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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.

140 Episodes
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Doc G wanted to be a doctor since he was eight years old. He went to medical school, started his career and quickly realized he actually didn’t like all the parts about being a doc - and didn’t know how to leave the profession. Something he’d wanted for 20 years suddenly wasn’t so awesome anymore.Cue The White Coat Investor. He’d written a book and asked Doc G to read it and review it for his medical blog - and suddenly Doc G saw a way out!This way out didn’t have the expected results, however. Instead of jubilation, Doc G was thrown into a spiral of anxiety and depression. Something he’d wanted his whole life, this thing he’d identified with so strongly for so long, and the thought of walking away from such an enormous part of his life was terrifying because now he had a way to do it and it was suddenly real.Having always saved at least 50% of his income, Doc G went to his accountant - who was unfamiliar with early retirement and sort of threw out a number he needed to save to retire. His financial advisor was a bit more helpful, asking questions like, "how much do you spend in a year?" Not knowing, Doc G threw out a number, which turned out to be really close to what his accountant said he needed. But he was still unsure.So he did what anyone in the FIRE community would do - he started reading. Everything and anything he could get his hands on. He realized he had enough money to stop doing those things he didn’t like, so he started practicing what he calls "The Art of Subtraction." He removed the things that did not make his heart sing, so that he could focus on those things he DID enjoy.And his plan worked. He now can spend his working hours doing the things he loves to do, and does not have to do the things he doesn’t. He has focused more time on non-doctor side projects like writing and podcasting - where his enjoyment runs sky high even though the paychecks do not.As his side projects bring more joy, walking away from the physician thing gets easier and easier.Making plans for retirement is great, but today Doc G shares how to plan your transition into retirement which can be even more important! In This Episode We Cover:Doc G's specialty as a doctorHis journey into the medical fieldHow his life changed from being a doctor to investorHow his money journey beganThe art of subtractionStepping away from being a physician and leaving a large paycheck behindQuestioning what truly makes you happyDoc G's portfolioHis rental property businessAnd SO much more!Links from the ShowBiggerPockets Money Podcast 99 with Scott, Whitney Hansen, and Doc GBiggerPockets Money Podcast 6 with Sarah WilsonBiggerPockets Money Podcast 11 with JoelWhat is Hedonic Adaptation and How Can it Turn You Into a Sucka?Hacking Hedonic Adaptation to Get Way More For Your Money
Marquez Griffin graduated from high school but did not feel that college was his path. His uncle worked in a sheet metal shop, and was able to get him a job there.He quickly learned that taking a bit of action with regards to his sheet metal training would catapult him higher in his earnings, so he enrolled in trade school and alternated between work and school to learn the trade faster.His earnings rose as he completed coursework, but Marquez found himself unexcited about his path and started looking for more. Moving in with a friend and his dad turned out to be a real-life Rich Dad event, with his friend’s father introducing him to the concept of saving and investing.Marquez started listening to audio books and podcasts while working in the shop, looking for information about a better life. This self education led him to Scott’s book Set for Life, and then to BiggerPockets where he discovered that House Hacking, real estate investing and that he could marry real estate with a career and go from salaried trade work to commission based agent work where the sky was the limit with regards to earnings.He further discovered the job of Signing Agent and has now incorporated that into his work schedule as well. (For more information about Signing Agents, check out our episode 74 at www.biggerpockets.com/moneyshow74.)Marquez knew college was not his path, so he followed the path he was meant for and is reaching for Financial Independence on his terms.In This Episode We Cover:Marquez's journey with moneyHis experience working in a sheet metal shopPractical approach on making more money while in schoolThings that influence him to financial freedomHis approach on building emergency funds and investmentsTalking about house hacking and his everyday expensesHow he became a Notary Signing AgentMarquez's portfolioOn index fund investingAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 44 with Tinian CrawfordBiggerPockets Money Podcast 74 with Mark Wills
