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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.

172 Episodes
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While living abroad, it can be very difficult to invest in assets in your home country, especially if you’re an American. Daniel J. Mills found this out early in his professional career. As a English teacher living in Japan, he had to jump through a sizable amount of hoops to find a way to invest in American stocks, index funds, and later real estate all while overseas. Growing up in southern California, Daniel knew that there was money to be made through entrepreneurialism. He saw his father grow a business that was profiting millions each year, only to see it later become liquidated. Daniel didn’t really think too much about money or growing his personal wealth until years later.After college, Daniel moved to Japan and became an English teacher making a salary of around $30,000 (USD) a year. He met his wife, settled down, and bought an apartment in an appreciating part of the city (contrary to many other parts of Japan). Daniel was saving around $1,000 a month, and realized he didn’t want to be making $30,000 a year forever. So, he started investing in index funds and stocks, which grew his net worth and allowed him to invest in other asset classes, like real estate.Daniel even shares a tax loophole that allowed him to write off 100% of his 6-figure income while he was in Japan (solely from real estate depreciation)! Flash forward to today, Daniel has rental properties in Idaho, Alabama, and Tennessee with partners from Japan and the United States. Daniel agrees with many other real estate professionals in the fact that you need a tried and true team in cities where you’re investing. Living in Japan, he doesn't have much to worry about in the US, thanks to his fantastic property managers, handymen, partners, lenders, and real estate agents.In This Episode We CoverThe challenges and benefits of investing in American assets while abroadGetting rid of debt fast so you’re able to scale your investments How money is easier to make as you become more educated and experienced The ins-and-outs of Japanese real estate compared to American real estate Converting bonus rooms to bedrooms for higher rent Forming partnerships with real estate professionals who can help youAnd So Much More!
Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing.A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Some takeout food here, some shopping there, and other random expenses were really adding up, so they started to reduce their costs.Kyle and Sarah both have made significant contributions in their retirement and investing accounts, but they could be investing a lot more and getting a lot of write offs!Scott and Mindy walk through the main expense categories that Kyle and Sarah have, breaking down what can be improved, reduced, and left alone. Like many people, Kyle and Sarah have found that with some fine-tuning to their budget, they'll be able to increase their investments, by a lot!In This Episode We CoverWhy everyone needs to track their expenses and start to budgetHow to start tracking without shameWhy you should get quoted for insurance bundling every few yearsThe importance of contributing to your HSA (health savings account)Why employers may want to start 401(k) programs for their employeesWhether or not a life insurance policy may be worth the moneyWhat should and shouldn’t be a variable cost in your budgetAnd So Much More!
Have tax questions for your upcoming 2020 taxes? Stick around then! We have a mind-blowing episode with enrolled agent Steven Hamilton from Hamilton Tax and Accounting. Mindy and Scott throw a lot of high-level, hard-hitting questions at Steven, so seriously, bring a pen and paper to this episode because you’re going to get some amazing tax strategies for 2020!How do you lower your income on your taxes if you have a W2? How do you add to your roth if you’re over the contribution income limit, and what’s the best way to get your kids to max out their retirement accounts (even if they’re only teenagers). Steven answers all these questions, plus a lot more!Whether you’re self employed or a W2 employee, you have options on contributing to retirement, AND options on leveraging those retirement accounts to fund investments. As always, it’s best to talk to your CPA, enrolled agent, or tax preparer on the best strategy that works for you. As Steven puts it, you need to have a plan for where your wealth is going and how you’re going to distribute it.Since 2020 was such a crazy year, many real estate investors are planning to double down on investments, up their contributions, or leave their W2 jobs. This all needs to be done with a plan and a strategy so you can maximize your investments and distributions. Steven helps spell out the best ways to do these (and more) through a number of different (and interesting) strategies.In This Episode We CoverThe differences between joint and separate filings as a married coupleHow AGI (adjusted gross income) effects your taxes and retirement contributionsHow to max out your 401(k) to $57,000UBIT (unrelated business income tax) and UDFI (unrelated debt financed income)How CPAs, Enrolled Agents, and Attorneys differ when preparing your taxesHow to perform an IRA rollover into a different accountHow to put even more money into your RothSetting up retirement accounts for your childrenLimiting your stock gains so you pay less taxAnd So Much More!
