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Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it could be the thing that secretly saves your marriage. The everyday American knows very little about the prenuptial agreement and has gotten most of their information from movies, reality TV shows, and hearsay from friends and relatives. We wanted to know the truth about prenups, so we invited attorney Aaron Thomas on the podcast.Aaron Thomas has a wide range of experience in family law, divorce law, and anything that comes from legally joining (or separating) a couple. He knows how difficult divorce cases can be and saw the same mistakes repeated by couples. The lack of communication over finances, minimal planning (if any at all), and wishful thinking led to more and more couples seeking separation shortly after marriage.Now, Aaron and his team work with couples to form strong prenuptial and postnuptial agreements so that they have a rock-solid financial foundation to stand on when dealing with the daily joys and struggles of marriage. Aaron argues that the prenup may be the most important step in mitigating a divorce and that the protection of a prenup goes far beyond wealth. If you never thought about getting a prenup or postnup before, you definitely will after this episode!In This Episode We CoverPrenuptial and postnuptial agreements explained and what they protectAdded stipulations in a prenup that most couples don’t know aboutThe optimal way to combine finances as a couple and how to split uneven paychecksHow to bring up a prenup or postnup to a partner who’s feeling averse to oneThe cost of divorce vs. a prenup and why you DON’T want to leave a legal separation up to state lawsWhich couples shouldn’t look into signing a prenuptial or postnuptial agreementAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetATL Aaron Thomas LawBiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin LowryPrenups.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a far less known type of middle-class trap, the type that keeps your wealth growing but limits the amount of “freedom” you feel in the process. Oftentimes, savers can find themselves in a position with a big cash surplus but hold tight to it to feel “safe” instead of feeling flexible.Today’s guest, April, falls into this category. She’s done a phenomenal job at building a millionaire life, keeping large cash savings, and diligently investing in retirement accounts. She’s in a favorable position, but it’s not the position she wants to stay in. April wants to feel a true sense of financial flexibility, with the option to leave her job or decrease the amount of time she spends working. But, to do this, she’ll have to confront her limited “cash scarcity” mindset and chase other investing options.Scott and Mindy guide April on exactly how to do this, walking through various types of investment options that she (and you at home) can use to maximize a lifestyle for freedom, not just wealth. Even a financial powerhouse like Mindy struggles with these same issues, and you might too once you hit millionaire status!In This Episode We CoverWhether or not you’re overinvesting in retirement accounts (and how to find out if you are)Converting from a scarcity mindset to money abundant mindset to truly take worthwhile risksInvesting in passive income streams like rental properties, syndications, and dividend stocksHow much to keep in your cash position and when to start investing your excess capitalHELOCs (home equity lines of credit) and how they can combat a low-cash positionWhether or not to pay off your mortgage early (or your car loan!)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetBiggerPockets Money Podcast 243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, TogetherBiggerPockets Money Podcast 260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad FientistSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Budget meals, cheap eats, and deliciously discounted recipes are all in this episode of the BiggerPockets Money Podcast. As many of you financial freedom chasers know, one of the biggest monthly expenses on your budget tends to be food costs. Whether that be going out or grocery shopping to feed yourself, your spouse, your kids, and anyone else in your family— eating well isn’t cheap…or so most people think.Beth Moncel is here to tell you that the preconceived notion of good food = expensive food, isn’t exactly right. Beth started her blog, Budget Bytes, over a decade ago during the great recession, when many families struggled to put food on the table. With a degree in nutrition, Beth knew that she could scientifically design recipes that not only filled up her family but helped her do so on a budget.If you’re constantly going over your food budget, this is the episode to listen to. Beth gives a masterclass on food budget savers vs. sinkers, pantry staples and go-to recipes, meal planning, eating out, and whether or not you should shop on an empty stomach. Prepare to upgrade your dinner time while keeping more cash in your pocket!In This Episode We CoverCommon mistakes budgeters make when trying to plan weekly meals The biggest budget busters you’ll find in your local grocery store and what to buy insteadBeth’s go-to recipes that also act as pantry clean-out meals for less food wasteMeal planning and how to start with simple, filling recipes you won’t get tired ofShopping without coupons and why the best ingredients are often the cheapestCalculating the exact cost of your meals and tweaking