BiggerPockets Money Podcast

For average investors, private money lending has been mentally squared away as “something mega-wealthy people do.” Most investors will write off lending money because they think they lack the experience or funds to do a successful deal. But what if we told you private money lending requires less money than you thought, that it’s almost completely passive, and that today’s high-interest-rate environment may be the perfect time to start? Alex Breshears and Beth Johnson are graciously coming in as our private money messiahs, teaching us all how easy (and lucrative) it is to be a private money lender. They’ve been lending for years, not only to supplement their real estate portfolios but often to outright replace them. Private money is far more passive and flexible than performing a flip or BRRRR yourself, and almost anyone (and yes, we mean anyone) can do it in one way or another. It’s such a good way to make more money that Alex and Beth wrote the new BiggerPockets book, Lend to Live, on this exact subject. But before you print off business cards that say “private money expert” under your name, listen to what Alex and Beth have to say. They drop some valuable gems on who should (and shouldn’t) be a private money lender, how to protect yourself when you lend, points, rates, and fees you can charge, and building a pool of borrowers you can trust. If you’re anything like Scott and Mindy, then there’s a good chance you’ll walk away from this episode far more interested in private money than before! In This Episode We Cover How any investor can become a private money lender and build a pool of borrowers Why 2022 presents an interesting opportunity for new private money lenders Points, rates, laws, and setting up your private money structure Building the perfect private money team that can protect you on any deal The insane returns lenders get when doing different types of deals Betting on the “jockey” vs. the "horse” when vetting a potential borrower Private lending red flags that new lenders can easily fall prey to And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Loans Gone Wild: Turning a Private Loan Into a Profitable Flip After Foreclosure Private Money: What the Experts Warn Against Before You Lend (Or Borrow!) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-328 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

A stock market crash looks like bad news. The world is ending and everything is down. There won’t be any more profits to take…until the stock market gets back on track, which it always does. We’re not kidding—take a look at the past hundred years of total stock market performance and you’ll see something not-so-shocking. The stock market always finds a way to head back up, even after massive crashes like the great depression and great recession. You don't need to trust David and Mindy on this, instead, trust a stock investing expert like Brian Feroldi. Brian wrote the book on why the stock market always goes up, appropriately titled, Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren't. Brian uses this book to educate, inform, and enhance investors’ abilities to invest without stress, headache, or anxiety about future prices. In this episode, Brian demystifies the calculations behind investing in the stock market. From price to earnings ratios to company valuations, and why individual stock picking only makes sense if you’re the right type of person. He also hints at a “multimillion-dollar mistake” some investors are making when investing for retirement. Simply hearing his warning could save you millions of dollars in the future! In This Episode We Cover Why stock market crashes shouldn’t scare the average investor What causes the stock market to go up in the long-term, even with short-term dips Price to earnings ratios explained and using them to value companies before you buy How long you should hold stocks and why consistent trading could cost you more than you think The 4% rule and how the gold standard of retirement calculations is holding up in 2022 Avoiding the “multimillion-dollar mistake” many investors are making And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Why You’re (Probably) Wrong About Prenups Click here to check the full show notes: https://www.biggerpockets.com/blog/money-327 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats, trains horses, and buys rentals in cash. Before you get squeamish, this isn’t a show about flipping rats for profit. But, it is a show about horse training, unique investments, and how to ease off the gas when building wealth. Even if you’re far from your FI number, thinking about this concept will help you tremendously once you’ve retired. Alexis and Max have an interesting situation, and they aren’t your everyday workers. Both of them work out in the field, up against the elements, making some serious money to help train horses. Max was a self-taught trainer who built an impressive resume while only in his teenage years. He has a passion for finding, training, and flipping horses that will one day be champions. This is his life’s work and it’s allowed him to charge a pretty hefty price tag. But, the couple hasn’t just been investing in horses. They also have nine paid-off rental properties, subsidizing the entirety of their monthly spending. But, even with their high net worth, they’re struggling to feel comfortable with their financial situation. They’d like to buy a house of their own, take a break from work, and allow themselves more time freedom. But do they really need more money, or do they simply need to rethink their already solid situation? In This Episode We Cover Flipping horses and the astounding money this unique investment can make Rental property investing and why being debt-free isn’t such a bad thing Sheltering business taxes so you can keep more income at the end of the year When to use leverage to buy real estate vs. buying rentals in cash What to do with your “lazy money” even if you’ve already hit financial freedom Getting clear on your financial goals so you can work less and enjoy your wealth And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast Episode 200 Special: A Personal Finance Masterclass with Kyle Mast XY Planning Advisor Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Click here to check the full show notes: https://www.biggerpockets.com/blog/money-326 Learn more about your ad choices. Visit megaphone.fm/adchoices

Buying a business may sound out of your element. Stocks are one thing, and real estate is another, but what about buying businesses? Isn’t business buying something reserved for large companies, wealthy entrepreneurs, or seriously experienced store owners? Funnily enough, the business of buying businesses may be one of the most overlooked, yet most profitable ways to make more money, work less, and retire richer. Don’t believe us? Just listen to Tim Delaney. Tim did not take the standard wealth-building route. He was making just over $2,000 per year while working in the Peace Corps after college. From there, he was hired on by other non-profits when the opportunity to buy a business fell into his lap. It didn’t require a ton of money, but it did require some sweat equity and a fair amount of time. While he didn’t end up taking the first opportunity that came his way, he did end up buying a business shortly after. And if you like hops-laden libations as much as Mindy and Scott, you’ll love hearing about Tim’s business. Tim invested in a local liquor store that had almost zero technological improvements. No point of sale system, no running inventory, and a cash register that was appropriate for the 1950s, not the 2010s. Tim saw an opportunity, and with the right upgrades, he was able to turn this into a full-fledged business with multiple employees, hundreds of thousands in profit, and the best part of all, a 10-hour per week work schedule for Tim. Today you’ll hear exactly how Tim did it, how much money it took, and how you can repeat the process. In This Episode We Cover Living frugally even when making very little and how your savings can catapult your wealth How to buy a business and what it takes to turn an outdated trade around What types of opportunities to look for when shopping for a business to buy SBA loans, seller financing, and how to finance a small business with very little down Hiring, firing, and how to keep a passionate staff paid and happy with work Commercial real estate investing and turning profits into property And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Business Analyzer Spreadsheet Alternative Investments: How to Determine Which Option(s) Are Right For You Click here to check the full show notes: https://www.biggerpockets.com/blog/money-325 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

