BiggerPockets Money Podcast

By BiggerPockets

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Subscribers: 1351
Reviews: 2


 Nov 18, 2018

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

Description

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

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


Episode Date
142: Ask Us Anything: Questions From the Audience with Scott & Mindy
00:55:56

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

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

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

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

Links from the Show


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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


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

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

Well, she does now…

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show

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

Life Insurance is the most exciting topic on the planet!

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


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

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

Easy, peasy, lemon squeezy.

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


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

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show

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

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

How?

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

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

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

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

In This Episode We Cover:

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

Links from the Show

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

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

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

Chris should have perfect finances, right? Well…

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

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

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

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

In This Episode We Cover:

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

Links from the Show

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

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

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

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

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

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

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

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

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

 In This Episode We Cover:

  • Doc G's specialty as a doctor
  • His journey on becoming a doctor
  • How his life changed from being a doctor to investor
  • How his money journey begin
  • The art of subtraction
  • Stepping away from being a physician and leaving a large paycheck behind
  • Talking about happiness
  • Doc G's portfolio
  • When did he start investing
  • Talking about his real estate units
  • And SO much more!

Links from the Show


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

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show

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

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


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

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show

Jun 22, 2020
129: How to Teach Your Children About Money with The Budgetnista Tiffany Aliche
01:02:53

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


Jun 15, 2020
128: Pay Off Debt Fast With These Smart Money Moves From Whitney Hansen
01:20:59

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

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show

Jun 08, 2020
127: Planning for the Unexpected: Being Financially Ready to Take Advantage of Opportunities with Ramit Sethi
01:15:32

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

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

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

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

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

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

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


Jun 01, 2020
126: 16 Money Skills They Didn't Teach You In High School with Scott & Mindy
01:01:09

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

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

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


May 25, 2020
125: Ready to Retire: The Ultimate Pre-Retirement Checklist with The Retirement Manifesto
01:28:20

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

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

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show

May 18, 2020
124: Starting from $0 at Age 35 as a Teacher and Becoming "The Millionaire Educator"
01:13:02

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

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show


May 11, 2020
123: Carefully Crafting Financial Independence Through Passive Income with Avery Heilbron
01:00:59

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


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


Oh, and Avery is 25. 


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


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


In This Episode We Cover:

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

Links:


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


May 04, 2020
122: Getting Back to Financial Independence Basics - Using Lockdown to Reset Your Finances
00:54:28

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

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

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

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

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

In This Episode We Cover:

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

Links from the Show

Apr 27, 2020
121: Should I Refinance Or Wait For Better Rates? How Coronavirus Is Impacting The Mortgage Market with Seth Jones
01:05:09

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

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

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

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

Seth even shares a mortgage checklist below.

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

In This Episode We Cover:

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


Links from the Show


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

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

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

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

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

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

In This Episode We Cover:

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


Links from the Show

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

In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing.

Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects.

Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown.

Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans.

The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too!

And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times.

These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate!

Is it time to give up on Financial Independence? Nope, not even close! 


In This Episode We Cover:

  • How Andy's life changed after his last interview in this podcast
  • Andy's feeling about his decision on quitting his job and build his own business
  • Andy's financial position before he leave his job
  • One thing he wished he would have done differently before he left his job
  • Amy and Tim's after retirement plan
  • How they do their withdrawal on their stock portfolio to sustain their lifestyle
  • What their plan right now
  • Amy and Tim's advice for people who want to follow their footsteps
  • How prepared Brandon was
  • Brandon's opinion on the 4% rule 
  • What does he recommend having cash buffer
  • Brandon's definition of a cash buffer
  • Brandon's advice for people who are in the journey to Financial Independence
  • Bryce and Kristy's cash cushion
  • Their travelling routine
  • Their advice
  • Continuing to invest their money on stock market
  • The reason why Doug is not concerned about the recession
  • How prepared Doug was 
  • Doug's advice
  • And SO much more!


Links from the Show:

Apr 06, 2020
CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package
00:38:53

This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shutdown of most of the economy.

Joining Mindy today is Natalie Kolodij, who last appeared on Episode 112. Today’s episode was recorded on March 28, and we are fully expecting additional clarification and guidance from the federal government on these provisions. 

Congress just passed a 2.2 TRILLION dollar bill to provide relief for Americans in the face of the Coronavirus. While the bill does provide for monetary help, there’s a lot of other benefits that may not be getting the same press. 

OF COURSE we talk about the checks: How much, Who is eligible, When does it arrive? We also go a bit further and answer if it’s taxed, do you have to pay it back, is it a loan? 

If you have a 401(k), IRA or even a Roth IRA, there are additional provisions for you to consider like extended loan limits and penalty-free distributions.

There are benefits for already retired people such as no RMDs this year if you haven’t already taken them.

We discuss the student loan interest rate freeze and how to take advantage of their no payment option. 

We even touch on the additional provisions to employers such as IRC Section 139 changes that allow employers to help their employees out during this time of crisis, payroll deferment, sick leave, employee retention benefits and extended unemployment benefits. 

If we have our financial ducks in a row, now could be a great time to make some tax-advantaged moves.

In This Episode We Cover:

  • How to qualify stimulus check
  • How much money people get on stimulus check
  • Key thing to keep in mind with stimulus check
  • Can people refuse the check
  • Stimulus check for dependents
  • Are green card holders and H1B VISA holders who work and pay taxes eligible for these benefits
  • IRA versus 401k distribution
  • Things to consider before converting funds from a traditional plan to a Roth plan
  • Are there any provisions for already retired people
  • How can an employer use the IRC Section 139, Disaster Relief Payments
  • How does provision work on student loans
  • Families First Coronavirus Response Act
  • Employee Retention Credits
  • Payroll tax payment deferral
  • And SO much more!

Links from the Show

Apr 02, 2020
118: Retirement Planning During (and After) The Coronavirus with Kyle Mast
01:00:40

Kyle Mast is a Certified Financial Planner, back for his third episode to answer YOUR questions about our current market conditions.

We ask him the questions YOU had on your mind, including rebalancing your portfolio, staying the course, and trying to time the market.

We take a deep dive into the retirement planning system, including weighing the benefits of Roth plans vs a traditional plans, and even discuss whether converting pre-tax retirement funds into post-tax funds during this down market is the right choice for you.

While this episode focuses more on the state of the stock market, we do discuss real estate investing, and considerations for whether you should jump in or hold back.

As always, consulting your own tax advisor and financial planner is advised, but Kyle brings up some very interesting ideas to take advantage of this down market. 

In This Episode We Cover:

  • What people should do on their asset allocation with the situation right now
  • The best way to protect your net worth in this economy
  • Talking about Roth contributions
  • Contribution limits on a Roth 401k
  • A good plan to start investing in stocks for a short-mid term leaving the Real Estate aside for a while
  • Kyle's thoughts on 4% rule
  • Kyle's thoughts on withdrawing Roth IRA contribution for down payment on a rental property
  • What is a good use for Stimulus Check
  • How can someone find a good estate planner or estate planning attorney
  • The importance of estate planning
  • And SO much more!

Links from the Show

 

Mar 30, 2020
117: Coronavirus Q&A with Scott & Mindy
01:11:42

Today, Scott and Mindy discuss the biggest news story of the century: Coronavirus or COVID-19.

This episode covers a wide range of topics both money and real estate -- with a guest spot from Brandon Turner, who answers the number one question on every real estate investor’s mind: What do I do if my tenant(s) can’t pay rent?

You'll also learn what resources are available for people whose incomes have taken a hit, and get answers to questions such as: should I continue with the purchase of a property I have under contract, and should I continue to pay down debt or take advantage of this current market?

These are scary times, and it can be easy to cut and run or throw out your carefully-laid plans in favor of an instinctive reaction. So now is a good time to detach, assess your options, and chart a course forward.

If you have Coronavirus fears, you’re not alone. Scott, Mindy, and the entire BiggerPockets Money Community are here to help you weather this storm.

In This Episode We Cover:

  • How to invest from a position of strength
  • How to tackle debt during this time
  • How to do a "financial reset"
  • What the 4 Percent Rule is in Financial Independence
  • Brandon's tip when tenants don't pay rent
  • What practical things can landlord do in these times
  • How to take advantage of the current situation
  • List of resources for those who are out of work
  • BiggerPockets reminders that you should consider
  • And SO much more!

Links from the Show

Mar 23, 2020
116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins
01:08:36

The stock market is up, then down, then down, then up. What is an investor to do?

Today we bring Jim Collins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.

The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn.

Jim expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.)

Long story short, stay the course. 105 years of historical stock market data says this too shall pass.

While Jim is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves.

If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success.

In This Episode We Cover:

  • Why are people freaking about the crash
  • How one should handle this market drop if you risk losing your job
  • When to prepare emergency funds and how much to put into it
  • Why you should hold your portfolio forever
  • What an Index Fund is
  • Why it is important to "ignore" the market
  • How index outperform stock picking
  • How one can never time the market
  • How those who say they predicted the market only did it because of luck
  • The only time the market is not going to recover...
  • And SO much more!

Links from the Show


Mar 16, 2020
115: Growing an Empire From Nothing with Felipe Mejia
01:02:12

Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income.

His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting.

Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer.

Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie.

Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate.

The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement.

The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts.

In This Episode We Cover:

  • Felipe's money story
  • How important money is for Felipe
  • What he did to his first rental property
  • The importance of putting money into an investment
  • How he earned money during his quest to join the police department
  • On getting attracted to the power of earning passive income through real estate
  • On house hacking
  • Challenges he encountered in terms of his rental properties
  • His advice on getting one’s spouse onboard
  • How he approaches cash reserves
  • And SO much more!

Links from the Show

Mar 09, 2020
114: Paying Off Debt Through Conscious Spending and Real Estate Investing with Ashley Kehr
01:12:34

Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000.

Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE.

Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family.

She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate.

Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did.

Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family.

If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode!

In This Episode We Cover:

  • Ashley's money journey
  • How Ashley and her husband accumulate both rental properties and debt
  • The moment she purchased her first rental
  • How her rental income helps her to be more conscious about money
  • Ashley and her partner's agreement on their investments
  • 2 rules to analyze markets for rentals
  • What a portfolio loan is and how to use it
  • Ashley's method of recycling her cash to buy more properties
  • What her lifestyle looks like after reading Dave Ramsey's book
  • Debt snowball method
  • How Ashley managed her various properties with various partners
  • And SO much more!

Links from the Show

Mar 02, 2020
113: Single Hourly Employee with No College Degree and STILL FI by 40 with Bianca DiValerio
01:21:14

This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40.

How did she do it?

She saved her money. She didn’t spend it on things that didn’t matter to her.

There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford.

And yet, she saved her money. She didn’t spend it on things that didn’t matter to her.

And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again.

She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life.

Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom.

In This Episode We Cover:

  • Bianca's journey with money
  • How she avoid on having debt
  • The problem with not having a college degree
  • What happened after she got her job as a flight attendant
  • How she got into real estate
  • Her thoughts on investment
  • The importance of having cash reserves
  • Her credit score after her three short sales
  • The moment she came across the FIRE movement
  • Her experience living in a train caboose
  • Reasons to not quit your job
  • And SO much more!


Links from the Show


Feb 24, 2020
112: Choosing the Right Tax Professional for YOUR Specific Needs with Natalie Kolodij
01:08:44

Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs.

Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not.

She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you.

Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo!

If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice!

In This Episode We Cover:

  • The right time for somebody to start looking for a tax professional
  • How to find a tax professional
  • How important state-specific knowledge is
  • What a true expert can bring to the table regarding your return
  • What a real estate professional is
  • Benefits of consulting a tax professional prior to buying a property
  • How to prepare for a meeting with your tax professional
  • 3 most common errors—check these before submitting your return
  • How to approach a tax return for a house hack or duplex
  • What to do if you recognize issues with past returns
  • What depreciation recapture is
  • And SO much more!

Links from the Show

Feb 17, 2020
111: Starting Late? Early Retirement Is STILL Possible with A Purple Mom
01:00:03

On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55!

So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40!

Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them.

Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension.

Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement.

In This Episode We Cover:

  • Momma Purple's journey with money
  • Her life looks like when Purple was born
  • How she managed her money and able to save up so much as a single mom
  • Things that changes her practice with money after the conversation she had with her colleague
  • Her 10-year plan to early retirement
  • Talking about her investing journey
  • What she do the moment she was retired
  • Her advice for older listeners
  • And SO much more!

Links from the Show

Feb 10, 2020
110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life
00:57:15

Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested.

Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances.

So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them.

She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money.

And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!”

Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted!

In This Episode We Cover:

  • Purple's journey with money
  • Her mom's gift
  • Deciding to seek financial independence
  • Convincing your partner to pursue FIRE
  • Purple's net worth
  • Tips for people who are looking for a new job and better income
  • The importance of research
  • Purple's plan in the future
  • What her retirement looks like
  • Possible downsides of remote work
  • And SO much more!

Links from the Show

Feb 03, 2020
109: Attacking Debt and Tenaciously Pursuing Financial Freedom with Airman Mildollar from Military Dollar
00:54:30

This week, we sit down and talk with Airman Mildollar, from Military Dollar.

(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)

Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.

She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.

She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.

Every time she received a raise, she committed to put at least 50% of that raise into her investments.

In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.

2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.

MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.

In This Episode We Cover:

  • What an airman is
  • Airman Mildollar's money journey
  • Where she got her scholarships
  • How she creates financial freedom
  • Things she did on managing her finances
  • The reason why she didn't do househacking
  • On her housing and food allowance
  • How she discover FIRE community
  • What Thrift Savings Plan is
  • How she finance her properties
  • On her rental properties
  • Her plans in the future
  • And SO much more!

Links from the Show


Jan 27, 2020
108: Starting Early & Finishing Strong with Real Estate with Kristi Tanner Smith
00:52:45

Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12.

During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances."

Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go.

Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company.

(Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!)

After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her!

She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus.

She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains.

Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want!

In This Episode We Cover:

  • Kristi's journey with money
  • How her mother taught her about money
  • Her experience with money during high school and college
  • Her financial position during her first job
  • Kristi's tip to get free tuition in college
  • How she discovered financial independence
  • Her first experience in real estate investing
  • What she did on her dad's life insurance policy
  • How she got her first property
  • Advice on working with a real estate agent
  • Tips on actively managed funds and commission-based financial planners
  • And SO much more!

Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow108

Jan 20, 2020
107: Choosing Side Hustles (& Happiness!) Over Full-Time Employment with Financial Panther
01:05:38

Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right?

So, with all this income potential, why is he doing side hustles that pay him significantly less? Happiness.

Being an attorney didn’t make Kevin happy. In fact, it made him decidedly unhappy. He changed jobs several times but in the end decided being a lawyer simply wasn’t for him. So, he left the field to pursue fun things that he liked doing.

Kevin loves to be outside. He lives near a university in a large city. He loves dogs. Put that all into a shaker, and out comes Kevin 2.0.

Kevin 2.0 takes dogs for walks during lunchtime. He gets out of his downtown office (he makes himself go to a co-working space so he accomplishes things every day) and delivers meals to office workers who can’t get away.

Kevin walks dogs around the downtown area for their owners who can’t get away at lunchtime to take them out. Kevin charges scooters overnight, and on his way home, he delivers even more meals.

Best of all? Kevin gets to spend time outside almost every single day. He does what he CHOOSES to do, regardless of what it pays.

Financial freedom isn’t about quitting your job. It's about living your best life, which Kevin 2.0 is now doing.

In This Episode We Cover:

  • Kevin's journey with money
  • How he started learning about money
  • His position when he got his first paycheck
  • The differences between his salary at the big law firm versus at the non-profit job
  • How Kevin and his wife handle student loan debt
  • How he generate his income in spite of being unemployed
  • Kevin's side hustles
  • The reason why he does side hustles instead of doing law-related jobs
  • What his day and night looks like while doing his side hustles
  • Tips on reselling things
  • And SO much more!

Links from the Show

Jan 13, 2020
106: Planning For Your Future Wealth with Megan Gorman from The Wealth Intersection
01:01:34

Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined.

Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff.

She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards. 

Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets.

And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location location.

Megan now advises high net worth and ultra-high net worth individuals manage their money, because no matter how much money you make, everyone struggles with expenses.

And today, Megan shares excellent advice with us for strategically thinking about our money for the present as well as planning for the future.


In This Episode We Cover:

  • Megan's journey with money
  • The best way to raise kids
  • How her money story evolved during her high school and college days
  • Her debt planning
  • Interest rate she recommends for those paying off debts
  • The best approach to taxes
  • The first big thing she did when she started making money
  • Her real estate beliefs
  • Helping older parents
  • Planning her own financial future
  • What a position capable of taking risks looks like
  • Her take on high net worth individuals
  • Cash flow management
  • Her opinion on the 4% rule
  • And SO much more!


Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow106

Jan 06, 2020
105: Budgeting Yourself OUT of Debt and Into a Fantastic Life with Jen Hemphill
00:59:01

Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money.

Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.

She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.

Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.

Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.

Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem.


In This Episode We Cover:

  • Jen's money story
  • How she made money to buy things she likes
  • Her position entering and leaving college
  • The reason why she got a discount on college
  • Having a mindset of being an extremely frugal person
  • How long it took to pay off her family's debt
  • The reason why she took a hard look at finances within her marriage
  • Her financial awakening
  • Her upbringing
  • Her Thrift Savings Plan and emergency fund
  • The importance of accepting and understanding individual money stories
  • Having 15 separate bank accounts
  • What her future plans are
  • Money issues that she sees repeatedly in her clients
  • Examples of variable expenses
  • And SO much more!


Links from the Show


Check the full show notes here: https://www.biggerpockets.com/moneyshow105

Dec 30, 2019
104: Cash-Flowing a Series of Mini-Retirements with Steven & Lauren from Trip of a Lifestyle
01:14:34

Lauren and Steven met in High School, and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a Ph.D. in Physics, but really enjoyed working with students. They moved back to Florida for Steven to get his Master’s in Education, while Lauren worked her first “real” job.

But after two years, they burned out from working full time. Combined with learning about Financial Independence and an incredible savings rate - to the tune of $100k in 2 years, they decided to take a break.

Their “break” was a 6-month trip to Hawaii, paid for upfront by their big savings account, but repaid by a series of side hustles while in Hawaii. While most people spend lavishly to go to Hawaii for one week, then ended up $1,000 positive while spending 6 months there.

Re-energized, they returned to Florida for a full-time job for Lauren, and a continuing tutoring job for Steven - making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing 3 bedroom condo, periodically renting out an unneeded bedroom.

But after about 3 years, they felt burned out again. This time, their “break” was a trip around the country to visit every National Park - all 61 of them - in 7 months. Again, they wanted to pay for the trip with income generated during the trip. They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for 7 months and hit the road.

Each time they return from their mini-retirement, they are refreshed and re-energized and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey.



Dec 23, 2019
103: Budgets Really ARE Sexy! with J. Money
01:11:46

J Money wasn’t necessarily BAD with money, but his first home purchase - made because everyone else was doing it - prompted him to seek out advice about money.

He stumbled upon the blogging world and was enthralled with the transparency. Here were real people talking about real issues they were facing - similar to what he was going through himself.

He started his own blog called BudgetsAreSexy, and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation!

His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment. 

As he became more entrenched in the blogging space, he discovered that people buy and sell blogs - so he started flipping web sites. Another source of income generation.

When it came time to choose between his full time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.)

Thrust into entrepreneurship, J buckled down with his spending, and discovered that Budgets really ARE sexy, and they can be the key to your financial success.

Topics:

  • J's journey with money
  • How he came across blogging world
  • What his biggest financial regret is
  • Building income on buying blogs
  • Where he got his blog name "Budgets Are Sexy"
  • How he handle his personal financial position
  • The moment he created his budget
  • The 'no spend month' challenge
  • Talking about his net worth
  • How important time for him is
  • What his wife doing for work
  • His plan for the future
  • His advice on starting a blog
  • The biggest help to fix his finances
  • The reason why he was called as Miley Cyrus of finances
  • And SO much more!


Links:


Profiles:

Dec 16, 2019
102: Understanding How Your Personal Money Story Shapes Your Financial Future with Jean Chatzky
00:47:08

Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, and soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her. 

A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor.

But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life!

In this Episode We Cover:

  • Jean's journey with money
  • Her financial position before and after college
  • How her financial habits changed
  • The importance of prioritising decision making
  • Her job on Smart Money Magazine
  • What she learned in reporting women with money
  • On HerMoney Happy Hour
  • The outcomes of the conversations at Happy Hour that might surprise men
  • The reason why couples are reluctant to talk about money
  • How to start the conversation with a partner who doesn't want to talk about money
  • The first thing a woman needs to do to start changing her financial situation
  • The importance of prenup

Links:

Connect with Jean:

Dec 09, 2019
101: Building a Life of Financial Independence, Starting From Less Than Zero with Sunitha Rao
00:51:35

Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taught as a child were frugality and saving, because you never knew what was going to happen.

Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time.

She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training.

When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23.

Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate.

She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age.

In This Episode We Cover:

  • Sunitha's journey with money
  • On having a scarcity mindset around money
  • How she turned into a professional tennis player at age 14
  • What happened to her money being a professional tennis player
  • Wanted to succeed in the corporate world
  • Her journey at a community college
  • How she found endowment programs
  • Pros and cons about going to college at different age bracket
  • Her highs and lows point being a professional tennis player
  • What realization that sparks her journey to financial independence
  • Had their house governed by domestic abuse
  • Believed on being diversified
  • Started real estate business at Indianapolis
  • What her goals going forward
  • On domestic and financial abuse
  • How did she leave from a domestically violent relationship
  • And SO much more!

Links:

Dec 02, 2019
100: From Financial Disaster to Real Estate Master with Brandon Turner
01:29:27

You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real estate, he made mistakes. LOTS of mistakes.

Today, Brandon shares everything he did wrong - from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell.

But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt and started living the life he truly wanted.

The episode is for people who’ve made mistakes, who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach.

In This Episode We Cover:

  • Brandon's journey with money
  • How to learned negotiating from his mother
  • The reason his mom bought him a book on how to handle money
  • His financial position after college
  • How he got a No-Doc loan
  • Bought properties to flip and turned them into rental properties
  • What hard money loan is
  • His rock bottom experience
  • Read a hundred books on real estate
  • The reason he got into buying rentals
  • How he convinced his wife to invest in rental properties
  • Started saving money by doing the cash envelope system
  • What seller financing is
  • How he bought his 24-unit apartment
  • The importance of building integrity
  • How they met Josh Dorkin
  • His balance sheet when he retired
  • Brandon's advice on investing

Links:

Nov 25, 2019
99: Life After FIRE - Four Case Studies with Scott, Whitney Hansen, and Doc G.
00:46:53

On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life after FIRE” stories, each completely different, each extremely powerful.

We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time.

Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement.

A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life.

And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children.  

These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives. 

In This Episode We Cover:

  • What their life looks like after FIRE and the challenges they faced
  • William's journey to financial independence
  • The advantage of being financially independent in the workplace
  • How they plan for caregiving
  • Tim's background
  • Financial Independence Rewired Early
  • The importance of having a clear second act
  • The difference between working on his business and working as a coach
  • The FIRE life
  • Tim's advice for anyone who's looking to pursue financial independence
  • Rachel and Paul's backgrounds
  • On their mission 50 by 50
  • Oma's background
  • On healthcare cost

Links:

Nov 18, 2019
98: Change Your Money Mindset, Change Your Life with Vicki Robin
01:12:34

You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store.

Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world.

In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast.

She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance.

Her message has reached more than one million people, and has changed the lives and financial futures of countless more. 

Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age.

In This Episode We Cover:

  • Vicki's journey with money
  • On having a poverty mentality
  • On how to appear prosperous to other people
  • Survival thing for social animals
  • How the behaviours of her peers differed from hers
  • On working with Joe Dominguez
  • What her journey looks when she wrote the book, "Your Money or Your Life"
  • Her concern re climate change
  • Resource sharing
  • How the financial independence movement evolved
  • Capitalist game
  • The levels of financial independence
  • Freedom to have new interests and following them
  • Her advice on life circumstances
  • Vicki's living situation right now and how she used real estate
  • And SO much more!

Links:

Profiles:

Nov 11, 2019
97: Intentionally Choosing the Path to Financial Independence with Financial Mechanic
00:54:32

Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything!

Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund.

Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.”

For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options. 

She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid!

In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier.

In This Episode We Cover:

  • Financial Mechanic's journey with money
  • Saved money to buy a puppy
  • The importance of focusing on your future opportunities
  • Graduated college debt-free
  • Her money situation during her first internship
  • Earning a lot of money before she discovered financial independence
  • How his mindset changed the moment she found financial independence
  • How her money journey evolved
  • On her career
  • Did research on glassdoor for salary range
  • How she got her signing bonus
  • What her end-goal is
  • How she lived $20,000 a year
  • And SO much more!

Links:

Profiles:

Nov 04, 2019
96: Speaking Fluent Finance with Wilson Muscadin
01:00:42

Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad, Poor Dad, The Millionaire Next Door and Think and Grow Rich.

Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month!

He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!!

Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child!

Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free.

In This Episode We Cover:

  • Wilson's journey with money
  • Had an open discussion with his dad about money growing up 
  • Money books he read
  • The reason why he did not pursue as a financial advisor
  • The importance of having a financial literacy
  • The perfect environment on getting our kids to learn financial education
  • What lifestyle changes did they make in order to save money and pay off their debt
  • Got a lot of comments after he posted on Facebook that he paid off his student loan debt
  • Focused on having a baby fund and 2 years expense fund after paying off their debt
  • How he started doing financial coaching
  • Mistakes that other people make with their finances
  • The first thing he teach people to do with their finances
  • And SO much more!

Links:

Connect with Wilson:

Oct 28, 2019
95: The House Hacking Strategy with Craig Curelop
01:00:45

One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hacking!

Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing.

Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends. 

Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience.

If you’re thinking about jumping into house hacking, this episode lays it all out.

In This Episode We Discussed:

  • Craig's journey with house hacking 
  • Craig's numbers on his first house hack
  • What PMI is
  • Craig's PMI monthly payment
  • How he leverage his first house hack into the second house hack
  • Craig's numbers on his second house hack
  • The importance to consider the occupancy law
  • How he bought his third house hack
  • Craig's numbers on his third house hack
  • How he managed all his rentals
  • How to find a property manager
  • The idea of sacrificing comfortability and profitability
  • Advantages on house hacking
  • What kind of property makes for a good house hack
  • On luxurious house hack
  • Getting pushback about house hacking
  • Craig's biggest house hacking mistake and how to prevent it
  • Things that is important when it comes to house hacking
  • And SO much more!

Links:

Oct 21, 2019
94: 18 Options for Healthcare in Early Retirement with Lynn Frair
01:04:13

The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?”

Without going into too much detail, we’re all aware that healthcare costs are fairly ridiculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out.

Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!)

If you are on the path to financial independence, you NEED this episode. 

In This Episode We Cover:

  • How Lynn became interested in financial independence
  • How she began investing at age 12
  • The process of researching healthcare options
  • 18 different options for healthcare
  • Healthcare prevention
  • The difference between deductibles, co-pays, and premiums
  • And SO much more!

Links:

Profiles:

Oct 14, 2019
94: LIVE from BPCon2019: Ask Us Anything!
01:19:34

All the BiggerPockets podcast hosts on stage in one place! 

This bonus episode was recorded at the BiggerPockets Conference 2019 on October 7th in front of a live audience of more than 1,000 people at the Gaylord Opryland Resort in Nashville, Tenn.

We turned the mics over to our members, who fired a bunch of great questions at Scott Trench and Mindy Jensen, Brandon Turner and David Greene, Joshua Dorkin, and J and Carol Scott.

Our panelists covered some nitty gritty real estate topics, like tackling vacancy and how to invest IRA funds, as well as big-picture concepts like motivation, marketing, and teaching family members the importance of investing at an early age.

Also, everyone reveals which animal they would be if they had to choose, and a member of the audience challenges David Greene to produce an analogy on the spot. Listen to find out whether he performed under pressure! 

Our first conference in seven years was a big success, and we’re so thankful to everyone who came out to learn, network, and have a great time.

Download this bonus episode, and be sure to subscribe to all three shows BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, and BiggerPockets Business Podcast so you won't miss an episode.

Oct 13, 2019
93: Financial Mistakes and How to Avoid Them with Scott & Mindy
00:56:15

Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous!