As you go further along in your career, you should (hopefully) make more and more money, but does that justify spending more money? Most times, it doesn’t. We’re joined by Tracy, experienced engineer and retirement super saver to go through her budget, expenses, and investment portfolio.Tracy has had a bit of a struggle with spending and expense tracking. A purchase here, some grocery shopping there, and by the time she added up her payments, she was consistently overspending by close to a thousand dollars, every month! Scott and Mindy have some great strategies to limit this type of random spending, and put your budget in the driver’s seat!Tracy is also interested in acquiring a rental property in mid/late 2021, but she doesn’t have the cash savings she needs to do it. That doesn’t mean Tracy lacks money. Quite the contrary, Tracy has a very respectable amount of money stored between her different retirement accounts. She was lucky enough to take advantage of her company’s 15% 401(k) match (seriously, 15%)! Now the question is: does she limit her contributions so she can save up for a rental property or does she continue to max out her retirement accounts so she has a big cushion when she decides to stop working?This is a very common question we get from listeners and members of the BiggerPockets community. You may be in the exact same position, all we can suggest is to tune in to hear what Mindy and Scott have to say!In This Episode We CoverWhy employee match programs are so valuable for retirement investingWhether or not you should keep an expensive car loan (or sell and get a cheaper option)How to fight lifestyle creep and focus on your spending and investing The importance of manual expense tracking and budgetingHow bigger shopping runs can minimize your food budget every monthWhat type of savings you should have before buying a rental propertyAnd So Much More!
He’s back! Today we’re joined by a friend of the BiggerPockets podcast network, Brandon “The Mad Fientist”. Brandon walks us through advanced retirement account strategies you may have heard of, such as the Backdoor Roth, Roth Conversion Ladder, and the coveted Mega Backdoor Roth. While these strategies may sound intense at first, they’re quite simple in practice, as Brandon shows us!Many FI (financial independence) followers constantly ask the question “What’s the best retirement account to contribute to that will help me optimize my early retirement?”. While this can be answered a handful of ways, it often overlooks something very important: regular retirement. While chasing FI, it’s still possible to grow your traditional retirement accounts so you’re even wealthier later on in life!Brandon doesn’t just give various examples of each strategy, he’s tested them and has even ran experiments on his site, such as the Guinea Pig Experiment, which pits various early retirement strategies against each other.We also tackle common questions like: what should I contribute to if I have a low/high income, should I opt for a lower deductible on my healthcare plan to optimize my HSA (health savings account), how HSAs and FSAs differ, and what the contribution limits are for retirement accounts.Even if you’re not chasing FI, you’ll still be able to take advantage of Brandon’s advice. After all, he’s the Mad Fientist!In This Episode We CoverWhat a Backdoor Roth and Mega Backdoor Roth areWhy retirement accounts are crucial when trying to retire earlyHow low income earners can take advantage of 401(k)s and IRAsWhy an HSA is a great option for high-deductible coverageThe best times to contribute to your retirement accountsThe art of “frontloading” and using it to capitalize on market gainsAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingBiggerPockets Money Podcast 18 with Mad FientistHow to Access Retirement Funds Early - Mad FientistXY Planning NetworkFront-Loading - Mad FientistHSA - The Ultimate Retirement Account - Mad FientistExpirements - Mad FientistBiggerPockets Money Podcast 120 with Michael KitcesBiggerPockets Money Podcast 119 
Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job, which he uses to support his family, he also has 5 other streams of income on the side!From contract welding projects, to dropshipping, renting out his trailer, and even raising rabbits (seriously!), Cort has done almost everything under the sun to build up his assets. The main problem: some income streams are taking up too much time, while providing too little in return.This is a constant problem that entrepreneurs and FIRE members face, too many options! Mindy and Scott go through Cort Johnson's income, budget, expenses, and general finances to see where he should allocate his time for maximum return.This episode goes deep on the importance of scalable income and following your passions to develop side income streams that you enjoy. Cort dreams big about starting his own business, investing in multifamily property, and living financially free. As you’ll hear in this episode, he’s not far off!In This Episode We CoverHow to focus on side income streams that are worth the timeBudgeting and expense tracking so you spend lessCalculating the value of your time (so you don’t waste it)Why you should “do what you know” if you’re going to start your own businessTurning a large single family property into a multi family for house hacking Why dropshipping is such a great side hustle for busy peopleAnd SO Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest Onboarding
