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BiggerPockets Money Podcast

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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.

205 Episodes
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There are a lot of excuses we hear from people as to why they can’t reach financial independence. They needed that new car, they needed that nicer apartment, they needed the expensive vacations. Often, this is what we hear from people making a high income, unlike today’s guest, non-profit worker Nate Forbes.Nate knew that he liked working jobs that tended to pay less, and with the support of his wife, he stayed at them. When his wife was ready to be a stay-at-home mom, Nate took a job with more pay but was by no means a high-income position. Even with Nate being the only breadwinner for the family, he and his wife were able to max out their retirement accounts, buy rental properties, and start doing BRRRRs.Since Nate was raised with strong frugality and not much of a consumer mindset, he’s used to living below his means, but his story of wealth accumulation is truly inspiring. From selling vintage clothing to living in a collective household, to hunting down an early 90s Honda Civic to get 50mpg on long commutes, Nate has done almost everything he can to live a life he loves all while reaching “coast” FI!In This Episode We CoverThe importance of early financial education for young childrenLiving below your means and striving to invest every year you canKeeping the job you love and finding ways to make more money on the sideMaxing out your Roth and other retirement accountsBRRRR investing and doing live-in flipsRealizing that life isn’t about math, and leverage may not be necessary for successAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterFuel EconomyDave RamseyMr. Money MustacheMad FientistCheck the full show notes here: https://www.biggerpockets.com/moneyshow197
Getting out of debt can be very empowering, which is exactly how Azar and Jeffrey felt when they paid off $83,000 of debt in under 3 years! They thought it may be the best time to start investing in real estate, but with a surprise baby on the way, they need to be sure they’re prioritizing stability over growth. Since they’re in such a great position, they should be able to do both!Azar works as a school nurse bringing in a respectable salary, while Jeffrey gets disability payments. Both have pensions and retirement accounts, but they want something more than just those retirement options. For them, real estate seems like the next step. They’ve taken out a HELOC (home equity line of credit) in order to buy their next property, but need advice on whether or not it’s a smart move to stockpile cash for the new baby or go ahead with the real estate purchase.In This Episode We CoverGetting yourself out of high consumer debt Refinancing so you can take advantage of far lower interest ratesHow much should you have in an emergency fund for a family of five?The potential benefits of paying off your primary residence before buying rentalsWhy HELOCs should be used for short term debt onlyAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterCheck the full show notes here: https://www.biggerpockets.com/moneyshow196
Student loans can often drag people into debt, especially when chasing more than one degree. But here’s an unusual story: Brenda Olmost, PhD student, nurse practitioner, and member of the FIRE community is graduating with NO debt. Amazing right? Brenda has worked her tail off over the past decade getting scholarships, living below her means, and working whenever she can so she graduates her program with no debt.Not only has Brenda done a fantastic job making extra income, she’s been investing on the side! She has a growing 401(k), a maxed out Roth IRA, and 2 rental properties. At 31, she’s in a phenomenal position to reach financial independence. Lucky for her, she loves her career, so even if she does hit her FI number, she’ll still be bringing in the dough to pursue more and more investment opportunities.If you want to hear more from Brenda, you can check out her podcast, Minority Millennial Money where she talks about budgeting, investing, saving, career, and relationships!In This Episode We CoverStaying off the hedonic treadmill and living below your meansPursuing high demand, high-income careersGetting scholarships and working on the side to pay for schoolWhy you SHOULDN’T buy that new car you wantHitting “Coast FI” in your early 30sUsing your extra income to invest, buy rental properties, and saveAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterBiggerPockets Money Podcast 169BiggerPockets Money Podcast 81BiggerPockets Money Podcast 24Check the full show notes here: https://www.biggerpockets.com/moneyshow195
It’s a common concern among many Americans on whether or not they can retire on a timeline they feel comfortable with. In this episode, we talk to Deb, who’s having some of those same concerns. She has over $100,000 in assets (not including the house) and wants to be sure that she can provide a great life for her children all while saving more and more for retirement.Deb has read so many money and financial independence forums about mid twenty year olds with six-figure incomes and five-figure savings per month. Many people read about these stories and feel like they can’t compare, but if you’re in Deb’s situation, you’re already doing well with retirement savings! It can be dangerous to compare your journey to others who’s backstory you don’t know. That’s why we encourage everyone to save, invest, and spend at a rate that works for their goals!In This Episode We CoverFinding side-income sources and business that will help you with retirement savingsKeeping an expense tracker and budget so you know exactly what you’re spendingHaving a sizeable emergency fund so you’re never in a bad positionGiving every dollar a purpose in your budgetSetting up your children with Roth IRAs so they can start investing soonerAnd So Much More!