Kevin Matthews II started paying attention to finance way back in 6th grade - because his parents said they wouldn’t buy him any more video games, he’d have to buy them himself.Kevin’s parents telling him no propelled him into a lifelong planner - saving up for purchases rather than buying and figuring out how to pay it off later. And he parlayed his planning skills into a career as a financial advisor, eventually being named one of Investopedia’s Top 100 Advisors in 2017.Kevin is passionate about teaching people - specifically millennials - how to manage their money. In fact, he’s SO passionate about teaching people how to alter their financial lives, he almost missed the birth of his first child in order to make a video about how $2,000 can turn your kids into millionaires! (Spoiler: He made it back to the room in time.)Kevin wants you to know how to invest, how to manage your money so that you can further yourself down the path to Financial Independence. Kevin has an excellent video called Three ways to get started investing that discusses three ways we’ve never heard of!Kevin credits consistency in investing with his client’s financial successes. He also believes that patience is the number one thing investors need - a point that’s been hit home so clearly in the past few months - and that a lack of patience is the biggest mistake investors are making today.Kevin also shares tips for teaching your children about investing to get them used to seeing ups and downs, so they don’t lose their patience when they start investing with real dollars.In This Episode We Cover:Kevin's financial journeyHow he's saving his lunch moneyBecoming a financial plannerIndividual stocks vs. index fundsWhen he discovered and committed to financial freedomMistakes that he sees new investors makeWhat his end-goal looks likeHow $2,000 can make your kids millionaires3 ways to get started investingAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 129 with Tiffany AlicheBiggerPockets Money Podcast 110 with A Purple LifeBiggerPockets Money Podcast 97 with Financial MechanicBiggerPockets Money Podcast 119BiggerPockets Money Podcast 41 with Kyle MastBiggerPockets Money Podcast 84 with Kyle MastBiggerPockets Money Podcast 118 with Kyle MastBiggerPockets Money Podcast 24 with Erin LowryBiggerPockets Money Podcast 81 with Erin LowryHow $2,000 can turn your kids into millionairesThree ways to get started investing
Susan and Norm got married a little later in life. They started off basically flat, with debts equalling assets. Neither wanted to have the debt, and focused on paying it off and building an emergency fund.Then they discovered that they could retire early if they put their minds to it. So they jumped in with both feet, paid off the mortgage, bought an investment condo, paid it off, and aggressively saved to buy the second condo.From the time they met until the time they were ready to retire, starting with basically a $0 net worth, was 12 years. Starting at age 43.The one constant in their journey is their partnership, their commitment to each other and the end goal, and their desire to “be in this together.” Susan and Norm have a very clear respect and love for each other, never keeping score, never trying to hide a mistake from the other, always recognizing that they’re building their life together.When starting on the journey to Financial Independence, it can be difficult to say the course - especially when your journey starts later than most. Susan and Norm and an excellent example of what CAN happen when you make a goal and aggressively pursue success.This episode is for anyone who is struggling in their journey to FI, have hit a setback they feel is insurmountable, or anyone who is just getting started on their journey a little later in life.In This Episode We Cover:When did they start saving for retirementHow they approach the conversation about moneyThe decisions they make on housing, transportation, and foodHow they paid off their debtWhat their emergency fund looks likeWhat their company doWhat they learned about the 401k benefits from a self-employment perspectiveTalking about their multiple income streamsThe book that made their mindset shiftPeer-to-peer lendingWhat they will do when they are fully retiredAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 24 with Erin LowryCash Cow CouplePersonal CapitalDave Ramsey's Financial Peace UniversityStarting Late, But Retiring Early: A Case StudyMindy's email
Today, we welcome back the Budgetnista, Tiffany Aliche. When we spoke to her way back in episode 8, we heard her story of an investment gone wrong and how 2008 really threw a monkey wrench into her life plans. But instead of allowing that to deter her, Tiffany committed to teaching people how to budget.Since we last spoke, she has expanded her original, uber-successful Live Richer Challenge (www.livericherchallenge.com) into a savings edition, a credit edition, a net worth edition, and a homebuying edition—all free and all designed to teach you the things you never learned about money and finance.Tiffany is SO PASSIONATE about personal finance that she worked tirelessly for more than two years to get a bill passed in New Jersey, mandating financial literacy