What is a millionaire? By definition, someone who has a million dollars or more in net worth. But what do you think of when we say “millionaire”? Are you picturing sports cars, expensive vacations, big houses? The reality is that most millionaires are people just like you and me, living in regular homes, still attending their jobs, and trying their hardest to budget. Being a millionaire doesn’t mean you’ve “made it,” but it does mean you’re on the fast track to building wealth. Gracie is a millionaire, but she doesn’t feel like it. When she discovered financial freedom, she set an impressive goal to hit millionaire status by the time she and her husband hit their mid-30s. They worked hard, were diligent savers, and ended up hitting that goal right on time, but it came with a lot less flexibility than they had hoped. While Gracie was able to quit her job, her husband wasn’t able to, and even as he brings in a great salary, the family still is close to breaking even every month on their budget. But Gracie isn’t doing anything wrong. She’s got a tame budget, regularly reviews her spending, and knows that something has to change if she wants to reach the life of financial freedom she had been promised. So what should she do, change her assets, completely revamp her budget, or move to a lower cost of living area to increase her monthly cash flow? Scott and Mindy give Gracie some good advice that will most likely apply to you, even if you’re not a millionaire yet. In This Episode We Cover Coast FI and using it as an alternative to traditional financial independence Budgeting, expense tracking, and knowing where your monthly income is going Pivoting to part-time when trying to slowly leave a job you don’t love Increasing your “financial flexibility” without sacrificing a ton of time Budgeting red flags and where most families fail in saving money Whether or not being heavy in retirement funds is a wise move in early retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Check Out Mindy’s 2022 Live Spending Tracker and Budget 3 Degrees, Debt Free, and “Coasting” to Financial Independence Finance Friday: How to Get to Early Retirement Even Faster Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Coast FI is an interesting concept. Unfortunately, to much of Mindy’s surprise, “coast FI” doesn’t mean having enough money to live by the coast. But, just like living down by the beach, the coast FI lifestyle is far more enjoyable than most. We constantly hear from online personal finance bloggers about how you need to save as much as you can, eat at home every night, and never take a vacation. While this does allow you to hit financial independence faster, it makes the journey a highly stressful one at worst and a barely bearable one at best. What about a different way to reach financial independence? What about still eating out and taking trips, all while working to retire early? This is the path that Jessica from The Fioneers has chosen to take. She and her husband learned about the financial independence movement while they were making just $30,000 per year combined. As their income grew, so did their savings rate. But, Jessica realized that the stress of climbing the corporate ladder wasn’t worth it when she ended up taking a six-month mental health break from her work. Jessica never ended up going back to work, but she did start working for herself. Now, she’s on the path to coast FI, or as she also likes to call it, “slow FI.” She still takes trips and lives comfortably, but she does so with full autonomy of her time and a plan to retire in her early 50s. She is living proof that you don’t need to burn yourself out to hit financial freedom, and you definitely don’t need to do so just to reach retirement. In This Episode We Cover Coast FI explained and how it’s a far more enjoyable alternative to standard financial independence Saving and investing even while making a below-median income salary Resisting lifestyle creep and how to use pay raises to increase your net worth The danger of going “too fast to FI” and how retiring too early can be a detriment Part-time jobs, side hustles, and other ways that you can make more apart from your W2 Spending money to “escape” and how quitting a stressful job could save you more money And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget David on BiggerPockets David’s Site From Military to Millionaire Change Your Money Mindset, Change Your Life with Vicki Robin Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Rental property cash flow is one of the most important metrics to calculate when analyzing real estate. Your cash flow not only helps you make a little extra money every month but also keeps your property afloat during months of heavy expenses or when large repairs need to take place. If you don’t do the correct cash flow calculations, you could find yourself with a cash-hemorrhaging property. This is why running (and re-running) your “true cash flow” number is so important. It’s also what Pam, today’s guest, might need to do to figure out which rentals to sell and which to keep in her portfolio. Pam owns nine rental properties, which is doubly impressive since she declared bankruptcy just a decade ago. She’s been able to rebuild a financial position that many would envy. And even though Pam and her husband make a great income, they’re struggling to figure out where it’s going every month. As six-figure earners, they’re barely breaking even on some months and overspending on others. Is Pam being too relaxed with some of her budget categories, or is there another cash flow leak coming from somewhere she isn’t looking? Scott and Mindy go through Pam’s current financial situation and quite quickly come up with a solution that could save her thousands every month. In This Episode We Cover How to calculate “true cash flow” for your rental properties so you know what actually comes in every month Selling vs. refinancing vs. holding and which choice to pick for which property Why so many six-figure earners feel like they’re living paycheck to paycheck Capital expenditure (CapEx) costs and why every rental property investor must anticipate them Climbing out of bankruptcy and finding financial success after starting from zero Using private money lending to grow a rental portfolio quickly And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: How to Get to Early Retirement Even Faster Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Living paycheck to paycheck isn’t sustainable. But, if you’re in this position, you already know that. The stress of always worrying about bills, scrounging for money, and never really feeling security can eat away at you. This is how Anthony Michael felt, but surprisingly, he wasn’t making a small amount of money. He and his wife were making six figures, but only saving around $200/month. This was far less than Anthony was comfortable with, so he sat down, crunched the numbers, and started taking drastic actions. After he was able to increase his savings rate tenfold, he knew the extra money he was bringing in needed to be deployed. He started listening to The BiggerPockets Real Estate Podcast, read Rich Dad Poor Dad, and saw that house flipping could be his way to real estate riches. He found a partner, picked an area to invest in, and since then has madeflipping homes his top money-marker. Anthony’s story didn’t always go to plan. He had house flipping budget busters that forced him to use much of his emergency savings, a “partner” who ran off with thousands of dollars, and other fumbles along the way. But, all these mistakes lead to Anthony being in the position he is in today, and maybe you can avoid some of his pricey mistakes simply by hearing his story. In This Episode We Cover How lowering your expenses is a faster way to save than increasing your income Flipping products online and choosing side hustles that can quickly bring in some cash House flipping and how (when done right) it can be a killer side hustle for new investors The “BRRRRbnb” short-term rental bringing in over $500 per night Real estate partnerships and what to look out for before you start sending money Credit card debt and how to use it the right way when investing in real estate And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget David on BiggerPockets David’s Site From Military to Millionaire Airbnb PropStream MLS Bonds: The Perfect Inflation Hedge (with One BIG Caveat) Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Click here to check the full show notes: https://www.biggerpockets.com/blog/money-321 Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement strategies range from simple index fund investing all the way to full-on real estate development deals. What works for some investors won’t work for others. What’s most important to you is knowing what will or won’t work for your lifestyle. Some workers can easily do a couple of fix and flips on the side to generate income, while you may have a sixty-hour workweek, without a lot of free time to start investing in more intense asset classes. Chris feels just like this. As a working professional with a hectic schedule, he's concerned that he can’t participate in more “active” income-generating projects like real estate investing. He's been grinding for decades, making decent money but funneling much of it to pay off expensive student loan bills. When his wife sold her business, an unexpected windfall profit resulted, leaving the couple with more options than they thought. Now they want to “back into retirement” as easily as possible, while still making wealth-building moves. What’s the best option for them? Stocks, real estate, or focusing on work so they can build a large cash reserve? While Scott and Mindy can’t answer this question for him, Chris is presented with a few good options that’ll help him become a multimillionaire in only a few short years. In This Episode We Cover Buying and selling a business, plus some lucrative exit options for when you decide to sell Short-term rental investing and why big profits usually come with big-time commitments The “perfect” retirement portfolio and how to build your assets around your lifestyle Planning for your child’s college and how to invest risk-free while taking tax-advantages Whether to invest in pre or post-tax retirement accounts when you’re coming close to retirement age Serious side hustles that’ll help you achieve the “four-week work year” And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: How to Get to Early Retirement Even Faster The “Perfect” Investment Portfolio for Early Retirement w/Ask The Money Coach Bonds: The Perfect Inflation Hedge (with One BIG Caveat) Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Your financial freedom journey won’t look like anyone else’s. It’s your future, your passion, and your life on the line when trying to hit financial independence. But what are we missing out on during the journey? Are we mindlessly walking towards a “money mirage” where everything in life is perfect and happiness is always abundant, simply because we have more money? Or, is the end of the financial independence journey far less satisfying than it’s hyped up to be? Doc G, from The Earn & Invest podcast, knows about regret. When he’s not recording episodes about residual income, he’s helping hospice patients who are months, weeks, or even days away from life’s end. He knows what it looks like when someone harbors regret about what they should have done. So many of our greatest regrets are caused by not knowing what we truly want to do. The question is, do you know what will actually make you happy? It’s okay if you can’t answer that question right away. In Doc G’s newest book Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, he gives a concoction of stories, exercises, and thought-provoking metaphors to help you not only reach FI but do so regret-free. In This Episode We Cover Why stepping away from a high-paying career could make financial freedom easier for you Finding what you truly want out of life and how to do so before it’s too late The “mirage of money” that financial independence chasers can’t get enough of Why the “death march to FI” is rarely worth it and what to do if you’re on that path The “three brothers” story that will have you rethinking how you want to reach early retirement What hospice patients regretted most and their advice for those who are healthy And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Life After FIRE – Case Studies with Scott, Whitney Hansen, and Doc G Earn and Invest Podcast Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The “semi-retired” lifestyle seems to go against everything early retirement chasers have been taught. For years, it’s been pushed into our brains that “retirement” is one stark event. You retire once, do what you want for the rest of time, and that’s that. But life doesn’t always go that way. Today’s guest Amanda has spent the past two decades raising children, working, and focusing on getting an advanced degree. Now, with extra money coming in she’s finally in the position to invest. Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts, saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it. Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement. In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life? In This Episode We Cover After-tax vs. pre-tax investment accounts and which to prioritize for early retirement Pensions and whether or not they’re worth working at the same job for HSA vs. FSA investing and how to maximize your tax-advantaged healthcare accounts Index fund investing and how to aggressively invest without making things complicated The four levers of financial independence and which to pull when you don’t have many assets And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: How to Get to Early Retirement Even Faster Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Early retirement is something people in their forties and fifties do, right? It would seem almost impossible for someone to retire in their mid/late twenties or early thirties without a large inheritance or winning the lottery. Today you’ll meet the woman who did the impossible—Rachel “Money Honey” Richards. Her voice may sound familiar as not so long ago Rachel was a guest on The BiggerPockets Real Estate Podcast where she talked about retiring in just two years thanks to “aggressive” real estate investing. This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income, much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college. She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be. Fast forward a few years and Rachel has a strong real estate portfolio, bestselling financial literacy books, an exclusive mastermind and coaching program, as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here. In This Episode We Cover Using your age as a benefit and how to get around clients/customers judging you by your youth Where to find the most cash-flowing real estate deals that no one else knows about Living frugally as you make more money and resisting lifestyle creep at all costs The multitude of passive income streams almost anyone can create Selling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to be Imposter syndrome and why self-doubt could be costing you tens of thousands And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards MoneyHoney Website Download Rachel's "Passive Income Starter Kit" Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