What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial picture. While it may seem scary at first, working together to solve financial problems and gravitating towards financial freedom can bring you closer together.That’s exactly what happened to Talaat and Tai McNeely from His and Her Money. Both were raised in frugal houses, but like many frugally-raised people, they split in financial directions. Tai was busy putting herself through college, debt free! On the other hand, Talaat went into the military and started spending his pay on consumer goods. The cars, the clothes, and everything in between.Tai later learned that Talaat had around $30,000 in consumer debt! So what did she do, walk away from him? Of course not! She worked with Talaat and put together a plan where they both could work hard to get out of debt.Shortly after, Talaat was debt free, so what did they do next? They bought their house, and came up with a plan to completely pay it off in 5 years (Yes, 5). Now Talaat and Tai run His and Her Money, helping other couples work together to reach their financial goals.Talaat and Tai have 7 key tips to staying happy and secure in a marriage where the finances are shared, and how to stray away from the “2-Income Trap”.In This Episode We CoverWhy you should go over finances before getting married The importance of inspiring your partner to have the right finance mentality The importance of introspection when dealing with a partner’s money situationsHow to stray away from the “2-Income Trap”Whether or not you should combine finances in a marriageThe pros/cons of paying off your home quicklyThe 7 key tips to creating a financially harmonious relationshipAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 73 with RamitBiggerPockets Money Podcast 127 with Ramit
Happy New Year! With the first 2021 episode of Finance Fridays, we take a look at Wayne Loux’s investments, income streams, and overall finances. Wayne is like many of our listeners: working a W2 job, but also supporting himself and his family by having 1099 income from being a real estate agent. On top of that, Wayne has over 10 rental units, spread throughout different multifamily properties. He also has solid retirement savings and cash on hand.With all this income, Wayne wanted answers on whether or not he should lessen his time at his W2 job, take more cash out from equity in the multifamily properties he owns, and other common real estate investment questions.Scott and Mindy go through different strategies that can help Wayne grow his portfolio. From 1031 exchanges, to setting up self-directed IRAs, and cash-out refinancing to build an out of state portfolio. These are questions we hear from many investors on the BiggerPockets forums, so stay tuned because Scott and Mindy just might answer a question you’ve had!In This Episode We CoverHow to value your time as a high-earning professionalPutting family over work, even if it means stepping away from an income streamWhich investments should you put money into when all your bills are being paid?SEP IRAs and Self-Directed IRAsUsing 1031 exchanges to lower your tax burden when investing Finding jobs that can scale your income (and leaving those that don’t)Whether you’re over or under leveraging your current portfolio How to speak to your partner about big financial stepsAnd So Much More!
Calling all couples! You and your partner may be on the same page financially, or off in two different directions, regardless of where you’re at, it’s a great time to start having money dates!In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well!If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves. If you have a partner who may be a bit averse to the concept of a money date, have no fear, Mindy and Scott have perfected their plan for setting up a successful money date, and how to make it enjoyable when you’re in it.With the new year coming up very soon, this is the perfect time to plan a money date with your special someone, you won’t regret it!In This Episode We CoverWhat is a “money date”What to do before you suggest a money date to your partnerHow to make the money date successful and what topics to bring upFollowing up on your money date and setting up systems for successThe importance of keeping your ideas simple in a money dateHow to present the idea to a partner who may not be too keen on finances Why money dates help create healthier, happier relationships And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsWheel of Life WorksheetMoney Date TemplateFinance Review Guest Onboarding
Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you!Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level!Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible.While most real estate investors champion loans and leveraging as much as possible, Richard thinks differently. He finds a position of strength by not overleveraging, owning rentals outright, and having a solid safety net to depend on. Richard now sits in a great position, early in life, with a lot ahead of him!In This Episode We CoverThe importance of maxing out your retirement accounts when you’re youngHow to not only pay off your rental properties, but primary home soonerWhy there is an advantage to not having too much leverage on your investmentsHow to test out a property manager when long-distance investingWhy you should set goals to be in a financial position of strength Why you don’t need to be in a rush to invest right nowAnd So Much More!
Robert from Stop Ironing Shirts has had quite a lucrative career path. Starting out as a bank teller in college, he learnt that he really enjoyed math that had dollar signs attached to the numbers. From there, he launched his career forward, first as a commercial banker, and later becoming a well-paid top executive.While he had a great job and a partner who was also bringing in a solid paycheck every month, he slowly started to get tired of the corporate bureaucracy, politics, location dependency, and long hours.Robert has made some mistakes on his path to early retirement. He lost money on a few real` estate deals and he even bought a brand new car (gasp!). None of this stopped him from still living below his means, siphoning off a large portion of his income for investments, and capitalizing on special programs such as the 409a plan.Robert now lives life on his schedule. Whether that be spending copious amounts of time shopping at Costco or surfing at the beach, Robert has a life where he decides what he wants to do, everyday. Thankfully, it didn’t take him 30+ years of working to get there!In This Episode We CoverThe importance of choosing a highly lucrative skill setHow to fight lifestyle creep, even when you’re making serious moneyThe real cost of a daily commute How he recovered from real estate losses in 2009 (and after)The psychological difficulties many face when retiring early What a 409a plan is (and how high-earners can take advantage of it)How much cash should be in reserves for financial independence And So Much More!
Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving.As a big spender in college, Allison didn’t see a real reason to save instead of spend. She would take herself on frequent trips to the mall to treat herself when she aced a test, or make herself feel better if she flunked one.It wasn’t until her first son was born that her and her husband realized they wouldn’t have enough in the budget to pay for childcare costs, and thus, the Inspired Budget was born!After a few years of limited spending and frequent budget analyzing, Allison and her Husband paid off over $110,000+ in debt and are now on their way to financial abundance.Allison talks about the importance of giving yourself spending, investing, and saving allowances and how you don’t need to sacrifice everything to become financially safe!In This Episode We CoverThe importance of setting budgets early on in life (and keeping up with them)Changing the “how much do I have to spend” mindset into a “how much do I have to save” way of thinkingWhy you need to own your relationship with moneyHow to have financial talks with your partner (even when it’s awkward)Why you need spending allowances so you can enjoy your moneyWhy investing isn’t a linear path, but a rollercoaster (and why the dips don’t define you!)Refusing the mental trap of “I can’t be rich” while being at a low-income jobAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Forums
He really is the man who needs no introduction (but here’s one anyways). Bill Bengen, the inventor of the 4% rule (and personal finance hero of Mindy & Scott) stops by the Money Podcast to talk about how he calculated his famed 4%, how he managed his client’s portfolios, and how the 4% has aged throughout the past three decades.In his Original Article from the Journal Of Financial Planning, October 1994, Bengen outlined a groundbreaking calculation: a 4% withdrawal rate from your retirement accounts is all you need to comfortably retire (if enough is saved up). Bengen was hit with praise and criticism, but is still applauded to this day for having such a simple yet crucial metric for knowing how & when you can retire.Using over 200+ retirement account portfolios spanning decades of time as research, Bengen still says with confidence, the 4% rule is a winner! He has the proof and we couldn’t agree more.Whether you’re a few years or a few decades away from retirement, this episode features life-changing advice from one of the leaders in financial research. This is an episode you won’t want to miss!In This Episode We CoverWhat the 4% rule isHow Bengen came up with the 4% rule and why it stands the test of timeHow inflation becomes the “thief in the night” for many investorsThe best (and worst) times to investHow to stay the course during financial downturnWhich asset classes boost great returns and withdrawal ratesSteering clear of “1 more year syndrome”The importance of rebalancing your portfolioHow to not accumulate too much wealth for retirementWhy everyone needs to learn how to be a saver, so they can enjoy life!And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Forum