education for middle schoolers. (Want to duplicate her success in your state? Here’s a video that details how she did it: How to Get a Law Passed with Assemblywoman Angela V. McKnight.But she’s not done! Tiffany has combined her love of budgeting with her love of teaching children in her new book Happy Birthday Mali More, and on today’s episode, she shares her top tips for teaching your children the fundamentals of managing money properly.If you have children, this episode can help you figure out the age-appropriate lessons you should be teaching them to help them grow into financially responsible adults.In This Episode We Cover:The Budgetnista LawThe reason why parents have a hard time teaching their kids about moneyThe concepts that parents should teach at various agesHow early should parents start teaching their kids about money?Communicating the concept of financial freedomHow Tiffany got her husband on board with financial freedomAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupLive Richer ChallengeBiggerPockets Money Podcast 08 with Tiffany Aliche
Whitney Hanson is one of six children. Growing up she watched her father start a business, watched it fail, and watched him turn destructive, eventually leaving her mother to raise six kids on her own - all while making $7.25 an hour.Whitney has seen the ugly side of money - and what can happen when you have none - and decided she wanted no part of it. Money equals options, and she wanted as many options as she could get! She began to research how to build wealth, because she did not want to perpetuate the cycle of poverty. She knew she wanted to go to college, but also knew she’d have to find a way to pay for it. Rather than taking out tons of student loans, Whitney went through a 3-month cosmetology program starting the day after she graduated high school, and used the money she made as a nail technician to pay for college. Because she values financial stability over everything else, she bought a house when she turned 19 - and house hacked by renting two rooms to friends to help with the mortgage. Upon graduating college, she realized she had taken out $30,000 in student loans that now had to be paid back. Rather than allow it to rule her life, she cut out everything and worked a second job in order to knock out her debt - in 10 months!Whitney knew she had figured out how to lead a healthy financial life - and was eager to help others solve their own financial struggles. She started a coaching program to help financially empower people, and help them navigate the beginning stages of their financial journey.Whitney’s story is 100% repeatable for anyone listening. She came from nothing, and made it on her own.In This Episode We Cover:Whitney's journey with moneyDifference between a want and a needHer personal financial situation during highschoolWhat her job is while she's studying collegeThe reason why she bought a house at 19 years oldWhitney's tips for studentsTalking about scholarshipsOn her adulting momentHer ways on how she paid off her debtHer journey in creating a business during her MBA programTalking about her cashflowBiggest challenges that people are facing who she talk with about financesAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 64 with Zach GautierBiggerPockets Money Podcast 80 with Rich and RegularBiggerPockets Money Podcast 112 with Natalie KolodijBiggerPockets Money Podcast 111 with A Purple MomPersonal CapitalXY Planning NetworkThe Money Nerds Podcast 13 with Mindy JensenThe Money Nerds Podcast 37 with Mindy Jensen
Ramit Sethi from I Will Teach You To Be Rich is back again to chat with Scott & Mindy about money, unexpected events, and taking advantage of opportunities by being prepared. Ramit does not hold back with his advice that the Coronavirus should be a financial wakeup call to you. A crisis like this WILL happen again (maybe not viral) and NOW is the time to prepare yourself.He’s increased his recommended Emergency Fund to one year of expenses. If you’re struggling right now, you should be making minimum payments because “money in your pocket now is worth more than money in your pocket later.” Start crafting your emergency plan even if you don’t think you’re going to need to use it. Panic is bad, but overreaction is good. Don’t worry about looking stupid. One of the reasons you save is to be prepared for the worst. So prepare. If you’re financially stable and strong, Ramit also has some tips for taking advantage of this crazy time we’re living in. Have you ever wanted to start your own business? While it can seem counterintuitive to start a business in these uncertain times, it’s actually a fantastic time to start. Your target audience is WAITING for you to fill the need they are having RIGHT NOW. Even better? Ramit and Mindy discuss Mindy’s pain points regarding homeschooling - and Ramit comes up with 3 6-figure business ideas on the spot!Scott & Mindy also discuss Dollar Cost Averaging, finding a new job now, and paying down debt.Looking for more options in the coming months? This episode can’t be missed.
