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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.

181 Episodes
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Welcome to episode 173.5! Yesterday you heard from Brent, a former registered nurse who paid off over $100,000 in debt and started a mobile pizza truck! Brent’s original interview was recorded back in January or 2020 and was scheduled to be released right around the time that the pandemic hit and shutdowns began. Since it was released yesterday we thought it’d be a great idea to have him back to talk about all his progress since then!Since we last spoke to Brent, he’s added a whole other food truck to his business and has hired on more staff. Now he’s cooking up (and selling out) pizzas wherever he goes. He even has a new social media handle, he’s TheFoodTruckCEO! Brent talks through the challenges he’s faced this year, the wins he wasn’t expecting, and advice he’s given to young entrepreneurs just starting their business. As you heard in the last episode, Brent paid for his first pizza truck with savings he had, allowing him to finance the business debt-free. A year later, Brent still agrees this was a good idea, as has less stress and far more creative freedom being able to make decisions without having to worry about paying off a large amount of debt. What are the profit margins of pizza and food trucks? Brent shares his margins, his pricing, and success stories, showing that regardless of how profitable your product is, you’re always going to have to put in the work to get it to where customers are willing to buy. Brent manages a very tight ship and is still learning the best ways to hire, manage, and make delicious pizza (without burning it)! In This Episode We CoverHow Farm Fired Pizzas has grown since we last talked to brentWhy starting your business can be much harder, but much more fulfilling than a regular jobWhy staffing is such a big hurdle when scaling and expanding a businessUsing debt vs. using cash to start your business venture Becoming competent in a trade before you start a business focusing on itBeing flexible with your business venture and embracing failuresRaising prices in a way that works for your bottom line and your customersAnd So Much More!Check the full show notes here: https://www.biggerpockets.com/moneyshow173-5
What does the average person do in their 20s? For most people, it means going into student debt, getting a car loan, getting a mortgage, and treating yourself. These are the “average financial decisions” that put many Americans into debt and stuck at jobs they only dream of leaving. That’s how Brent aka TheFoodTruckCEO felt when he and his wife realized they had over $100,000 in consumer debt.Brent and his wife didn’t make any crazy decisions, he merely did what society said is the right thing to do. He and his wife had student loans to cover nursing school, both had car loans, and racked up around $13,000 in credit card debt alone. This doesn’t even include a tractor Brent decided to buy for a future business purpose!Both Brent and his wife were bringing in solid money every month from their nursing jobs, but as soon as the money came in, it somehow flooded right back out. This annoyed Brent, he felt like he wasn’t in control of his money and his life. He went to work on debt, adding up everything they had spent over the past few months and realized he and his wife were eating out far more than needed, wasting groceries they were paying good money for, and jeopardizing their future with random purchases.They cut up the credit cards, started snowballing their debt, reduced their eating out, and stopped shopping at the big box stores. They attacked their debt! Within 5 years, they paid off $109,000 in debt, and started to save up for investments every month.As time went on and Brent got promoted to a more corporate role, he realized that he put himself in a terrific financial position to leave and start his own business. He had accumulated $100,000 in cash, started investing in his business, and now runs a mobile pizza truck, serving delicious woodfired pizza and doing what he loves.In This Episode We CoverWhy “average financial decisions” can often trap young people in debtGoing over finances with your partner before (and after) getting marriedHow to expense track to see exactly where your money is goingUsing the “debt snowball” method to get out of debt quicklyCreating the “financial runway” you need to invest in your business and futureHow to have a job exit plan so you can leave on your termsAnd So Much More!