recipes for frugal shoppersAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetBiggerPockets Money Podcast 251 with Preston CooperFlipp.com WebsiteBudgetBytes.comConnect with DavidSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Stock market crashes aren’t common, but when they happen, they often catch you by surprise. Thankfully, we’re not in the middle of a stock market crash, but this current correction or “dip” we’re riding has got some early retirement and FIRE chasers feeling a little anxious. Carl and Mindy Jensen, real estate and index fund investors, have seen a twenty-five percent drop in their portfolio just over the past six months alone. What effect does that have on their future financial plans?Welcome back to this month’s episode of Carl and Mindy’s Spending Summary, where we finally get to see an under budget month! Thanks to some family frugality, Carl and Mindy were able to shop pretty light this April, even while going over budget on some essentials like groceries and medical expenses. This may be the last under budget month for a bit as some upcoming trips may prop up their expenses as we roll into summer.Carl and Mindy have also been keeping an eye on the stock market and how its performance is affecting their portfolio and future retirement plans. When Carl decided to step away from work five years ago, he had the tailwinds of a strong stock market at his back. But, with recent drops in stock valuation, it begs the question: would Carl still be able to retire early if the market conditions mirrored today?In This Episode We CoverThe budgeting and expense tracking “slog” that helps you spend less and keep more Expensive summer trips and how to account for future travel in your monthly budgetThe Nasdaq’s rough month and what to do when stock indexes start to fallThe 4% rule and how rough market conditions could hurt your early retirement plansWhether or not you should still retire during a market crash/correction And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and BudgetHear Our Interview with 4% Rule Creator, Bill BengenMichael Kitces’ Interview on FIRE and the 4% RuleThe “Mile High FI” Podcast1,500 Days to FreedomConnect with Carl on BiggerPocketsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The idea of college comes with a lot of questions—but there is one question that isn't usually asked: is college worth the cost? Most would say yes, but the honest answer is sometimes. Today’s guest, Robert Farrington, the College Investor, answers college questions in a detailed manner to help you make profitable decisions on your higher education choices.Robert goes over how to look at college as a business decision rather than a necessity. A deciding factor in any college decision should be profitability. Is going to college going to make you more valuable in your field? Will the salary you make post-grad outweigh the student loans you took out? What financial resources are available to you to minimize debt and out-of-pocket expenses? How can you leave college debt-free? When you start asking the right questions, each decision gets easier. And in today’s episode, Robert gives you the right questions to ask. He also goes over different ways to pay for college, including FAFSA, grants, and scholarships, and how each of them work. College requires a lot of informed choices, and this episode contains the knowledge to equip you to make those choices. In This Episode We CoverLooking at college as a business decision and determining whether a college education is financially worth it for you (or your child) How to finance college through loans, grants, financial aid, and scholarships 529 plans explained and why it's an ideal way to save for college Saving yourself by using the “Yes Model” to save for college FAFSA vs. scholarships and how to apply for both Cutting your college expenses in half with government-sponsored programs And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and BudgetHere's What I Wish Someone Told Me Before I Racked Up $180,000 In Student Loan DebtHow To Pay For CollegeHow To Save For CollegeUltimate Guide To Military And VA Education BenefitsTaxable ScholarshipsCheck the full show notes here: https://www.biggerpockets.com/blog/money-297See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Everyone has experienced negative cash flow. If you have a troublesome rental property, you may experience negative cash flow. If you have a low income but an appetite for expensive eateries, you may also experience negative cash flow. But, more common than most, if you’re in the early stages of building your small business, negative cash flow may be a harsh but hard to mitigate reality. Chris is feeling the sting of sinking purse strings every month. At the start of 2020, Chris left his old job as an engineer to start working for himself. He hired a couple of employees and started taking on more and more work. But, he’s spending too much time training his junior engineers and not enough time locking down high-value contracts, leaving him in the red every month. Surprisingly, more business owners face this problem than you would think. Scott puts on his CEO hat to dive deep into the finances of Chris’ business and gives some challenging, yet reasonable, advice on how he can immediately improve his financial situation. With suggestions from both Mindy and Scott, Chris may have a better picture of how he can go from cash flow negative to very comfortable with highly positive cash flow in the near future. You may not be in