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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.

119 Episodes
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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 moneyHow she avoid on having debtThe problem with not having a college degreeWhat happened after she got her job as a flight attendantHow she got into real estateHer thoughts on investmentThe importance of having cash reservesHer credit score after her three short salesThe moment she came across the FIRE movementHer experience living in a train cabooseReasons to not quit your jobAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money Facebook GroupBiggerPockets Money Survey
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 professionalHow to find a tax professionalHow important state-specific knowledge isWhat a true expert can bring to the table regarding your returnWhat a real estate professional isBenefits of consulting a tax professional prior to buying a propertyHow to prepare for a meeting with your tax professional3 most common errors—check these before submitting your returnHow to approach a tax return for a house hack or duplexWhat to do if you recognize issues with past returnsWhat depreciation recapture isAnd SO much more!Links from the ShowMileIQ: Mileage Tracking AppBiggerPockets ForumsBiggerPockets Money Facebook GroupBiggerPockets Money Survey
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 moneyHer life looks like when Purple was bornHow she managed her money and able to save up so much as a single momThings that changes her practice with money after the conversation she had with her colleagueHer 10-year plan to early retirementTalking about her investing journeyWhat she do the moment she was retiredHer advice for older listenersAnd SO much more!Links from the ShowPersonal CapitalMindy's emailScott's emailBiggerPockets Money Facebook GroupBiggerPockets Money Survey
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 moneyHer mom's giftDeciding to seek financial independenceConvincing your partner to pursue FIREPurple's net worthTips for people who are looking for a new job and better incomeThe importance of researchPurple's plan in the futureWhat her retirement looks likePossible downsides of remote workAnd SO much more!Links from the ShowRedditMr. Money MustacheGlassdoorIndeedPayScalecFIREsimBiggerPockets Money Facebook GroupBiggerPockets Money Survey
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 isAirman Mildollar's money journeyWhere she got her scholarshipsHow she creates financial freedomThings she did on managing her financesThe reason why she didn't do househackingOn her housing and food allowanceHow she discover FIRE communityWhat Thrift Savings Plan isHow she finance her propertiesOn her rental propertiesHer plans in the futureAnd SO much more!Links from the ShowEarly-Retirement.orgEarly Retirement ForumSaving-SherpaGet Rich SlowlyMr. Money MustacheAirbnbBiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery CarlBiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki RobinFinConBiggerPockets Money Facebook GroupBiggerPockets Money Survey
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 moneyHow her mother taught her about moneyHer experience with money during high school and collegeHer financial position during her first jobKristi's tip to get free tuition in collegeHow she discovered financial independenceHer first experience in real estate investingWhat she did on her dad's life insurance policyHow she got her first propertyAdvice on working with a real estate agentTips on actively managed funds and commission-based financial plannersAnd SO much more!Links from the ShowChooseFIMLSFinancial 180AirbnbScott's EmailBiggerPockets Money Podcast 85: From Financial Disaster to Financially Free with Jacob Wade from I Heart BudgetsBiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle MastBiggerPockets Money Facebook GroupBiggerPockets Money SurveyCheck the full show notes here: https://www.biggerpockets.com/moneyshow108
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 moneyHow he started learning about moneyHis position when he got his first paycheckThe differences between his salary at the big law firm versus at the non-profit jobHow Kevin and his wife handle student loan debtHow he generate his income in spite of being unemployedKevin's side hustlesThe reason why he does side hustles instead of doing law-related jobsWhat his day and night looks like while doing his side hustlesTips on reselling thingsAnd SO much more!Links from the ShowRover.comAirbnbPostmatesDoorDash Food DeliveryUber EatsGrubhubWag!Become a Bird ChargerBird Charger and Lime Juicer - Financial PantherCraigslistFacebook MarketplaceeBayMad FientistBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Facebook GroupBiggerPockets Money SurveyCheck the full show notes here: https://www.biggerpockets.com/moneyshow107
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 moneyThe best way to raise kidsHow her money story evolved during her high school and college daysHer debt planningInterest rate she recommends for those paying off debtsThe best approach to taxesThe first big thing she did when she started making moneyHer real estate beliefsHelping older parentsPlanning her own financial futureWhat a position capable of taking risks looks likeHer take on high net worth individualsCash flow managementHer opinion on the 4% ruleAnd SO much more!Links from the ShowBiggerPockets Real Estate PodcastBiggerPockets Intentional JournalBiggerPockets Money Facebook GroupBiggerPockets Money SurveyCheck the full show notes here: https://www.biggerpockets.com/moneyshow106
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 storyHow she made money to buy things she likesHer position entering and leaving collegeThe reason why she got a discount on collegeHaving a mindset of being an extremely frugal personHow long it took to pay off her family's debtThe reason why she took a hard look at finances within her marriageHer financial awakeningHer upbringingHer Thrift Savings Plan and emergency fundThe importance of accepting and understanding individual money storiesHaving 15 separate bank accountsWhat her future plans areMoney issues that she sees repeatedly in her clientsExamples of variable expensesAnd SO much more!Links from the ShowBiggerPockets ForumsWaffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 MinutesBiggerPockets Money Facebook PageBiggerPockets Money SurveyCheck the full show notes here: https://www.biggerpockets.com/moneyshow105
