach prior to entering college to get excess funding What is a loan and a grant And SO much more! Links from the Show Paychecks & Balances Khan Academy BiggerPockets Money Podcast 56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances Fastweb Cappex Scholarships.com BigFuture - The College Board Scholly BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby BiggerPockets Forums
One of the most common misconceptions of financial independence is that you can’t do it with kids. But Jordan Klint doesn’t listen to what other people say. He became financially independent with kids—and not just one or two of them. He did...
Anna Li moved to America from Uzbekistan when she was 22. On today’s episode, she shares the opportunities she’s been presented with—and taken advantage of—from an opportunity to learn at the first non-government university in Uzbekistan that...
Reshawn and Rob got married nine years ago, joining their lives, families and bank accounts. Premarital counseling revealed two different views on money—and they knew if they wanted to stay married, they needed to get themselves on the same page....
Gino Barbaro was a chef, working hard every day. He made good money and had no debt, but never seemed to be able to save more than 10%. He started dabbling in real estate investing, and after closing his fourth deal worth $11 million, he...
Scott Rieckens was raised in a Navy family. He lived on base and often shopped in the commissary. It gave him a rather skewed sense of what things actually cost. Fast-forward to adulthood. He knew he should be investing, but he wasn’t sure what to...
Grant grew up knowing his parents didn’t have much money. He recognized their constant stress about finances throughout his childhood, and one of his first memories was his dad telling him, “Money is freedom.” Graduating from college in the...
Tim and Amy were frugal—or so they thought. They spent less than they earned, so they figured they were doing it right. Then one day, they happened upon the concept of financial independence. Turns out, they had a LOT of room in their budget to cut...
Rich Jones and Marcus Garrett are the men behind Paychecks and Balances, a podcast aimed at helping Millennials figure out their finances. And they should know a little on the subject—both Rich and Marcus made some pretty epic money mistakes in their youth. From Rich just not looking at his bills to Marcus actively going into almost $30K of debt in 72 hours (NOT a typo!), they know what owing money to someone feels like. Marcus details his D.E.B.T. plan so you can pick yourself up, dust yourself off, and pay off your debt for good. Are you looking to be debt-free in 2019? This episode can help you formulate a plan that works for your specific situation, with tips for staying out of debt once you arrive. In This Episode We Cover: Marcus and Rich's money journey How Marcus spent $26K in just one weekend How Rich optimized his budget around things he wants versus the things he needs The concept of the debt snowball Rich's hybrid approach to tackling his debt The purpose of an emergency fund Advice for being financially responsible The importance of focusing on priorities first Their advice for people on paying debts The importance of being conscious about your decisions, especially when it comes to paying debt Building responsible habits And SO much more! Links from the Show FinCon Podcast Movement Mint Annual Credit Report Bankrate Paychecks & Balances Podcast - How I Reached Six Figures in My Trading Account ft. Jason Brown- PB105 Uber Lyft We Read the 15 Best Personal Finance and Investment Books and Summarized the Action Items From Each That Will Make You Rich - Paychecks and Balances
A little over halfway into BiggerPockets Money Podcast episode 55, Bryce dropped a bombshell: “We had three years of runway before we actually pulled the trigger.” What he meant is that they tested their portfolio for three years before quitting...
Kristy Shen grew up poor. Knowing her parents couldn’t help her financially, she gave up her dreams of being a writer, and went to school to make big bucks as a software developer. She even graduated on the five-year program with an internship to...
Preparing For Retirement By Reducing Taxable Income & Saving More. In today’s episode, we chat with Eric Brotman, CEO of BFG Financial Advisors, who discusses his top 6 ways to reduce taxable income. Eric dives deep into each of these 6 methods,...