Chris’ position now, but if you ever plan on starting a business, or have already, this episode is a MUST. In This Episode We CoverCash savings and why it’s always important to keep a strong safety reserve (especially as a business owner) How to break down your negative cash flow situation to find the most costly expenses Starting a business vs. continuing to work at a job and why entrepreneurs should be prepared for risk (and loss)How to establish whether or not an employee truly brings value to your company KPIs, goals, and getting on the same page with your team and employeesExecutive assistants and why high per-hour earners may need them the most And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget6 Steps to Improve Your Financial Situation15 Things Every Newbie Needs to Know About Starting a BusinessHow to Know When to Hire Your First Employee10 Challenges to Seriously Consider BEFORE Quitting Your Day JobCheck the full show notes here: https://www.biggerpockets.com/blog/money-296See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Early retirement was a goal for today’s guest, Antoinette Munroe, the moment she started making money. Her money journey started in second grade when she sold her Halloween candy for extra cash. By high school, she graduated to selling a wide variety of different things and even started her own distribution network with her cousins at their respective schools. By the time she got to college, her main focus was staying out of trouble, avoiding debt and saving. It wasn’t until her last semester of grad school that she had to take out loans. After graduation, her priorities shifted, and she got a job to pay off her debt. Starting with her first check at her new job, she laid out her budget ABCs. Her ABCs follow a simple principle; automation, balance, and consistency. And after two years, she paid off her $27,000 debt! In 2015 she decided to start looking for a home, and by the end of 2015, she purchased one. She did a complete rehab on the house while also adding an addition in hopes of getting rid of her expenses to achieve her ultimate goal of not having to work. She put the finished addition on Airbnb, and it now cash flows and pays her expenses. After she realizing the power of real estate investing to build net worth and generate wealth, she did this three more times and now owns four cash-flowing properties. She is now retired and lives the free life of leisure she always envisioned for herself. In This Episode We CoverThe importance of saving money and the freedom that comes with it How to make an efficient and realistic budget & how to stick with it The Budgeting ABCs & how to simplify your budget (and your life!)Creative financing and using it to buy deals when you don’t have the cash How to create and maintain a cash-flowing asset And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-295See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Index funds and rental properties are at opposite ends of the investing spectrum. On one side, you have highly diversified, almost entirely passive index funds. On the other, you have cash-flowing, yet far more hands-on, rental properties. Both of these beloved types of investments belong in (almost) every investor's portfolio, but how much should you have of one or the other?Today’s guest Cecilia has built a strong net worth while keeping her income high and expenses low. She bought at the bottom of the market in Southern California, so while home prices rise all around her, she’s sitting comfortably with her rock-bottom mortgage payment. Thanks to all the housing expense-related savings, Cecilia has been able to dump a lot of her extra cash into the stock market. But, she’s longing for a more travel-focused life, where she can take sabbaticals in any corner of the world she chooses.Part of her plan to wealth-gaining greatness is buying a short-term rental in a city she loves, so she can still vacation on the cheap. In order to do this though, she may need to sell off some of her investments or swap her strategy entirely for cash-flowing rental properties in cheaper parts of the United States. Which path will set Cecilia on a fast track to FI?In This Episode We CoverHow much to have in your safety reserves and what to do when you have too much cashIndex funds vs. rental properties and when to focus on which asset Long-term rentals vs. short-term rentals and the cash flow that comes from bothBuilding the perfect investment plan that will coast you to the life you loveAutomating your business and spending less time on repeatable tasks Whether or not early mortgage payoff is a good idea in low-interest times And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-294See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A master’s degree shows quite simply that you’re a master (at least to some extent) in a certain subject. For decades, getting a master’s degree has been seen as a financially savvy move to open you up to higher pay, better job opportunities, and golden networking connections. But times have changed, and as more students see college as an inferior option to working, it begs the question: is a graduate degree worth the price?You can’t know the answer unless you compile tens of thousands of pieces of data. Thankfully, we didn’t have to do that, we just invited Preston Cooper on the show to explain the research he and his team at FREOPP did. You may recognize Preston from his previous episode on the BiggerPockets Money Podcast where he mapped out which undergraduate