In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence.

Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts.

Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future. 

This episode truly is for anyone who has money AND wants to have more.

In This Episode We Cover:

  • What house hacking is
  • On buying a car
  • Challenges that come up in relationships
  • What to buy on engagement rings
  • Concept to apply on weddings
  • On having kids and pets
  • The importance of being on the same team in your relationship
  • Ways to save money on travel
  • Travel hacking
  • Tax Mistakes
  • The right time to talk to a CPA
  • Talking about retirement accounts
  • Withdrawing money early inappropriately
  • Not understanding fees
  • Not taking the match
  • Track and analyzing your spending
  • Signs that you have miscellaneous spending problem
  • On investing

Links:

Connect with Scott and Mindy:

Oct 07, 2019
92: An Introduction to Financial Independence with Chris Mamula, Brad Barrett and Jonathan Mendonsa
01:16:27

Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy.

Except that’s not how the world works. What brought success to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L!

Of course that said, there are some general principles that apply to everyone: 

  • Spend less than you earn
  • Invest wisely
  • Increase your income
  • Track your spending
  • Be money conscious

Chris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone.

Topics:

  • What their book is all about
  • The framework they applied to the concept of financial independence
  • Deconstructing rules and create new mindset
  • Things they questioned that started to fall apart
  • How to frame the conversation to attract and get more people interested on financial independence
  • The concept of spending less money 
  • Principles on how to cut your expenses
  • Learn the rules of money and math
  • How to earn more income
  • How they approach on investing
  • The final step towards financial independence
  • And SO much more!

Links:

Sep 30, 2019
91: Debt is NOT a Death Sentence with Melanie Lockert of Dear Debt
01:15:09

Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt.

Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt)

September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".

Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.

Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.

In This Episode We Cover:

  • Melanie's journey with money
  • Experiencing mental health issues because of debt
  • Start blogging and wrote break-up letters to debt
  • How she paid off her debt
  • Her main side hustle
  • How much it costs her to pay her student loan debts
  • The reason why debt is depressing
  • The biggest mistake people are making
  • Her advice to anyone who has the same path with her
  • Five stages of grief that are similar to paying off debt
  • On living in denial
  • Steps to prepare your mindset and addressing the underlying issues 
  • Therapy hack
  • What keep her motivated
  • Talking about the first person who reach out to her
  • How she personally managed to pay off her student loans
  • On making more money
  • What her life look like after she paid off her student loan debt
  • And SO much more!

Links from the Show


Sep 23, 2019
FinCon Bonus Episode: Improving Financial Education with Billy Hensley from NEFE
00:20:11

Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this oh-so-important information.

They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement.

Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed.

This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle money.

In This Episode We Cover:

  •  The right time to start teaching kids about money
  •  The importance of understanding the needs versus wants at the very early age 
  •  How to introduce financial education into elementary and middle school childrens' curriculum
  •  On financial education mandates
  •  How do we get mandates to all 50 states
  •  Misconception about financial education
  •  And SO much more!

Links:

Sep 21, 2019
90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling Wallet
01:02:31

When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating. 

Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one!

Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan.

Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball.

In This Episode We Cover:

  • Melissa's money journey
  • Three situations that set up her money mindset
  • What her life looks like during her college years
  • What her school program looks like during her college years
  • How she handles the situation when she got pregnant during her college years
  • On childcare
  • Her goal after college
  • All about her medical debt
  • The reason why she opens up her 401k
  • What her lifestyle looks like and the sacrifice she made to make things possible
  • On paying off her debt
  • How does her situation changed after she got married
  • The moment she discovered the FIRE movement
  • And SO much more!

Links:

Connect with Melissa:

Sep 16, 2019
89: Retire Before Mom & Dad, with Rob Berger
01:01:39

Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits. 

Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife.

Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.” 

Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free. 

He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.”

Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was!

Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life.

In This Episode We Cover:

  • Rob's journey with money
  • Lived rich dad poor dad life
  • Saved money for retirement
  • How his lifestyle and position changed transitioning from a law firm job to a government job
  • Psychological component of a side hustle
  • Leaving the big law firm changed his mindset about money
  • Making $100 in 6 months to $30k in 18 months doing blogs
  • How he treated his salary money and side hustle money differently
  • The moment he paid down his debts
  • The reason why he decided to sell the business
  • What prompted him to write the book called, "Retire Before Mom and Dad"
  • What his book all about
  • And SO much more!

Links from the Show

 Connect with Rob

Sep 09, 2019
88: Consciously Choosing to be Debt Free with Ashley Likely
00:49:54

Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler alert) she graduated college with $77,000 of student loan debt.

A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research. 

Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.”

She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got. 

Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul!

In This Episode We Cover:

  • Ashley's money journey
  • Worked side jobs and open up credit card to get an employee discount
  • Total debt she had from credit card and student loan after college
  • What she did after college
  • Used her income tax return to paid out her credit card debt and bought a house
  • On her journey to financial freedom
  • Aggressively attacked student loan debt in 2017
  • What prompted her to paid down her student loan debt
  • Got interested in real estate
  • How he got downpayment for her investment property
  • On househacking
  • And SO much more!

Links from the Show


Sep 02, 2019
87: How to Save Money For Your Downpayment with Scott & Mindy
01:04:51
Aug 26, 2019
86: Choosing the Right Investment Type for Your Goals with David Stein
01:08:08
Aug 19, 2019
85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets
01:18:14
Aug 12, 2019
84: Traditional Retirement: Social Security, Market Conditions & Managing Expectations with Kyle Mast
01:18:15
Aug 05, 2019
83: Buying Your First House with Scott & Mindy
01:18:26
Jul 29, 2019
Money Dates, Prenups & Combining Finances with Aditi Shekar
00:35:41
Jul 23, 2019
82: Early Money Lessons Create Healthy Money Experiences with Aditi Shekar
00:55:51
Jul 22, 2019
81: The Basics of Investing with Erin Lowry from Broke Millennial
00:53:52

Erin Lowry last joined us on Episode 24 of the BiggerPockets Money Podcast, where she talked about getting Financially Naked with your partner. She’s back today to talk about investing - and all the things many people don’t really know.

Erin shares the basics that so many articles and podcasts gloss over - but that are so important to know in order to be financially successful.

She also has a new book out: Broke Millennial Takes On Investing: A Beginner’s Guide to Leveling Up Your Money, where she tackles investment basics.

If you’re new to investing, or just having trouble figuring out all the terminology, this episode is right up your alley.

In This Episode We Cover:

  • Where Erin started investing
  • The importance of educating yourself
  • On setting financial goals
  • What a time horizon is
  • Her take on insurance
  • What to think about when it comes to investing
  • Her take on retirement
  • The easiest way to start investing for retirement
  • What a target date fund is
  • Two different ways to think about investing
  • What are the difference between Traditional IRA and Roth IRA
  • How to start investing when you still have debts
  • Credit card debt versus student loans
  • How powerful compound interest is
  • Important thing she wants people to take away from this episode about investing
  • And SO much more!

Links from the Show

Jul 15, 2019
What’s Your Why of FI?: Recorded Live at CampFI
00:47:50

This Bonus Episode of The Money Podcast was recorded live at CampFI, a financial independence retreat for people on all parts of the journey to Financial Independence.

Scott Trench was celebrating his mom’s birthday, so Mindy Jensen is joined by Paul Thompson and Paula Pant, asking attendees of CampFI why they are on the path to Financial Independence, and hearing a bit about their stories.

Answers range from spending more time with kids, to lifestyle, health, and simply being able to retire at all.

If you feel like you’re the only one on the path to financial freedom, this episode shows that you’re not alone, this journey IS possible, and you CAN do it!

Jul 13, 2019
80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & Regular
01:00:25

Kiersten and Julien came from two very different money backgrounds. She’s the naturally spendy one, and he’s the natural saver.

Their money views came to a head on their first vacation, when she put everything on a credit card—not to earn reward points—because she didn’t have the money to pay for it.

The ensuing argument caused them to have some pretty tough money conversations very early on in their relationship. But it also set them up for early financial freedom.

Kiersten decided her old, spendy ways weren’t what she wanted out of life. She started shedding her "things" so that she could pay off her debt and start investing.

They researched and discovered a hole in the FI community. There just weren’t many blogs devoted to the African American community that focused on tips about money and early financial freedom. So, they started their blog, Rich & Regular, to bridge this gap.

Investing in real estate helped create enough passive income for Julien to leave his corporate job, and for the couple to start living the life they truly want. 

Plus, don't miss when Julien casually drops one of the best paying-for-college tips that's ever been shared on this show.

If you’re struggling with spending too much money or reconciling your frugal ways with that of your partner, this is a must-listen episode.

In This Episode We Cover:

  • Julien's money journey
  • Frugality as part of his everyday life
  • On feeling he needed different ways to earn income
  • On his job right after college
  • How Julien and Kiersten met
  • Kiersten's money journey
  • On her sales and retail experience
  • How Kiersten had a problem with spending
  • Julien’s hack to pay $25 per semester in college
  • Reason Kiersten got into debt
  • Talking about their relationship journey and how they fixed their money problems
  • Went on a saving spree after paying off all his debts
  • Didn’t get into investing together until after marriage
  • Their philosophies on buying properties
  • On their investment properties
  • How their careers have progressed since marriage
  • And SO much more!

Links from the Show

Jul 08, 2019
79: Financial Freedom Through Decades of Hard Work and Hustle with Carol Scott
01:05:00

Carol Scott has a successful real estate investing company that she runs with her husband, Jay. They have two children, live where they want, and just in general enjoy life on their own terms, free from the stress of having a “real” job, a boss and all the time constraints that come along it.

But it wasn’t always this way for her. Carol grew up without having a lot of money. Her financial journey really begins at age 9, when her mother told her if she wanted to have nice shampoo, she had to figure out a way to earn money to buy it.

Enter Carol’s hustle. Whenever Carol wanted to buy something, she started a new entrepreneurial endeavor. Face painting, caligraphy - anything related to art was fair game for young Carol. At age 15, she hopped onto her bike and rode up to the convenience store, all but demanding a job.

She graduated college into a job where she had regular access to the C-Suite - and mentorship opportunities abound. Carol’s focus turned to learning - and she picked up tips from every person she encountered.

She’s here today to share many of these tips with you, and to inspire your journey through her own. This is a tale of never giving up, and not being satisfied with what life throws at you. Go out and grab the bull by the horns.

In This Episode We Cover:

  • Carol's background with money
  • On starting her financial independence and entrepreneurial journey at age 9
  • The importance of having a work ethic
  • Did calligraphy, face painting, signs, and artsy stuff to earn money
  • What she did with the money she earned
  • On her college journey
  • The big transition which occurred between her freshmen and sophomore year
  • On the first internship she got
  • Coming out of college with $35k in student loan debt and $40k in credit card debt
  • Exposure to C-level people
  • How growing up with no money influenced her behavior
  • How she began making lots of money
  • Taking leadership courses her companies pay for
  • Moving to Franklin Covey 8 years into her career
  • Her advice to those who are looking to get into a job that offers a high salary
  • What’s urgent versus what’s important
  • How she began managing her money
  • How she handles her investments
  • What she does post-career at eBay
  • The importance of being resourceful
  • The importance of spending time with the family
  • And SO much more!

Links from the Show

Jul 01, 2019
78: How to Talk to Your Parents About Money with Cameron Huddleston
01:04:55

Parents are supposed to know everything, and talking about money is impolite. So how do you make sure your parents are taken care of and that their wishes are followed throughout their golden years?

Today Scott and Mindy sit down with Cameron Huddleston, author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, who shares her story of the journey through her mother’s finances pre- and post-Alzheimer's.

Cameron also shares the documents your parents need to have—the documents YOU need to have—to be able to help them navigate their finances as they advance in age. She offers encouragement for continuing the conversation after parents initially say, “That’s none of your business.”

She explains everything from the perspective of someone who has been through the more difficult times of parental financial navigation.

BiggerPockets Money guests have typically focused on their own journey to financial freedom. But this episode provides guidance for starting challenging conversations with your parents. Use Cameron's advice to sit down with them and make sure their wishes are followed.

In This Episode We Cover:

  • Cameron's journey with money
  • Got $1 a week and saved money to buy model horses
  • How she fell into the world of personal finance writing
  • Worked as a reporter before transitioning into the personal finance field
  • Learned about money once she started writing about personal finance
  • The importance of having a will
  • How she reconciled the shift with her parents
  • How to start the conversation with your parents
  • Scenarios to open the door to more conversations with your parents
  • What you can do if your parents say their finances are none of your business or don't want to share any information with you
  • Overview of key things to have in place as far as what your parents should have
  • Legal documents—a will or a living trust
  • Power of Attorney Document
  • Living will or advance directive
  • Long-term care insurance
  • Resources people can go to to get professional help
  • The importance of meeting with an attorney
  • Where people can find an estate planning attorney
  • Some of the fights that occur when there is a lack or prep and how to avoid this
  • The difference between old people’s home and retirement community
  • Mistakes to avoid as parents go into retirement or begin to age
  • And SO much more!

Links from the Show

Jun 24, 2019
77: Entrepreneuring Your Way To Financial Freedom with Pete Mockaitis
00:54:57

Pete Mockaitis grew up in the cheapest place to live, Danville, IL. He watched his mother work her way up the local credit union ladder from teller to CEO, simply by doing more than necessary, repeatedly.

His mother strongly discouraged debt, having seen so many of the credit union’s customers declare bankruptcy and have their entire bank accounts wiped out.

As a kid, he saw firsthand that hustle pays off. He helped his brother with his paper route for a quarter, only to learn his brother was making $1.80.

After high school, he got into college on a full ride scholarship, and graduated into his dream job with Bain & Company. He saved money by skipping the little things like taking a cab when he could walk, having roommates instead of living alone, and drinking water instead of ordering drinks when he was out.

Pete’s true calling was entrepreneurship. To prepare for the jump to self employment, he figured out his burn rate - and discovered it was a lot lower than he originally thought. By figuring out how much he was spending, and computing the value of his pre and post tax time, Pete optimized his path to Financial Freedom, and is now enjoying the fruits of his labor.