2018 Financial Freedom Lessons Today, Scott and Mindy go guest-less to recap and review the things they’ve learned over the first year of podcasting. Topping the list—and surprising no one—is tracking your spending. But we did learn some new things this year too, like how money dates are a great way to bring your spouse on board. Looking for change your financial situation in 2019? THIS is the episode that can start you down the path to financial freedom. In This Episode We Cover: What Scott and Mindy's goal is The most important thing that their guests have done for their success in achieving their financial goals A discussion on tracking your spending Why relentless self-education is so vital How to get your spouse on board with money dates Why there's no secret sauce for making more money How past money mistakes do not dictate your future money life How to apply intelligence and work ethic to earn more income How real estate helps people to pursue financial independence The four major categories people spend on: Housing Transportation Childcare expense Healthcare And SO much more! Links from the Show BiggerPockets Money Podcast BiggerPockets Podcast BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday Waffles On Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes Mr. Money Mustache Blog BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner The Busy Budgeter BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Frugalwoods BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry Broke Millennial BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners 5 Dollar Dinners BiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant BiggerPockets Money Podcast 32: Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio Planting Our Pennies BiggerPockets Money Podcast 08: From Financially Perfect to Rock Bottom (and Back Again) with Tiffany “The Budgetnista” Aliche The Budgetnista BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180 FI 180 BiggerPockets Money Podcast 49: Wealth Transfer—How to Financially Prepare for Inheritance Money with Hari Mix BiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington BiggerPockets Money Podcast 12: How to Become an “Overnight” Success in 10 Short Years with David Greene BiggerPockets Money Podcast 01: The Surprising (Scientific) Truth Behind What Makes You Successful with Mr. Money Mustache BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen BiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire Guy on FIRE BiggerPockets Money Podcast 16: Financial Security Through Passive Income with Joel Larsgaard BiggerPockets Money Podcast 21: How Losing 265 Pounds Spurred Job & Investing Success with Tony Gayden BiggerPockets Money Podcast 19: The Ultimate Real Estate Retirement Plan with Chad Carson BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Forums BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby BiggerPockets Money Podcast 48: Breaking the Impulse Shopping Twitch to Embrace Minimalism with Anthony Ongaro Turo Airbnb BiggerPockets Money Podcast 29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Paros BiggerPockets Money Podcast 38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist
Finding Financial Freedom Before Retirement Roger Whitney learned early on that your life doesn’t always cooperate with your plans. The passing of his mother - who had always worked hard and saved for ‘later’ made him realize that ‘later’ doesn’t always happen. So he set out to create a life he loves - and NEVER wants to retire from. But first, he made a bunch of money mistakes. His free-wheeling 20’s gave way to his more responsible 30’s, where he cleaned up his debt and got serious about his finances. Now he’s living his best life, and shares tips for having the conversation with your partner to allow you to live your best life, too.
Prioritizing Family with Financial Freedom Carlos Fuego is an emergency room doctor with a superpower—the ability to realize that money doesn’t buy happiness and family time is far more important than the status of being a doctor. He realized that...
Patrice Washington was flying high in 2006, the multi-million dollar real estate company she had started with her husband was practically printing money. But 2007/2008 came, and things went south fast. A high-risk pregnancy finally pushed her over the...
Hari Mix figured out money in grad school and started saving for his future before he graduated. He became an assistant professor at Santa Clara University—and then, his mother was diagnosed with terminal cancer and his whole focus shifted. Today, Hari shares his experiences with his mother’s passing and how discussing it before she died made it easier for him to manage her estate afterwards. He shares some REALLY great tips for ways to handle an estate, including having all your documents in order and having a will. This episode gets pretty deep into topics that no one ever wants to think about, but that everyone will have to deal with, both with their parents and for their children. Having a will is a great first step, but there are lots of other things you can do to ease the financial transfer burden—and things you need to know before making any moves. The more prepared you are, the easier this process will be during one of the most difficult times of your life. If you’re in a position to inherit wealth from a parent or transfer wealth to heirs upon death, this is an episode you cannot miss. In This Episode We Cover: Hari's journey with money Why prioritizing saving and long-term goals for retirement is so vital The steps he took to handle his mother and grandfather's financial affairs How he ended up creating his own estate plan The importance of being open and honest with your family about financial affairs Steps for approaching your loved ones' financial affairs How to avoid the probate process How he fielded the discussion with the other heirs in his grandfather’s financial affairs The importance of talking to a professional The right time to contact an estate planning attorney Tips for investing an inheritance His written investment policy statement How he came up with his investing plan What he did after his mother died His idea of inflating his lifestyle The checklist you need for when somebody dies Peculiarities of inheriting money and IRAs And SO much more! Links from the Show Mr. Money Mustache American Academy of Estate Planning Attorneys LegalZoom Nolo.com Bogleheads Investing Advice and Info
Anthony Ongaro had a habit. Every time he had a bad day, every time life wasn’t amazing, he opened up his online shopping site, and One-Click purchased something. Anything. It didn’t matter. He didn’t need it, it didn’t matter what it was, but...