Jeff, like many listeners, feels as if there is enough money coming in every month, but somehow it’s slipping out, not allowing him and his wife to hit financial independence. A big reason this could be happening is simple: not enough income and expense tracking. This is why Mindy and Scott are always so adamant about having a budget (and sticking to it).Jeff owns his home, and it has appreciated a favorable amount since he bought it; he also owns a duplex in his home state of California, and a rental property in Memphis. But that’s not all, Jeff owns another type of property...one he isn’t too proud of. A timeshare! Jeff wants to get rid of his timeshare so he can put more money into growing wealth.He also has HELOCs taken out against homes which are burning holes in his pockets on top of the bills he and his partner already have to pay. While Jeff is happy with his line of work, his wife wants to be able to leave her job. With so many factors at play, it can seem difficult to reach financial independence and grow wealth, while also being happy at work, but with some financial intuition, it’s possible!In This Episode We CoverWhy you shouldn’t go to a timeshare meeting (ever!)How having a high income doesn’t mean you’re moving closer to FIWeighing the pros and cons of in-state and out-of-state investing How much to keep in cash reserves for your personal accounts and business accountsThe importance of zeroing in on your goals so you can shoot for successHow to stop income from leaking out (amazon shopping, eating out, etc.)How to have a successful money date with your partnerAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMintCheck the full show notes here: https://www.biggerpockets.com/moneyshow172
Most people would consider $80,000 a year a respectable salary, but what if you were making that much during college? That’s what today’s guest, Brandon Richard Austin, made in his sophomore year. As a journalism major, he started doing freelance writing work, and a client of his ended up offering him a remote position on the team. So there Brandon was, making $80,000 a year, working 12 hour days, all while juggling school at the same time. Thankfully, Brandon wasn’t a big spender. He didn’t go out and buy a new car, a new watch, or even move out of his parents’ house.Brandon was able to start investing in index funds and early cryptocurrencies, netting him some pretty stable returns (at least from the index funds). After completing college and still having a very low cost of living, Brandon asked himself if the job was worth all the stress. He decided it wasn’t and voluntarily chose to take a pay cut to work somewhere else where he was happier and had more control of his work.Brandon still lives at home and advocates doing the same for people his age. Not having a housing cost (or having very low housing costs) is one of the best ways to put yourself on the path to financial freedom. This low cost of living situation has allowed Brandon to be on the path to financial independence while still valuing his happiness.In This Episode We CoverWhy many people who grew up frugal feel guilt when spending money The importance of tracking your little purchases so they don’t add upWhether or not taking a pay cut is worth less stress/more freedomWhy index funds are such a great asset to hold for the long termSetting your financial freedom goal and seeing it as a marathon, not a raceMinimizing your housing costs as much as possible (especially when you’re young)Developing an investment philosophy that speaks to youAnd So Much More!Check the full show notes here: https://www.biggerpockets.com/moneyshow171
Erik and his wife have three big debts to tackle: their mortgage on their primary residence, their mortgage on their rental property, and a HELOC (home equity line of credit) taken out as the down payment for their rental property. So, which debt should they tackle first?As two school teachers in New Jersey, Erik and his Wife made smart moves earlier this year by closing on a rental property, in order to have another stream of income coming in. They already have well paying jobs, pension plans, IRA accounts, and other ways of setting themselves up for the future, but how can they streamline their debt payoffs and maximize their cash?First, Mindy and Scott walk through budgeting, and put an emphasis on why you should separate out your business expenses and personal expenses, and make sure they don’t intertwine. Then they go on to tailor a plan of action for Erik and his wife, giving some great examples of leveraging low-interest debt in order to pay off higher interest debt and fill emergency funds. Whether it’s personal or business debt you’d like to tackle, this is a great episode going through the pros and cons of paying off debt quicker!In This Episode We CoverWhy rental property owners should always have a strong safety reserve of cashWhen prepaying loans may be a good or bad ideaHow to not over-categorize your budgets and expense tracking Pros and cons of using a HELOC to finance a down payment 30 year mortgages vs. 15 year mortgages (rental and primary residences!) Why you should separate your business expense tracking from personal expense tracking Why a 457(b) plan is great for those who have it available And So Much More!
It’s not always comfortable talking about money, especially with close friends, family members, partners, or even bosses. How did salary, savings, and investing become such a taboo subject to talk about? With us today is Erin Lowry aka Broke Millennial, you may recognize her voice from episode 24 and 81 of the BiggerPockets Money Podcast. Erin paints a picture that many of us can relate to: you’re at a birthday dinner and you order a small side and a water while the rest of your party orders $60 sushi rolls and $70 steaks. At the end of the night, what always happens? The bill gets split evenly. Now you’re stuck with a $60 total (and tip) when you only ate $10 worth of food. So what do you do, throw a temper tantrum and leave? Of course not!It can be hard to match spending habits of friends and family if they make more than you (or are just more casual with their spending). Having