DiscoverBiggerPockets Money Podcast
BiggerPockets Money Podcast
Claim Ownership

BiggerPockets Money Podcast

Author: BiggerPockets

Subscribed: 15,551Played: 288,749
Share

Description

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.

133 Episodes
Reverse
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
Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000.Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE.Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family.She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate.Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did.Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family.If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode!In This Episode We Cover:Ashley's money journeyHow Ashley and her husband accumulate both rental properties and debtThe moment she purchased her first rentalHow her rental income helps her to be more conscious about moneyAshley and her partner's agreement on their investments2 rules to analyze markets for rentalsWhat a portfolio loan is and how to use itAshley's method of recycling her cash to buy more propertiesWhat her lifestyle looks like after reading Dave Ramsey's bookDebt snowball methodHow Ashley managed her various properties with various partnersAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Real Estate PodcastBiggerPockets Business PodcastBiggerPockets CalculatorsBiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley KehrBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Facebook GroupBiggerPockets Money Survey
This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40.How did she do it?She saved her money. She didn’t spend it on things that didn’t matter to her.There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford.And yet, she saved her money. She didn’t spend it on things that didn’t matter to her.And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again.She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life.Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom.In This Episode We Cover:Bianca's journey with moneyHow she avoid on having debtThe problem with not having a college degreeWhat happened after she got her job as a flight attendantHow she got into real estateHer thoughts on investmentThe importance of having cash reservesHer credit score after her three short salesThe moment she came across the FIRE movementHer experience living in a train cabooseReasons to not quit your jobAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money Facebook GroupBiggerPockets Money Survey
Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs.Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not.She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you.Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo!If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice!In This Episode We Cover:The right time for somebody to start looking for a tax professionalHow to find a tax professionalHow important state-specific knowledge isWhat a true expert can bring to the table regarding your returnWhat a real estate professional isBenefits of consulting a tax professional prior to buying a propertyHow to prepare for a meeting with your tax professional3 most common errors—check these before submitting your returnHow to approach a tax return for a house hack or duplexWhat to do if you recognize issues with past returnsWhat depreciation recapture isAnd SO much more!Links from the ShowMileIQ: Mileage Tracking AppBiggerPockets ForumsBiggerPockets Money Facebook GroupBiggerPockets Money Survey
On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55!So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40!Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them.Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension.Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement.In This Episode We Cover:Momma Purple's journey with moneyHer life looks like when Purple was bornHow she managed her money and able to save up so much as a single momThings that changes her practice with money after the conversation she had with her colleagueHer 10-year plan to early retirementTalking about her investing journeyWhat she do the moment she was retiredHer advice for older listenersAnd SO much more!Links from the ShowPersonal CapitalMindy's emailScott's emailBiggerPockets Money Facebook GroupBiggerPockets Money Survey
Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested.Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances.So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them.She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money.And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!”Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted!In This Episode We Cover:Purple's journey with moneyHer mom's giftDeciding to seek financial independenceConvincing your partner to pursue FIREPurple's net worthTips for people who are looking for a new job and better incomeThe importance of researchPurple's plan in the futureWhat her retirement looks likePossible downsides of remote workAnd SO much more!Links from the ShowRedditMr. Money MustacheGlassdoorIndeedPayScalecFIREsimBiggerPockets Money Facebook GroupBiggerPockets Money Survey
This week, we sit down and talk with Airman Mildollar, from Military Dollar.(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.Every time she received a raise, she committed to put at least 50% of that raise into her investments.In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.In This Episode We Cover:What an airman isAirman Mildollar's money journeyWhere she got her scholarshipsHow she creates financial freedomThings she did on managing her financesThe reason why she didn't do househackingOn her housing and food allowanceHow she discover FIRE communityWhat Thrift Savings Plan isHow she finance her propertiesOn her rental propertiesHer plans in the futureAnd SO much more!Links from the ShowEarly-Retirement.orgEarly Retirement ForumSaving-SherpaGet Rich SlowlyMr. Money MustacheAirbnbBiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery CarlBiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki RobinFinConBiggerPockets Money Facebook GroupBiggerPockets Money Survey
Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12.During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances."Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go.Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company.(Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!)After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her!She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus.She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains.Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want!In This Episode We Cover:Kristi's journey with moneyHow her mother taught her about moneyHer experience with money during high school and collegeHer financial position during her first jobKristi's tip to get free tuition in collegeHow she discovered financial independenceHer first experience in real estate investingWhat she did on her dad's life insurance policyHow she got her first propertyAdvice on working with a real estate agentTips on actively managed funds and commission-based financial plannersAnd SO much more!Links from the ShowChooseFIMLSFinancial 180AirbnbScott's EmailBiggerPockets Money Podcast 85: From Financial Disaster to Financially Free with Jacob Wade from I Heart BudgetsBiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle MastBiggerPockets Money Facebook GroupBiggerPockets Money SurveyCheck the full show notes here: https://www.biggerpockets.com/moneyshow108
loading
Comments (29)

heather lakes

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

Jan 5th
Reply

Jawad Rasul

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

Dec 2nd
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
Reply

Ivan Terrero

I can relate to this episode

Feb 17th
Reply

Travis Lee

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

Feb 15th
Reply

Mr Charles

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

Feb 7th
Reply

Austin Eschan

This is awesome . Great episode

Feb 6th
Reply

Dujon Blondel

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

Jan 20th
Reply

Jordan Thomas

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

Nov 19th
Reply

Damien Thorne

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

Oct 1st
Reply (1)

Mackal Smith

qqWAq11 ASA!!~Qss asQ c@!°@+×

Sep 27th
Reply (1)

Eric

amazing show

Sep 25th
Reply
Download from Google Play
Download from App Store