Jim Wang has been sharing his views on money for more than 14 years—more than enough to earn him the title of Great Uncle of Personal Finance Blogging. And he’s learned a LOT about money in those 14 years. Today, Jim shares his "big money...
This week’s episode features Sam Dogen from Financial Samurai. After one month working for a top investment firm, Sam knew 70-hour workweeks were not the life he wanted. So Sam took action immediately. Instead of fancy cars and dinners out, Sam shared a studio apartment with a friend and socked away HUGE sums of money—50% of mediocre starting salary. He invested in real estate (shocker), stocks, and bonds—and continued his massive savings rate. Taking advantage of the economic downturn, Sam engineered his layoff and an enormous payout. Sam now lives the life he wants, having set up multiple passive income streams during his working years. He spends time with his family every day and embodies the concept of financially free. He no longer trades his time for money; his money just simply reproduces itself and does all the heavy lifting. This episode is a great look at how a little upfront discomfort can lead the your best life. Links from the Show Craigslist PayPal BiggerPockets Jobs Why Households Need To Earn $300,000 A Year To Live A Middle Class Lifestyle Today (blog) Don't Quite, Get Laid Off Instead (blog)
Matt Giovanisci is a serial entrepreneur. He decided early on that “working for the man” was not in his cards, and set out to never have to do that again, creating side hustles that generated income so he could be his own boss and do everything on...
Tinian Crawford went to college - and took 6 years to complete his Associates Degree in Graphic Design. College just wasn’t for him - he didn’t enjoy it and didn’t get much out of it. He knew he needed a job, but wasn’t sure what he wanted to...
You’ve probably heard J Scott’s real estate story (spoiler alert—he’s killing it!). But he’s never really told his money story that led up to this massive real estate success. Today, we talk to J and discover that in his 20s, he knew nothing...
Real estate is a hot topic right now, and who better to talk about the subject than BiggerPockets founder Joshua Dorkin and BiggerPockets Real Estate Investing Podcast Host Brandon Turner? No one, that’s who. So we went to these experts, and grabbed some excellent real estate advice. We get a brief history of their experiences with money and chat about their new book, How to Invest In Real Estate. Buy the book at www.biggerpockets.com/investinre This fun episode also includes tips for managing your money while you save for your first investment, Josh’s inverted funnel analogy and Brandon’s Harry Potter references. Thinking about adding real estate investing into your portfolio? This episode will educate and inspire. Links from the Show BiggerPockets Forums FinCon BiggerPockets BiggerPockets Podcast (to find all shows mentioned) BiggerPockets Blog BiggerPockets Forums BiggerPockets Webinar Bitcoin is a Stupid, Horrible Thing to Invest In! Scott's Email
Zina Kumok’s parents immigrated to the United States, with no money education and completely unprepared for the consumer society they found themselves in. They quickly got into credit card debt in order to have the lifestyle they “deserved.” An avid listener of Dave Ramsey, Zina quickly determined she did not want to ever be in debt. However, she graduated with $24,000 in student loan debt and made it her mission to pay that off as soon as she could. Every single extra dime she found, she threw at her debt until it was all gone. So once the debt is gone, Zina realized that she needed to ramp up her investing. Not one to just ‘show up and wing it,’ she set about learning how to invest properly. Zina’s story illustrates that you CAN pay off debt while making a lower salary, you CAN pursue financial independence while self-employed, and that your past does not define you. Links from the Show FinCon Dave Ramsey’s Podcast Behavior Gap (Carl Richards) BiggerPockets Money Podcast 35 with Craig Curelop
You’re on the path to financial independence—but you’re not sure what to do with your money. Index funds sound great, but your total financial situation doesn’t end with index funds. Today we sit down with Kyle Mast, a Certified Financial...
Today we chat with Joe Saul-Sehy from Stacking Benjamins. Joe shares his money story, which starts off with him figuring out how to get into debt, then discovering he didn’t like being there. He learned that you can’t diagnose what’s wrong with...