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 he really enjoyed working with students.They moved back to Florida so Steven could get his master’s in Education, while Lauren worked her first “real” job.But after two years, they were burned out from working full-time. After learning about financial independence and achieving an incredible savings rate—to the tune of $100K in two years—they decided to take a break.Their “break” was a six-month trip to Hawaii, paid for up front by their big savings account—but repaid by a series of side hustles in Hawaii. While most people spend lavishly to go on a tropical vacation for one week, they ended up $1,000 positive while spending six 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 a three-bedroom condo, periodically renting out an unneeded bedroom.But after about three 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 seven 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 seven months, and hit the road.Each time they return from their mini-retirements, they are refreshed, 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.In This Episode We Cover:Lauren and Steven's journey with moneyHow they managed their money during their college yearsHow they saved $100K in two yearsTheir monthly income and expensesPreparations to go to HawaiiHow they managed their cash flow while staying in HawaiiWhat they did when they returned to the mainlandTheir strategy for asset allocationWorking part-time while on the roadHow they get internet access while travelingTheir freelance businessThe ideas behind financial independenceAnd SO much more!Links from the ShowBiggerPockets ForumsMr. Money MustacheThe True Cost of Commuting - Mr. Money Mustache (blog)HealthCare.govBiggerPockets Money Podcast 84: Traditional Retirement: Social Security, Market Conditions, & Managing Expectations with Kyle MastBiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle MastBiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180XY Planning NetworkCheck the full show notes here: https://www.biggerpockets.com/moneyshow104
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 moneyHow he came across blogging worldWhat his biggest financial regret isBuilding income on buying blogsWhere he got his blog name "Budgets Are Sexy"How he handle his personal financial positionThe moment he created his budgetThe 'no spend month' challengeTalking about his net worthHow important time for him isWhat his wife doing for workHis plan for the futureHis advice on starting a blogThe biggest help to fix his financesThe reason why he was called as Miley Cyrus of financesAnd SO much more!Links:70+ Ways to Make Money on The Side - Budgets are Sexy Do You Know Your Insurability? - Budgets are Sexy RedditBiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Master with Brandon TurnerBiggerPockets Real Estate PodcastBiggerPockets ForumsBlogger.comListen Money MattersBiggerPockets Money Podcast 45: The Truth About Entrepreneurship with Matt GiovanisciProfiles:Budgets are SexyRockstar FinanceJ. MONEY
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 moneyHer financial position before and after collegeHow her financial habits changedThe importance of prioritising decision makingHer job on Smart Money MagazineWhat she learned in reporting women with moneyOn HerMoney Happy HourThe outcomes of the conversations at Happy Hour that might surprise menThe reason why couples are reluctant to talk about moneyHow to start the conversation with a partner who doesn't want to talk about moneyThe first thing a woman needs to do to start changing her financial situationThe importance of prenupLinks:BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie GronerBiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin LowryBiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke MillennialBiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila SouffrantBiggerPockets ForumsModern Love - The New York TimesScott's EmailConnect with Jean:Jean Chatzky's WebsiteHerMoneyHerMoney NewsletterHerMoney Podcast
Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taught as a child were frugality and saving, because you never knew what was going to happen.Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time.She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training.When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23.Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate.She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age.In This Episode We Cover:Sunitha's journey with moneyOn having a scarcity mindset around moneyHow she turned into a professional tennis player at age 14What happened to her money being a professional tennis playerWanted to succeed in the corporate worldHer journey at a community collegeHow she found endowment programsPros and cons about going to college at different age bracketHer highs and lows point being a professional tennis playerWhat realization that sparks her journey to financial independenceHad their house governed by domestic abuseBelieved on being diversifiedStarted real estate business at IndianapolisWhat her goals going forwardOn domestic and financial abuseHow did she leave from a domestically violent relationshipAnd SO much more!Links:BiggerPockets ForumsThe Domestic Violence Hotline - 1-800-799-SAFEGRIFFIX Property Group
You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real estate, he made mistakes. LOTS of mistakes.Today, Brandon shares everything he did wrong - from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell.But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt and started living the life he truly wanted.The episode is for people who’ve made mistakes, who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach.In This Episode We Cover:Brandon's journey with moneyHow to learned negotiating from his motherThe reason his mom bought him a book on how to handle moneyHis financial position after collegeHow he got a No-Doc loanBought properties to flip and turned them into rental propertiesWhat hard money loan isHis rock bottom experienceRead a hundred books on real estateThe reason he got into buying rentalsHow he convinced his wife to invest in rental propertiesStarted saving money by doing the cash envelope systemWhat seller financing isHow he bought his 24-unit apartmentThe importance of building integrityHow they met Josh DorkinHis balance sheet when he retiredBrandon's advice on investingLinks:BiggerPocketsBiggerPockets Real Estate PodcastBiggerPockets Business PodcastBiggerPockets ForumsThe BiggerPockets Book StoreBiggerPockets Money Podcast 42: How to Invest in Real Estate with Joshua Dorkin & Brandon TurnerRental Property Calculator from BiggerPocketsThe Dave Ramsey ShowPodcast Movement
On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life after FIRE” stories, each completely different, each extremely powerful. We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time. Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement. A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life. And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children.  These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives. In This Episode We Cover:What their life looks like after FIRE and the challenges they facedWilliam's journey to financial independenceThe advantage of being financially independent in the workplaceHow they plan for caregivingTim's backgroundFinancial Independence Rewired EarlyThe importance of having a clear second actThe difference between working on his business and working as a coachThe FIRE lifeTim's advice for anyone who's looking to pursue financial independenceRachel and Paul's backgroundsOn their mission 50 by 50Oma's backgroundOn healthcare costLinks:Mr. Money MustacheMad FienstistThe Money Nerds PodcastWhat's Up Next PodcastAltus Business AdvisorsTim's email