Part of the mission of the BiggerPockets Money Show is to share journeys from all walks of life. Our guests show that no matter where you’re at, you can reach financial freedom and enjoy your life on your terms. Today’s guest, T Christopher Colton, is a shining example of pulling yourself out of the depths and into the light.Chris never liked school, and was spanked all throughout elementary and middle school for failing to pay attention in class. He was told he needed to go to college, but didn’t have the passion for higher learning that other classmates did. He ran away from home multiple times, ended up being homeless, and addicted to drugs. He had stints as a car salesman, before going into carpentry.With the help of his wife, Chris was able to get off the streets and live a stable life with his full time income. But, he wanted more. He became an electrician apprentice and started doing side work to help pay off the $100,000+ debt he had accumulated. Thankfully, he found out about financial independence through Dave Ramsey, putting him on a path to reject consumer debt, go hard on retirement accounts, and bring in more income.In This Episode We CoverThe financial danger of buying a new car, and the costs that come with itSelling everything to get out of debt fastMoving states and reducing costs of living dramatically401(k)s, IRAs, and Roth IRAs for retirementStarting a side business and having your W2 pay for your everyday expensesGetting your children on a path to success with early financial independenceAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterWECA ApprenticeshipCarMaxThe Ramsey ShowCheck the full show notes here: https://www.biggerpockets.com/moneyshow193
In many of our lives, we make a decent salary, we try to save and invest, but we still feel bogged down by debt. How is it possible to feel “broke” while making a great salary? That is the question that Tiara, today’s guest, is asking. Tiara works as a park ranger in Texas, but wants to take a break in the next few years to go on a big travelling holiday.This is a great idea! She’s worked very hard, managed to get some assets under her name, and needs a break. But before she can go out and explore the world, she needs to take care of some high-interest credit card debt eating away at her bank account and her financial sanity. Tiara is also sitting on a rental property that has appreciated since she bought it. This rental property used to be her primary residence, so she still has some emotional ties to it, but with her current needs growing greater than her need to hang on to a negative cash-flowing rental, it may be time to sell the house. 
Many of us have had the benefit of growing up in households where our parents taught us about money, saving, and investing. Angela Rozmyn was raised in one of these households, and when she wanted something like a bunk bed, her parents got her to work so she could split the cost of it. Clearly this has helped her even to this day as she pursues financial independence and runs the Facebook Group “Women’s Personal Finance (Women On Fire)”.Before she was on her financially independent journey, she had to get rid of her student debt. She did so by working two jobs before getting into a full-time position and paying off small amounts of the loan as quickly as possible. She paid off $24,000 in student loans in less than 4 years, a huge accomplishment! One of the biggest factors that pushed her to pay off her loan so early was when she calculated how much she was paying in interest on a daily basis. This lit a fire under her to become debt-free.Now, Angela writes on her own blog Tread Lightly, Retire Early where she shares her money journey, mistakes, and tricks to hitting financial freedom. Angela prides herself on having such a strong community and blog position in a niche that tends to be led mostly by men.In This Episode We CoverInstilling a money mentality in children at a young agePaying off your student loans as fast as you canHaving separate accounts when married/in a long-term relationship Maxing out your IRAs and doing as much as you can for your future selfHouse-hacking and finding a roommate that benefits your lifeAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterThe Millionaire EducatorOne Frugal GirlStudent Loan CalculatorRetire by 40BiggerPockets Money Podcast 161 with Mad FientistBiggerPockets Money Podcast 187 with Tiffany AlicheBiggerPockets Money Podcast 124 with Millionaire EducatorBiggerPockets Money Podcast 13 with TanjaCheck the full show notes here: https://www.biggerpockets.com/moneyshow191
Side businesses can be a fantastic way to boost your savings and investing rates, especially if you’re making a low salary! Rachael works in the insurance industry and is keen on getting a promotion soon, due to her recently acquired license. She loves her work and wants to stay with her company as long as she can, but she also wants to increase her income so she can save more for her retirement, her college funds, and pay off some student debt.Rachael has always been an artist and uses this talent to grow her small businesses. She hosts “painting parties” where she leads a group of people through painting a beautiful picture. She also has some designs that she sells over printing websites so people can buy them as mugs, mousepads, tee-shirts, and more.She does have a few things to cut out of her life, such as a very expensive mobile phone bill for her and her sons, as well as a love for eating out. Mindy and Scott’s advice is to start tracking expenses as soon as possible and get rid of her delivery app membership right away!In This Episode We CoverWhy side-income streams are so important when building wealthCombining or keeping finances separate when in a marriageWhy you shouldn’t liquidate your retirement savings before a divorceCutting down eating out and making it easier to eat at homeSaving on mobile service by going with a prepaid serviceAnd So Much More!