Financial Education is so important - but so many people are graduating high school without the basic skills to make informed decisions.Today, Scott & Mindy sit down to share some of the big money moves you should make - as well as some of the big money mistakes you should avoid.These are the tips you didn't learn in high school. From choosing a major wisely (or even deciding if college is truly the right choice for you) to paying for college, to truly understanding just how much it will cost you to pay back your student loans, the decisions you're making now, entering college, are going to affect your financial future for years to come.They also discuss relationships, and how those can also have a huge impact on your finances.Other big decisions you need to consider include how and when to get a first credit card - and how to use it properly to improve and increase your credit score.Scott & Mindy also dive into just exactly what a credit score is - and how its far-reaching influence can affect your job and housing.Scott also shares his unique views on wants and needs - and how to minimize the costs of the needs so you can afford a few wants.This episode is a great intro to financial education for young adults who are eager to make excellent financial decisions and put themselves on the path to freedom.In This Episode We Cover:Decision-making process after highschoolThe difference between subsidized and unsubsidized student loansThe importance of calculating total student loansEverything you need to know about credit scoresThe difference between good and bad debtHow relationships impact money and the importance of prenupWants vs. needsRoth IRAs, traditional IRAs, and 401(k)sHow to set up automatic investmentsAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupMindy's Post on BiggerPockets Money Facebook GroupBiggerPockets Money Podcast 44 with Tinian CrawfordBiggerPockets Money Podcast 22 with Travis HornsbyWhich to Borrow: Subsidized vs. Unsubsidized Student LoansStudent Loan CalculatorBiggerPockets Money Podcast 64 with Zach GautierBiggerPockets Money Podcast 35 with Craig CurelopBiggerPockets Money Podcast 81 with Erin LowryFidelity InvestmentsVanguard
In today’s episode, we speak with Fritz Gilbert from The Retirement Manifesto and go through his checklist to ensure a smooth transition into your new life.Fritz speaks from experience and wrote the checklist during his own transition, starting five years out.Oh yes, FIVE YEARS. If you want a smooth transition, you’ll need to plan ahead.Scott and Mindy go through the checklist with Fritz, starting at five years before your retirement date. (They even touch on what to do BEFORE five years out.) Fritz’s list is extremely thorough and includes things you’ve most likely NOT even thought about.From paying down debt to checking in with a financial planner to transferring all that personal stuff you currently have on your work computer or in your work email, we cover the obvious. But more importantly, we also touch on the “Oh man, I totally forgot to do that” stuff, which can be the difference between a seamless transition and one filled with “I wish I had done things differently.”Fritz is such an expert in retirement planning that he wrote a new book about it: Keys to a Successful Retirement: Staying Happy, Active and Productive in Your Retired Years.In this book, Fritz shares 24 keys to a great retirement—once you’ve made sure the transition goes well.If you are on the path to retirement, this episode is NOT to be missed!In This Episode We Cover:What his pre-retirement checklist is all aboutWhat his financial position looks like five years prior to retirementHis advice to people who are pursuing financial independence before startingThe "one more year" syndrome5-year, 3-year, 2-year, 1-year, and 6-month checklists before retiringQuitting your jobAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 41 with Kyle MastBiggerPockets Money Podcast 84 with Kyle MastBiggerPockets Money Podcast 118 with Kyle MastBiggerPockets Money Podcast 55 with Millennial RevolutionBiggerPockets Money Podcast 55.5 with Millennial RevolutionLastPassThe Ultimate Pre-Retirement ChecklistEarly Retirement Calculator20 Steps To Take In The Before RetirementThe First 6 Steps To Financial WealthSo You Want To Be A MillionaireFreedom For Fido