In This Episode We Cover:

  • Pete's journey with money
  • Lessons he learned from his mother
  • How he applied the lessons he learned in his approach to early financial freedom
  • How he pursued early financial freedom
  • On growing up frugal
  • Why it took him 3 years to save a year’s worth of living expenses
  • His advice for people who would like to try the entrepreneurial route
  • The importance of being smart with your savings
  • On being real and quantitative
  • On tracking recurring and non recurring expenses and breaking it down into dollars per day
  • On his revenue generation
  • His advice on building revenue
  • On investing
  • And SO much more!

Links from the Show

Jun 17, 2019
76: How to Talk to Your Partner About Money With the Debt Free Guys
01:15:00

John and David didn’t have "the money talk" right away. They both worked in the financial industry, and each thought the other would be great with money. About a year and a half in, they discovered they were both AWFUL with money. Both had lots of debt with no real plans to pay it off.

Enter the spreadsheet.

David is a self-professed numbers nerd. He entered every expense from the last 12 months into a spreadsheet and discovered some shocking spending habits in several categories. These were places they could easily cut their spending so they could start paying down their debt.

And like everyone else who finally figures out money, they hit it hard—planning menus, making grocery lists, and clipping coupons. (They didn’t buy anything they didn’t have a coupon for!)

Rather than the debt snowball or debt avalanche methods, they approached their debt paydown with a new method: the debt lasso. They gathered up all their debt—mostly credit card—transferred it to 0% interest cards, and hit the payments hard.

In the process, David and John discovered that no one is talking about money in the LGBTQ community. So they set out to change that, opening up the topic to help their community stop being fearful of money and start aligning their spending with their values.

In This Episode We Cover:

  • David and John's journey with money
  • How they amassed such a huge debt
  • Having a "money" conversation in regards to their expenses
  • The importance of having a conversation about what their life goals are
  • Cut about $30,000 of food spending a year
  • Using the spreadsheet and looking at their net worth each month
  • Paying off the smallest loan and gaining momentum
  • Debt Snowball versus Debt Avalanche
  • Their investment approach after their paying off their debt
  • Built up emergency savings of $1,000
  • Ways to get yourself out of debt (by spending less than you make!)
  • Why people are afraid to talk about money
  • And SO much more!

Links from the Show

Jun 10, 2019
75: The Most Efficient Path to Financial Freedom With Justin From Saving Sherpa
00:59:21

Justin grew up without a lot of money in a small town. His parents divorced when he was eight, and his mother eventually quit her job to attend school. Necessity is the mother of invention, and a year of no income led to some very creative ways to squeeze more value out of every dollar.

This "invention" stayed with Justin for his entire life, and he applies it to every facet of his finances. From his very low rent (in a high rent area) to his ridiculously low grocery bills to collecting travel rewards points, Justin gamifies every cent he spends.

Today we hear how Justin actually made money from his college scholarships and military stipends, how he negotiated a smoking deal on his rent, and how his five tenets of grocery shopping pay off.

Justin calls this "the lazy path to financial independence," but really he’s just being incredibly efficient with his resources.

If you’re looking to cut expenses, listen to this show with a notepad handy.

In This Episode We Cover:

  • Justin's journey with money
  • The idea of squeezing the amount of a dollar and cutting something out of your life
  • Joining the military through the ROTC program and getting free tuition from the government
  • What a career starter loan is and what his decision-making process was
  • What his position looks like after going to college
  • The moment he got serious about creating wealth
  • The reason he is still very unhappy after achieving his goals
  • The first investment he made
  • On his expenses
  • How he lived on $24,000 a year in Boston
  • What's inside his sacred freezer
  • The importance of getting to know your specific local grocery store
  • His commandments on groceries
  • On saving $69,000 a year
  • Investing in real estate
  • On retirement
  • How he found his apartment
  • And SO much more!

Links from the Show

Jun 03, 2019
74: Making Money From a Legitimate Side Hustle With Mark Wills
00:48:01

Side hustle is a big topic on BiggerPockets. But finding the right one—and one that isn’t a scam—can be difficult.

Today’s episode focuses on not only a legitimate side hustle, but also one that involves real estate AND can be as much or as little as you want it to be. Best of all, the most popular time to use this side hustle is at night and on the weekends.

Signing agents work when their clients don’t—meaning they’re busiest at night and on the weekends—perfect for an actual side hustle. Startup costs are extremely low. They hover around $1,000. Working four to six jobs will pay off your initial investment!

Mark Wills shares what you need to get started and how to find jobs once you’re all ready to go.

If you’re looking to generate extra income, this episode is right up your alley.

In This Episode We Cover:

  • What a notary signing agent is
  • The only requirement to become a signing agent
  • How he became one
  • What signing services exist for
  • Biggest skillset you need to be a notary signing agent
  • Startup cost when doing appointments
  • On doing 10 to 15 appointments a day
  • Who are not ideal candidates for the position
  • The importance of paying attention to details
  • On getting a notary commission
  • The importance of taking a course to become a notary signing agent
  • Other ways to make money through notary commissions outside of loan signing
  • Kind of salary for signing appointments
  • Attorney states versus escrow states
  • And SO much more!

Links from the Show

May 27, 2019
73: Ramit Sethi Will Teach You to Be Rich!
01:30:32

Ten years ago, Ramit Sethi released his groundbreaking book I Will Teach You to Be Rich. Now he’s back, with an all-new, updated version, delivered with the same authority and enthusiasm as the original.

But wait, there’s more—MUCH more! Ramit has completely revamped this book. There’s over 100 brand new pages of content!

Mindy and Scott talk to Ramit about his take on the FIRE movement, what "rich" means to him, and his opinion of real estate as an investment.

When you’re looking for excuses to not get started repairing your finances and living your best life, you’ll find them everywhere. But when you’re ready to get your financial life in order and grow your wealth, Ramit's book will not only help you define the term "rich," but will also give you the tools to get there—without the guilt, without the B.S. It's just a six-week program that works.

In This Episode We Cover:

  • What rich means to Ramit
  • Tips on how to be rich for people who are living paycheck to paycheck
  • What a CEO strategy is
  • His advice on cutting off spending
  • What a tripod of stability is
  • On his investment portfolio
  • The concept of the one-year emergency fund
  • The $3 question versus the $30,000 questions
  • What people mostly do with their money
  • Things to do to stay on track with your goals
  • How to talk to your partner about money
  • His favorite thing about FIRE
  • What a hot to cool concept is
  • On increasing his income and negotiating his raise
  • The psychology of negotiation
  • Negotiation role-play
  • What a briefcase technique is
  • The difference between the first and second editions of I Will Teach You to Be Rich
  • Mistakes he made in his first book that needed to be updated
  • Why he is not a fan of real estate investing
  • Scott and Mindy’s real estate decision-making
  • And SO much more!

Links from the Show

May 20, 2019
72: Increasing Your Income Through Commissions With Dawn Brenengen
01:08:31

Dawn Brenengen’s money story begins a bit differently than most. Dawn’s parents shared their finances with her. She knew what things cost, she knew her parents worked hard to pay off their mortgage, and she saw her mother writing checks to pay bills every month.

She went to college and graduated with relatively little debt—around $21,000 in student loans and credit cards combined. After graduation, she stayed at her low-paying college job until her father suggested she get a real estate license.

Dawn completed the work for the license and got a job making almost the same money, working for a builder and selling their new homes. But she was the assistant to the agents who were making the BIG BUCKS, and she knew that’s what she really wanted to be doing.

At the time, real estate agents were eligible to take the test to open up their own brokerage simultaneously with the licensing test, so she did that. While working as an assistant, she laid the groundwork to strike out on her own, eventually ramping up her income to multiple six-figures—with virtually limitless potential.

Here Dawn share her story of how hard work and determination paid off tenfold—and all in just four short years!

In This Episode We Cover:

  • Dawn's background with money
  • How she grew up in a financially literate household
  • The debts she accumulated during and after graduating college
  • How she paid off her debts
  • Is it possible to invest your student loan?
  • What happened after she got her real estate license
  • How she got serious about making money and building her financial position
  • Having a goal to get a job where she was making a bulk of the commission
  • Started her own brokerage business on 2010
  • People she recommend to hire out on starting a business
  • How much time and money needed on starting a business
  • The benefits of having a business partner
  • Applying all the money she makes in terms of her wealth building philosophy
  • Dawn's investment approach
  • Private lending on her surplus cash
  • What a private lending is
  • Her annual spending and her income
  • And SO much more!

Links from the Show

May 13, 2019
71: 5 Years to Financial Freedom Through Real Estate Investing With Sarah P.
01:07:02

Like so many of our guests, Sarah P. did not grow up understanding how money works. She wasn’t bad with money, she just wasn’t very good with it.

She learned about financial independence through Mr. Money Mustache and completely revamped her finances, incorporating frugality and minimalism with investing to completely fund her lifestyle. Her goal was security, and financial freedom made a lot of sense.

Real estate was intriguing, and Google kept directing her to BiggerPockets. She started buying real estate, eventually accumulating 14 units in three states over the course of four years.

Sarah cemented her success by having a large cash cushion to shield her from the surprises that real estate throws at you—a trait most successful real estate investors have.

Making smart, money-conscious decisions allowed her to retire at the age of 30 from traditional work, so she can now spend time doing what she loves without regard to how much it pays.

Sarah and her husband are truly living their best lives because passive real estate investments fund everything they do.

In This Episode We Cover:

  • Sarah's journey with money
  • How she discovered Mr. Money Mustache
  • Having security as her financial blueprint
  • Her financial position before she discovered financial independence
  • Being conscious of the purchases she makes and officially retiring at 30
  • What their annual spending looks like
  • Other investments they have and creation of their real estate portfolio
  • How she financed her first townhouse
  • Total number of properties she owns
  • The importance of having cash reserves
  • Her recommendation to anyone who doesn't have a huge reserve
  • Her total lifestyle expenses once her mortgage is eliminated
  • Their healthcare plans
  • And SO much more!

Links from the Show

May 06, 2019
70: 7 Tips for Successfully Investing in ANY Market Condition With J Scott
01:24:35

J Scott is a successful real estate investor (to say the least). But he’s also a student of the markets—and his studies have shown him that we are teetering near the top of this current real estate cycle.

In this week’s episode, J shares three reasons why he believes we’re at or near the peak based on past market cycles, and he details seven things investors should be doing to prepare for a softening market.

His number one piece of advice? Educate yourself!

J brings his A-game in this episode, just like he does with every other podcast he's featured on. And make sure to stick around until the very end of the show for a special BiggerPockets announcement you'll definitely want to hear!

In This Episode We Cover:

  • Reasons J believes a market crash is coming
  • On the 33 case studies of what economic cycles look like
  • Talking about the last 2 recessions
  • J Scott's analogy with economy to the seasons
  • Phases of the economic cycle and indicators he knows the market is on the peak
  • What a yield curve and GDP is
  • The reason why the price drops in the market
  • How can someone who is considering jumping into the real estate market invest with confidence
  • What might happen in the next recession of the market
  • How does a newbie investor get affected by the potential of being on peak phase of the economic cycle
  • What should people be doing now in preparation for the next phase
  • The importance of building credit and paying your debt on time
  • His recommendations for someone who is investing right now
  • The biggest mistake he sees people make
  • And SO much more!

Links from the Show

Apr 29, 2019
69: From Near Death To Debt Free With Liz from Chief Mom Officer
01:02:57

Liz has always been a frugal gal and self-proclaimed personal finance nerd. Discovering The Wealthy Barber as a teen cemented her course down the financial independence path, even if there wasn’t a formal name for it at that time.

And it’s a good thing for her family that she was so frugal - a botched surgery for her husband turned a routine procedure into a nightmare that involved a coma, a month in the hospital and years of recovery. Without her financial savvy, her family could have been financially ruined!

Now, 7 years later, she has paid off her house and replenished her emergency fund using a Tiered Emergency fund that allows her maximum liquidity while also maximizing her earnings on those funds. Her unique plan combines online savings with CD ladders, savings bonds and money market funds.

Liz explains just how important it is to her family to have the peace of mind a paid-off mortgage can provide, and how planning for unforeseen events is truly the best course of action.

 

In This Episode We Cover:

  • Liz’s background story
  • On being smart with money throughout her 20s and 30s
  • What happened after her husband's surgery
  • On her work and immediate debt consequences while working towards financial independence
  • On having the mindset of saving for retirement, for college, and for an emergency fund
  • Having various accounts: Flexible Spending Account, High-Deductible Health Plan, Health Savings Account, & Health Reimbursement Account
  • Learning financial independence through the book "The Tightwad Gazette"
  • How she cuts off their expenses and the free entertainment they did
  • Paying off their house for financial security
  • The importance of not depending on stocks
  • Tiered emergency plan
  • On the concept called college compact
  • Her philosophy on paying his son's college
  • Financial independence retirement elective
  • And SO much more!

Links from the Show

Apr 22, 2019
68: Hacking Your Military Benefits to Become Financially Free With J Grayson
01:19:34

J Grayson grew up poor. But with food on the table every night, he didn’t realize it.

Then his sister tragically passed away from brain cancer, financially ruining the family.

J fell into a pattern: skipping school, drinking, and doing drugs. A few years of this and he realized he needed to make a change. J joined the military when he turned 18 and went to boot camp before his high school graduation ceremony.

The military is where his poor money habits really took shape. Living on base means housing and food is covered, so he spent his income on anything he wanted—at one point having FIVE CARS despite only being able to drive one at a time.

He stayed in the military for five years and knew enough to go to college when he got out. What the military didn’t cover, the Yellow Ribbon Program did, so he left college debt-free (at least in terms of student loans). However, J did manage to rack up $30,000 in random debt by the end of college.

J eventually settled into a government job. By year two, he had discovered the concept of financial freedom.

This week’s episode focuses on hacking—house hacking, GI bill hacking, per diem hacking—taking these benefits and using them in ways that are advantageous.

If you’re a member of the military, a government employee, or even just an employee who travels regularly, this episode is for you! And if you know someone who fits that bill, share this episode with them.

In This Episode We Cover:

  • His background and money journey
  • The reason he joined the military at 18
  • His experiences in the military and his poor financial decisions during that time
  • What he did after he exited the military
  • On using his 401(k) funds to pay off debt
  • Starting a business while going to school
  • What GI Bill hacking is
  • Stumbled across Mr. Money Mustache and learned financial independence
  • What his financial position looked like during his first year of employment
  • How he learned about geoarbitrage
  • Making money through house hacking
  • How investing helped him
  • On using a VA loan for his house
  • On saving 100% of his income
  • Going from zero to $100,000 in just three years
  • How he and his girlfriend managed to live with zero expenses
  • And SO much more!