You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store.Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world.In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast.She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance.Her message has reached more than one million people, and has changed the lives and financial futures of countless more. Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age.In This Episode We Cover:Vicki's journey with moneyOn having a poverty mentalityOn how to appear prosperous to other peopleSurvival thing for social animalsHow the behaviours of her peers differed from hersOn working with Joe DominguezWhat her journey looks when she wrote the book, "Your Money or Your Life"Her concern re climate changeResource sharingHow the financial independence movement evolvedCapitalist gameThe levels of financial independenceFreedom to have new interests and following themHer advice on life circumstancesVicki's living situation right now and how she used real estateAnd SO much more!Links:Financial Independence - RedditMr. Money MustacheMad FientistBiggerPockets Money Podcast 58: Optimizing Every Channel to Achieve Financial Freedom with Grant SabatierMillennial MoneyDollar RevolutionBiggerPockets Money Podcast 55: How to Quit Your Job and Travel the World with Millennial RevolutionProfiles:Your Money or Your LifeVicki Robin's WebsiteYour Money or Your Life Facebook Community
Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything!Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund.Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.”For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options. She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid!In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier.In This Episode We Cover:Financial Mechanic's journey with moneySaved money to buy a puppyThe importance of focusing on your future opportunitiesGraduated college debt-freeHer money situation during her first internshipEarning a lot of money before she discovered financial independenceHow his mindset changed the moment she found financial independenceHow her money journey evolvedOn her careerDid research on glassdoor for salary rangeHow she got her signing bonusWhat her end-goal isHow she lived $20,000 a yearAnd SO much more!Links:GlassdoorPersonal Finance on RedditMr. Money MustacheForum - BogleheadsPersonal CapitalAchieving FI Before 40 Despite Breaking Every Financial “Rule” with Tanja from Our Next LifeBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz ThamesEvery Dollar I Spent Last YearHow to Effectively Ask for a Raise (from Someone Who's Done It Twice)How To Make Your Significant Other Hate FIREThe Psychology of Money– 4 Ways Your Brain is Working Against YouConnect with Financial Mechanic:Financial MechanicFinancial Mechanic's TwitterFinancial Mechanic's Instagram
Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad, Poor Dad, The Millionaire Next Door and Think and Grow Rich.Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month!He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!!Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child!Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free.In This Episode We Cover:Wilson's journey with moneyHad an open discussion with his dad about money growing up Money books he readThe reason why he did not pursue as a financial advisorThe importance of having a financial literacyThe perfect environment on getting our kids to learn financial educationWhat lifestyle changes did they make in order to save money and pay off their debtGot a lot of comments after he posted on Facebook that he paid off his student loan debtFocused on having a baby fund and 2 years expense fund after paying off their debtHow he started doing financial coachingMistakes that other people make with their financesThe first thing he teach people to do with their financesAnd SO much more!Links:Blogger Net Worth Tracker - Rockstar Finance DirectoryMy Fab FinanceMindy JensenScott TrenchConnect with Wilson:The Money SpeakeasyFacebookInstagramTwitter
One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hacking!Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing.Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends. Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience.If you’re thinking about jumping into house hacking, this episode lays it all out.In This Episode We Discussed:Craig's journey with house hacking Craig's numbers on his first house hackWhat PMI isCraig's PMI monthly paymentHow he leverage his first house hack into the second house hackCraig's numbers on his second house hackThe importance to consider the occupancy lawHow he bought his third house hackCraig's numbers on his third house hackHow he managed all his rentalsHow to find a property managerThe idea of sacrificing comfortability and profitabilityAdvantages on house hackingWhat kind of property makes for a good house hackOn luxurious house hackGetting pushback about house hackingCraig's biggest house hacking mistake and how to prevent itThings that is important when it comes to house hackingAnd SO much more!Links:BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Podcast 244: “Unfair” Taxes and Unfair Advantages with Linda Weygant, CPABiggerPockets Podcast 350: How to House Hack Your Way to Financial Freedom in 3 Years with Craig CurelopBiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott TrenchBiggerPockets ForumsBiggerPockets BlogTenant Screening: The Ultimate Guide
The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?”Without going into too much detail, we’re all aware that healthcare costs are fairly ridiculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out.Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!)If you are on the path to financial independence, you NEED this episode. In This Episode We Cover:How Lynn became interested in financial independenceHow she began investing at age 12The process of researching healthcare options18 different options for healthcareHealthcare preventionThe difference between deductibles, co-pays, and premiumsAnd SO much more!Links:Mr. Money MustacheReeditMilitary DollarBloombergHealthCare.govFinConBiggerPockets Money Podcast 80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & RegularRich & RegularFrom Childhood Poverty to Financial Freedom by Age 32 with Jillian JohnsrudMontana Money AdventuresEconoMe ConferenceProfiles:Nurse NumbersLynn's emailFI Healthcare
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Comments (29)