To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level?Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts.Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog.Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey.In This Episode We CoverHow to reach your retirement goals even if you start later in lifeSnowballing your debt so you can save moreChanging your financial mindset to get where you need to beThe 2 key ways to get your retirement savings upHow catchup contribution accounts like the 457b plan can accelerate your investingBeing intentional with your money while lining up your saving/investing with your valuesThe importance of educating yourself and not relying entirely on others for financial adviceAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsDave RamseyBiggerPockets Money Podcast 18 with Mad Fientist
You may know Tony J Robinson as the co-host of the Real Estate Rookie podcast, but you probably don’t know his backstory.As a single dad working his way through college and student debt, Tony knew that he needed to have a plan in place to pursue his goals and find financial freedom. He also knew he didn’t want to repeat the same real estate mistakes as his parents.He went from an engineering student, to owning a small tutoring business, to marketing, and finally landed a sweet gig at Tesla!After paying off debt, creating a healthy reserve fund, and divvying his money into over 20 different checking accounts (yes, 20+), he was able to reap the rewards of smart financial management and chase down freedom through real estate.If you’re trying to consolidate debt, find ways to make more money at a job, or leverage creative funding to finance your next deal, Tony has a solution to your problem.In This Episode We CoverHow job jumping can accelerate your raises and income growthWhy EVERY investor (and person in general) needs a healthy cash reserveThe importance of talking to your children about financeWhy being good at math doesn’t mean you’re great at financial management How paying off debt can drive investment fundingHow to fight lifestyle/income creep so you can live below your meansThe strategy to leverage your stock portfolio for real estate fundingCreating the “why” behind financial decisionsAnd so much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsDave Ramsey's Envelope System ExplainedBiggerPockets Money Podcast 149 with Nick GrooverBiggerPockets Money Podcast 112 with Natalie KolodijRookie Podcast 10 with Tony RobinsonRookie Podcast 37 with Tony Robinson
Cristina Livadary immigrated to the US when she was 6, and less than a year later, her father left, leaving her stranded with her mother and sister. She didn't speak the language, had no money, and lived in hotels until her mother was able to find steady work as a chef.She grew up without much in the way of financial education, but did secure a water polo scholarship to Bucknell. Until a rotator cuff injury lost her the funding at the beginning of her third year. She left college with $100,000 in student loans and a burning desire to find a high paying job to live out her Carrie Bradshaw dreams of living in NYC.She spent two years in New York, working hard and spending harder. She moved to LA to run a division covering California and Hawaii, and decided she needed to make a big change.Cristina stopped spending lavishly on things that didn't matter, started focusing on what made her happy, and now helps others manage their finances to get money out of the way and live their best lives.Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 55 with Kristy and BryceBiggerPockets Money Podcast 55.5 with Kristy and BryceBook:The Seven Stages of Money Maturity by George KinderThe Psychology of Money by Morgan HouselConnect with Cristina:Mana Financial Life Design
Nick Groover is 25, with a young daughter and a fiance, looking to make changes to his finances so he can start married life off on the right foot.He has some debts he'd like to knock out so he can start investing in real estate, and potentially start a business. He just got a promotion and a raise, and on paper is doing pretty good.But Nick needs to start budgeting, because a dollar here and five dollars there is eating up his overage, so there is very little to save.In today's episode, Scott and Mindy sit down with Nick to go over his current financial situation and use their life experiences to suggest easy wins to help pay down his debt, start saving for future real estate purchases, and start investing for retirement.Nick's in a good place right now, but following Scott & Mindy's suggestions should help him get money out of the way so he can go on to lead his best life!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsDave RamseyMobile Expense Tracking App - Waffles On Wednesday