Links from the Show

Apr 15, 2019
67: How Living An Intentional Life Led to Financial Freedom With Steven Donovan
01:11:38

Steven Donovan graduated from high school and went to college—because that’s what you do. He graduated from college but got cold feet when it came time to get a “real job.” So, he bounced around random jobs with no plan and no focus.

Despite his degree in finance and about $60,000 in student loan and credit card debt, he returned to the golf course that he’d been working at throughout high school and college. He also regularly played poker at a local casino, all while deferring and avoiding making any payments on his debt.

Eventually he got his first "big boy job" at a bank; however, he still wasn't making much headway on his debt. In fact, he just kept adding to it. He ended up buying a Mercedes, quitting his job, and moving to Florida to be near his long-distance girlfriend.

But Florida didn’t work out, so he moved back home. He went back to the golf course until he found another job at a bank, moved into the city, and sold the Mercedes—at a loss, of course.

Once he got married, he began to tackle his debt. Slowly at first, bringing lunch one day a week, then two, and eliminating takeout coffee. He started "frugaling" his way out of debt, adopting a rock bottom budget in order to finally rid himself of the burden.

Steven paid off his debt in five years, in fact, while house hacking a Chicago triplex and renting his wife’s house in Florida.

They’re now debt-free, and they achieved it in a completely repeatable way, which is what makes this episode so great!

In This Episode We Cover:

  • Steven's money journey
  • How he managed his personal money and student loan
  • What his college lifestyle was like
  • The evolution of his financial position between graduation and employment
  • His experience purchasing things from Nike outlets and selling them on eBay
  • The moment he figured out his goals
  • How he purchased his Mercedes Benz and what happened after he purchased it
  • His financial and job situation going into marriage
  • The reason he and his wife have separate bank accounts and paid their own debts separately
  • The importance of having a frugal mindset and a plan for everything
  • How he got into house hacking
  • Exactly how he paid off his debts
  • How he started investing and building assets
  • Biggest reasons people worked with him
  • How important an unbiased third party is
  • And SO much more!

Links from the Show

Apr 08, 2019
66: Investing, Freelance, & Morning Routines With Paula Pant
01:31:00

Paula Pant has seen it all and learned a thing or two... thousand. Today, we sit down and chat with her about, well, everything.

Paula shares her habits, her take on journaling, and her morning routine. We delve into her fascinating backstory with money and her foresight to start investing in herself right out of college—when she was only making $21,000/year!

Paula hasn't stopped since, and her choices have allowed her to lead a pretty spectacular life. For one thing, she discovered freelancing, and learned that it's possible to generate income outside a W-2 position. Freelancing led to entrepreneurship in the form of a marketing agency, which led to a six-figure income.

But true happiness came when she stepped back from the agency to focus full time on her passion, her website, which she dubbed AffordAnything.com.

No topic is off limits in this candid chat with Paula. We even talk about her now-famous podcast episode where her guest, personal finance guru Suze Orman, had a lot of (not so great) things to say about the FIRE movement.

In This Episode We Cover:

  • The first thing she does to start her morning
  • The notion of habit stacking
  • Her stream of consciousness journal and gratitude journal
  • Her approach to writing blog posts
  • How habits impacted her success
  • What productivity really is
  • What fake frugality is
  • How much your time is worth
  • On outsourcing time
  • Paula's background story
  • How she discovered freelance
  • The power of self-employment
  • On living with roommates until she was 31—with a net worth of over $1 million dollars
  • The advantage of freelancing as a writer
  • Low lifestyle expenses
  • Her six-figure content management business
  • Her approach on portfolio design and assets management
  • On retirement accounts
  •  Properties she owns
  • What happened after she wound down her content marketing business
  • Assessing the reality of the current career track
  • And SO much more!

Links from the Show

Apr 01, 2019
65: Getting Your Family on Board with Financial Freedom with Jacqueline Burch
01:13:36

Jacqueline Burch got married and did what all newlyweds do, spent time with her husband. They continued down the road of "things you’re supposed to do"—had dinners out with friends, purchased a home, and had a baby!

After her first son was born, she returned to work and he went to daycare. She knew she needed to invest for her future, but wasn’t quite sure how to do it.

Aimlessly investing didn’t yield the results she wanted (shocker!) and upon realizing she was pregnant again, Jacqueline decided to get her finances in order. She and her husband cut all extraneous spending, paid off their outstanding debt, and even found a way to reduce childcare from $77/day for one child to $65/day for two.

Jacqueline became an expert is optimizing her family’s finances —and a master at turning “we can’t afford that” into creative ways to accomplish anything. Her ingenuity includes teaching ski lessons as a way to afford skiing for her family of six, rehabbing a short sale house to live in, and continuing to live in a 932-square-foot house even after her fourth child was born.

Jacqueline absolutely embodies the mantra "when you have the desire, you find a way, and when you don’t, you find an excuse.” This woman makes no excuses and always finds a way.

If you are looking for a repeatable path to financial freedom, this is a can’t-miss episode.

In This Episode We Cover:

  • Jacqueline's journey with money
  • On doing childcare, working full-time, and going to school
  • Her mistake when she bought their first house
  • How they started their FI journey
  • How she discovered the concept of FIRE
  • On budgeting the household expenses
  • On increasing their savings from 11% to 35% after cutting off some of their expenses
  • The benefits of being a ski instructor
  • How she paid off her debts
  • How she increased her savings rate
  • Her money management saving strategy
  • On doing private money lending
  • Her life before and after working from home and leaving her job
  • On childcare expenses
  • On sending her four kids to a private school
  • What retiring early looks like for them
  • How she cuts her grocery bills
  • On note investing
  • The deal breakers for her when it comes to lending
  • On the investment property she has
  • On focusing on short- to medium-term investments as her investment philosophy
  • How she plans the college education for her 4 sons
  • And SO much more!

Links from the Show

Mar 25, 2019
64: Scholarships and Other Ways to Pay for College with Zach Gautier
01:31:31

Zach Gautier oversees academic and college counseling at a Denver-area high school. He reached out to us, and proposed a show to share creative ways to fund college tuition—and blew us away with the depth of his knowledge!

This episode is for anyone who has children who have not yet graduated from college. And if you know someone else who can benefit from this information, please share it with them, too!

This show includes tips that apply to kids of every age, from elementary school to middle school to high school students.

We cover multiple ways to reduce higher education costs, such as transfer credits, AP courses, and CLEP tests, along with early college programs and dual credit options.  

We also discuss work-based scholarships and military options, as well as preparation for high school that starts in grade school.

Zach shares his advice on taking the ACTs or SATs and also ways to decide which one to take (and whether to retake if you get a low score).

This episode can help shave tens of thousands of dollars off your child’s college expenses!

In This Episode We Cover:

  • How Zach paid for college
  • The CLEP test
  • Systematic approach to transform college options
  • The best financial choices that somebody can make
  • Interventions that are very effective for your child to learn and figure out their love for school
  • On helicopter parenting
  • Things parents need to do when their children are pre-high school and high school age to save for college
  • 529 plans as the biggest avenue that needs to be considered
  • Brandon Turner's approach for his child college education
  • 3 ways to fund college
  • Dual credit program
  • How much does SAT and ACT prep cost
  • How to apply scholarships
  • Two college batches when it comes their application review process
  • His perspective on brand name college
  • Things that people should be looking for in a school
  • Ways to save money on college application process
  • Other avenues to approach prior to entering college to get excess funding
  • What is a loan and a grant
  • And SO much more!

Links from the Show

Mar 18, 2019
63: Financial Freedom With 5 Kids IS Possible with Jordan Klint
01:19:24

One of the most common misconceptions of financial independence is that you can’t do it with kids. But Jordan Klint doesn’t listen to what other people say. He became financially independent with kids—and not just one or two of them. He did so with five children.

Oh, and did I mention he’s only 33 years old?

Jordan and his wife started flipping houses soon after they began dating and haven’t stopped. They’re now teaching their five children the value of investing, as well as how to be landlords and make repairs. They do this all while home-schooling them and continuing to find and purchase new properties.

Jordan also shares how he was prepared to quit his job outright but his employer begged him to stay for special projects, allowing him to continue to work as an engineer. It's something he loves but is now doing on his own terms.

Jordan’s story is 100 percent repeatable! In this episode, he lays it out in such a way that you can both be inspired and apply his strategies to your own life.

In This Episode We Cover:

  • Jordan's journey with money
  • Having a 20-year deadline working for somebody
  • Co-op program
  • His financial position in terms of income and assets upon graduation
  • How he and his wife approach their personal finance
  • Influenced by Dave Ramsey on avoiding debt
  • What his underlying principle is
  • How he started flipping houses
  • How helpful YouTube is
  • What Jordan and his wife did prior to having kids
  • Saving about 50% of their income for savings and investments
  • What their life looks like after having their first kid
  • On childcare expense
  • The structure they changed as his family grew
  • The importance of having a plan
  • The time he became intentional about building passive income
  • Their first deal and the passive income they produced
  • His principle of having better tenants
  • What happened after he bought his first rental property
  • On quitting his full-time job and going part-time
  • How they changed their spending
  • His lifestyle expenses
  • On healthcare
  • How he motivates other employees
  • And SO much more!

Links from the Show

Mar 11, 2019
62: Taking Advantage of ALL Opportunities Life Throws at You with Anna Li
01:29:01

Anna Li moved to America from Uzbekistan when she was 22. On today’s episode, she shares the opportunities she’s been presented with—and taken advantage of—from an opportunity to learn at the first non-government university in Uzbekistan that partnered with an American College (essentially allowing her to earn the equivalent of an American degree) to picking up and moving to a new country to start a new life.

Though she was a financial analyst in Uzbekistan, the language barrier prevented her from getting a job in her field in her new country. Newly married, she took a job at a shoe store while her husband delivered pizzas.

Finally, she was able to secure a position in finance with Vanguard. It took five years to work her way up from analyst to team lead. She switched firms and is now a director for an international pharmaceutical company.

After every opportunity, she thought, “I’ve made it.” But instead of sitting there comfortably, she continued to pursue more—a better job, a promotion, a transfer.

When her husband’s last company closed, instead of finding a new job, they took this as an opportunity to begin investing in real estate. Her job offered a transfer to Switzerland—a three-year stint that came with a hefty raise and almost all expenses paid by the company, allowing them to ramp up their savings to pay for more houses. Plus, her husband flips long distance with her dad, another source of revenue.

Anna also shares a few unique tips for paying for child care and college—and you’re going to want to stick around for those! This episode is packed with information, and Anna’s journey will inspire you.

In This Episode We Cover:

  • How Ana's journey with money began
  • How she went from stable environment to chaos
  • How her dad instilled an entrepreneurial spirit
  • The story of starting a soda business
  • Why she borrowed $3,000 from parents and moved to U.S.
  • Their money evolution
  • What their wealth accumulation looks like a year after they migrated
  • What happened the year after they lived with their parents
  • A discussion on thinking only of surviving and not having exact goals for the first couple of years as immigrants
  • What their experience was like living with relatives
  • How they weathered the 2008 financial crisis
  • The daycare hack Anna figured out
  • How her husband got interested in real estate and decided on flipping
  • How she discovered financial independence
  • The benefits of expat jobs
  • What a Solo 401k really means
  • Hacking college
  • And SO much more!

Links from the Show

 

Mar 04, 2019
61: The Repeatable Path to Financial Independence with Reshawn & Rob from Learn Hustle Grow
00:57:08

Reshawn and Rob got married nine years ago, joining their lives, families and bank accounts. Premarital counseling revealed two different views on money—and they knew if they wanted to stay married, they needed to get themselves on the same page.

Reshawn and Rob implemented a modified version of Dave Ramsey’s Baby Steps program to get themselves out of debt so they could start investing. Their team approach to their finances, focusing not on who’s debt it is but instead focusing on paying it off together strengthened their marriage and their desire to attain financial independence.

They stepped away from the corporate world to pursue passion projects, Rob in real estate and Reshawn in travel planning.

Are you looking to get your spouse on board with your financial independence plans? Listen to this episode together.

In This Episode We Cover:

  • Their money background story
  • The reason they decided to combine their finances
  • Their savings rate and what they did after they combined their finances
  • Ways to cut back on spending
  • How Dave Ramsey helped them
  • How they paid off all of their debts
  • The 529 college savings plan
  • Their investment philosophy after paying off debt
  • Redeploying their home equity and turning it into an investment property
  • Replenishing their emergency fund after purchasing a new rental property
  • Their property taxes
  • On being financially independent
  • The importance of having a giant goal
  • Having an agreement on how to approach major decisions
  • What their next plan is
  • And SO much more!

Links from the Show

Feb 25, 2019
60: Rejecting a Scarcity Mindset and Going All-In on Apartment Investing with Gino Barbaro
00:50:58

Gino Barbaro was a chef, working hard every day. He made good money and had no debt, but never seemed to be able to save more than 10%. He started dabbling in real estate investing, and after closing his fourth deal worth $11 million, he decided he wanted to leave the restaurant business for good. He retired from his restaurant two years ago. While he could havelived off the passive income from it, he wanted to focus on his passion—real estate. After 25 years in the restaurant business, he had created just one restaurant, but in five years of real estate investing, he’s accumulated more than 1,000 units. Gino shares how his net worth has increased AFTER retirement—and has no plans to slow down. If you’re thinking big or want to be inspired to think big, Gino’s story is a can’t-miss episode. Click here to listen on iTunes.

In This Episode We Cover:

  • Gino's journey with money
  • What his money blueprint is
  • Property he has in New York that has $27,000 in property taxes
  • The reason they moved from New York
  • What he learned from life coaching school
  • Changes he made after he went on to become a life coach
  • His "why"
  • How he felt after he quit his job and bought his first property
  • Tips for financing a first deal
  • How he started his financial freedom journey with a minimalist mindset
  • The advantages of having a partner or mentor
  • What financial freedom is for him
  • Advice for budgeting
  • Tips for allocating and creating a financial freedom account
  • The importance of having an emergency fund
  • How reading books helped him
  • How he's taught his children about delayed gratification
  • His formal plan when it comes to setting goals
  • And SO much more!