When building your budget, do you have a line designated for “economic downturn” or “high inflation?” Probably not. Many financial freaks like Carl and Mindy Jensen don’t prepare for economic anomalies like rampant inflation or double-digit stock market losses. And like most Americans, they’re finding it hard to not spend more money every month. Carl and Mindy understand this, but can't seem to rein in their rebellious budget. This month was their most expensive month ever. And even though these expenses were planned, they nonetheless stung when reviewing them later. But even without these accounted expenses, Carl and Mindy have noticed the cost of goods going up while their stock portfolio continues to drop. If you’re worried about high inflation, rising home prices, food prices, and everything in between, this is a great time to make the needed adjustments to your budget. This will save you not only a bunch of time but also stress when seeing shockingly high prices for everyday things. Even financially free couples like Carl and Mindy need to reassess, and you may want to as well! In This Episode We Cover Mindy’s most expensive month ever recorded and why you should never books flights a month in advance Categories you can cut when an economic downturn hits so you (and your family) stay safe Why saving is more special when you can truly enjoy the things you’re spending on Rethinking early retirement and why now may not be the best time to leave the workforce Budgeting, expense tracking, and keeping an eye on your overspending (before it gets out of hand) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding BiggerPockets Events Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 1500 Days 1500 Days YouTube Channel Learn more about your ad choices. Visit megaphone.fm/adchoices

Passive income and credit scores. While they don't entirely rely on each other, having good credit does allow you to build passive income streams far faster. Andrew Brazell learned this the hard way, but thankfully profited big time by making some needed changes. Less than a decade or so ago, Andrew was living in a rat-infested apartment, riddled with credit card and student loan debt, spending all of his money every month. He felt financially hopeless until he struck up a conversation with his Rugby teammate, and BiggerPockets CEO, Scott Trench. Scott personally helped Andrew dig himself out of a debt hole, start house hacking, and get well on his way to financial freedom. From there, Andrew understood the formula—save your money, buy income-producing assets, and repeat until financially free. Andrew took this lesson to heart, and shortly after paying off his debt, began rental arbitraging his apartment, helping him eliminate his cost of living. That’s when he met Haley Ferguson, his future wife, and a soon-to-be top short-term rental host. The duo saved their money and bought their first house hack property. And, because of smart landlording, they were able to bring in more than double their mortgage payment in rent alone, allowing them to live at a profit. Now, they’re well on their way to buying even more properties, helping them go from financial fiasco to financial freedom, and finally financial abundance. In This Episode We Cover How to save money every month so you can pay off debt, invest, or just have peace of mind House hacking, rental arbitrage, and other ways you can eliminate your cost of living Reducing your credit card, medical, or other debts by making a simple phone call Lifestyle creep and why every financial freedom chaser should resist it Vacation rental investing and the massive profits that come with it Purchasing properties with the VA loan and using low down payment loans to scale your real estate portfolio And So Much More Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Biggerpockets Bookstore Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets How to Create Financial Security (From Scratch!) and Become “Set for Life” 300 Doors, 100% Creative Financing with Pace Morby Airbnb Learn more about your ad choices. Visit megaphone.fm/adchoices

Those searching how to retire early usually come away with one conclusion—you have to make much, much more money. Most financial independence pursuers think that a large salary or enormous sum of assets is what will bring them closer to FI. Fortunately for you, that isn’t always the case, and you’ll see exactly why when we talk to today’s Finance Friday guest, Rebecca. Rebecca makes a great salary. Actually, she makes two great salaries, working at her government job during the dayand her technical writing job at night. She’s pulling in six figures, owns her own home, and splits expenses with her boyfriend. But she’s struggling to put together a passive income portfolio that will give her a good amount of monthly income when she decides to leave work. So what’s the missing piece in this passive income puzzle? Scott and Mindy sift through Rebecca’s finances and find some strikingly simple ways that she (and all of you) can save money every month and get to financial freedom decades in advance. This strategy isn’t hard, but it will take a little bit of willpower to get done. Thankfully, even those FIRE movement and financial freedom chasers who aren’t die-hard FI fanatics can still take these lessons to heart. In This Episode We Cover Building a passive income plan that can carry you along in early retirement Budgeting and expense tracking that can save you hundreds (or thousands) a month Emergency funds and “financial runway” that’ll give you more choices in life When luxury spending (pool cleaners, house cleaners, etc.) is acceptable House hacking and how to build wealth all while lowering your housing costs The “true value” of your retirement pension and why it may not be worth the extra years of service And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Amazon Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Early retirement is one of those common personal finance topics that always comes up on the show. It’s arguably the most talked-about subject in our Facebook group and is a common theme among guests on the show. But what does a time-tested, well-respected financial journalist and coach think about retiring early? What does the “perfect” early retirement plan look like if you’re starting from scratch? Today we’re joined by Ask The Money Coach’s Lynnette Khalfani-Cox, who is used to getting personal finance questions thrown at her all day long. She’s dug deep into everything surrounding investing and early retirement. From stocks to I Bonds, to real estate investing and cryptocurrency—if you’re interested in building (and maintaining) wealth, Lynnette’s website and books have something that will help you on your benjamin-stacking journey. Mindy and Scott take some of the top investing, saving, and retirement questions from the BiggerPockets Money Facebook Group and ask Lynnette her opinion on them. Hear answers to top questions like when to invest and when to pay off debt, what makes the “perfect” portfolio, how to stop saving and start spending when you retire, and whether to invest for retirement or start a business. In This Episode We Cover The debt payoff schedule you should follow if you want to invest while shedding consumer debt I Bonds explained and how to get around the $10,000 personal purchase limit Transitioning from “save mode” to “spend mode” when you’ve hit your retirement goal How to introduce others to personal finance (without it sounding like a lecture) What to do before you start a business and getting your personal finances in order Why younger generations of investors are choosing more “risky” investment options And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Biggerpockets Bookstore Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Fueling Early Retirement at 36 with Just 4 Rental Properties Investopedia Stock Simulator Money Coach University Learn more about your ad choices. Visit megaphone.fm/adchoices