Gerry Born is a teacher who is married to a teacher. He started his financial independence journey when he was 33—with a wife, $45,000 in college debt, and a job in Saudi Arabia teaching English as a second language (ESL).He knocked out his debt in two years, then threw everything he could into savings. The ESL job provided everything but internet and phone, so he really didn’t need to spend much money if he didn’t want to.After 9/11, they moved back to the United States and got jobs teaching—and you know what kind of salaries teachers make!Unhappy with that particular school, they moved on to a different one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) but can be immediately accessed penalty-free as soon as you separate service from your employer.Gerry uses this to fund his life while reducing his taxable income to as close to zero as possible.If you’re starting late—or if you’re a teacher or public employee—this episode provides tips for funding retirement that will blow your mind!In This Episode We Cover:How he retired early on a teacher's salaryThe tax advantages he swears byThe reason why he maxed out his 457 plan firstWhat a 403(b) plan isHis job in Saudi ArabiaHow he got into the concept of financial freedomHow he paid off his debtHow he saved his moneyHow he maximized his incomeAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 39How We Saved 250k by Taking Crappy Jobs - The Millionaire EducatorMr. Money Mustache
Joining us today is Avery Heilbron, a listener on his way to financial independence through real estate investing. But Avery isn’t going all out and buying up every property as fast as he can. He’s making calculated purchases that allow him to live for free - and also cashflow while he’s there even though he lives in a high cost of living area. Once he moves out, that cashflow increases even more!Avery is also thinking ahead, and mitigating his risk of non-payment of rent by using the Section 8 rental assistance program to help guarantee rent payments. Oh, and Avery is 25. He went to college on a soccer scholarship, worked through school, studied hard and graduated with ZERO student loans and a great job.Do you have high school or college students in your life? This episode can help give them direction and encouragement that a little careful thought can have a HUGE impact on your future financial situation.In This Episode We Cover:How he purchased a property that was originally listed for $800k in January of 2020 for less than $700k Avery's journey with moneyHow he discover financial freedomTalking about FHA loan and why it is so unattractive to sellersHis plans to achieve financial independenceTalking about his rental propertiesHis philosophy on reservesWhat Section 8 program isOn house hackingHis side hustleAnd SO much more!Links:BiggerPockets ForumsShould I charge my Girlfriend rent?Real Estate Rookie Facebook GroupBiggerPockets Money Facebook GroupThe Official BiggerPocket Facebook GroupBiggerPockets Podcast 356Check the full show notes: http://biggerpockets.com/moneyshow123
Scott and Mindy have focused on Coronavirus for the last few episodes - talking to experts about how the virus has affected the stock market, the 4% rule, and even early retirees.They’ve interviewed Financial Planners to get tips for using the current market conditions to their advantage, as well as chatted with a mortgage broker to determine the best time to refinance. In this episode, Scott and Mindy talk about lifestyle creep - and how they have both been affected over the last couple of years. They revisit the basics of Financial Independence, spending less than you earn, increasing your income, investing wisely, creating multiple sources of income, and living your best life once money has been taken care of.Using their lockdown spending as a guide, Scott and Mindy go through the steps they’ve taken and the changes they’ve made to their expenses - including what they will add back once the world reopens and what expenses they don’t miss.This episode will help you get back to your Financial Independence basics, too.In This Episode We Cover:The basics of Financial IndependenceSpending less than you earnHow Scott and Mindy save their moneyHow their spending changedIncreasing your incomeInvesting in low cost, quality investment vehiclesCreating multiple, passive streams of incomeLiving the life you truly loveAnd SO much more!Links from the ShowBiggerPockets Money Podcast 116 with JL CollinsBiggerPockets Money Podcast 41 with Kyle MastBiggerPockets Money Podcast 84 with Kyle MastBiggerPockets Money Podcast 118 with Kyle MastBiggerPockets Money Podcast 119BiggerPockets Money Podcast 120 with Michael KitcesBiggerPockets Money Podcast 121 with Seth JonesBiggerPockets Money Podcast 03 with Erin ChaseBiggerPockets Money Podcast 97 with Financial MechanicBiggerPockets Business Podcast 51 with Nigel GuisingerMintSomething about Food PodcastWaffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 MinutesReal Estate Rookie Facebook GroupBiggerPockets Money Facebook Page