degrees were worth it. Now, he’s back to show which master’s degrees have the highest (and lowest) ROI.You’ll hear Preston answer questions like when is the right time to go back to school, which master’s degrees are fatal for financial freedom, and how students should go about choosing a degree or a combination of degrees. So, whether you’re pondering going back to school to get a degree in underwater basket weaving, horse training, or law, Preston has the data to help you make that decision! In This Episode We CoverWhy different schools can have dramatically different degree ROIsThe best (and worst) master’s degrees to pursue How degree combinations can help you make more money in a related career When is the right time to pursue a graduate degree (after college or after working)?The common misconception about MBAs and why most graduate business degrees aren’t worth the costThe future cost of college tuition as admission rates drop and inflation continues to rise And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Hear Our Previous Interview with Preston on Episode 251Check Out Preston’s Grad Degree and Bachelor Degree Study:More FREOPP Higher Education Resources FREOPPIs A Master’s Degree Worth The Pay Raise?Connect with Dave on BiggerPocketsCheck the full show notes here: https://www.biggerpockets.com/blog/money-293See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Financial independence is not a new concept to Carl and Mindy Jensen. For as long as they’ve been together, Carl and Mindy have been open and upfront about their financial situations. When they learned about the FIRE movement, they knew they had an all-time goal to hit. Fortunately for them, they hit it earlier than they needed, but has their current spending forced them to recalculate what it takes to hit financial freedom?Welcome back to Carl and Mindy's Spending Summary, or as we’re naming it this month, March Money Madness. Carl and Mindy had a few big-ticket items on this month’s expense tracker, namely things like a lovely trip to Seattle and a brand new couch (Mindy bought something new!?). As the months fly by, Mindy has noticed an “over budget” trend, forcing her to either recalculate her FI number or get back into budget mode.If you’ve gone over budget like Mindy this month, don’t fret! Tracking your expenses and keeping up to date on your budget will still help you achieve the goals you’ve set for yourself. Just be extra mindful in April! In This Episode We CoverFrugal vacations vs. relaxing retreats and how to plan for added travel spendingGas prices, utility bills, and using solar to lower your cost of living The benefits of budgeting and how expense tracking keeps you frugalHaving “money respect” for your partner when sharing finances Accounting for big “one-time” purchases like furniture or trips How to save money on next month’s grocery bill (look in your pantry!) And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Check the full show notes here: https://www.biggerpockets.com/blog/money-292See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
eBay flipping isn’t something new. You’ve probably bought something on eBay that was sold by a reseller. Maybe a type of makeup you liked got discontinued. Maybe your favorite pair of jeans from a nationwide chain suddenly disappeared. For eBay resellers like today's guest, Tom Brickman (The Frugal Gay), it’s all about finding the products that people love but can’t get a hold of anymore.Tom is a master of frugality. Raised by a real estate investor, he knew what cash flow could do to a nine-to-five worker's life. So, at age twenty-one, Tom cashed in some company stock to buy his first multifamily. He inadvertently house hacked and was living in his own place for a whopping $138 per month! From there, he moved from his native Ohio to Texas where he got a full-time job, built his eBay flipping business, and never stopped reinvesting into rentals.As a side-hustle addict, Tom shares numerous stories about how he made (and lost) large sums of money by reselling on eBay. He even bought an entire house on eBay at auction, which came with bullet holes included. Talk about a deal! Now, retired well before sixty-five, Tom lives a life he loves with his partner, thanks to financial frugality! In This Episode We CoverWhy frugality at a young age can compound into massive wealth-building benefits ESPP and reinvesting your paycheck so you can use investments to buy cash flowWhat makes a great eBay flipping product and how to find the best deals around Commercial real estate investing and rehabbing properties for enormous equity gains Buying homes at auction online and why you shouldn’t solely trust the zip code a house is inPaying off credit card debt quickly through hard work and smart money management And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!5 Frugality Myths Americans Believe That Would Make Ben Franklin CryA Beginners Guide to Hack Your Housing and Live for FreeHow to Pay Down Bad Debt—Fast!Check the full show notes here: https://www.biggerpockets.com/blog/money-291See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Renting vs. buying a home, debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions.In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life!If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel. We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming! In This Episode We CoverThe safest investment vehicle in 2022 (and why safest doesn’t always mean best)Whether to pay off student loans or