Getting a finance degree doesn’t make you a great investor or saver, that’s what Teri Slater, personal finance coach found to be true after completing her degree. From a relatively early stage, Teri had already racked up student loan debt, a car loan, and credit card debt. She pulled herself out of debt and felt accomplished, but after she got married and bought her first house, she found herself back in debt. About $200k in debt!Teri and her (then) husband had high incomes, a nice home, children, and a couple of dogs. From the outside, it looked like they were doing phenomenally, but inside the home, Teri and her husband were barely scraping by with enough money to pay the mortgage every month. They had credit card debt, a car loan, a truck loan, business loans, and a HELOC (home equity line of credit) against the house. They were completely surrounded by debt. They decided to attend Financial Peace University sessions and take the baby steps to get out of debt. Teri still felt embarrassed at the end of the meetings and was hesitant to disclose how they were doing financially. It took her and her husband years to get out of hundreds of thousands in debt, but as of 2018, Teri is debt free! Now she puts a generous amount towards her after-tax and pre-tax retirement accounts, and helps teach others how they too can be on a path to financial freedom.Teri knows first hand how hard it can be to talk through financial situations with your partner. She goes through some tactics to get your partner on the same page as you and create clear goals, all without revenge spending! In This Episode We CoverStaying out of debt when you go to college Diagnosing the behavioral issues around debt Getting out of debt and staying out of debt Keeping up the momentum when you’re paying off large amounts of debt How to stop “revenge spending” when you feel it coming onAnd So Much More!Check the full show notes here: https://www.biggerpockets.com/moneyshow189
Being strapped with student debt isn’t easy. It creates a whole new obstacle to hitting financial freedom, but it can be mitigated. So does it make sense to invest on the side and pay the regular monthly payments on student debt, or go all-in and pay off huge chunks of student debt at once? Today’s guest, Robyn, has this exact question (which many of you may have as well). Robyn lives in the Bay Area, one of the most notoriously expensive housing markets on the planet. That being said, she is paying very low rent, under $700 a month, split with her partner. Robyn has student loans and a small car loan, but wants to go back to school to get her master’s degree so she can hit her career goals. There would be a pay raise after she got her master’s and she loves her job, so she’s keen on staying in her sector for awhile.Scott and Mindy go through a few examples where it may be best for Robyn to go more heavy on investing, instead of paying off the student loan aggressively. This is especially true now that the government has given the option of 0% interest payments on student loans for many students (including Robyn) until at least the last quarter of 2021. So what makes more sense, get rid of debt or go in on investing?In This Episode We CoverKeeping a large savings rate every month for unexpected expenses Finishing school faster so you walk away with less debtKnowing your student loan and other debt interest rates Weighing investing against paying off student loans quicker Having a side-income so you can maximize saving whenever possibleAnd So Much More!
Tiffany Aliche is back for her third appearance on the BiggerPockets Money Show! We’ve talked to her about how to teach your children about money and climbing out from financial rock bottom, now we talk to her about making millions!If you haven’t heard from Tiffany before, we’ll catch you up on her backstory. Tiffany was doing well with money up until her mid-twenties, then she hit a few snags, and even got scammed out of $35,000 from who she calls “Jack the Thief”. She was living with her parents in her thirties and had a lower net worth at thirty than she did a sixteen. This is what she refers to as hitting her financial rock bottom.Thankfully, she had some friends who helped pull her out of her financial shame. She then went on to work hard, started putting away money in savings and investments, and now she’s running businesses making 7-figures, every month! That is no small accomplishment, but Tiffany doesn’t want to go small, she wants to go BIG! Big retirement accounts, big businesses, and big dreams!Tiffany’s current goal is to hit $10,000,000 in retirement savings by fifty, but thinks she may be able to do so before she turns forty-five. This is all accomplished through creating big visions, setting the pace for the rest of her financial life, prioritizing tasks in her life, and farming out her profitable skill sets. Tiffany’s friends say that everything she touches turns to gold, but Tiffany says “I only touch gold!” You can get Tiffany’s new book Get Good with Money today!  In This Episode We CoverGoing from financial disaster to ‘Budgetnista’ in a few yearsEmbracing your humble beginnings and thinking of them as preparation for bigger thingsFarming your profitable skill sets where obvious and latent skills are foundPrioritizing your daily tasks and your life as a wholeInvesting your wealth AND retirementAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterCheck the full show notes here: https://www.biggerpockets.com/moneyshow187