Links from the Show

Feb 18, 2019
59: Playing with FIRE (Financial Independence, Retire Early) with Scott Rieckens
01:14:21

Scott Rieckens was raised in a Navy family. He lived on base and often shopped in the commissary. It gave him a rather skewed sense of what things actually cost.

Fast-forward to adulthood. He knew he should be investing, but he wasn’t sure what to do exactly.

With no outstanding consumer debt, he was ahead of his peers. But his savings rate was miniscule.

Both he and his wife were contributing to their 401(k) plans—certainly a good move. However, they were missing out on some pretty massive growth by investing in a money market account instead of the stock market.

Then one day…

Scott queued up the latest Tim Ferriss podcast episode. He heard a story about how a guy and his family lived on around $25K a year. The guy was from Colorado and called himself Mr. Money Mustache. And just like that, Scott's life was transformed.

Financial freedom became his new passion. Although it took some time to get his wife on board, they’ve now completely reset their lives.

If you’re looking for ways to talk to your spouse about financial freedom, THIS is an absolute MUST-LISTEN episode!

In This Episode We Cover:

  • Scott's journey with money
  • How he started making money
  • The advantages and disadvantages of living in a military base
  • The reason he ended up living in San Diego with his wife
  • How he discovered financial independence
  • The reason they never accumulated consumer debt
  • His recommendation on how to track your spending
  • How he manages his personal finances
  • The steps he took to convince his wife to pursue financial independence
  • The importance of happiness when pursuing financial independence
  • And SO much more!

Links from the Show

Feb 11, 2019
58: Optimizing Every Channel to Achieve Financial Freedom with Grant Sabatier
01:12:46

Grant grew up knowing his parents didn’t have much money. He recognized their constant stress about finances throughout his childhood, and one of his first memories was his dad telling him, “Money is freedom.”

Graduating from college in the middle of the Great Recession didn’t do much for his financial outlook. After bouncing around four different jobs, he landed back at home, unemployed and sleeping in the same bed he did when he was seven.

Then, one day he woke up and wanted to go to Chipotle but had less than $3 in his bank account. He was 24 years old. As trivial as it may seem, this was the wakeup call he needed to turn the corner and figure out his finances—once and for all.

Enter Google Mobile Ads. Grant realized the demand for digital advertising professionals was rising; he made a goal to make $1 million in that arena as soon as possible.

Google taught him everything he needed to know—for free—and Grant landed the first job he applied for.

He hit the million dollar mark in five years, six months, and three days. Grant now spends his time helping others figure out their finances so that they can live their best life, doing things they love every single day, through his blog Millennial Money and new book Financial Freedom: A Proven Path to All the Money You Will Ever Need.

In This Episode We Cover:

  • Grant's money journey
  • On looking at money as a stressful thing
  • Living with his parents again after working in a cubicle for four years
  • How Google Mobile Ads helped him
  • Getting Google AdWords certification for free
  • How running Google Ads campaigns helped him achieve financial freedom
  • On earning almost $300,000 building websites and flipping mopeds as a side hustle
  • On saving 82% of his income
  • How he got $1.25 million in his investment account in five years
  • On having the "spend less, save more, and take free online courses” mindset
  • Looking at time and money as human inventions
  • Good step for people who just discovered the concept of financial independence
  • The advantages of working remotely
  • The difference between side hustling for someone else and side hustling for yourself
  • On living a life you love regardless of the amount of money you are making
  • The differences between financial independence and financial freedom
  • And SO much more!

Links from the Show

Feb 04, 2019
57: Financial Freedom, House Sitting & Travel Hacking With GoWithLess
00:57:07

Tim and Amy were frugal—or so they thought. They spent less than they earned, so they figured they were doing it right. Then one day, they happened upon the concept of financial independence.

Turns out, they had a LOT of room in their budget to cut back. Once they did, it took them less than one year to hit their financial independence number. They're now able to retire (if they so choose)!

What catapulted them down the path to financial freedom? Namely, it was downsizing their 6,000-square-foot home.

Once their daughter graduates from high school, they’ll rid themselves of their current 1,800-square-foot home and house/pet sit around the world full time. They plan to stretch their retirement dollars even further by travel hacking their way between cities.

Tim and Amy have combined their passion for travel (and pet sitting) into a full blown retirement plan. In this episode, the couple shares tips for getting started as a house or pet sitter, so you can stay for free when you travel, just like they do. 

We also explore different options for post-retirement life. Tune in to hear what Tim and Amy cut out of their spending to make early retirement a reality.

In This Episode We Cover:

  • Tim and Amy's money journey
  • Treasuring experiences over stuff
  • Making money decisions based on fears
  • Discovering financial freedom by accident
  • Being good savers and good earners with high income
  • How they downsized their spending from $115,000 a year to just $36,000 a year
  • Their emotional state was after quitting their job early and downsizing significantly
  • How they designed their portfolio to produce income in their early retirement
  • Low-cost investments and mutual funds
  • House sitting as a huge travel hack
  • What house sitting is and how it works
  • The importance of being flexible
  • Things they miss and want to go back to
  • And SO much more!

Links from the Show

Jan 28, 2019
56: Change Your Personal Finances (& Your Millennial Money Mindset) with Paychecks & Balances
01:05:53

Rich Jones and Marcus Garrett are the men behind Paychecks and Balances, a podcast aimed at helping Millennials figure out their finances. And they should know a little on the subject—both Rich and Marcus made some pretty epic money mistakes in their youth.

From Rich just not looking at his bills to Marcus actively going into almost $30K of debt in 72 hours (NOT a typo!), they know what owing money to someone feels like. Marcus details his D.E.B.T. plan so you can pick yourself up, dust yourself off, and pay off your debt for good.

Are you looking to be debt-free in 2019? This episode can help you formulate a plan that works for your specific situation, with tips for staying out of debt once you arrive.

In This Episode We Cover:

  • Marcus and Rich's money journey
  • How Marcus spent $26K in just one weekend
  • How Rich optimized his budget around things he wants versus the things he needs
  • The concept of the debt snowball
  • Rich's hybrid approach to tackling his debt
  • The purpose of an emergency fund
  • Advice for being financially responsible
  • The importance of focusing on priorities first
  • Their advice for people on paying debts
  • The importance of being conscious about your decisions, especially when it comes to paying debt
  • Building responsible habits
  • And SO much more!

Links from the Show

Jan 21, 2019
Testing Your Portfolio BEFORE Retirement with Millennial Revolution
00:36:53

A little over halfway into BiggerPockets Money Podcast episode 55, Bryce dropped a bombshell: “We had three years of runway before we actually pulled the trigger.” What he meant is that they tested their portfolio for three years before quitting their jobs. Bryce saw firsthand how it would work—and more importantly that it could work—and it gave him and Kristy the peace of mind they needed to retire early and travel the world.

We moved onto the next topic rather quickly, but this is something we couldn’t leave alone.

So we brought Kristy and Bryce back to dive into this topic, one that can help our listeners who may be on the fence about early retirement see that this truly works.

Bryce goes deep into details of their investments—and how he reviewed and reallocated every year for optimal performance.

If you’re looking for additional reassurance that early retirement is possible, this episode is what you’ve been looking for.

In This Episode We Cover:

  • What their portfolio looks like in a year leading up to them quitting their jobs
  • How tracking their performance helped them leave the workforce
  • And SO much more!

Links from the Show

Jan 15, 2019
55: How to Quit Your Job and Travel the World with Millennial Revolution
01:04:00

Kristy Shen grew up poor. Knowing her parents couldn’t help her financially, she gave up her dreams of being a writer, and went to school to make big bucks as a software developer. She even graduated on the five-year program with an internship to limit her student debt and increase her chances of getting a job after graduation.

That gamble paid off and she was rewarded with a high stress job requiring her to be on call 24 hours a day. After seeing that same job stress almost kill a co-worker, she re-evaluated her own health issues, decided this path was ridiculous, and set out to make a change.

Kristy and Bryce share their journey through saving up enough to leave their jobs, the actual quitting process (it’s not as easy as you think) and into one of the worst ‘first years of early retirement’ - an oil crisis that sent their portfolio plummeting.

Clever tricks including their Yield Shield and Cash Cushion got them through their tumultuous first year, and ultimately proved that this DOES work, and you CAN retire early to travel the world.

If you're yearning for another option outside the traditional career path and wish you had the time and resources to see all of the faraway places on your list, tune into this episode—and get inspired.

In This Episode We Cover:

  • Bryce and Kristy's journey with money 
  • Kristy's fear-based relationship with money
  • How they made the practical decision to be financially secure 
  • Why being a pessimistic-optimistic combination made their lifestyle work out
  • Changing fear-based mentality to hope-based mentality 
  • How they ramped up their savings rate to 60% a year after graduating debt-free 
  • How they discovered financial independence 
  • How their lifestyle contrasted with that of their peers
  • Tips for getting over the hoarder mentality 
  • How they manage their expenses 
  • How they prepare for their world trip 
  • The idea of geographic arbitrage 
  • What their portfolio looks like in a year leading up to them quitting their jobs
  • What their typical day looks like when traveling 
  • The advantages of expat insurance
  • And SO much more!

Links from the Show

Jan 14, 2019
54: 6 Ways to Reduce Your Taxable Income with Eric Brotman
01:04:24

Preparing For Retirement By Reducing Taxable Income & Saving More.

In today’s episode, we chat with Eric Brotman, CEO of BFG Financial Advisors, who discusses his top 6 ways to reduce taxable income.

Eric dives deep into each of these 6 methods, taking time to explain the ins and outs of each one and sharing how to maximize their benefits—both now and for your future.

It’s a new year, and “get my finances in order” is one of the most common resolutions people make. This episode will give you a leg up on the steps you need to take to make this happen in 2019.

In This Episode We Cover:

  • His definition of the term "retirement"
  • What he sees a lot of people do after they retire professionally
  • A discussion on tax management
  • The advantages of a Health Savings Account (HSA)
  • Tips for tax diversification
  • The current contribution limits for HSA plans and Roth IRAs
  • What a backdoor Roth IRA is
  • How to reduce your taxable income in order to sell stocks without paying capital gains
  • His thoughts on the 529 Plan
  • The concept of moving wealth between generations
  • How to use a stepped-up basis for inherited property and other assets
  • Advice for using life insurance in building wealth
  • Two fundamental kinds of life insurance
  • A discussion about term insurance and permanent insurance
  • And SO much more!

Links from the Show

Jan 07, 2019
53: 2018 Financial Freedom Lessons With Scott & Mindy
01:10:55

2018 Financial Freedom Lessons

Today, Scott and Mindy go guest-less to recap and review the things they’ve learned over the first year of podcasting.

Topping the list—and surprising no one—is tracking your spending.

But we did learn some new things this year too, like how money dates are a great way to bring your spouse on board.

Looking for change your financial situation in 2019? THIS is the episode that can start you down the path to financial freedom.

In This Episode We Cover:

  • What Scott and Mindy's goal is
  • The most important thing that their guests have done for their success in achieving their financial goals
  • A discussion on tracking your spending
  • Why relentless self-education is so vital
  • How to get your spouse on board with money dates 
  • Why there's no secret sauce for making more money
  • How past money mistakes do not dictate your future money life
  • How to apply intelligence and work ethic to earn more income
  • How real estate helps people to pursue financial independence
  • The four major categories people spend on:
    • Housing
    • Transportation
    • Childcare expense
    • Healthcare
  • And SO much more!

Links from the Show

Dec 31, 2018
52: Creating a Life Worth Living Before Retirement With Roger Whitney
00:52:43

Finding Financial Freedom Before Retirement

Roger Whitney learned early on that your life doesn’t always cooperate with your plans. The passing of his mother - who had always worked hard and saved for ‘later’ made him realize that ‘later’ doesn’t always happen. So he set out to create a life he loves - and NEVER wants to retire from.

But first, he made a bunch of money mistakes. His free-wheeling 20’s gave way to his more responsible 30’s, where he cleaned up his debt and got serious about his finances.

Now he’s living his best life, and shares tips for having the conversation with your partner to allow you to live your best life, too.

Dec 24, 2018
51: Using Financial Freedom to Prioritize Family with Crispy Doc
01:17:39

Prioritizing Family with Financial Freedom

Carlos Fuego is an emergency room doctor with a superpower—the ability to realize that money doesn’t buy happiness and family time is far more important than the status of being a doctor.

He realized that his kids viewed him as a roommate and his wife resented that she had to run the household while he was working, so he took a step back, figured out what truly mattered, and pursued that, instead.

Carlos is now living his best life, practicing the amount of medicine he wants to, when he wants to, and leaving in time to be home with the kids and help his wife run the household so she can live her best life too.

Carlos shares how to figure out what you really want in life, and the changes he made that brought him closer to his family, and happier than ever.

 

In This Episode We Cover:

  • The history of his grandparents and how it shaped his whole money story
  • The importance of education in their family
  • On graduating college debt-free
  • What happened when he became an attending physician
  • How much he was making and saving while traveling abroad
  • Talking with his kid about the career to pursue
  • What brought him home after traveling abroad
  • His financial position when he moved to California
  • The moment he discovered financial independence
  • How he reconciled with the idea of giving up his job completely to be financially independent
  • His asset allocation before and after financial independence
  • His assumptions around passive income
  • How his wife's business plays into his overall position
  • And SO much more!

Links from the Show

Dec 17, 2018
50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington
01:07:51

Patrice Washington was flying high in 2006, the multi-million dollar real estate company she had started with her husband was practically printing money.

But 2007/2008 came, and things went south fast. A high-risk pregnancy finally pushed her over the financial edge - she came out of the hospital with a healthy baby, but massive hospital bills after her insurance company cancelled her policy mid-stay.

Patrice and her husband did anything and everything they could to avoid bankruptcy, a mentor told them “You can’t nickel-and-dime your way out of $2 million in debt.” Bankruptcy wiped out all debts - wrecking their credit but allowing them to start over fresh.

Fast forward a few years, and now Patrice is America’s Money Maven, teaching others how to get their financial house in order to lead their best, most satisfying lives.

Bankruptcy doesn’t define you, and this episode is an excellent example for anyone starting over.