“Buy now, pay later” companies have been around for decades, but not in the form they take today. You may have noticed that when you check out from an online store, a little prompt asks you if you want to purchase your goods for just “four easy payments of…” It seems like a good deal, doesn’t it? You can buy the same goods, for less, today, with no interest payments! Before you add those shoes to your cart, think twice before selecting the “buy now, pay later” option. Alexi Horowitz-Ghazi, NPR reporter and host of Planet Money, was interested in how this type of interest-free internet shopping is affecting consumers. Through his research, he found numerous examples of online shoppers overspending, getting into debt, and not knowing their total purchase price. The ease of paying just a fourth of a product’s price and getting it delivered in days became too much for many consumers to resist. And now, they’re paying the price. If you don’t want to fall prey to this type of split-up pricing, you’ll want to hear what Alexi, David, and Mindy have to say. Using this type of “interest-free” credit could put your financial freedom in jeopardy—and no one wants to trade early retirement for a new swimsuit. In This Episode We Cover The “buy now, pay later” programs and how they target online shoppers How buying now and paying later could affect your credit score in the long run What happens when shoppers can’t pay their future installment loans? Why US legislators are taking “buy now, pay later” companies to court The marketing tactics used by these companies to get you to spend more at checkout Why saving now and buying later will help your future finances And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

What's stopping you from becoming debt-free? Everyone’s answers will vary, but one truth remains the same—excessive debt can prevent you from living the life you deserve. Today’s guest, Joe Bussey, took control of his life once he decided to pay off his $220,000 worth of debt and build a “financial runway” he could rely on. Joe's debt accumulated as he did what everyone in his life told him to. He was in pursuit of a college education when his life took a series of unexpected and unfortunate twists and turns. It all started when he got robbed at gunpoint for all the money he saved for college. From there, he had to start from scratch to save up for school. He had to work several jobs, once working five jobs at a time, to keep up with rent and student loan payments. He then went back to school to pursue a better career but ended up in school for five more years—forcing him to take out even more student loans.By the time he graduated, he was $220,000 in debt. After graduation, Joe was only making $1,000 a month and eventually fell into a deep depression. It was then Joe decided he needed a change, so he wrote out all his worries and came to one conclusion—they were financial problems. After doing some research, Joe came across BiggerPockets and Set for Life. He read the book cover to cover in one day, and a light bulb went off. After reading the book, Joe took control of his finances, saving up $25,000 in his bank account while paying off $100,000 in just fourteen months! In This Episode We Cover Financial runways and how to create financial security from scratch How to become “set for life” and the actionable steps you can take to start your journey to financial freedom Living off less than half your income and the importance of earning more and spending less Using your Roth IRA to maximize retirement savings and find financial peace The benefits of paying off student loans now and how to refinance them And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets How to Become an “Overnight” Success in 10 Short Years with David Greene Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement investing is a crucial part of planning for financial freedom. While early retirement is a status that almost everyone would love to achieve, the second-best thing is standard retirement, where you can use your smart investments to make the later years of your life that much easier. But, oftentimes those who are born with a strong work ethic don’t know when the right time to ease off retirement investing is. In some cases, even intelligent investors can find themselves with a lot of retirement income that can’t be touched until decades later. Jill is trying to end up with a future of financial flexibility. She wants to be able to travel the world with her family,leave her W2 job (if she feels like it), and invest more in assets that give her the power of choice today. She has a very good income, impressive retirement accounts, and wants to take her first step into real estate investing. She’s planning on turning her primary residence into a short-term rental, while her family moves into the live in flip she’s buying next. This rental property income should give her and her family a cushion of passive income to rely on, but she’ll need much more than this to become truly financially free. Scott and Mindy debate the “invest for later” vs. “invest for now” frames of mind, tackling which one will work best for Jill in her high-income but low passive cash flow situation. In This Episode We Cover How to get over your fear of debt when investing in real estate Why you may want to sell your primary residence instead of rent it out (once you move) Avoiding capital gains taxes and taking home a BIG profit when selling a primary residence Building equity and net worth through simple cosmetic live in flips Achieving financial flexibility and how overinvesting in retirement can hurt you in the short-run The Rule of 72 and using it to quickly calculate how much you’ll have in retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

I Bonds, and treasury bonds in general, have always been thought of as the “retiree's investment choice.” For those that have a short time horizon on investments, bonds have made perfect sense. With a guaranteed return, there isn’t a lot to risk for someone close to retirement age who simply wants to watch their investments stabilize—not grow or decline. And in today’s high-inflation environment, more and more individuals are realizing how worthwhile bonds are, especially as their traditional assets start to nosedive. Neither Mindy nor Scott have heavy allocations in the bond market, so to understand these interesting assets a bit more they invited Shane Shepherd, Assistant Professor at USC’s School of Business, to the show. Shane has seen a recent pique in interest from his students in a few certain subjects—inflation, rising interest rates, and bonds. It seems like even the young generation of investors want to safely store their cash during pre-recession markets. But, does Shane think that I Bonds are a smarter way to save? If stock market slumps are starting to hit your portfolio hard, this may be the perfect episode to listen to. Shane describes exactly why so many Americans are investing in I Bonds while also explaining who should not contemplate investing in something as stable as bonds. His advice could help you keep pace with inflation or buy killer deals in the coming months! In This Episode We Cover I Bonds explained and how they can help you minimize the effects inflation has on your portfolio Nominal yield vs. real yield and why you must understand the difference before you invest What happens to bonds if the US enters into an deflationary period Who should (and more importantly shouldn’t) start investing in bonds The downside of diversifying and why bonds are a safe, but static investment How taking on real estate debt could beat bond rates while building wealth for you And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Coronavirus: Is It Time to Give Up on Financial Independence? Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig Learn more about your ad choices. Visit megaphone.fm/adchoices