Today we talk to Sammie, a physician assistant out of the San Francisco Bay Area. Sammie makes a great income, around $140,000 a year, but is strapped with a very big $160,000 student loan debt. The good news? She’s eligible for public service loan forgiveness within only a few years, all she needs to do is continue paying her loan payments while keeping her job, and the debt will be wiped away!This is fantastic for Sammie, because she wants to start investing more into assets so she can hit financial independence within the next decade.This should be more than possible seeing as she used to be spending a lot on her rent in San Francisco, but decided to move back home with her parents two years ago to not only help them, but save money.Sammie has some options to work more hours at her job, invest more aggressively, or buy some rental properties. She has a good amount in cash savings and would be comfortable looking into rentals starting next year. She also has a $200,000+ investment portfolio, so not only does she have a positive net worth, when her student loans get forgiven, she’ll be sitting on a lot of money she’ll be able to play with!In This Episode We CoverPublic service loan forgiveness for student loansMoving back home in order to save money on rent Creating more streams of income to hit FI faster and so you can retire more comfortablyChoosing to stay at your job even if you’ve hit your FI number Investing in your 401(k), Roth IRA, and Traditional IRAKeeping monthly expenses as low as possible on your road to retirementAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterBiggerPockets Money Podcast 22 with Travis HornsbyStatus Post Adulting PodcastReal Estate Agent DirectoryBiggerPockets Money Podcast 118BiggerPockets Money Podcast 84 with Kyle MastBiggerPockets Membership Benefits & CostBiggerPockets BookstoreCheck the full show notes here: https://www.biggerpockets.com/moneyshow186
Barbara Friedburg wasn’t always the savvy investor and saver that many people know her as, but her background helped get her there. Born to parents of the great depression, Barbara had the traits of frugality and modesty instilled into her from a young age. Money was an open subject of discussion in Barbara’s household, unlike most households today. Her parents taught her to value money, not waste it, and be smart when you spend.Barbara’s innate financial intelligence was clearly shown when she met her husband. Within two weeks of them getting together, Barbara had already taken over her future husband’s finances and got his money into a retirement account. This led to them having a very financially healthy relationship, never spending more than they needed to, and putting a substantial amount of their income into savings and 401(k) accounts.Barbara then went on to become a financial planner, investor, consultant, and author. In a time where the market is so overvalued, she advises young people to be smart with their income and understand that wealth is built in the long-term, not through quick gambles. Save your money, invest it consistently, and get off the hedonic treadmill. “Don’t covet your neighbor’s BMW” is what she told us!Barbara also gives us an inside look into her current investments, and why she heavily favors passive index funds over single stock picks. She goes into short, medium, and long-term money, and the uses for each. For young people who haven’t gotten a grip on finances yet, this is a great episode to hear from someone who has done it successfully for decades!In This Episode We Cover Making sure that money is a topic often discussed in your family Knowing the value of money and fighting back the urge to spend frivolouslySaving a large amount of your income whenever possibleWhy Barbara doesn’t believe the FIRE Movement is attainable by mostWhy You HAVE to be diversified in order to succeedWhat to do with your short, medium, and long-term moneyAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterHacking Hedonic Adaptation to Get Way More For Your MoneyFree Investing Resources Check the full show notes here: https://www.biggerpockets.com/moneyshow185
Saving up for financial independence can take some time, but if you’re earning a high salary, keeping your exSaving up for financial independence can take some time, but if you’re earning a high salary, keeping your expenses low, and heavily investing, FI can come quicker than you think. Today, we talk to Kristine, an estimator in the mechanical engineering and plumbing industry. Kristine and her fiancé make a sizable amount of money. Even better, they spend very little for their income bracket and invest in long-term index funds.Kristine and her husband are thrifty, they pay only $600 a month to rent a room in a house and are just now about to purchase their first home. They’re putting 20% as a down payment and are ready for a large shift in disposable income. They’re also planning on having kids in the future, and want to be sure they can retire on their terms so they can spend time with their children.Originally Kristine wanted about $3.1 million dollars in assets to hit a $100,000+ per year withdrawal allowance (using the 4% rule), but Scott and Mindy argue that this could be more aggressive than needed. Kristine may be over-budgeting for future children and other expenses, without realizing that her sizable amount of assets could compound quicker than she thinks. Will Kristine be able to retire far earlier than she plans? Listen to find out!In This Episode We CoverHow having a high income can put you on the fast rack to FIKeeping your housing expenses low especially when you’re making a lot of moneyPutting money into bonds as opposed to high-yield savings accounts Being on the same page (financially) as your partner and having regular money datesHaving future expenses budgeted so you can have an accurate retirement goalAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingHow I Used Real Estate to Pay for My Newborn Daughter’s College EducationCheck the full show notes here: https://www.biggerpockets.com/moneyshow184