frank conversation with these important people in your lives can not only help foster a healthy relationship, it can also put you in a position where you don’t feel resentment in the future. Don’t know how to have these conversations? No worries! Erin has a template for you!You’re not just talking about money with your friends and family, you’re also talking about it with your coworkers and bosses. How often should you ask for a raise, when is a raise earned, how do you ensure that you’re rewarded for your hard work? These can all be very tricky questions to answer. Through some research, metric tracking, and proper planning, Erin shows exactly when to go to your boss to ask for a raise, how much is reasonable, and how to assess your value within the company.In This Episode We CoverWhy talking about money with those close to you doesn’t need to feel uncomfortable Why “money talks” are often viewed as taboo in today’s society How to talk about money with your friends, family, and partnerSetting boundaries early for healthier relationshipsStarting a “friend fund” and offering less costly alternatives When the best time to ask for a raise isComparing your salary or compensation vs. industry averages Showcasing your value to your employer or clientAnd So Much More!
A big piece of advice given by many wealthy people and real estate professionals is to simply “get started when you’re young”. This is exactly what our guest has done today. Clayton, a renewable energy worker, travels around the midwest for work, living out of an RV with his partner.His company grants him a company car, a company phone, a food stipend, a handsome 401(k) match, and a comfortable salary. Clayton has taken advantage of these big perks by maxing out his Roth, buying a rental property, and using his primary home as a house hack. He’s checking all the boxes at just 26 years old, with a TON of potential to do more.Clayton is close to having the big 3 things in life paid off: housing, transportation, and food. With extra income coming in every month, what can Clayton do to put himself in an even stronger position than before?First, he’ll need to start budget and expense tracking. This is something many guests find challenging at first, but can really help alleviate any fears of where money is going. Next, he can start adding a bigger chunk of money to his rental property reserves, that way the mortgage is always being paid (even if someone misses rent). Last, he can start looking for another house hack and another rental property. Tune in to hear Scott’s ingenious way of looking for properties even if you’re on big sites like Zillow, Trulia, or even the MLS!In This Episode We CoverWhy everyone should house hack when possible to do soFrontloading your Roth and making sure you max it out every yearBill tracking vs. expense tracking (and how one works better than the other)How to use automatic budgeting apps to fine tune your spendingHow to define your specific criteria when looking for rentals Why landlords need a 6 month reserve for their rental propertiesAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingCheck the full show notes here: https://www.biggerpockets.com/moneyshow168
Most people are told the same thing growing up, “go to college and take out a loan, get a car and take out a loan, live in a nice apartment even if it’s expensive”. This is exactly what Josh and Ali, AKA “The FI Couple”, did in their 20s. They racked up over $100,000 in student loans, had two car payments, and lived in an apartment outside of their means.Josh grew up without much money, causing him to not have much of a financial foundation when he reached adulthood. Ali grew up middle class, but didn’t have any financially savvy role models to look up to. As they started dating and later got married, they realized that they had to take care of debt soon, or they’d be swallowed whole by it.Josh stumbled upon a book that changed his financial view forever. A book one of our hosts is VERY familiar with. It was Set for Life, by our very own Scott Trench! After Josh read through it, he knew he had to share the information with Ali, but it took him time to find out her specific “financial language” and the best way for him to get her excited about financial independence.After they were both on board for FI, house hacking was their next stop. As you’ll hear in the interview, they acquired four units in a short amount of time, paid off a big chunk of their student loans, and now have passive income rolling in, every month. Talk about a rags to riches story!In This Episode We CoverHow debt can anchor you to a life that you don’t wantWhy getting fired or losing a job opportunity could be a great catalyst for changeThe importance of keeping your expenses as low as possibleFinding a house hack that works for you (and your partner) so you both love where you liveUsing FHA loans to secure house hack properties with a very minimal down paymentMaking debt a “common enemy” when you and your spouse are working to reach FIAnd SO Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingBiggerPockets Real Estate PodcastChooseFI PodcastBiggerPockets BookstoreBiggerPockets Investments CalculatorBiggerPockets Money Podcast 34 with Andy HillBiggerPockets Money Podcast 157 with Scott & MindyMr. Money MustacheMad FientistCheck the full show notes here: https://www.biggerpockets.com/moneyshow167