Many FIRE chasers want to know how to stop overspending. But maybe the solution to overspending is simply knowing about it in the first place. For many Americans, credit card debt, exuberant living, and buying more than what they need are ongoing problems. And even for money masters like Carl and Mindy Jensen, it’s no different. As two leaders in the personal finance space, they understand why people overspend and how to stop it. But, as they’ve found out this year, giving advice can be easier than putting it into practice. As many listeners know, Carl and Mindy have been publicly tracking their household spending. They’ve tried their hardest to stay within the limits they set for themselves, but some months' bills creep up on you more than others. In this monthly budget review, Carl and Mindy talk about why they’ve overspent, how to become more “money conscious”, and how to stop yourself from living a “money rich, lifestyle poor” life. Editorial Correction: On a previous episode of the "BiggerPockets Money" podcast, we stated that gains in a 529 Plan account would be forfeited if not used for educational expenses. This is incorrect and we apologize for the mistake. If you’d like to know more about the 529 Plan rules and regulations, please visit this blog post. Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing! In This Episode We Cover How to budget and expense track the right way (stay up to date on your inputs!) Umbrella insurance and how to get better insurance coverage for even less Why many millionaires choose not to use a budget Carl and Mindy’s newest live in flip project purchase May’s budget busters and how buying quality goods can save you more in the long run How to stay “money conscious” while living a proactive (not reactive) life And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 529 Plan Rules - Nerdwallet article Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again 1500 Days 1500 Days YouTube Channel Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to work less and make more? With a forty-hour workweek, it seems hard to imagine a reality where you can do less but still get the same results. How can you fit an entire week’s worth of work into only one day’s working hours? Jason Wojo and Peter Kolat, hosts of The Lifeonaire Show, argue that it’s easier than you think to cut out much of your workday, enjoy your life more, and reach financial freedom faster. Both Jason and Peter grew up in troubling financial environments—raised in households where fighting about money was the norm. As Jason and Peter grew up, took on careers, got married, and had families, they saw themselves falling into the same traps as their parents—taking on debt, overspending, and working far more than they had liked. After hitting “rock bottom”, they decided to take a step in the right direction and change their financial future. With the help of a financially-free “vision”, Jason and Peter now live lives almost unrecognizable to their pasts. They now help others find their passions, chase their dreams, and achieve financial freedom with ease. So, if you’re tired of the grind, the stress, and the financial anxiety, you may want to consider becoming a “Lifeonaire” like Jason and Peter. Links from the Show Why healthy finances are key to keeping a family (and marriage) in-tact Hitting “rock bottom” and climbing out of credit card and consumer debt Building a rental property portfolio debt-free and how you can do it too The four core tenants of money philosophy and why everything starts with your “vision” The 80/20 Rule and why working less can help you make more money Calculating the cost of financial freedom and why it’s probably less than you think And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets How to Get Financial Freedom So You Can Do What You’re Meant to Do Lifeonaire Website Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want to invest in real estate, you’ll need a few things: a property, an income source, and some cash. If you’ve got all three, you should be able to finance your way to owning a rental property, but this becomes a little more challenging when you’re someone with fluctuating income. Entrepreneurs, especially those without a consistent client base or consistent schedules, have a seriously hard time tracking, budgeting, and saving their income which changes every other month. Chelsea and Wade feel this way as well. They’re both entrepreneurs, but, as a filmmaker, Wade has far more fluid income than Chelsea does. Some months Wade will bring in tens of thousands, while other months, nothing. Chelsea can subsidize the household budget with her more regular income, but even then, the couple needs to keep a strong safety reserve to ensure they’re never going too over budget without their bank account being refilled. Thankfully, Chelsea and Wade are very good at managing their money and may actually have too much of it. They’relooking to dive into real estate investing to start building a path to financial freedom. With a serious amount of safety reserves, they’re thinking of buying a short-term rental as their first investment property. But, does their inconsistent income threaten their vacation rental plans? In This Episode We Cover How to manage emergency funds and safety reserves when self-employed Retirement accounts vs. rental property investing and which is best for early FI Saving for your child’s college and why a 529 plan may limit your child’s future choices Self-employed health insurance and whether or not getting a job is worth the lucrative benefits The most important metric to look at when investing in short-term rental properties Whether or not your cash position is too conservative for your investing goals And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…” Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston Cooper 529 Plan Rules - Nerdwallet article Learn more about your ad choices. Visit megaphone.fm/adchoices

Before you quit your job, you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business. As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business. This is doubly true if you’re like Daniella Flores from I Like to Dabble, who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life, so she can avoid the instant shock of being an overnight entrepreneur. Daniella has some helpful tips for anyone who thinks their time at a job is close to the end. She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom. In This Episode We Cover The importance of having a side hustle (especially when you’ve been working for a while) Job hopping and negotiating more than just salary at your new or current job Prioritizing yourself in your company and the downside of saying “yes” too often Building a stable reserve fund so you can quit with confidence Self-Directed 401k and other retirement options that self-employed individuals have Self-employed health insurance and how to keep your benefits as you step away from full-time work And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Connect with David Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets I Like to Dabble Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s a strange time for student debt. On one hand, many college graduates are electing not to pay their student loans while they sit in forbearance. On the other, some debtors are choosing to take advantage of the zero-percent interest period as a way for them to pay down their loans faster. While neither of those choices is inherently wrong, they may also not be right. Today’s guest, Colton, finds himself in this position with a good $300,000 worth of student debt. This number encompasses both Colton and his wife’s student loan payments. A good portion of their loans can be forgiven over twenty years, so which loan balance should he handle first? Thankfully, with Colton’s sizable take-home pay, he has options that many wouldn’t think of. Scott and Mindy debate on whether or not paying off debt early, waiting for forgiveness, or investing instead would be the best course of action for Colton. Regardless of whether you have student debt, a car loan, a medical loan, or any other type of timely payment due soon, this is a calculation worth performing. Scott and Mindy also take a look at Colton’s diversified portfolio of assets, arguing that diversification could be leading him down a long path to FI, instead of helping him gain financial footing. In This Episode We Cover How over-diversification can set you back from reaching your financial goals Why the “grind to FI” doesn’t have to destroy the life you love Real estate investing as a hedge against large amounts of personal debt Student loan forbearance and forgiveness, plus when to start paying back your loans Private mortgage insurance and the multiple options you have to get rid of it Live in flip tips and how to keep your sanity while renovating your primary residence And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie Learn more about your ad choices. Visit megaphone.fm/adchoices

You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group, but rarely do you get preapproval tips straight from a lender themselves. As the housing market stays hot and interest rates continue to rise, it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability, you can get answers directly from the source! Joining us today is Jon Lallande, former mortgage lender, now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays”, and how tax deductions can be dangerous for self-employed professionals. No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal, primary residence, or next investment property! In This Episode We Cover The easiest way to make yourself “attractive” to a lender Lender overlays and how to get around them so you can get preapproved The easiest way to raise your credit score so you can get the best loan possible The upside of PMI (private mortgage insurance) and how to purchase properties with low money down Why many investors put themselves in mortgage fraud territory and how you can stay out of it How to get a mortgage as a self-employed individual and when NOT to take deductions And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn Finance Friday: Should You Pay Off Your Mortgage Early or Invest? Ginnie Mae Website Credit Karma Learn more about your ad choices. Visit megaphone.fm/adchoices

Almost every age group wants to know how to retire in ten years. Whether you’re in your teens, your mid-thirties, or your mid-fifties, retirement can seem like an eternity away. Those who retire early and find financial freedom tend to do so through a combination of smart investing, early saving, and a tenacity for budgeting (without giving up everything they love). But what if you don’t have time on your side? What if you’re still paying off debt? Is it still possible to retire? Thankfully for today’s guest Rik, and all you listeners at home, we can safely say that retirement is in reach, even if you feel like you’re a little off track. Rik has three degrees and as a result, is strapped with some moderate student debt. He wants to retire in five to ten years and realizes that it will take some work to get him in that position. Thankfully, he has some hands-on real estate investing experience—owning a duplex and performing a live in flip on his primary residence. Rik is more than willing to get his hands dirty in his pursuit of early retirement, whether that means doing remodels himself, limiting his booze budget, or simply living a little leaner. With some smart investments under his belt, he’s been able to set himself up in a good position to take on more projects, have smarter debt, and keep more cash. But, Rik will need to take care of a few things first before he can continue building this retirement runway that’s already underway. In This Episode We Cover Student loan debt forgiveness and how to pay off your debt in the smartest way possible House hacking, live in flipping, and turning your home into a cash-flowing machine or equity check Building a strong cash position/safety reserve and having the funds to invest faster HELOCs (home equity lines of credit) and using them to pay off renovations Whether to rent or sell a property in these high-interest times Building a retirement nest egg that allows you to travel, take time off of work, and creatively invest And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel MintMobile.com Amazon Prime Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use? Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth Finance Friday: How Do I Get Out Of This Cash Flow Crisis? Learn more about your ad choices. Visit megaphone.fm/adchoices

Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it could be the thing that secretly saves your marriage. The everyday American knows very little about the prenuptial agreement and has gotten most of their information from movies, reality TV shows, and hearsay from friends and relatives. We wanted to know the truth about prenups, so we invited attorney Aaron Thomas on the podcast. Aaron Thomas has a wide range of experience in family law, divorce law, and anything that comes from legally joining (or separating) a couple. He knows how difficult divorce cases can be and saw the same mistakes repeated by couples. The lack of communication over finances, minimal planning (if any at all), and wishful thinking led to more and more couples seeking separation shortly after marriage. Now, Aaron and his team work with couples to form strong prenuptial and postnuptial agreements so that they have a rock-solid financial foundation to stand on when dealing with the daily joys and struggles of marriage. Aaron argues that the prenup may be the most important step in mitigating a divorce and that the protection of a prenup goes far beyond wealth. If you never thought about getting a prenup or postnup before, you definitely will after this episode! In This Episode We Cover Prenuptial and postnuptial agreements explained and what they protect Added stipulations in a prenup that most couples don’t know about The optimal way to combine finances as a couple and how to split uneven paychecks How to bring up a prenup or postnup to a partner who’s feeling averse to one The cost of divorce vs. a prenup and why you DON’T want to leave a legal separation up to state laws Which couples shouldn’t look into signing a prenuptial or postnuptial agreement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget ATL Aaron Thomas Law BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry Prenups.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a far less known type of middle-class trap, the type that keeps your wealth growing but limits the amount of “freedom” you feel in the process. Oftentimes, savers can find themselves in a position with a big cash surplus but hold tight to it to feel “safe” instead of feeling flexible. Today’s guest, April, falls into this category. She’s done a phenomenal job at building a millionaire life, keeping large cash savings, and diligently investing in retirement accounts. She’s in a favorable position, but it’s not the position she wants to stay in. April wants to feel a true sense of financial flexibility, with the option to leave her job or decrease the amount of time she spends working. But, to do this, she’ll have to confront her limited “cash scarcity” mindset and chase other investing options. Scott and Mindy guide April on exactly how to do this, walking through various types of investment options that she (and you at home) can use to maximize a lifestyle for freedom, not just wealth. Even a financial powerhouse like Mindy struggles with these same issues, and you might too once you hit millionaire status! In This Episode We Cover Whether or not you’re overinvesting in retirement accounts (and how to find out if you are) Converting from a scarcity mindset to money abundant mindset to truly take worthwhile risks Investing in passive income streams like rental properties, syndications, and dividend stocks How much to keep in your cash position and when to start investing your excess capital HELOCs (home equity lines of credit) and how they can combat a low-cash position Whether or not to pay off your mortgage early (or your car loan!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets Money Podcast 243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together BiggerPockets Money Podcast 260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less) BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist Learn more about your ad choices. Visit megaphone.fm/adchoices

Budget meals, cheap eats, and deliciously discounted recipes are all in this episode of the BiggerPockets Money Podcast. As many of you financial freedom chasers know, one of the biggest monthly expenses on your budget tends to be food costs. Whether that be going out or grocery shopping to feed yourself, your spouse, your kids, and anyone else in your family— eating well isn’t cheap…or so most people think. Beth Moncel is here to tell you that the preconceived notion of good food = expensive food, isn’t exactly right. Beth started her blog, Budget Bytes, over a decade ago during the great recession, when many families struggled to put food on the table. With a degree in nutrition, Beth knew that she could scientifically design recipes that not only filled up her family but helped her do so on a budget. If you’re constantly going over your food budget, this is the episode to listen to. Beth gives a masterclass on food budget savers vs. sinkers, pantry staples and go-to recipes, meal planning, eating out, and whether or not you should shop on an empty stomach. Prepare to upgrade your dinner time while keeping more cash in your pocket! In This Episode We Cover Common mistakes budgeters make when trying to plan weekly meals The biggest budget busters you’ll find in your local grocery store and what to buy instead Beth’s go-to recipes that also act as pantry clean-out meals for less food waste Meal planning and how to start with simple, filling recipes you won’t get tired of Shopping without coupons and why the best ingredients are often the cheapest Calculating the exact cost of your meals and tweaking recipes for frugal shoppers And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget BiggerPockets Money Podcast 251 with Preston Cooper Flipp.com Website BudgetBytes.com Connect with David Learn more about your ad choices. Visit megaphone.fm/adchoices

Stock market crashes aren’t common, but when they happen, they often catch you by surprise. Thankfully, we’re not in the middle of a stock market crash, but this current correction or “dip” we’re riding has got some early retirement and FIRE chasers feeling a little anxious. Carl and Mindy Jensen, real estate and index fund investors, have seen a twenty-five percent drop in their portfolio just over the past six months alone. What effect does that have on their future financial plans? Welcome back to this month’s episode of Carl and Mindy’s Spending Summary, where we finally get to see an under budget month! Thanks to some family frugality, Carl and Mindy were able to shop pretty light this April, even while going over budget on some essentials like groceries and medical expenses. This may be the last under budget month for a bit as some upcoming trips may prop up their expenses as we roll into summer. Carl and Mindy have also been keeping an eye on the stock market and how its performance is affecting their portfolio and future retirement plans. When Carl decided to step away from work five years ago, he had the tailwinds of a strong stock market at his back. But, with recent drops in stock valuation, it begs the question: would Carl still be able to retire early if the market conditions mirrored today? In This Episode We Cover The budgeting and expense tracking “slog” that helps you spend less and keep more Expensive summer trips and how to account for future travel in your monthly budget The Nasdaq’s rough month and what to do when stock indexes start to fall The 4% rule and how rough market conditions could hurt your early retirement plans Whether or not you should still retire during a market crash/correction And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Hear Our Interview with 4% Rule Creator, Bill Bengen Michael Kitces’ Interview on FIRE and the 4% Rule The “Mile High FI” Podcast 1,500 Days to Freedom Connect with Carl on BiggerPockets Learn more about your ad choices. Visit megaphone.fm/adchoices

The idea of college comes with a lot of questions—but there is one question that isn't usually asked: is college worth the cost? Most would say yes, but the honest answer is sometimes. Today’s guest, Robert Farrington, the College Investor, answers college questions in a detailed manner to help you make profitable decisions on your higher education choices. Robert goes over how to look at college as a business decision rather than a necessity. A deciding factor in any college decision should be profitability. Is going to college going to make you more valuable in your field? Will the salary you make post-grad outweigh the student loans you took out? What financial resources are available to you to minimize debt and out-of-pocket expenses? How can you leave college debt-free? When you start asking the right questions, each decision gets easier. And in today’s episode, Robert gives you the right questions to ask. He also goes over different ways to pay for college, including FAFSA, grants, and scholarships, and how each of them work. College requires a lot of informed choices, and this episode contains the knowledge to equip you to make those choices. In This Episode We Cover Looking at college as a business decision and determining whether a college education is financially worth it for you (or your child) How to finance college through loans, grants, financial aid, and scholarships 529 plans explained and why it's an ideal way to save for college Saving yourself by using the “Yes Model” to save for college FAFSA vs. scholarships and how to apply for both Cutting your college expenses in half with government-sponsored programs And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Here's What I Wish Someone Told Me Before I Racked Up $180,000 In Student Loan Debt How To Pay For College How To Save For College Ultimate Guide To Military And VA Education Benefits Taxable Scholarships Check the full show notes here: https://www.biggerpockets.com/blog/money-297 Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone has experienced negative cash flow. If you have a troublesome rental property, you may experience negative cash flow. If you have a low income but an appetite for expensive eateries, you may also experience negative cash flow. But, more common than most, if you’re in the early stages of building your small business, negative cash flow may be a harsh but hard to mitigate reality. Chris is feeling the sting of sinking purse strings every month. At the start of 2020, Chris left his old job as an engineer to start working for himself. He hired a couple of employees and started taking on more and more work. But, he’s spending too much time training his junior engineers and not enough time locking down high-value contracts, leaving him in the red every month. Surprisingly, more business owners face this problem than you would think. Scott puts on his CEO hat to dive deep into the finances of Chris’ business and gives some challenging, yet reasonable, advice on how he can immediately improve his financial situation. With suggestions from both Mindy and Scott, Chris may have a better picture of how he can go from cash flow negative to very comfortable with highly positive cash flow in the near future. You may not be in Chris’ position now, but if you ever plan on starting a business, or have already, this episode is a MUST. In This Episode We Cover Cash savings and why it’s always important to keep a strong safety reserve (especially as a business owner) How to break down your negative cash flow situation to find the most costly expenses Starting a business vs. continuing to work at a job and why entrepreneurs should be prepared for risk (and loss) How to establish whether or not an employee truly brings value to your company KPIs, goals, and getting on the same page with your team and employees Executive assistants and why high per-hour earners may need them the most And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 6 Steps to Improve Your Financial Situation 15 Things Every Newbie Needs to Know About Starting a Business How to Know When to Hire Your First Employee 10 Challenges to Seriously Consider BEFORE Quitting Your Day Job Check the full show notes here: https://www.biggerpockets.com/blog/money-296 Learn more about your ad choices. Visit megaphone.fm/adchoices