Those who are part of the FI or FIRE movement know how important it is to set yourself up on the right path in your youth. For parents, how do you get your kids excited about pursuing financial freedom? How do you talk to your kids about taxes, retirement accounts, saving, investing, and real estate without them falling asleep?This was Rob Phelan’s question when he started working to build the Choose FI Foundation. The foundation’s goal is simple: help kids achieve financial literacy before they leave high school, let them break free from debt, build towards retirement, and live happier, more secure lives. Contrary to many parent’s beliefs, when children are presented with education regarding them becoming rich, they actually perk up.Rob stresses that a child’s relationship with money is more important than things like amortization schedules and interest rates. Different age groups learn about money in different ways. For example, elementary school children may learn through broad concepts and simple planning, middle school children are ready to learn about retirement and taxes, and high school children can ask the big questions like “what will make me a successful adult?” as well as developing saving and spending habits.Rob created different programs and projects such as his “meal planning” project where he asks kids to plan a week's worth of meals and compare their incomes against their expenses. He talks to high school students about house-hacking and creating cash flow so they aren’t stuck in a job they hate. He also runs The Simple Startup, where he teaches children how to start their own business for free!If you’re a parent or teacher, you can access the Choose Fi Foundation’s full curriculum for free, and get your kids onto a great start!In This Episode We CoverWhy Rob chose to focus on financial literacy for children The importance of solidifying crucial financial concepts in childrenHow to help your children develop good saving and spending habits Which topics work best for specific ages Using the “Bank of Dad” idea to teach kids about savingMotivating high school students to reach financial freedom early in lifeAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingChooseFI PodcastFree resource for parents, 102 Business Ideas for Young EntrepreneursCheck the full show notes here: http://biggerpockets.com/moneyshow183
Mindy and Scott don’t often get stumped on the Money Show, but it happens once in a great while. What do you do when you have a multi-million dollar net worth, appreciating properties, a maxed out 401(k), and a solid safety reserve? That’s exactly the question that today’s guest, Mike, has. Mike has worked in the music industry for years, moving all around the US to do his job. As technology has evolved, Mike is predicting an end to his specific role over the next decade, and is wondering what he should do next. He doesn’t have a lot of interest in starting a business or buying more real estate, but wants to squeeze out more money or savings if he can.He has rental properties that have highly appreciated, but are having cash flow problems due to COVID-19. One, located in San Francisco, has netted close to $700k in equity since its purchase 12 years ago. That’s massive! Mindy and Scott go through Mike’s options, such as selling and putting the leftover profit into cash-flowing assets, or 1031 exchanging into a more diverse real estate investment.Mike is one of the best examples of smart investing we’ve seen on the show, but there’s always more room for improvement with finances!In This Episode We CoverWhat to do after a real estate investment has grown significantly in equity HOA fees and being prepared for a large cost when owning a condoLooking forward in your career to see when your industry may go through changes1031 exchanges and using them to get more cash flowKeeping your expenses low even if you make a substantial amount of moneyAnd So Much More!
You may hear of 20 year olds with $1,000,000 in real estate, or a novice flipper doing 50 flips a year, or even a wholesaler who made six figures on one deal. What about the everyday investor who slowly grinds and acquires a steady stream of passive income all while building hundreds of thousands in equity overtime? Those are the real people in real estate, and that is a success story worth sharing.Julie, software engineer and former BiggerPockets employee bought her first house after realizing that a mortgage would be cheaper than her rent. After getting together with her (then) boyfriend, they decided to buy a bigger house. As her first house sat on the market, she waited for an offer, and then made the decision to rent it out. A few months after buying her second home, she broke up with her boyfriend. Problem? They were both on the title and mortgage. Julie had enough money in her cash reserve to buy him out of the property. Now the property was all Julie’s and she rented out a room to help her pay off the mortgage.Now Julie has 7 properties, spread out across Iowa, Tennessee, and Kentucky. All with very interesting stories, and all pay her passive income, every month. Julie is proof that with some financial restraint, you can slowly build a real estate empire, without even trying to do so in the first place!In This Episode We CoverWhen you should own and when you should rent a houseThe dangers of buying a house with someone who may not be in your futureWhy you should borrow less than you’re approved forThe importance of keeping a substantial cash reserve available for investments Never rent to someone who has no credit, no references, and no jobDiving into real estate, even if you don’t know all the tips and tricks yetAnd So Much More!