Having too much money in investment accounts seems like a good problem to have, but it’s a problem nonetheless. Today we talk to firefighter Nathan and teacher Kristen about their income, expenditures, and investments.Nathan and Kristen own their home and multiple rental properties as well. Collectively they bring in a respectable income, but are being stretched thin due to time restraints. From 24 hour shifts as a firefighter, making cornhole game pieces as a side hustle, and taking overtime, Nathan is working a lot, while Kristen has her hands busy as a remote teacher and taking care of their kids at home.Between the two of them, they’re contributing a generous amount to their investment accounts, but still want a solid emergency fund (or as Scott likes to say a “financial runway”) to help them sleep better at night.Aside from that, they are donating heavily to charity and fostering one child while in the process of adopting another. Although this philanthropic couple has all the right things going for them, they still need some downtime to enjoy the fruits of their labor.In This Episode We CoverHow much money to keep in your emergency fund How to assess whether or not you’re over-contributing to retirement accountsPaying off rental properties for added peace of mindDeveloping side hustles to bring in even more incomeWhy everyone needs a “financial runway” so their investments can take offPaying down a 457 plan loanPutting yourself in a favorable “liquidity position”And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingHSA – The Ultimate Retirement Account - Mad FientistChallenge Everything! | Budgets Are SexyReal Estate Investment Calculators - BiggerPocketsMindy's emailScott's emailCheck the full show notes here: https://www.biggerpockets.com/moneyshow166
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!Check the full show notes here: https://www.biggerpockets.com/moneyshow165
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!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingHSA – The Ultimate Retirement Account – Mad FientistBiggerPockets Money Podcast 27 with Lee HuffmanBiggerPockets Money Podcast 18 with Mad FientistBiggerPockets Money Podcast 161 with Mad FientistBiggerPockets Money Podcast 03 with Erin ChaseBiggerPockets Money Podcast 75 with Saving SherpaBiggerPockets Money Podcast 139 with Joe Saul SehyBiggerPockets Money Podcast 10 with Liz ThamesXY Planning NetworkBiggerPockets Real Estate Agent DirectoryFrugalwoodsCheck the full show notes here: https://www.biggerpockets.com/moneyshow164
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!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingHow to Access Retirement Funds Early – Mad FientistCheck the full show notes here: https://www.biggerpockets.com/moneyshow163
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!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingDave Ramsey’s Envelope System ExplainedBiggerPockets Money Podcast 04 with Rosemarie GronerWaffles on Wednesday Mobile Expense Tracking AppCheck the full show notes here: https://www.biggerpockets.com/moneyshow162
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 Check the full show notes here: https://www.biggerpockets.com/moneyshow161
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 OnboardingCheck the full show notes here: https://www.biggerpockets.com/moneyshow160
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 RamitCheck the full show notes here: https://www.biggerpockets.com/moneyshow159
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!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets CalculatorCheck the full show notes here: https://www.biggerpockets.com/moneyshow158
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 OnboardingCheck the full show notes here: https://www.biggerpockets.com/moneyshow157
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!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Podcast 268 with Rich CareyCheck the full show notes here: https://www.biggerpockets.com/moneyshow156
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!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 153 with Bill BengenBiggerPockets Money Podcast 120 with Michael KitcesBiggerPockets Money Podcast 136 with Doug NordmanMr. Money MustacheThe Non-Qualified Deferred Compensation PlanCheck the full show notes here: https://www.biggerpockets.com/moneyshow155
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Comments (38)

Ivan Terrero

covered calls Mindy......

Jan 23rd
Reply

Ivan Terrero

Very relatable

Dec 8th
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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
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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
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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
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
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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
Reply (2)

Megan Buchheit

a

Jun 18th
Reply

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
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
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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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