In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if you can still make your mortgage payments. We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender.Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan.We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal.Seth even shares a mortgage checklist below.If you need more information about the mortgage process, this episode is a must listen!In This Episode We Cover:The right time to take mortgage forbearanceHis thoughts on refinancingHow a first time home buyer should approach their first mortgageCash outlayBarriers to closing besides income disruptionsFive categories of feesThe difference between financing a primary home, secondary home, and an investmentWhat mortgage fraud isAnd SO much more!Links from the ShowConsumer Finance Protection BoardCredit KarmaMortgage News DailyBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Podcast 116: Long-Term Investing: Coronavirus Changes Nothing with JL CollinsBiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki RobinBiggerPockets Money Facebook Page
Michael Kitces joins us today to talk about Early Retirement - and how the recent stock market movement affects the FIRE Community and the 4% rule.We spend a lot of time on the 4% rule - including this graph which illustrates what Michael discusses - basically, there is an ultra-high probability that you will come to the end of 30 years with MORE money than you started out with, and an extremely LOW chance you’ll spend it all. In fact, only one time does the retirement fund hit zero - and even that isn’t until year 31!Since the FIRE Movement is based on the 4% rule, we wanted to hear from Michael, the Research Nerd Supreme, what he feels about it. “...historical safe withdrawal rates aren’t based on historical averages. They’re based on historical worst case scenarios.”Yes, we’re seeing some pretty big movement in the market, and yes, it can make you think. This episode provides some pretty powerful reassurance that “every little thing, is gonna be all right.”If you are worrying about your financial future, if you have money or want more, this powerful episode is a can’t miss, absolutely-must-listen edition of BiggerPockets Money.In This Episode We Cover:The origin of 4% ruleThree different time periods that trigger the 4% numberSafe withdrawal ratesDifferent 4% rule scenarioBucket strategyKey assumptions that start crapping up on modeling or evaluating the short term cash bucketThe right time to start looking at bonds Constant mid-course adjustmentsWhat a retirement red zone isBond tent strategySafe withdrawal rate researchGuardrail strategySmart money moves during this marketDollar cost averagingAnd SO much more!Links from the ShowFinConDetermining Withdrawal Rates Using Historical DataSoftware Solutions To Calculate Safe Withdrawal RatesOnline Data - Robert ShillerThe Ratcheting Safe Withdrawal Rate – A More Dominant Version Of The 4% Rule?Yield Shield - Millennial RevolutionHow Has The 4% Rule Held Up Since The Tech Bubble And The 2008 Financial Crisis?Mr. Money MustacheBiggerPockets Money Facebook Page
In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing.Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects.Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown.Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans.The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too!And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times.These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate!Is it time to give up on Financial Independence? Nope, not even close! In This Episode We Cover:How Andy's life changed after his last interview in this podcastAndy's feeling about his decision on quitting his job and build his own businessAndy's financial position before he leave his jobOne thing he wished he would have done differently before he left his jobAmy and Tim's after retirement planHow they do their withdrawal on their stock portfolio to sustain their lifestyleWhat their plan right nowAmy and Tim's advice for people who want to follow their footstepsHow prepared Brandon wasBrandon's opinion on the 4% rule What does he recommend having cash bufferBrandon's definition of a cash bufferBrandon's advice for people who are in the journey to Financial IndependenceBryce and Kristy's cash cushionTheir travelling routineTheir adviceContinuing to invest their money on stock marketThe reason why Doug is not concerned about the recessionHow prepared Doug was Doug's adviceAnd SO much more!Links from the Show:How to Access Retirement Funds Early - Mad FientistBiggerPockets Money Podcast 34BiggerPockets Money Podcast 57Determining Withdrawal Rates Using Historical DataBiggerPockets Money Podcast 55BiggerPockets Money Podcast 55.5AirbnbFear And Despair In The Time Of Bear Markets - Military GuideRaising Your Money-Savvy Family For Next Generation Financial Independence