Early retirement was a goal for today’s guest, Antoinette Munroe, the moment she started making money. Her money journey started in second grade when she sold her Halloween candy for extra cash. By high school, she graduated to selling a wide variety of different things and even started her own distribution network with her cousins at their respective schools. By the time she got to college, her main focus was staying out of trouble, avoiding debt and saving. It wasn’t until her last semester of grad school that she had to take out loans. After graduation, her priorities shifted, and she got a job to pay off her debt. Starting with her first check at her new job, she laid out her budget ABCs. Her ABCs follow a simple principle; automation, balance, and consistency. And after two years, she paid off her $27,000 debt! In 2015 she decided to start looking for a home, and by the end of 2015, she purchased one. She did a complete rehab on the house while also adding an addition in hopes of getting rid of her expenses to achieve her ultimate goal of not having to work. She put the finished addition on Airbnb, and it now cash flows and pays her expenses. After she realizing the power of real estate investing to build net worth and generate wealth, she did this three more times and now owns four cash-flowing properties. She is now retired and lives the free life of leisure she always envisioned for herself. In This Episode We Cover The importance of saving money and the freedom that comes with it How to make an efficient and realistic budget & how to stick with it The Budgeting ABCs & how to simplify your budget (and your life!) Creative financing and using it to buy deals when you don’t have the cash How to create and maintain a cash-flowing asset And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-295 Learn more about your ad choices. Visit megaphone.fm/adchoices

Index funds and rental properties are at opposite ends of the investing spectrum. On one side, you have highly diversified, almost entirely passive index funds. On the other, you have cash-flowing, yet far more hands-on, rental properties. Both of these beloved types of investments belong in (almost) every investor's portfolio, but how much should you have of one or the other? Today’s guest Cecilia has built a strong net worth while keeping her income high and expenses low. She bought at the bottom of the market in Southern California, so while home prices rise all around her, she’s sitting comfortably with her rock-bottom mortgage payment. Thanks to all the housing expense-related savings, Cecilia has been able to dump a lot of her extra cash into the stock market. But, she’s longing for a more travel-focused life, where she can take sabbaticals in any corner of the world she chooses. Part of her plan to wealth-gaining greatness is buying a short-term rental in a city she loves, so she can still vacation on the cheap. In order to do this though, she may need to sell off some of her investments or swap her strategy entirely for cash-flowing rental properties in cheaper parts of the United States. Which path will set Cecilia on a fast track to FI? In This Episode We Cover How much to have in your safety reserves and what to do when you have too much cash Index funds vs. rental properties and when to focus on which asset Long-term rentals vs. short-term rentals and the cash flow that comes from both Building the perfect investment plan that will coast you to the life you love Automating your business and spending less time on repeatable tasks Whether or not early mortgage payoff is a good idea in low-interest times And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-294 Learn more about your ad choices. Visit megaphone.fm/adchoices

A master’s degree shows quite simply that you’re a master (at least to some extent) in a certain subject. For decades, getting a master’s degree has been seen as a financially savvy move to open you up to higher pay, better job opportunities, and golden networking connections. But times have changed, and as more students see college as an inferior option to working, it begs the question: is a graduate degree worth the price? You can’t know the answer unless you compile tens of thousands of pieces of data. Thankfully, we didn’t have to do that, we just invited Preston Cooper on the show to explain the research he and his team at FREOPP did. You may recognize Preston from his previous episode on the BiggerPockets Money Podcast where he mapped out which undergraduate degrees were worth it. Now, he’s back to show which master’s degrees have the highest (and lowest) ROI. You’ll hear Preston answer questions like when is the right time to go back to school, which master’s degrees are fatal for financial freedom, and how students should go about choosing a degree or a combination of degrees. So, whether you’re pondering going back to school to get a degree in underwater basket weaving, horse training, or law, Preston has the data to help you make that decision! In This Episode We Cover Why different schools can have dramatically different degree ROIs The best (and worst) master’s degrees to pursue How degree combinations can help you make more money in a related career When is the right time to pursue a graduate degree (after college or after working)? The common misconception about MBAs and why most graduate business degrees aren’t worth the cost The future cost of college tuition as admission rates drop and inflation continues to rise And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Hear Our Previous Interview with Preston on Episode 251 Check Out Preston’s Grad Degree and Bachelor Degree Study: More FREOPP Higher Education Resources FREOPP Is A Master’s Degree Worth The Pay Raise? Connect with Dave on BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/money-293 Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial independence is not a new concept to Carl and Mindy Jensen. For as long as they’ve been together, Carl and Mindy have been open and upfront about their financial situations. When they learned about the FIRE movement, they knew they had an all-time goal to hit. Fortunately for them, they hit it earlier than they needed, but has their current spending forced them to recalculate what it takes to hit financial freedom? Welcome back to Carl and Mindy's Spending Summary, or as we’re naming it this month, March Money Madness. Carl and Mindy had a few big-ticket items on this month’s expense tracker, namely things like a lovely trip to Seattle and a brand new couch (Mindy bought something new!?). As the months fly by, Mindy has noticed an “over budget” trend, forcing her to either recalculate her FI number or get back into budget mode. If you’ve gone over budget like Mindy this month, don’t fret! Tracking your expenses and keeping up to date on your budget will still help you achieve the goals you’ve set for yourself. Just be extra mindful in April! In This Episode We Cover Frugal vacations vs. relaxing retreats and how to plan for added travel spending Gas prices, utility bills, and using solar to lower your cost of living The benefits of budgeting and how expense tracking keeps you frugal Having “money respect” for your partner when sharing finances Accounting for big “one-time” purchases like furniture or trips How to save money on next month’s grocery bill (look in your pantry!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Check the full show notes here: https://www.biggerpockets.com/blog/money-292 Learn more about your ad choices. Visit megaphone.fm/adchoices