Links from the Show

Dec 10, 2018
49: Wealth Transfer—How to Financially Prepare for Inheritance Money with Hari Mix
00:58:20

Hari Mix figured out money in grad school and started saving for his future before he graduated. He became an assistant professor at Santa Clara University—and then, his mother was diagnosed with terminal cancer and his whole focus shifted.

Today, Hari shares his experiences with his mother’s passing and how discussing it before she died made it easier for him to manage her estate afterwards. He shares some REALLY great tips for ways to handle an estate, including having all your documents in order and having a will.

This episode gets pretty deep into topics that no one ever wants to think about, but that everyone will have to deal with, both with their parents and for their children. Having a will is a great first step, but there are lots of other things you can do to ease the financial transfer burden—and things you need to know before making any moves. The more prepared you are, the easier this process will be during one of the most difficult times of your life.

If you’re in a position to inherit wealth from a parent or transfer wealth to heirs upon death, this is an episode you cannot miss.

In This Episode We Cover:

  • Hari's journey with money
  • Why prioritizing saving and long-term goals for retirement is so vital
  • The steps he took to handle his mother and grandfather's financial affairs
  • How he ended up creating his own estate plan
  • The importance of being open and honest with your family about financial affairs
  • Steps for approaching your loved ones' financial affairs
  • How to avoid the probate process
  • How he fielded the discussion with the other heirs in his grandfather’s financial affairs
  • The importance of talking to a professional
  • The right time to contact an estate planning attorney
  • Tips for investing an inheritance
  • His written investment policy statement
  • How he came up with his investing plan
  • What he did after his mother died
  • His idea of inflating his lifestyle
  • The checklist you need for when somebody dies
  • Peculiarities of inheriting money and IRAs
  • And SO much more!

Links from the Show

 

Dec 03, 2018
48: Breaking the Impulse Shopping Twitch to Embrace Minimalism with Anthony Ongaro
00:50:39

Anthony Ongaro had a habit. Every time he had a bad day, every time life wasn’t amazing, he opened up his online shopping site, and One-Click purchased something. Anything. It didn’t matter. He didn’t need it, it didn’t matter what it was, but the act of purchasing made him feel better.

Until he noticed that he was missing family events because he couldn’t afford the tickets, yet almost every day there was a box on his doorstep. He implemented a complete shopping ban - and discovered that at first, it was similar to cutting out sugar. He was grumpy and in a very bad mood.

But after the initial shock, he found that he didn’t miss the stuff - in fact he was inspired to clear the clutter, remove the distractions from his life, so that he could live his best life.

Are you feeling overwhelmed by your ‘stuff’? This episode can give you the direction you need to get started.

Links from the Show

 

Nov 26, 2018
47: Big Money Wins—Unique Ways to Save & Use Cash Efficiently with Jim Wang
01:18:04

Jim Wang has been sharing his views on money for more than 14 years—more than enough to earn him the title of Great Uncle of Personal Finance Blogging. And he’s learned a LOT about money in those 14 years.

Today, Jim shares his "big money wins"—unique, one-time ways to save larger sums of money or ways to get more bang for those bucks. He even has a tip we’ve never heard before! (We’re  not going to reveal it here, you’ll have to listen!)

Jim also shares how his childhood shaped his views about money, his discovery that his day job wasn’t his true destiny, and how his frugality gave him enough confidence to take the leap into entrepreneurship.

Looking for a some help cutting a bit more from your budget? This is the episode you need to listen to—twice!

In This Episode We Cover:

  • Jim's money journey
  • On growing up with a very frugal family
  • His side hustle when he was in college
  • His financial position coming out of college
  • How he started his first personal finance blog
  • How he discovered financial independence
  • The financial circumstances that allowed him to move into full-time entrepreneurship
  • Thoughts on accumulating a lot of assets when the market goes down
  • His entrepreneurship journey with Bargaineering
  • Tips for getting his finances in order he learned from blogging
  • Advice on budgeting and tracking your spending
  • Tools he recommends that can track spending
  • What a time journal is and how to use it
  • The importance of being smart with your time
  • How fix contracts are negotiable
  • Why making an investment early on creates an easier life
  • Resources to improve your credit score
  • And SO much more!

Links from the Show

Nov 19, 2018
46: Engineering Passive Income Streams to Fund the Life You Want with Financial Samurai
01:17:59

This week’s episode features Sam Dogen from Financial Samurai. After one month working for a top investment firm, Sam knew 70-hour workweeks were not the life he wanted.

So Sam took action immediately. Instead of fancy cars and dinners out, Sam shared a studio apartment with a friend and socked away HUGE sums of money—50% of mediocre starting salary. He invested in real estate (shocker), stocks, and bonds—and continued his massive savings rate.

Taking advantage of the economic downturn, Sam engineered his layoff and an enormous payout.

Sam now lives the life he wants, having set up multiple passive income streams during his working years. He spends time with his family every day and embodies the concept of financially free. He no longer trades his time for money; his money just simply reproduces itself and does all the heavy lifting.

This episode is a great look at how a little upfront discomfort can lead the your best life.

Links from the Show

Nov 12, 2018
45: The Truth About Entrepreneurship with Matt Giovanisci
01:14:13

Matt Giovanisci is a serial entrepreneur. He decided early on that “working for the man” was not in his cards, and set out to never have to do that again, creating side hustles that generated income so he could be his own boss and do everything on his schedule and his terms.

But entrepreneurship isn’t always the pie-in-the-sky fairy tale that it is sometimes made out to be. On today’s episode, we talk to Matt about the successes and failures he’s had as an entrepreneur - from the pool/spa care web site he took to $100k in revenue per year in just five short years to the podcast he quit after one episode.

This episode takes off the rose-colored glasses for a realistic view of how entrepreneurship actually looks.

Links from the Show

Nov 05, 2018
44: DIY Your Way to FI with Tinian Crawford
00:59:39

Tinian Crawford went to college - and took 6 years to complete his Associates Degree in Graphic Design. College just wasn’t for him - he didn’t enjoy it and didn’t get much out of it. He knew he needed a job, but wasn’t sure what he wanted to do for the rest of his life.

A series of odd jobs led to a position at a sign shop. Connecting the dots, he saw that many of the signs needed electricity, and figured he’d be worth more if he was an electrician.

After mentioning this to his wife, suddenly vocational brochures started to arrive in the mail.

He chose the most expensive way to get his license, and parlayed it into a minimum wage job until he was a journeyman electrician.

Tinian took some time to figure out his path, but is now on the way to Financial Independence, living the life he wants on the terms he chooses.

If you think you’re too late for FI (Spoiler Alert: you’re not!) THIS is the episode that will change your mind and show you it IS possible, even if you’re not 20 years old.

Links from the Show

Oct 29, 2018
43: Using the Power of Goal-Setting to Fundamentally Alter Your Financial Path with J Scott
01:13:41

You’ve probably heard J Scott’s real estate story (spoiler alert—he’s killing it!). But he’s never really told his money story that led up to this massive real estate success.

Today, we talk to J and discover that in his 20s, he knew nothing about money, investing, or real estate. He started off $35,000 in debt, with no plan and no goals. An investing discussion with friends led to the creation of a spreadsheet to display his financial position in terms he could not ignore.

The spreadsheet spawned a goal of $0 debt, a second job as a bartender, and J paying off all his debt in two years. He discovered he liked owning assets. At the suggestion of his wife, they bought a house to flip and promptly made every single flipping mistake you can make.

Hear how J turned mistakes into successes many times over—and how having a goal to work towards keeps him focused on moving forward.

Links from the Show

Oct 22, 2018
42: How to Invest in Real Estate with Joshua Dorkin & Brandon Turner
01:19:16

Real estate is a hot topic right now, and who better to talk about the subject than BiggerPockets founder Joshua Dorkin and BiggerPockets Real Estate Investing Podcast Host Brandon Turner?

No one, that’s who.

So we went to these experts, and grabbed some excellent real estate advice. We get a brief history of their experiences with money and chat about their new book, How to Invest In Real Estate. Buy the book at www.biggerpockets.com/investinre

This fun episode also includes tips for managing your money while you save for your first investment, Josh’s inverted funnel analogy and Brandon’s Harry Potter references.

Thinking about adding real estate investing into your portfolio? This episode will educate and inspire.

Links from the Show

Oct 15, 2018
FinCon Bonus Episode: Debt Free in Three Years With Zina Kumok
00:25:10

Zina Kumok’s parents immigrated to the United States, with no money education and completely unprepared for the consumer society they found themselves in. They quickly got into credit card debt in order to have the lifestyle they “deserved.”


An avid listener of Dave Ramsey, Zina quickly determined she did not want to ever be in debt. However, she graduated with $24,000 in student loan debt and made it her mission to pay that off as soon as she could. Every single extra dime she found, she threw at her debt until it was all gone.

So once the debt is gone, Zina realized that she needed to ramp up her investing. Not one to just ‘show up and wing it,’ she set about learning how to invest properly.

Zina’s story illustrates that you CAN pay off debt while making a lower salary, you CAN pursue financial independence while self-employed, and that your past does not define you.

Links from the Show

Oct 13, 2018
41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast
01:37:23

You’re on the path to financial independence—but you’re not sure what to do with your money. Index funds sound great, but your total financial situation doesn’t end with index funds.

Today we sit down with Kyle Mast, a Certified Financial Planner. Kyle LOVES his job as a CFP, but there aren’t enough hours in the day for him to help every single person. He gives advice on how to find a GREAT CFP, shares exactly what a CFP is, how they get paid, and how they can help almost anyone make their money work even harder for them.

This is an episode you’re going to have to listen to more than once, because the advice that Kyle gives will blow you away.

This episode truly is for anyone who has money—and wants to have more.

Links from the Show

Oct 08, 2018
40: Taking Command of Your Finances by Understanding (& Controlling) Money with Joe Saul-Sehy
01:33:12

Today we chat with Joe Saul-Sehy from Stacking Benjamins. Joe shares his money story, which starts off with him figuring out how to get into debt, then discovering he didn’t like being there.

He learned that you can’t diagnose what’s wrong with you until you have it all in front of you, so he laid everything out, and started a monthly money date with his wife to get everything sorted out and under control.

Joe has three fantastic tips to help you stay on your chosen financial path. He also shares the four assumptions about the FIRE community that are wrong.

This episode will help you take command of your finances and steer your life in the direction you truly want it to go.

Links from the Show

Oct 01, 2018
39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant
01:07:08

Jamila Souffrant grew up watching her mom struggle to provide for her. She decided early on that she wanted to be a millionaire, her solution to not having enough was to simply make a lot of money. She saved like crazy, but didn’t have a plan for it.

A good student, she attended college and got into an internship program that places minority students with Fortune 500 companies and pays them well. During college, she saved 80-90% of her salary - but was still considered herself “bad with money,” buying luxury items she doesn’t remember.

Internship led to employment, and Jamila changed her focus from IT to the real estate department. But her finances stayed the same. She contributed to her 401(k), but not even enough to get the full company match in her 20s.

The switch flipped in her 30s, after an exceptionally bad commute home. She discovered FI through podcasts and blogs, and finally understood this could be her reality, too. Jamila and her husband kicked their savings into high gear and started investing.

Jamila went from “bad with money” to saving $169,000 in two years! This episode shows it’s not too late to start your Financial Freedom journey, too.

Links from the Show

Sep 24, 2018
38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money
01:11:21

Phillip Taylor studied to be a CPA in college, just like his dad. He graduated with some debt and decided to add to it by buying a house. In order to afford his new house, he didn’t max out his 401k—he didn’t even contribute enough to get the full company match!

By the time he got serious about paying down his debt, it totaled $95,000. PT decided to journal his experiences on a blog he called PTMoney.com. And something amazing happened. He found his tribe.

PT soon discovered that there was a whole community of people with financial problems who were willing to talk about it online.

PT wanted to meet these people in person, have live discussions about issues they were all facing, and share ideas. He started a conference that has blossomed into THE money conference to attend, FinCon.

PT shares his story of going from a finance guy who made bad decisions to a guy who helps others make great decisions about their own finances.

Links from the Show

Sep 17, 2018
37: Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke
00:58:54

Kyle Renke graduated from college and hopped right on the American dream bandwagon. He started off with a starter house, added a couple of kids and moved onto a bigger, better house—one that he could barely afford.

He then went back to grad school, tacking on another $40k in student loans. Kyle and his wife spent money left and right, never seeming to be able to get ahead. Finally, he got sick and tired of being sick and tired.

Kyle read books and connected with friends in a better financial position. He sold the big house, threw everything at the student loans, and rented a smaller, MUCH less expensive place.

Kyle’s story shows that you CAN make big financial mistakes, change your course, and work toward financial freedom—even with children.

Sep 10, 2018
36: From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud
01:20:45

Jillian Johnsrud grew up lacking the privileges that many of us take for granted.

Jillian Johnsrud grew up poor, with an abusive step father and a mother unable to leave due to lack of funds. She emancipated herself during her junior year of high school, living in a camper in high school, waiting tables after class. Still, she managed to save $8,000 by the time she graduated.

She married young, and medical debt and student loan debt put her family in a tough starting position. From there, however, Jillian began building wealth. In adventures that span tons of different states and even a stint in Europe, Jillian was able to eliminate her debt and achieve financial freedom—all while never earning more than a median income.

Hear Jillian’s story of investing when everyone thinks you’re crazy, adopting a group of siblings, and “creating a life that is such a perfect fit she never wants to retire from it.”

Links from the Show

Sep 03, 2018
35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
01:05:48

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 and started buying properties to House Hack in the hot Denver real estate market while making the minimum payment on his student loans.

Fast forward a few years, and now Craig generates significant income through his primary residence and can concentrate on aggressively paying down his debt - all while living the life he chooses.

Craig has found ways to optimize his life so he can move toward financial freedom. He also takes advantage of several “life hacks” that reduce his living expenses to almost nothing.

Wondering how to get started? Craig’s story is a must-listen.

Links from the Show

Aug 27, 2018
34: The Low-Stress, Surprisingly Simple Way to Pursue Financial Freedom with Andy Hill
01:03:12

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 to park your money as you save up for a large real estate investment, and how families can find ways to cut back in spite of having expensive kids to care for.

Andy Hill usually plays the role of interviewer, but today he's switched seats to share how he strengthens his family tree and lives financially free. Are you looking at financial freedom and wondering if it’s possible with a family? Then this is the episode for you!

