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BiggerPockets Money Podcast

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

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

108 Episodes
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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
All the BiggerPockets podcast hosts on stage in one place! This bonus episode was recorded at the BiggerPockets Conference 2019 on October 7th in front of a live audience of more than 1,000 people at the Gaylord Opryland Resort in Nashville, Tenn.We turned the mics over to our members, who fired a bunch of great questions at Scott Trench and Mindy Jensen, Brandon Turner and David Greene, Joshua Dorkin, and J and Carol Scott.Our panelists covered some nitty gritty real estate topics, like tackling vacancy and how to invest IRA funds, as well as big-picture concepts like motivation, marketing, and teaching family members the importance of investing at an early age.Also, everyone reveals which animal they would be if they had to choose, and a member of the audience challenges David Greene to produce an analogy on the spot. Listen to find out whether he performed under pressure! Our first conference in seven years was a big success, and we’re so thankful to everyone who came out to learn, network, and have a great time.Download this bonus episode, and be sure to subscribe to all three shows BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, and BiggerPockets Business Podcast so you won't miss an episode.
Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous!In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence.Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts.Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future. This episode truly is for anyone who has money AND wants to have more.In This Episode We Cover:What house hacking isOn buying a carChallenges that come up in relationshipsWhat to buy on engagement ringsConcept to apply on weddingsOn having kids and petsThe importance of being on the same team in your relationshipWays to save money on travelTravel hackingTax MistakesThe right time to talk to a CPATalking about retirement accountsWithdrawing money early inappropriatelyNot understanding feesNot taking the matchTrack and analyzing your spendingSigns that you have miscellaneous spending problemOn investingLinks:The $51,000 mistake thousands of retirement savers have already madeBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Money Podcast 87: How to Save Money for Your Down Payment with Scott & MindyBiggerPockets Money Podcast 83: Buying Your First House with Scott & MindyBiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke MillennialBiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On FireBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David SteinBiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on WednesdayMake Your Own Free Mobile Expense Tracking App in 30 MinutesBiggerPockets Career OpportunitiesBiggerPockets YouTube ChannelConnect with Scott and Mindy:Mindy's emailScott's emailBiggerPockets Money's emailScott's Instagram Mindy's InstagramBiggerPockets Money's Instagram
Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy.Except that’s not how the world works. What brought success to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L!Of course that said, there are some general principles that apply to everyone: Spend less than you earnInvest wiselyIncrease your incomeTrack your spendingBe money consciousChris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone.Topics:What their book is all aboutThe framework they applied to the concept of financial independenceDeconstructing rules and create new mindsetThings they questioned that started to fall apartHow to frame the conversation to attract and get more people interested on financial independenceThe concept of spending less money Principles on how to cut your expensesLearn the rules of money and mathHow to earn more incomeHow they approach on investingThe final step towards financial independenceAnd SO much more!Links:Mr. Money MustacheMad FientistYNABMintFrugalwoodsBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz ThamesBiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David SteinBudgets Are SexyTwitter - Dad JokesScott's InstagramChooseFIChooseFI PodcastEat The Financial ElephantCan I Retire Yet?
Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt.Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt)September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.In This Episode We Cover:Melanie's journey with moneyExperiencing mental health issues because of debtStart blogging and wrote break-up letters to debtHow she paid off her debtHer main side hustleHow much it costs her to pay her student loan debtsThe reason why debt is depressingThe biggest mistake people are makingHer advice to anyone who has the same path with herFive stages of grief that are similar to paying off debtOn living in denialSteps to prepare your mindset and addressing the underlying issues Therapy hackWhat keep her motivatedTalking about the first person who reach out to herHow she personally managed to pay off her student loansOn making more moneyWhat her life look like after she paid off her student loan debtAnd SO much more!Links from the ShowCraigslistTaskRabbitFinConMintOpen Path CollectiveCrisis Text Line - Text HOME to 741741Suicidal Hotline - 1-800-273-8255Suicide PreventionNational Foundation for Credit CounselingAnnual Credit ReportSide Hustle NationBiggerPockets Money Podcast 90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling WalletBiggerPockets Money Podcast 28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick LoperBiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice WashingtonBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this oh-so-important information.They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement.Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed.This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle money.In This Episode We Cover: The right time to start teaching kids about money The importance of understanding the needs versus wants at the very early age  How to introduce financial education into elementary and middle school childrens' curriculum On financial education mandates How do we get mandates to all 50 states Misconception about financial education And SO much more!Links:FinConMandates Matter When it Comes to Borrowing for CollegeNational Endowment for Financial Education
When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating. Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one!Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan.Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball.In This Episode We Cover:Melissa's money journeyThree situations that set up her money mindsetWhat her life looks like during her college yearsWhat her school program looks like during her college yearsHow she handles the situation when she got pregnant during her college yearsOn childcareHer goal after collegeAll about her medical debtThe reason why she opens up her 401kWhat her lifestyle looks like and the sacrifice she made to make things possibleOn paying off her debtHow does her situation changed after she got marriedThe moment she discovered the FIRE movementAnd SO much more!Links:BiggerPockets Money Podcast 79: Financial Freedom Through Decades of Hard Work and Hustle with Carol ScottBiggerPockets Money Podcast 82: Early Money Lessons Create Healthy Money Experiences with Aditi ShekarBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody BermanBiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis HornsbyStudent Loan PlannerSoFiMr. Money MustacheMindy's emailConnect with Melissa:Traveling WalletMelissa's Twitter
Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits. Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife.Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.” Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free. He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.”Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was!Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life.In This Episode We Cover:Rob's journey with moneyLived rich dad poor dad lifeSaved money for retirementHow his lifestyle and position changed transitioning from a law firm job to a government jobPsychological component of a side hustleLeaving the big law firm changed his mindset about moneyMaking $100 in 6 months to $30k in 18 months doing blogsHow he treated his salary money and side hustle money differentlyThe moment he paid down his debtsThe reason why he decided to sell the businessWhat prompted him to write the book called, "Retire Before Mom and Dad"What his book all aboutAnd SO much more!Links from the ShowBiggerPockets ForumsFinConPT MoneyFrugalwoodsBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz ThamesMindy's emailScott's email Connect with RobRetire Before Mom and DadRob's TwitterThe Dough Roller Money Podcast
Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler alert) she graduated college with $77,000 of student loan debt.A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research. Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.”She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got. Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul!In This Episode We Cover:Ashley's money journeyWorked side jobs and open up credit card to get an employee discountTotal debt she had from credit card and student loan after collegeWhat she did after collegeUsed her income tax return to paid out her credit card debt and bought a houseOn her journey to financial freedomAggressively attacked student loan debt in 2017What prompted her to paid down her student loan debtGot interested in real estateHow he got downpayment for her investment propertyOn househackingAnd SO much more!Links from the ShowBiggerPockets Podcast 268: Acquiring 20 Long-Distance Rental Homes (on a Military Salary!) with Rich CareyBroke MillennialBiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy JensenAshley's Instagram
In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?”In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing.They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500.If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path.In This Episode We Cover:Things to do before buying a houseGetting your taxes in orderDisadvantages of self-employmentMindy's story of buying her current houseAvoid making big purchases until after you close on your loan completelyUnderstanding closing costAll about down paymentsDo you get your earnest money back if you don't buy the houseOn finding a good agentWhat Private Mortgage Insurance isOn finding a good inspectorHow to save up for the downpaymentAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money Podcast 83: Buying Your First House with Scott & MindyBiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig CurelopBiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz ThamesScott's EmailMindy's Email
David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES of investments you can choose from.In this episode, we explore asset classes we haven’t really discussed before: Closed End Mutual Funds, REITs, Mortgage REITs, and the different types of stock you can buy. (Yes, there is more than one!) We even touch on Gold and Cryptocurrency! Investing isn’t limited to stocks, bonds and real estate, and David introduces these ideas so you can start investigating the asset classes that appeal to you and works best for your financial goals.David also shares his Investing Principles and his top tip is so simple, yet such an EXCELLENT piece of advice: Be able to describe in detail what you are investing in. If you can’t, you’re not ready to invest in that just yet.If you’re looking for different asset classes, better returns or even just to diversify your portfolio, this episode is a must-listen!In This Episode We Cover:David's money journeyLaunched businesses at the very young ageStudied and liked the aspect of financeHis approached to money throughout his careerWhat prompts him the decision to retireOn the "Money For The Rest of Us"The investment principles that he teachOn the tradingDisadvantages of buying individual stocksThe difference between investment, speculation and gamblingIndividual stocks versus index fundsAny circumstances that would make people buy an individual stockThe reason why he start the podcastClosed-End Mutual FundsBondsOn real estate investment trustHow he select reitsPrivate reits versus public reitsOn preferred stockBuying preferred stock versus common stockWhat a mortgage reit isOn bitcoinWhat makes bitcoin speculation rather than a gambleAnd SO much more!
Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses.His father passed away when he was 4, leaving him an inheritance of $100,000 when he turned 18. Jacob quickly spent it on a truck, customized to the hilt. He soon had nothing to show for it, and at his lowest point, had to move in with his girlfriend’s mother, because he had no money to pay rent.Enter Dave Ramsey’s Total Money Makeover. Jacob devoured this book and of course, lightbulb!Jacob did what most new-to-FI people do, he cut out everything! He started tracking his spending and preaching to everyone who would listen. Finally fed up with his constant preaching, his wife said “I don’t want to hear about this anymore - go start a website!” And I Heart Budgets was born, where Jacob could preach to his heart’s content.Jacob and his family are now on a year long road trip around America, a mini-retirement to spend time with their young children before school starts, taking advantage of their financial position.Later in the episode, Jacob drops a knowledge bomb on Mindy & Scott, sharing the existence of the “Spousal IRA,” a way for non-working spouses to contribute to an IRA.Thinking you made such a big mess of your finances that you won’t ever recover? Jacob’s story shows that it’s never too late to start, and that poor financial choices don’t have to define you.In This Episode We Cover:Jacob's money storyInherited $100k at age 18 and blew it very quicklyThe moment he realised to get serious about moneyOn tracking his spendingHis lifestyle before and after he read Dave Ramsey's bookThe power of getting on a budgetHow he perform against his plan after tracking his spendingOn his first three months of budgetingHow to set goals that you can actually achieveWhat they did after wedding and honeymoonWhat their lifestyle looks like living in WashingtonOn purchasing their houseTalking about their payment and savings after buying their houseOn being a tax professionalThe power of DIYHow he learn DIYMade a choice to quit his job, buy an rv and hit the roadWhat a spousal IRA isTheir formal budget and money datesThe importance of having a wife that is in the same page as yoursReshaping mindset and habitsAnd SO much more!
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Comments (28)

Jawad Rasul

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

Dec 2nd
Reply

Jason Leonard

climate change.... really?

Nov 22nd
Reply (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
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Ivan Terrero

I can relate to this episode

Feb 17th
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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
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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
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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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Lucas J Garcia

Amazing show, I love it! filled with valuable information and resources. I love Mindy and Scott yall are amazing, filling my head with knowledge and humor. No better way to start my day!!

Sep 20th
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