Jamila Souffrant grew up watching her mom struggle to provide for her. She decided early on that she wanted to be a millionaire, her solution to not having enough was to simply make a lot of money. She saved like crazy, but didn’t have a plan for it. A good student, she attended college and got into an internship program that places minority students with Fortune 500 companies and pays them well. During college, she saved 80-90% of her salary - but was still considered herself “bad with money,” buying luxury items she doesn’t remember. Internship led to employment, and Jamila changed her focus from IT to the real estate department. But her finances stayed the same. She contributed to her 401(k), but not even enough to get the full company match in her 20s. The switch flipped in her 30s, after an exceptionally bad commute home. She discovered FI through podcasts and blogs, and finally understood this could be her reality, too. Jamila and her husband kicked their savings into high gear and started investing. Jamila went from “bad with money” to saving $169,000 in two years! This episode shows it’s not too late to start your Financial Freedom journey, too. Links from the Show BiggerPockets Forums Mad Fientist Mr. Money Mustache The Millionaire Educator Podcast Movement Mindy's Twitter Profile
Phillip Taylor studied to be a CPA in college, just like his dad. He graduated with some debt and decided to add to it by buying a house. In order to afford his new house, he didn’t max out his 401k—he didn’t even contribute enough to get the...
Kyle Renke graduated from college and hopped right on the American dream bandwagon. He started off with a starter house, added a couple of kids and moved onto a bigger, better house—one that he could barely afford. He then went back to grad school, tacking on another $40k in student loans. Kyle and his wife spent money left and right, never seeming to be able to get ahead. Finally, he got sick and tired of being sick and tired. Kyle read books and connected with friends in a better financial position. He sold the big house, threw everything at the student loans, and rented a smaller, MUCH less expensive place. Kyle’s story shows that you CAN make big financial mistakes, change your course, and work toward financial freedom—even with children.
Jillian Johnsrud grew up lacking the privileges that many of us take for granted. Jillian Johnsrud grew up poor, with an abusive step father and a mother unable to leave due to lack of funds. She emancipated herself during her junior year of high school, living in a camper in high school, waiting tables after class. Still, she managed to save $8,000 by the time she graduated. She married young, and medical debt and student loan debt put her family in a tough starting position. From there, however, Jillian began building wealth. In adventures that span tons of different states and even a stint in Europe, Jillian was able to eliminate her debt and achieve financial freedom—all while never earning more than a median income. Hear Jillian’s story of investing when everyone thinks you’re crazy, adopting a group of siblings, and “creating a life that is such a perfect fit she never wants to retire from it.” Links from the Show BiggerPockets Forums Simplify Your Budget with Fun Money Accounts (Blog) Museum Pass Ultimate National Park Road Trip (Blog) Camp FI
Graduating from college, Craig Curelop had amassed an impressive $25,000 savings account - AND $85,000 in student loan debt. Conventional advice is to pay off your student loans BEFORE investing. In this episode, we hear how Craig ignored this advice...
On today's show we discuss the highest-probability way that a family can move toward financial independence—without stress and worry—while enjoying incremental freedoms along the way. We’ll also talk about all-cash real estate investing, where...
Stuart Grazier joined the military and immediately went into debt. A chance encounter with Dave Ramsey’s Financial Peace University showed him how to manage his finances, and he returned from his stint overseas with his more than $40,000 in debt...
Today we sit down with Mr. and Mrs. Planting our Pennies, or Mr. and Mrs. PoP for short. Mr. PoP never wanted to be anchored to an inflexible job. Mrs. PoP never wanted to be financially insecure. A reward trip to Hawaii after a good sales year at his...
Continuing where we left off from last week’s episode, this show discusses increasing your income by recognizing existing opportunities and making your own opportunities through side hustles. The show progresses through investing basics, both...