Chris Hogan joins Scott and Mindy today to chat about becoming an everyday millionaire.Chris and his team interviewed more than 10,000 millionaires to hear how they did it. Hard work, determination, spending less than you make, investing wisely, and eliminating debt.Chris shares how to discuss your finances with your spouse - and how to bring them on board when you have differing views about money. He talks about the emotional journey that debt paydown can take you on - and how to handle that so you come out on top!Chris also reveals his feelings about FIRE - and how there is too much focus on the RE and not enough on the FI. He wants you to become Financially Independent but also wants you to enjoy your journey.Chris firmly believes that anyone can become debt free and start to build wealth to become an Everyday Millionaire.Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsDave Ramsey's 7 Baby StepsBiggerPockets Money Podcast 50 with Patrice WashingtonThe Retire Inspired QuotientBooks:Everyday Millionaires by Chris HoganThe Richest Man in Babylon by George S. ClasonThe Total Money Makeover by Dave RamseyConnect with Chris:Chris Hogan's Website
Cathleen Hutchins grew up in Hawaii. She come over to the mainland for college, but Hawaii kept calling her name, so she moved back home.Hawaii is an expensive place to live, and Cathleen knew she'd need a plan in order to reach financial independence if she was going to live there for the rest of her life.So she saved. She invested. She made smart decisions about her money and is continuously looking for ways to generate passive income to help fund her retirement.She has also sacrificed some comforts and norms to get to where she is today. She and her husband lived apart for a while, both living where there was a job for each of them, not always in the same state!But her sacrificing and saving has allowed her to move home to Hawaii, buy a house, and continue to pursue financial independence in a high cost of living area.Cathleen is well on her way to Financial Independence and her story is just another example of how following the proven path, you can get money out of the way so you can lead your best life.Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 35 with Craig CurelopBiggerPockets Money Podcast 95 with Craig CurelopBiggerPockets Money Podcast 120 with Michael KitcesBiggerPockets Money Podcast 144 with Kirk ChisholmMr. Money MustacheBooks:Set For Life by Scott TrenchThe 4-Hour Workweek by Timothy FerrissThe Simple Path to Wealth by J L CollinsRaising Your Money-Savvy Family For Next Generation Financial Independence by Carol Pittner and Doug NordmanRich Dad Poor Dad by Robert KiyosakiConnect with Cathleen:Cathleen's Website
Ambus Hunter grew up with a fair understanding of how money works. He received a partial scholarship to play drums in college, and graduated with a small amount of student loan debt.His first job was with the Department of Defense, making a decent salary for someone who had just graduated from college. He started saving his money, like a good FI-devotee does, but his story takes a sharp left turn.Ambus discovered gambling.At first, he was winning. (That's how it goes with gambling, right?) But then his "luck" changed. Because that's also how it goes with gambling, right?Ambus chased his losses, and ended up wiping out his entire savings account. That was when he knew he had to stop cold turkey.He then threw everything he had into building his savings back up, taking on extra jobs, living with roommates, and cutting out everything unnecessary in his life.In one short year, working nights and weekends, spending as little as possible, and throwing every dollar into his savings, he made it all back.Now Ambus helps guide others on their own path to financial literacy through volunteering and through his own coaching programs.Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 10 with Liz ThamesBiggerPockets Money Podcast 143 with Shannon GauthierHow Gambling Away My Savings Strengthened My Relationship With Money
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Comments (38)

Ivan Terrero

covered calls Mindy......

Jan 23rd
Reply

Ivan Terrero

Very relatable

Dec 8th
Reply

Ivan Terrero

Very inspiring

Nov 23rd
Reply

Ivan Terrero

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

Nov 5th
Reply

Matthew McKibben

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

Oct 10th
Reply

Matthew McKibben

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

Aug 21st
Reply

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
Reply

Matthew McKibben

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

Jul 8th
Reply

heather lakes

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

Jan 5th
Reply

Jawad Rasul

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

Dec 2nd
Reply

Jason Leonard

climate change.... really?

Nov 22nd
Reply (2)

Megan Buchheit

a

Jun 18th
Reply

Steve Diahy

Make 90k thats the fastest path

Jun 17th
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
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