What do you do once you’ve hit millionaire status? You have rental properties, brokerage accounts, and a good amount of cash on hand, so what’s next? This is the question that today’s guest, Brian Blask, has. Brian has done everything right so far: he doesn’t spend frivolously, he invests heavily, he isn’t overleveraged in his rental properties, and he has a high income.Often when you reach such a high point of financial intelligence, you want to make bigger investments for bigger returns. Brian is debating whether or not he should buy more rentals in the cash flowing market of upstate New York, or buy a short-term rental in his new home state of North Carolina. Both markets are different, while one favors cash flow, the other favors appreciation. Brian is also debating whether or not he should take a truly passive role and invest in real estate syndication deals.Many people don’t know that to become an accredited investor you (often) need to have a net worth of $1,000,000. This is why Brian is debating whether or not he should put money into syndications. Although they can be more hands off, it’s incredibly important to do your homework and look at the track record of a syndication before diving in. With the liquid assets that Brian has on hand, he has a number of great options to follow up with. Keep the cash flow in New York even with little appreciation, try his shot at an AirBnb in North Carolina that could both cash flow and appreciate, or have more time with his new baby on the way and put money into a syndication. What should he do? Listen to find out!In This Episode We CoverHow real estate helped Brian keep his income higher than his expenses How much of a safety reserve should you have for your rental portfolio?When (and when not) to put more money into you tax-advantaged retirement accountsSetting up separate reserves for your rentals and your personal lifeHow to evaluate whether or not a syndication will bring back promised returns Cash flowing markets vs appreciation markets And So Much More!
Being in the military opens you up to an array of benefits for a financially abundant life. You have access to VA loans, a tax-free housing allowance, and a pension (if you stick around long enough). That’s why it’s of the utmost importance to start saving and investing while you’re young and in the military. But, that wasn’t exactly what David Pere (From Military to Millionaire) did when he was first enlisted. David grew up with frugal parents, who never splurged on much. So when he joined the Marine Corps in 2008, he was ready to catch up on the spending he never was able to do. As he describes it, he spent his first salary on “a truck, tattoos, and drinking”. Not the best way to set yourself up for financial freedom! It wasn’t until a few years later when a friend gave him a copy of Rich Dad Poor Dad that David discovered he could be doing A LOT more with his money. He bought a duplex with an FHA loan for $81,000 and house hacked it so his tenants were paying a majority of the mortgage. When he was shipped off for duty, he ended up leasing out the other side of the duplex and cash flowing an extra $300 per month. He then went on to buy a 10-unit with just 5% down and also got in on a small syndication in South Carolina. Everything was looking good, until David decided to partner up on a 40 unit, mixed-use building with a sizable amount of leverage. Some things happened and the deal turned sour, now David is in a legal battle to get his money out of the deal. Even with this massive deal not going through, David pushes the importance of scaling, but not too fast. Scaling to an amount where you aren’t overleveraged but at the same time pushing yourself to accomplish more is the sweet spot!In This Episode We CoverThe financial benefits that service members have Why you should max out your non-taxable retirement accounts whenever possibleUsing FHA loans to buy multifamily properties with very little down payment The “mentality shift” that comes with buying a large propertyHow to evaluate whether or not a deal is worth the effort Choosing cash flow over unit numbers to hit financial independence And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingBiggerPockets Money Podcast 156 with Rich CareyFinConCheck the full show notes here: https://www.biggerpockets.com/moneyshow179
Last time we talked to Sarah, AKA Budget Girl, she was on Episode 6 of the Money Show. If you haven’t listened to that episode, here’s a quick recap. Sarah was $33,000 in debt from student loans, but she was able to pay it off while making less than $30,000 year! For most people, this would have taken decades to pay off, but Sarah was able to crush her debt in only a few years!Now it’s time to check in on Sarah, and see what she’s been doing since clearing herself from debt. Currently, Sarah has a net worth of over $100,000, she took some advice from the BiggerPockets community and bought a duplex to house hack! She purchased the duplex within the “path of progress” around Texas A&M University. She’s seen some solid appreciation over the past 10 months and cash flows a small amount off the property. She’s not only living for free, she’s getting paid to live in her own property!Sarah has also hoarded a serious sum of cash and investments sitting on the side. She has retirement accounts, brokerage accounts, and a large surplus of cash that is slowly building so she can buy her next property. Sarah is able to do this by keeping her expenses very low, while making money from her full-time job and her side hustle as Budget Girl. She proved that even with a low income, you can get out of debt and hit financial milestones!In This Episode We CoverGetting out of debt fast, even with low incomeCreating multiple streams of income so you can save and invest heavilyBuying properties within the “path of progress”House hacking to live for free (or getting paid to live)TSPs, Roth IRAs, and other retirement accountsKeeping your spending conservative so you can go all in on investmentsAnd So Much More!Check the full show notes here: https://www.biggerpockets.com/moneyshow178
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Comments (42)