We’ve interviewed more than 30 people for the BiggerPockets Money Podcast over the course of this year — and we’ve got a LOT more people to interview! We’ve heard from so many listeners: “I’d like to get started on the path toward financial freedom, but I don’t know where to begin." Today, Scott and Mindy share EXACTLY how you get started with tracking your spending, and how to make SIGNIFICANT cuts in your budget to move you down the path faster. Looking to become financially free? THIS is the episode you need. Links from the Show BiggerPockets Forums Mr. Money Mustache Mad Fientist Biggerpockets Money Show Waffles on Wednesday Mint Personal Capital Bureau of Labor Statistics Envelope System ChooseFI – Episode 09: Travel Rewards BiggerPockets Money Podcast 01: The Surprising (Scientific) Truth Behind What Makes You Successful with Mr. Money Mustache BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday BiggerPockets Money Podcast 29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Paros BiggerPockets Money Podcast 27: How to Get Even MORE from Your Travel Rewards Credit Card with Lee Huffman BiggerPockets Money Podcast 03: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners BiggerPockets Money Podcast 25: Raising a Family While Seeking Financial Freedom with Chris and Debbie Emick BiggerPockets Money Podcast 06: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson
Nick and Alyssa were high school sweethearts, who went to college where their family attitudes toward money came to light. Nick’s “save up for it” mindset saw him graduate with around $50k in student loan debt, while Alyssa’s more spendthrift attitude towards the college lifestyle had her graduating with $80,000 in debt—and her graduate degree piled another $60,000 on top of that. They got married and quickly discovered their vastly different views on money. Through budgeting, communication, spreadsheets and more spreadsheets, they are now on the same page and working toward financial freedom. Their curveball pregnancy didn’t derail them—it strengthened their resolve to get to FI through real estate and traditional investments. Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby Brandon Turner’s BiggerPockets Profile BiggerPockets Podcast BiggerPockets Forums Do Ask, Do Tell article Yahoo Finance GroVia
Side hustle is a huge buzzword in the FI community. Make extra money on the side doing something fun, something you love, or even just something that pays really well. Today we bring in Nick Loper, Founder of Side Hustle Nation, to share his expertise...
Open up a credit card, earn miles, get a free plane trip or hotel room. Sounds great, right? But what if you could exponentially increase your travel rewards? Fly free every time. Never pay for a hotel room again. Lee Huffman travels the world in...
Cody Berman: Remember that name because this kid is going places. Currently traveling in Australia, Cody began his journey into personal finance and intentional living as a child, when his dad taught him about compound interest and the power of saving...
Chris and Debbie Emick have two daughters—AND are well on their way to financial independence through a combination of local and long distance real estate investing coupled with frugality and conscious spending. Chris and Debbie are everyday Joes...
Erin’s parents taught her about money from a very early age. She paid for half of everything she wanted, which helped her figure out financial prioritization. When it came time for college, she decided against her dream college to avoid significant...
Becky and Noah are in the first half of their gap gear, a pre-FI road trip around America. They didn’t grow up rich, but they carefully planned out their life to avoid student debt. Both earned the same Chick Evans Caddie Scholarship to Purdue...
Student loan debt is a HUGE problem facing millions of people - and it continues to grow every year. Today we are joined by Travis Hornsby from Student Loan Planner who shares several options for paying back your student loans, including loan...
Tony Gayden grew up in a lower middle class household where money and finance were not discussed. He sought comfort in food, eventually reaching 476 pounds and drowning in debt. In this episode, Tony shares his weight-loss journey and how he...
Jim Collins has literally done it all. From busboy, produce, clerk, and gas station attendant, to ad agency founder, sales trainer, radio co-host, and publisher. He is a prolific world traveler, having visited more than 30 countries on five continents via motorcycle, car, train, plane, boat—and even elephant. Jim has lived a very good life. And along the way, Jim has learned that money is a tool that can offer the freedom to live the life you want to live. He’s also figured out that there is a very simple path to wealth. While you can make money picking individual stocks, the index fund is a very easy way to grow your wealth in the stock market without spending time researching companies. This episode truly is the show for anyone who has money or wants to have more. Links from the Show BiggerPockets Forums How I failed my daughter and a simple path to wealth (Article) Stock Investing Series - Part XXXII: Why you should not be in the stock market (Article) Stock Investing Series - Part III: Most people lose money in the market (Article)
Chad Carson has never had a “real job.” Instead, he has parlayed his experience helping with his father’s rental business into his own real estate rental business. Now, Chad owns enough real estate that he’ll never have to work at a real job. In fact, when we spoke to Chad, he called us from Ecuador — where he’s been living for a year in order to submerse his children in the Spanish language. His rental business ran itself while he was away. He was able to take an extended vacation and truly delve into the area — and now his children are bilingual! Chad’s take on “mini” retirements is very interesting. He obviously loves what he does, but he also enjoys spending time with the people who matter most: his family. Real estate provides him the opportunity to work at his own pace. This episode gives you an alternate look at early retirement — it doesn’t have to be permanent. Links from the Show BiggerPockets Forums FinCon BiggerPockets Money Podcast 12: How to Become an “Overnight” Success in 10 Short Years with David Greene
Early retirement is a goal many people have. Diligently saving for retirement age to fund your life after you stop working is great, but the same programs that help you avoid taxes while saving come back and hit you with taxes AND penalties if you...