invest in retirement and real estate Which debt to pay off first so you can coast to debt-free freedomRenting vs. buying in today’s hot housing market and how to decide for yourself Funding home renovation projects (even when contractor costs are high!) House hacking and using it to lower your expenses, grow net worth, and build financial runway And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Follow Along Mindy’s Live Budget TrackingBiggerPockets Money Podcast 35 with Craig Curelop (House Hacking)BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans)Does It Make More Sense to Rent or Buy in Today’s Real Estate Market?A Beginners Guide to Hack Your Housing and Live for FreePay Off Debt or Invest?Check the full show notes here: https://www.biggerpockets.com/blog/money-290See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate and early retirement go hand in hand. Most people think that it’ll take years (or decades) to build up enough cash flow to simply break even on your monthly expenses (lean FI). Those people probably aren’t thinking as big as today’s guest, Hugh Carnahan, who retired in only three years thanks to speed, diligence, and a courageous amount of risk-taking.You’d probably assume that to retire in three years, Hugh had to be a very financially adept person. Well, you’d be 100% wrong! Hugh struggled for years with his finances and committed almost every cash flow cardinal sin in the book. He made great income, saved almost none of it, then saved way too much of it, and thought that his path to financial freedom was through getting solar panels on his house, NOT buying houses.When a local business owner set him straight, he consumed as much real estate investing content as he could. He listened to the BiggerPockets Real Estate Podcast religiously and after 386 episodes, decided he should invest in real estate. So Hugh went and bought a nice single-family home, right? Nope. He did something much different—and he’s financially free because of it.In This Episode We CoverHow to NOT practice the “pay yourself first” principle of investing and saving Lifestyle creep and how it can eat away at your wealth, even as a high-earner ESPP programs and the benefits of getting discounted company stockThe BRRRR strategy and using it to force equity on your rental propertiesCommercial and portfolio loans, plus how they differ from residential mortgages How to leverage cash-flowing real estate to hit financial freedom (fast!) And So Much More!Links from the ShowFollow Along with Mindy’s 2022 BudgetMake Your Own Free Mobile Expense Tracking App in 30 MinutesBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Check the full show notes here: https://www.biggerpockets.com/blog/money-289See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move.Brandy has multiple streams of income—her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion!Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible. In This Episode We CoverBuilding wealth after bankruptcy, failed businesses, and financial mistakes Quitting corporate and coming back in a more flexible, entrepreneurial roleShort-term rental investing and the big profits (and costs) that come with itWhat to do if you have too much home equity as part of your net worth?Backdoor Roth IRAs and retirement investing for self-employed individuals Calculating rental property profits and pitting them against other investments And So Much More!Links from the Show:BiggerPockets Money Facebook Group BiggerPockets ForumsHow I Used Real Estate to Pay for My Newborn Daughter’s College EducationBackdoor Roths, Mega Backdoor Roths, and Roth Conversion LaddersEquity Rich and Cash Poor?Calculate Potential Airbnb Earnings on Your Short-Term RentalHow I Live Overseas & Still Manage My U.S. RentalsCheck the full show notes here: https://www.biggerpockets.com/blog/money-288See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Do you know how to ask for a raise? If you’re like most people, you probably think that we’re asking a rhetorical question. If you think it’s as easy as simply walking up to your boss, asking for more money, and leaving, you probably haven’t ever asked for a raise before. Behind every pay raise request is a clammy-handed employee, hoping that they’ve done well enough to justify that salary bump. Maybe you’re nervous to talk to your boss, maybe you feel unprepared, or maybe you just find it hard to talk about money.On today’s show, Kassandra Dasent, program manager and wealth advocate, touches on how every employee can prepare to get the raise they deserve. Despite what most people think, you should NOT prepare for your salary review days before it happens. Kassandra has a simple timeline that allows employees to maximize their raise potential throughout the year. So, when it finally comes time to talk numbers, most of the discussion is already done.This type of strategy has not only helped Kassandra but numerous listeners of the BiggerPockets Money Podcast. But, what if you can’t get a raise? What if your boss says no? What if there’s no budget left for you at the end of the day? Don’t fret, Kassandra lays out the exit strategies you should plan for when career hiccups happen (which they inevitably will). In This Episode We CoverBuilding your “success folder” and using it as your greatest tool in a salary negotiation Taking initiative on pay raises and not letting your boss control your careerMitigating the fear of talking about money and using your goals to ask for a raise with confidence How job-hopping really looks to employers and how it will dictate your career pathStrategizing your raise and negotiating for more than just money How often you should update your resume (even if you’ve been at the same company)And So Much More!Check the full show notes here: https://www.biggerpockets.com/blog/money-287See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