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
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Jason Leonard

climate change.... really?

Nov 22nd
Reply (1)

Megan Buchheit

a

Jun 18th
Reply

Steve Diahy

Make 90k thats the fastest path

Jun 17th
Reply

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

axman313

Money mustache and mad finatist

Apr 15th
Reply

Dujon Blondel

so stoked to listen to this. I'm happy that he mentioned the richest m in Babylon and think and grow rich! have a good day

Feb 28th
Reply

Ivan Terrero

I can relate to this episode

Feb 17th
Reply

Travis Lee

In general I love this show, so thank you! However, I thought it was in very poor taste and offensive when at the end of this show Catholic beliefs were laughed at and ridiculed. Despite your guest's sound relationship advice in regard to finances, she obviously doesn't understand Natural Family Planning or her Church's teachings on the matter. Her "joke" was in very poor taste.

Feb 15th
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Mr Charles

I am enjoying the podcast but my only complaint is they need to figure out the audio. Sometimes Mindys mic is so low can barely hear her. the one episode I was listening to earlier I think it was 29 and the audio kept popping .I am listening to this while I'm driving and I have the volume turned up so high on my radio in the truck trying to hear everything that it deafans me when the GPS gives me directions

Feb 7th
Reply

Austin Eschan

This is awesome . Great episode

Feb 6th
Reply

Dujon Blondel

thank you for a wonderful pod cast filled with information. I am grateful to hear this while working on my budget and financies!

Jan 20th
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Jordan Thomas

This is a great show that can help anyone looking to learn more about personal finance, saving for real estate investing, or just becoming more efficient in any area of life

Nov 19th
Reply

Damien Thorne

Scott seems like a really thoughtful guy, and is an excellent host that brings out the best of the interview subjects. Mindy is terrible. If there is a way to steer the conversation toward her and her journey to fi she will find it. Sorry Scott. Find a new sidekick amd I'll continue to listen.

Oct 1st
Reply (1)

Mackal Smith

qqWAq11 ASA!!~Qss asQ c@!°@+×

Sep 27th
Reply (1)

Eric

amazing show

Sep 25th
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