sub60

This guest was all over the place. Really hard to follow.

May 16th
Reply

Steven Becker

MINDY IS THE ABSOLUTE WORST!!! this podcast gets great guests with awesome stories, however, you never get to hear them talk because mindy is ALWAYS talking about herself and forcing her opinions on everyone else. a common phrase from her is "I'm right, dont listen to anyone else or yourself or look at the numbers of a deal, im right" Mindy Jensen is single handedly ruining an otherwise great show. Bigger Pockets, can you get a new host please?

Apr 11th
Reply

Kevin Grimes

Great Podcast. A couple things not discussed or maybe I missed them. 1) Higher 401k contributions for tax purposes 2) HSA 3) Roth coversion ladder which allows you to access money way before retirement age. This is a key to maxing out your retirement accounts.

Mar 25th
Reply

Ivan Terrero

covered calls Mindy......

Jan 23rd
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Ivan Terrero

Very relatable

Dec 8th
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Ivan Terrero

Very inspiring

Nov 23rd
Reply

Ivan Terrero

Scott didn't ask him what was his favorite joke to tell at parties

Nov 5th
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Matthew McKibben

the fact that this man graduated without student debt and has still gone on to helping people pay off over a billion dollars in student loan debt shows something. it's cool to me how people can make a business out of helping people. It's one of the reasons I love the FI community. I'm excited to get to the point that I can help more and more people better their lives.

Oct 10th
Reply

Matthew McKibben

I need to listen to this episode at lease 4 times. on the really good ones I try to listen twice and then twice sitting down taking notes and this is for sure the one I'm going to do that with

Aug 21st
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Matthew McKibben

I love the show. I've been listening to BP the original for years now and in some ways I like this one almost more. its diverse and always goes over stuff that's really helpful with how to live and grow your wealth.

Jul 8th
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Matthew McKibben

I am for sure going to start doing this. I can cut but I suck at grocery shopping and a lot of my food goes to waste. I've wanted to start meal planning and I'm going to check out Erin's website and really start doing what I need to cut my spending in this area.

Jul 8th
Reply

heather lakes

how exactly is he the right person to give advice on this topic??? he didn't have student loan debt...

Jan 5th
Reply

Jawad Rasul

I am curious to know the answer that Scott asked. What were the 20 cities and what data points was she looking at?

Dec 2nd
Reply

Jason Leonard

climate change.... really?

Nov 22nd
Reply (2)

Megan Buchheit

a

Jun 18th
Reply

Steve Diahy

Make 90k thats the fastest path

Jun 17th
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D Lewis

Incredible!! Thank you for this episode. Paradigm shift for me when thinking of working smarter not just harder.

Jun 5th
Reply

Steve Diahy

she was recently on 2 other podcasts

May 30th
Reply

Scott Bramlett

Liberty Shares is what you are looking for.

May 6th
Reply

axman313

Doug Nordman, David pear

Apr 16th
Reply
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