This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shutdown of most of the economy.Joining Mindy today is Natalie Kolodij, who last appeared on Episode 112. Today’s episode was recorded on March 28, and we are fully expecting additional clarification and guidance from the federal government on these provisions. Congress just passed a 2.2 TRILLION dollar bill to provide relief for Americans in the face of the Coronavirus. While the bill does provide for monetary help, there’s a lot of other benefits that may not be getting the same press. OF COURSE we talk about the checks: How much, Who is eligible, When does it arrive? We also go a bit further and answer if it’s taxed, do you have to pay it back, is it a loan? If you have a 401(k), IRA or even a Roth IRA, there are additional provisions for you to consider like extended loan limits and penalty-free distributions.There are benefits for already retired people such as no RMDs this year if you haven’t already taken them.We discuss the student loan interest rate freeze and how to take advantage of their no payment option. We even touch on the additional provisions to employers such as IRC Section 139 changes that allow employers to help their employees out during this time of crisis, payroll deferment, sick leave, employee retention benefits and extended unemployment benefits. If we have our financial ducks in a row, now could be a great time to make some tax-advantaged moves.In This Episode We Cover:How to qualify stimulus checkHow much money people get on stimulus checkKey thing to keep in mind with stimulus checkCan people refuse the checkStimulus check for dependentsAre green card holders and H1B VISA holders who work and pay taxes eligible for these benefitsIRA versus 401k distributionThings to consider before converting funds from a traditional plan to a Roth planAre there any provisions for already retired peopleHow can an employer use the IRC Section 139, Disaster Relief PaymentsHow does provision work on student loansFamilies First Coronavirus Response ActEmployee Retention CreditsPayroll tax payment deferralAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Real Estate PodcastBiggerPockets Money Podcast 118BiggerPockets Money Podcast 112
Kyle Mast is a Certified Financial Planner, back for his third episode to answer YOUR questions about our current market conditions.We ask him the questions YOU had on your mind, including rebalancing your portfolio, staying the course, and trying to time the market.We take a deep dive into the retirement planning system, including weighing the benefits of Roth plans vs a traditional plans, and even discuss whether converting pre-tax retirement funds into post-tax funds during this down market is the right choice for you.While this episode focuses more on the state of the stock market, we do discuss real estate investing, and considerations for whether you should jump in or hold back.As always, consulting your own tax advisor and financial planner is advised, but Kyle brings up some very interesting ideas to take advantage of this down market. In This Episode We Cover:What people should do on their asset allocation with the situation right nowThe best way to protect your net worth in this economyTalking about Roth contributionsContribution limits on a Roth 401kA good plan to start investing in stocks for a short-mid term leaving the Real Estate aside for a whileKyle's thoughts on 4% ruleKyle's thoughts on withdrawing Roth IRA contribution for down payment on a rental propertyWhat is a good use for Stimulus CheckHow can someone find a good estate planner or estate planning attorneyThe importance of estate planningAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 41BiggerPockets Money Podcast 84BiggerPockets Podcast 374BiggerPockets Money Podcast 116Mad FientistDow Jones - DJIA - 100 Year Historical Chart | MacroTrendsBiggerPockets Money Podcast 49Mindy's emailScott's email 