On this week’s episode of the Biggerpockets Money Podcast, we chat with Alan Donegan. Alan Donegan watched - and helped - his father run a super-successful sportswear company, until the economy shifted and they lost everything. Determined to not...
As a kid, Joel Larsgaard watched his parents work jobs they didn’t like to pay for things they didn’t need. They missed out on some of the priceless moments that life has to offer, culminating in bankruptcy when Joel was 12. We discuss how that...
This is the last half of the epic interview with Brad and Jonathan from Choose FI. Continuing where we left off from last week, we finish up the Pillars of FI conversation, including beginner level topics you can be doing such as frugality and index fund investing but also touch on more advanced topics like tax optimization and travel hacking. If you have not yet listened to part one, you can find that here. This episode - along with last week’s part one - is a must-listen for anyone on the path to FI, or just getting started. Links from the Show BiggerPockets Forums Richmond Savers Mr. Money Mustache Articles Listen to the episode on BiggerPockets
On today’s epic show, we speak with Brad Barrett and Jonathan Mendonsa from Choose FI. Brad and Jonathan share their pillars of financial independence — the 10 things you need to do in order to achieve FI. We cover beginner-level topics such as...
Tanja reached financial independence (FI) and retired from her full-time, high-stress job at age 38—despite not being a natural saver, having purchased two brand-new cars in the past, and not maxing out her 401(k) in the beginning—pretty much breaking every FI “rule” out there. Tanja was not focused on early retirement or financial independence when she met Mark, but quickly got on board. Her 60-hour-per-week job took up all her time and "brain space,” and more than 100 plane trips per year made it very easy to increase her savings rate to be able to achieve her goal. Hear how she reached financial independence and parlayed that into early retirement in today’s episode of The BiggerPockets Money Podcast.
While David Greene is a long-time real estate investor, best-selling author, and one of the top real estate agents in California today, his career started in the most unlikely of places—as a busboy at a restaurant. Learning how hard work and hustle,...
Joel and his wife were barreling down the wrong financial path - saving nothing and spending more than $100,000 every year. A freak car accident literally changed the direction of their lives by causing them to re-evaluate and decide on what was truly...
In March, 2014, Liz and her husband made the conscious decision to stop their big city, big spending lifestyle, and adopt a frugal mindset in order to realize their new goal of moving out of the hustle and bustle and into the woods. Their 180 turn took them from dinners out every night to 66 acres in the woods of Vermont, where they happily raise their daughters and live the life they want - with no stress, no financial strains and ultimate financial freedom in just over two years, by May 2016. This is a must-listen episode for anyone curious about what it takes to make this lifestyle change. Links from the Show BiggerPockets Forums Americorps How To: Cheap Homemade Seltzer with a Modified Sodastream (Article) Frugality Is A Compounding Game (Article) Your Last Chance To Join The Uber Frugal Month Challenge And Revolutionize Your Finances Mad Fientist Check the full show notes here.
What would happen if someone had early financial independence in mind right out the gate, upon graduating college? Imagine the amount of money that person could stockpile... Today’s guest had exactly that in mind, and made the kind of decisions that will allow him to retire early (maybe even in his twenties!!!). Meet Drew, the “Guy on Fire.” At age 27, he has already accumulated four properties with seven units in the hot Washington DC housing market. He makes the numbers work, and work well, and is reaping the financial rewards of some sweat, self-education, and side-hustles so he can exit the workforce and live the life of his dreams. Don’t miss this inspirational and totally-repeatable episode with Drew!
Tiffany Aliche grew up talking about money. Her dad was an accountant, her mother actively engaged the children in grocery shopping and other areas of finance. She was a teacher at a private school and had just bought her first house. Then she met a “friend” who convinced her to invest in his get-rich-quick scheme. Promised future returns led to foolish spending. The economic downturn led to a lost job, and in turn a lost home. Bouncing between family members, Tiffany had a revelation: “I need to take responsibility for my past actions, and turn my life around.” Tiffany took the necessary steps to repair her finances, and then started teaching others how they could fix their finances, too. She’s turned her financial courses into a network of financial resources - including a 350,000+ member facebook group where you can ask and answer questions or get support during your journey. This show is for anyone who is sick of making bad financial choices, and wants to turn their life around. Links from the Show BiggerPockets Forums BiggerPockets Podcast Facebook Group Dream Catchers Live Richer Challenge Full show notes here: https://www.biggerpockets.com/moneyshow08