Links from the Show

 

Aug 20, 2018
33: From Debt to Financial Freedom While Active Duty Military with Stuart Grazier
01:02:04

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 paid off!

His wife had roommates while he was overseas, and they continued to have roommates when he returned, House-Hacking to cover his mortgage so he could stockpile his cash.

Attending a local real estate meetup introduced him to someone looking for private loans, and his stockpile of cash provided him the ability to create private loans — earning 12 percent interest on his money.

Stuart discusses his successes and failures in real estate investing, his transition to rental properties, and what he’s planning after he separates from the military.

Feeling stuck at your job and looking to fix your financial future? This is the episode you need to listen to.

Links from the Show

Aug 13, 2018
32: Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio
01:08:21

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 job led Mr. PoP to the internet where he found Early Retirement Extreme and Mr. Money Mustache. Mrs. PoP ran the numbers and discovered that their target number for a mini-retirement really wasn’t that hard to reach. A few more calculations showed her they could work slightly longer and quit working their traditional jobs forever.

This episode truly showcases that anyone can achieve financial freedom. Small tweaks to your spending can yield huge rewards fairly quickly.

Wondering if you can reach financial freedom? This episode will show you how.

Links from the Show

Aug 06, 2018
31: How to Boost Your Income & Investments for a Faster Route to Financial Freedom
00:59:54

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 traditional stock market investments as well as real estate investing. (This is BiggerPockets, after all.)

Do you have your spending under control? This is the show that takes you to the next step in your journey—increasing your income to grow your wealth.

Links from the Show

Jul 30, 2018
30: How to Cut Expenses for a Faster Route to Financial Freedom
01:00:57

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

Jul 23, 2018
29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Parros
01:13:11

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

Jul 16, 2018
28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper
01:10:29

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 about side hustling: What they are, who they’re for, and how to implement one of your own. Nick also shares some of his favorite side hustles, including some surprisingly easy ways to make money.

Looking to increase your income? You MUST listen to this episode!

Links from the Show

Jul 09, 2018
27: How to Get Even MORE from Your Travel Rewards Credit Card with Lee Huffman
01:13:30

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 luxury with his family using travel rewards for less money than your economy vacation. He’s an expert in travel rewards, credit cards, and personal finance. Today, Lee shares how you can save on your next vacation using travel rewards - and how to squeeze every drop of value out of those rewards!

Links from the Show

Jul 02, 2018
26: Graduating College on Track for Financial Independence with Cody Berman
01:16:52

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 and investing. By age 14, he'd already saved up $15k, and by the time he reached college, he was diving into entrepreneurship, side hustles, and financial independence plans.

Today, Cody runs a company that manufactures disc golf discs and has afforded himself the freedom to travel with his girlfriend. With an ultimate strategy for complete financial independence in the works, he plans to reach a point where he is able to spend time as he wishes, pursuing his various interest and entrepreneurial pursuits.

If you're looking to inspire yourself, your kids, or any ambitious young people you know to make the small changes that will dramatically affect the future, don't miss this episode.

 

Links from the Show

 

Jun 25, 2018
25: Raising a Family While Seeking Financial Freedom with Chris and Debbie Emick
01:05:45

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 living the dream in small-town Colorado. Debbie home schools their two daughters and manages their rental property business from home, after her 14-year career in teaching. Chris is a passionate leader to his team of network engineers by day and organic gardener/personal finance extraordinaire by night. Their home base is rural Southeastern CO, where they can go for dirt-road runs and trafficless drives while still being able to make quick mountain trips for hiking, backpacking, and skiing.

This is the first in a periodic series of interviews with families who are on the path to financial freedom.

Links from the Show

Jun 18, 2018
24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry
01:07:15

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 student loan debt by attending a college based on scholarship.

Basically, Erin set herself up for a good financial future. But most people are not taught about money, and they do not make such sound financial choices.

Today Erin talks about getting financially "naked" with your significant other. She shares advice for bringing up the subject of financials, being gentle with the discussion, and how to separate deal breakers from those financial issues that are just unfortunate.

Links from the Show

Jun 11, 2018
23: A Mini-Retirement Road Trip in Your 20s with Becky & Noah
00:54:48

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 University that paid full tuition and came with housing. They made smart career choices earning employable, in-demand degrees that allowed them to earn high salaries.

After discovering FI on Reddit, they made a few tweaks to their lifestyle, quit their jobs, and hit the open road.

This episode shows that financial independence isn’t just a pipe dream, and while Becky and Noah aren’t there yet, they are well on their way.

Links from the Show

Jun 04, 2018
22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby
01:08:05

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 forgiveness.

Travis shares his rule of thumb for deciding whether to pay off your loans or take the forgiveness route, and tips for refinancing your student loan debt. He also gives future college attendees a few things to consider BEFORE choosing a major.

This episode is for anyone with student loan debt - or anyone with kids facing this choice. Travis also shares how you can still pursue Financial Independence while paying down your student loans.

Packed with actionable advice, this is an episode NOT to be missed!

Links from the Show

May 28, 2018
21: How Losing 260 Pounds Spurred Job & Investing Success with Tony Gayden
01:13:59

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 parlayed the lessons and discipline he learned into successful debt reduction and finally starting to invest.

Today, Tony works at his dream job with no plans to quit, but uses his investments to protect himself should his circumstances change.

Links from the Show

May 21, 2018
20: The Simple Path to Wealth—Index Funds Explained with JL Collins
01:16:00

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

May 14, 2018
19: The Ultimate Real Estate Retirement Plan with Chad Carson
01:09:11

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

May 07, 2018
18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist
01:31:28

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 access those funds early.

But wait! The Mad Fientist made it his mission to figure out how to reduce his taxes—or eliminate them altogether AND avoid penalties.

In this episode of the BiggerPockets Money Podcast, the Mad Fientist shares 3 ways to access your retirement funds before the typical age of 59½. He breaks these concepts down so they’re easy to understand and put into practice.

This episode is a must-listen for anyone who’s thinking about retiring at any age.

Links from the Show

Apr 30, 2018
17: Building a Lean Business With (Almost) No Capital with Alan Donegan
01:08:34

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 follow this path, Alan got a job. Then another and another and another. He couldn’t find anything he wanted to do -  so he created his own job, teaching people how to create theirs.

Taking lessons from his father’s experiences, Alan teaches entrepreneurs how to start really  small and test the idea before jumping in with both feet. If you have an entrepreneurial itch, this is a can’t miss episode.

Links from the Show

 

Apr 23, 2018
16: Financial Security Through Passive Income with Joel Larsgaard
00:57:10

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 unfortunate event permanently altered Joel's view about money and shaped his entire future. This experience led him to pursue multiple passive income streams, so he never has to go through that again.

 

Links from the Show

Check the full show notes here.

Apr 16, 2018
15: The Pillars of FI, Pt. 2: Designing the Life You Want with Brad Barrett and Jonathan Mendonsa from Choose FI
00:47:06

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

Listen to the episode on BiggerPockets

 

Apr 09, 2018
14: The Pillars of FI: Designing the Life You Want with Brad Barrett and Jonathan Mendonsa from Choose FI
00:58:40

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 frugality and index fund investing, but we also touch on more advanced topics like tax optimization and travel hacking.

This episode went so long — and contained such fantastic information — that we simply could not squeeze it into a regular show. So we didn’t. We made it a two-part episode so we didn't miss a moment with Brad and Jonathan.

Links from the Show

Click here to check the full show notes.

Apr 02, 2018
13: Achieving FI Before 40 Despite Breaking Every Financial "Rule" with Tanja from Our Next Life
00:47:06

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.

Mar 26, 2018
12: How to Become an “Overnight” Success in 10 Short Years with David Greene
01:00:20

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, combined with a willingness to identify and serve the needs of others, took him from busboy at a restaurant to a college graduate with $95,000 in investable liquidity. After becoming a police officer, David Greene began building a real estate portfolio on a median income in one of the most expensive markets in the country—the Bay Area in California.

David’s approach of extraordinary frugality, discipline, adaptability, and competitiveness have launched a superstar career. If you want the same for yourself, be sure to listen to today’s show.

Links from the Show

Check the full show notes here.

Mar 19, 2018
11: Financial Freedom in Less Than Five Years with Joel from FI 180
01:12:26

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 important in life. In five short years, they went from a negative savings rate to saving 85% of their income, allowing Joel to quit a job that was making him miserable.

They did this by making regular changes to their spending, and cutting out the things that weren’t actually making them happy, alongside shedding poor “investments” they had previously accumulated, and sticking to a strategy of simple, long-term index fund investing.

This episode is for anyone who earns an upper-median income, yet feels stuck and unable to get ahead. Joel will show you how to make the tough changes that will ultimately lead to more happiness, more freedom, and a stronger financial position.

Links from the Show

Click here for full show notes.

Mar 12, 2018
10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames
01:03:33

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

Check the full show notes here.

Mar 05, 2018
9: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire
00:53:53

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!

Feb 26, 2018
8: From Financially Perfect to Rock Bottom (and back again) with Tiffany “The Budgetnista” Aliche
00:52:38

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

Full show notes here: https://www.biggerpockets.com/moneyshow08

Feb 19, 2018
7: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday
01:07:11

Mr. and Mrs. Waffles on Wednesday (WoW) were doing everything wrong. They ran up ridiculous tabs at a local restaurant/bar just ‘hanging out,’ while getting abysmal returns from their financial planner - and paying 1% for this terrible advice.

Disatisfaction with 5% returns while the market saw 25% returns spurred a Google search, which landed them on a website that told them exactly how to invest in the stock market (hint: Index Funds). This site also introduced them to the concept of early retirement.

Mr. WoW convinced Mrs. WoW to hop on the FI train with the lure of unlimited travel which led to a financial about-face and expense tracking, which led to the realization that they spent far too much money on things that didn’t matter.

Hear how Mrs. WoW’s self employment gave their FI journey a jumpstart through tax hacks like write-offs and business expenses.

This is an awesome episode!

Links from the Show

Check the full show notes here

Feb 12, 2018
6: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson
00:30:57

Are you tired of hearing success stories from folks who are earning $60,000, $80,000, or even $100,000 or more paying off debt and moving toward financial freedom? Where’s the inspiration for the folks out there that do not earn above average incomes? Look no further than today’s guest for that inspiration.

Sarah Wilson paid off $33,000 of student loan debt. Why is this a big deal? Because she did it while making less than $30,000 a year!

Not even considered a “living wage” in most places, Sarah was able to save more than most people in general EVERY YEAR for several years while she ferociously annihilated her debt. If you want some serious motivation to get out of debt and start building your net worth regardless of salary then this is the show for you. Fair warning: This approach is not for the faint of heart.

From the floor of FinCon 2017, we are excited to bring you, Sarah Wilson a.k.a. “YouTube’s Budget Girl.”

Links from the Show

Check the full show notes here: http://biggerpockets.com/moneyshow06

Feb 05, 2018
5: Jump Starting your Early FI Plans by Live-in Flipping with Mindy Jensen
00:50:19

Mindy was born in a small town, and then she moved and moved and moved. In fact, moving doesn’t phase her at all, which plays right into the core component of her investment strategy -- The Live-In-Flip. Mindy moves every two years to take advantage of the IRS gift of paying zero capital gains taxes on the sale of her primary residence (up to certain limits).

Mindy shares her wealth of experience with this process, both in a practical sense with DIY tips and tricks and smart financial analysis, and also shares the impacts that this process has on her family life.

Listen to this episode for a different twist on hacking your housing and discover how a family can use the Live-In-Flip to round out a financial plan capable of bringing about early financial independence.

Links from the Show

Jan 29, 2018
4: From Disorganized to Debt Free Through Budgeting and Routine with Rosemarie Groner
00:54:57

Rosemarie Groner was a State Trooper - a good, recession-proof job. Chronic disorganization led to more than $30,000 in consumer debt when she made the decision to quit her job to stay home with her first child.

In this episode of The BiggerPockets Money Podcast, Rosemarie shares how she cut $23,000 out of her spending, paid off her debt in less than 4 years, and grew her income to the point that her husband could also quit his day job.

Rosemarie gives you actionable tips for establishing routines that will help get you organized so you can focus your energy on your budget - not your day to day tasks.

Jan 22, 2018
3: Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners
00:51:48

As a mom of (then) two, Erin Chase found herself shopping for groceries without a plan, picking up things that sounded good, but no idea what she’d do with them once she got them home. They made their way into the refrigerator, then on to the trash after they rotted. She knew she had to significantly cut her grocery bill if she wanted to get ahead.

In this episode of The BiggerPockets Money Podcast, Erin shares how she cut her grocery bill in half - while adding two more kids to the mix. She gives actionable tips for significantly reducing your grocery bill - without clipping coupons!

Don’t miss this awesome episode with Erin!

Links from the Show

 

Jan 15, 2018
2: An All-Out Approach to Financial Independence at an Early Age with Scott Trench
01:00:49

Scott Trench wanted something more out of life, so he grabbed it by the horns and pointed it in the direction HE chose. By accumulating a large financial runway through a 50% savings rate on a median income, he gave himself the courage to take calculated risks, like “hacking” his first house and transitioning out of a nice, safe corporate job to work at a risky internet startup.

Scott talks about the benefits of a four-pronged approach to improving your finances, from achieving a high savings rate and increasing income to investing in traditional assets like real estate and stocks—and, of course, creating new assets and opportunities. What’s more, Scott believes this approach is repeatable for many others who have the discipline to begin the journey by achieving a high savings rate and the courage to use their growing financial resources to seize life’s opportunities as they present themselves. Listen up for an approach to life and money that may enable to you to retire decades earlier than your peers—with more money in your bank account, having perhaps had far more fun along the way.

Links from the Show

Jan 08, 2018
1: The Surprising (Scientific) Truth Behind What Makes You Successful with Mr. Money Mustache
01:00:43

On this first episode of the BiggerPockets Money Podcast, we speak with Mr. Money Mustache (AKA Pete) about what truly makes you a happy person. (Hint! It isn't money, and it isn't material possessions.) We'll talk about shifting your mindset to pursue financial freedom, how to live for free, tips for living a frugal life, and how to surround yourself with like-minded people. Since this is BiggerPockets, real estate comes up, too.  Don't miss this inspiring episode with one of the founders of the Financial Independence movement!

Jan 01, 2018