It's not uncommon to have irregular income as a business owner or self-employed individual. But with different amounts of money coming in every month, how can you budget, invest, or plan? Some months you’ll make a killing, while other months may have huge burn rates. How do you gain financial clarity when running multiple businesses with multiple income streams? What about becoming debt-free? Is it possible with such inconsistent income? This is how Eric Dunn has been feeling lately. After paying off a significant sum of debt, Eric has seen his income slowly rise and needs help ironing out his finances before he can invest in real estate. Eric has numerous businesses that haven’t been given the accounting love they deserve. Not only that, Eric has been trying to get his safety reserve up to hold himself over during the lean months of self-employment.Mindy and Scott work with Eric to build a financial framework that allows him to scale simply and with minimal effort. They also talk through self-employment tax, financial planning, safety reserves, renting vs. buying real estate, and more. If you’re a regular listener, you probably have more than one stream of income (or will in the future) making this advice worth its weight in gold so you don’t make some of the mistakes Eric is trying to avoid! In This Episode We CoverPaying off consumer debt and using it to propel forward your financial positionSeparating business and personal expenses so tax time is headache-free Financial planning and analysis, plus using it to model and predict future incomeSelf-employment taxes and quarterly tax penalties that you can avoid as an entrepreneur Whether to rent or buy a home in today’s hot housing market (and strategies for both)Why your emergency fund is meant to be spent on the right things And So Much More!Check the full show notes here: https://www.biggerpockets.com/blog/money-286See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
When most people think of JL Collins, they think of smart stock and index fund investing. In his classic, The Simple Path to Wealth, JL lays out the foundational path that investors can follow to secure financial freedom simply, easily, and without a ton of stress. So it may come to many FI chasers’ surprise that JL has written a new book on real estate investing, and not index funds, the stock market, or our current state of high inflation.In, How I Lost Money in Real Estate Before It Was Fashionable, JL lays out, quite candidly, how not to invest in real estate. And before you get mad about that type of advice on a BiggerPockets Podcast, please note that JL isn’t saying to NOT invest in real estate, but to invest in real estate in a smarter way than he did. JL is the first to admit that real estate is a phenomenal way to build wealth, create passive income, and retire early. But, if you haven’t fulfilled your 250+ hours of real estate investing education, you probably shouldn’t be purchasing income properties. In today’s show, you’ll hear JL explicitly list out all the mistakes he made when investing, and how you can mitigate these risks and come out profitable instead! In This Episode We Cover“Stagflation” and how 2022 is looking more and more like 1979’s burdensome economy How following the herd mentality to buy real estate may cost you time and moneyThe biggest home renovation mistakes and how to manage contractors correctly Staying cautious when buying in a hot housing market and making an offer based on the fundamentals of real estate investing Capital gains taxes and preparing for depreciation recapture when selling a property The biggest real estate mistakes rookie investors can avoid when getting started And So Much More!Check the full show notes here: https://www.biggerpockets.com/blog/money-285See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Travel budgeting, sky-high gas prices, and “free” utilities are coming up in this month’s episode of Carl and Mindy’s Spending Summary. Like many Americans, Carl and Mindy didn’t have the easiest time sticking to their March budget. With rising food, gas, and utility prices, it may seem that your budget is squeezing you more and more as the months go on.This month, Carl and Mindy touch on their biggest budget busters and wins, plus why budgets are meant to be adjusted when life permits. Carl and Mindy have been publicly tracking their budget and have found it to be a little trickier than they originally thought. That being said, both of them agree that if you have the financial means to do something you love, it’s probably worth the extra money for a once-in-a-lifetime experience.If you’ve felt strained while expense tracking and budgeting throughout the start of 2022, just know that two of the most respected voices in the financial space also stumble from time to time. If you make a mistake, overspend, or forget to track your expenses, get back on track, hit your goals, and keep chasing financial freedom!In This Episode We CoverWhat happens when a big expense bursts your budget early Optimizing your budget so you have breathing room when prices go upOffsetting your electricity bill with solar and siphoning off some free natural gas