Today, Scott and Mindy discuss the biggest news story of the century: Coronavirus or COVID-19.This episode covers a wide range of topics both money and real estate -- with a guest spot from Brandon Turner, who answers the number one question on every real estate investor’s mind: What do I do if my tenant(s) can’t pay rent?You'll also learn what resources are available for people whose incomes have taken a hit, and get answers to questions such as: should I continue with the purchase of a property I have under contract, and should I continue to pay down debt or take advantage of this current market?These are scary times, and it can be easy to cut and run or throw out your carefully-laid plans in favor of an instinctive reaction. So now is a good time to detach, assess your options, and chart a course forward.If you have Coronavirus fears, you’re not alone. Scott, Mindy, and the entire BiggerPockets Money Community are here to help you weather this storm.In This Episode We Cover:How to invest from a position of strengthHow to tackle debt during this timeHow to do a "financial reset"What the 4 Percent Rule is in Financial IndependenceBrandon's tip when tenants don't pay rentWhat practical things can landlord do in these timesHow to take advantage of the current situationList of resources for those who are out of workBiggerPockets reminders that you should considerAnd SO much more!Links from the ShowBiggerPockets Money Podcast 116BiggerPockets Money Facebook GroupBiggerPockets Investments CalculatorBiggerPockets Podcast 374BiggerPockets Podcast 364BiggerPockets Real Estate PodcastBiggerPockets Money Podcast 70BiggerPockets Money Podcast 55BiggerPockets Money Podcast 55.5BiggerPockets Money Podcast 114BiggerPockets Money Podcast 85Mr. Money MustacheHow The 4% Rule Holds Up A Quarter-Century Later - ForbesReal Estate RookieCOVID-19 Financial Resources: Relief To Those Impacted - iHeartBudgets197 Emergency Financial Assistance Resources (National & by Major City) - Frugal Confessions50 immediate hire work from home jobs near me (2020) - Mrs Daaku StudioBiggerPockets ForumsThe BiggerPockets Book Store
The stock market is up, then down, then down, then up. What is an investor to do?Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn.JL expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.)Long story short, stay the course. 105 years of historical stock market data says this too shall pass.While JL is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves.If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success.In This Episode We Cover:Why are people freaking about the crashHow one should handle this market drop if you risk losing your jobWhen to prepare emergency funds and how much to put into itWhy you should hold your portfolio foreverWhat an Index Fund isWhy it is important to "ignore" the marketHow index outperform stock pickingHow one can never time the marketHow those who say they predicted the market only did it because of luckThe only time the market is not going to recover...And SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsMr. Money MustacheTaking advantage of Mr. BearA Guided Meditation for When the Stock Market Is DroppingStocks — Part XXXII: Why you should not be in the stock marketTime Machine and the future returns for stocksPinterestDow Jones - DJIA - 100 Year Historical Chart | MacroTrendsBiggerPockets Money Podcast 95: The House Hacking Strategy with Craig CurelopBiggerPockets Money Facebook PageMindy's emailScott's email
Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income.His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting.Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer.Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie.Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate.The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement.The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts.In This Episode We Cover:Felipe's money storyHow important money is for FelipeWhat he did to his first rental propertyThe importance of putting money into an investmentHow he earned money during his quest to join the police departmentOn getting attracted to the power of earning passive income through real estateOn house hackingChallenges he encountered in terms of his rental propertiesHis advice on getting one’s spouse onboardHow he approaches cash reservesAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Real Estate PodcastAirbnbReal Estate Rookie Podcast
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Comments (31)

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
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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
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Steve Diahy

she was recently on 2 other podcasts

May 30th
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Scott Bramlett

Liberty Shares is what you are looking for.

May 6th
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axman313

Doug Nordman, David pear

Apr 16th
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axman313

Money mustache and mad finatist

Apr 15th
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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
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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)
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