Downsizing your costs and reviewing utility bills so you only spend on what you needTravel budgeting and keeping extra money to build life-long memories Conferences where you can find Carl and Mindy in 2022!And So Much More!Check the full show notes here: https://www.biggerpockets.com/blog/money-284See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Multiple streams of income are a must if you’re trying to hit financial independence, retire early, and have the luxury of time brought back into your life. While most people simply rely on one stream of income, their W2, others want more than one leg to stand on when it comes to their financial wellbeing. How would you feel if every day you had eight (or more) income streams flowing into your bank account?Tiffany Grant from Money Talk with Tiff spent over a decade building the income streams that would eventually set her free from the golden handcuffs of corporate life. But, that road wasn’t made easy for her. Tiffany unexpectedly became a teen mom, forcing her to pivot her journey from aspiring chef to community college business student. Thankfully, her natural knack for anything related to money allowed her to advance quickly through college and later the corporate world.She was making good money, she enjoyed her job, and she was saving almost all of her income. Tiffany knew that her real dream was to own her own business, grow her wealth, and build the life she dreamt of. So, thanks to her smart money management, Tiffany was able to leave corporate, build over eight streams of income with one business, and regain control of her time. If you’re looking to do the same, then definitely don’t skip out on what Tiffany teaches in today’s episode. In This Episode We CoverBuilding credit at an early age and disputing false claims on your credit reportFighting income/lifestyle creep as soon you begin to make more incomeQuitting corporate life and having the emergency reserves to support yourselfStrategizing your current position so you can make more and work less Building multiple income streams from a single business and how anyone can do itInvesting in yourself and doing whatever it takes to stay on the path to financial independence And So Much More!Check the full show notes here: https://www.biggerpockets.com/blog/money-283See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Passive income is the name of the game when it comes to real estate investing. While equity can help you build wealth, passive income is what can get you on the road to financial independence. But what if you got a late start in your investing career? With so many millionaire twenty-or-something-year-olds on the internet, it seems like you have to start investing at age eighteen to hit financial freedom.This couldn’t be more wrong. Even if you feel like you’re a late bloomer when it comes to investing, you’re probably only a few years away from hitting FI—if you make the right decisions. This is the quandary that today’s guest, Nicole, finds herself in. Nicole has recently gone through a divorce and lost a good chunk of her net worth thanks to it. But, she’s poised on investing in real estate so she can hit financial independence sooner rather than later.Thanks to her service in the military, Nicole has access to the ever-so-helpful VA loan, allowing her to purchase homes with little (or no) down payment. She also has a military pension that will kick in soon, allowing her to mitigate her cost of living even more. So, does Nicole have enough time to build her rental empire and enjoy the Floridian beaches on her time off?In This Episode We CoverWhy it’s never too late to start investing for your future Using VA loans to purchase house hack properties with little to no money downShort-term rentals, medium-term rentals, and other rental property strategies Generating more income through side hustles, job-hopping, and moreThe 2022 housing market and the risks/benefits of buying in today’s hectic atmosphere Whether or not to invest in retirement accounts when your main goal is cash flowAnd So Much More!Check the full show notes here: https://www.biggerpockets.com/blog/money-282See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Comments (44)

Ann Kavanagh

sad to see people using dogs for profit...when millions of dogs die in shelters each year in the US

Aug 13th
Reply

Nathan Phua

This is basically me! Key takeaway: Get a higher salary via a higher-paid career (rather than lower-paid job + side hustles/hobbies), before starting house-hacking

Jun 26th
Reply

sub60

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

May 16th
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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
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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
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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
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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
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heather lakes

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

Jan 5th
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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
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Jason Leonard

climate change.... really?

Nov 22nd
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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
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