eBay flipping isn’t something new. You’ve probably bought something on eBay that was sold by a reseller. Maybe a type of makeup you liked got discontinued. Maybe your favorite pair of jeans from a nationwide chain suddenly disappeared. For eBay resellers like today's guest, Tom Brickman (The Frugal Gay), it’s all about finding the products that people love but can’t get a hold of anymore. Tom is a master of frugality. Raised by a real estate investor, he knew what cash flow could do to a nine-to-five worker's life. So, at age twenty-one, Tom cashed in some company stock to buy his first multifamily. He inadvertently house hacked and was living in his own place for a whopping $138 per month! From there, he moved from his native Ohio to Texas where he got a full-time job, built his eBay flipping business, and never stopped reinvesting into rentals. As a side-hustle addict, Tom shares numerous stories about how he made (and lost) large sums of money by reselling on eBay. He even bought an entire house on eBay at auction, which came with bullet holes included. Talk about a deal! Now, retired well before sixty-five, Tom lives a life he loves with his partner, thanks to financial frugality! In This Episode We Cover Why frugality at a young age can compound into massive wealth-building benefits ESPP and reinvesting your paycheck so you can use investments to buy cash flow What makes a great eBay flipping product and how to find the best deals around Commercial real estate investing and rehabbing properties for enormous equity gains Buying homes at auction online and why you shouldn’t solely trust the zip code a house is in Paying off credit card debt quickly through hard work and smart money management And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! 5 Frugality Myths Americans Believe That Would Make Ben Franklin Cry A Beginners Guide to Hack Your Housing and Live for Free How to Pay Down Bad Debt—Fast! Check the full show notes here: https://www.biggerpockets.com/blog/money-291 Learn more about your ad choices. Visit megaphone.fm/adchoices

Renting vs. buying a home, debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions. In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life! If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel. We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming! In This Episode We Cover The safest investment vehicle in 2022 (and why safest doesn’t always mean best) Whether to pay off student loans or invest in retirement and real estate Which debt to pay off first so you can coast to debt-free freedom Renting vs. buying in today’s hot housing market and how to decide for yourself Funding home renovation projects (even when contractor costs are high!) House hacking and using it to lower your expenses, grow net worth, and build financial runway And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Follow Along Mindy’s Live Budget Tracking BiggerPockets Money Podcast 35 with Craig Curelop (House Hacking) BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans) Does It Make More Sense to Rent or Buy in Today’s Real Estate Market? A Beginners Guide to Hack Your Housing and Live for Free Pay Off Debt or Invest? Check the full show notes here: https://www.biggerpockets.com/blog/money-290 Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate and early retirement go hand in hand. Most people think that it’ll take years (or decades) to build up enough cash flow to simply break even on your monthly expenses (lean FI). Those people probably aren’t thinking as big as today’s guest, Hugh Carnahan, who retired in only three years thanks to speed, diligence, and a courageous amount of risk-taking. You’d probably assume that to retire in three years, Hugh had to be a very financially adept person. Well, you’d be 100% wrong! Hugh struggled for years with his finances and committed almost every cash flow cardinal sin in the book. He made great income, saved almost none of it, then saved way too much of it, and thought that his path to financial freedom was through getting solar panels on his house, NOT buying houses. When a local business owner set him straight, he consumed as much real estate investing content as he could. He listened to the BiggerPockets Real Estate Podcast religiously and after 386 episodes, decided he should invest in real estate. So Hugh went and bought a nice single-family home, right? Nope. He did something much different—and he’s financially free because of it. In This Episode We Cover How to NOT practice the “pay yourself first” principle of investing and saving Lifestyle creep and how it can eat away at your wealth, even as a high-earner ESPP programs and the benefits of getting discounted company stock The BRRRR strategy and using it to force equity on your rental properties Commercial and portfolio loans, plus how they differ from residential mortgages How to leverage cash-flowing real estate to hit financial freedom (fast!) And So Much More! Links from the Show Follow Along with Mindy’s 2022 Budget Make Your Own Free Mobile Expense Tracking App in 30 Minutes BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Check the full show notes here: https://www.biggerpockets.com/blog/money-289 Learn more about your ad choices. Visit megaphone.fm/adchoices

Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move. Brandy has multiple streams of income—her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion! Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible. In This Episode We Cover Building wealth after bankruptcy, failed businesses, and financial mistakes Quitting corporate and coming back in a more flexible, entrepreneurial role Short-term rental investing and the big profits (and costs) that come with it What to do if you have too much home equity as part of your net worth? Backdoor Roth IRAs and retirement investing for self-employed individuals Calculating rental property profits and pitting them against other investments And So Much More! Links from the Show: BiggerPockets Money Facebook Group BiggerPockets Forums How I Used Real Estate to Pay for My Newborn Daughter’s College Education Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders Equity Rich and Cash Poor? Calculate Potential Airbnb Earnings on Your Short-Term Rental How I Live Overseas & Still Manage My U.S. Rentals Check the full show notes here: https://www.biggerpockets.com/blog/money-288 Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you know how to ask for a raise? If you’re like most people, you probably think that we’re asking a rhetorical question. If you think it’s as easy as simply walking up to your boss, asking for more money, and leaving, you probably haven’t ever asked for a raise before. Behind every pay raise request is a clammy-handed employee, hoping that they’ve done well enough to justify that salary bump. Maybe you’re nervous to talk to your boss, maybe you feel unprepared, or maybe you just find it hard to talk about money. On today’s show, Kassandra Dasent, program manager and wealth advocate, touches on how every employee can prepare to get the raise they deserve. Despite what most people think, you should NOT prepare for your salary review days before it happens. Kassandra has a simple timeline that allows employees to maximize their raise potential throughout the year. So, when it finally comes time to talk numbers, most of the discussion is already done. This type of strategy has not only helped Kassandra but numerous listeners of the BiggerPockets Money Podcast. But, what if you can’t get a raise? What if your boss says no? What if there’s no budget left for you at the end of the day? Don’t fret, Kassandra lays out the exit strategies you should plan for when career hiccups happen (which they inevitably will). In This Episode We Cover Building your “success folder” and using it as your greatest tool in a salary negotiation Taking initiative on pay raises and not letting your boss control your career Mitigating the fear of talking about money and using your goals to ask for a raise with confidence How job-hopping really looks to employers and how it will dictate your career path Strategizing your raise and negotiating for more than just money How often you should update your resume (even if you’ve been at the same company) And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-287 Learn more about your ad choices. Visit megaphone.fm/adchoices

It's not uncommon to have irregular income as a business owner or self-employed individual. But with different amounts of money coming in every month, how can you budget, invest, or plan? Some months you’ll make a killing, while other months may have huge burn rates. How do you gain financial clarity when running multiple businesses with multiple income streams? What about becoming debt-free? Is it possible with such inconsistent income? This is how Eric Dunn has been feeling lately. After paying off a significant sum of debt, Eric has seen his income slowly rise and needs help ironing out his finances before he can invest in real estate. Eric has numerous businesses that haven’t been given the accounting love they deserve. Not only that, Eric has been trying to get his safety reserve up to hold himself over during the lean months of self-employment. Mindy and Scott work with Eric to build a financial framework that allows him to scale simply and with minimal effort. They also talk through self-employment tax, financial planning, safety reserves, renting vs. buying real estate, and more. If you’re a regular listener, you probably have more than one stream of income (or will in the future) making this advice worth its weight in gold so you don’t make some of the mistakes Eric is trying to avoid! In This Episode We Cover Paying off consumer debt and using it to propel forward your financial position Separating business and personal expenses so tax time is headache-free Financial planning and analysis, plus using it to model and predict future income Self-employment taxes and quarterly tax penalties that you can avoid as an entrepreneur Whether to rent or buy a home in today’s hot housing market (and strategies for both) Why your emergency fund is meant to be spent on the right things And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-286 Learn more about your ad choices. Visit megaphone.fm/adchoices

When most people think of JL Collins, they think of smart stock and index fund investing. In his classic, The Simple Path to Wealth, JL lays out the foundational path that investors can follow to secure financial freedom simply, easily, and without a ton of stress. So it may come to many FI chasers’ surprise that JL has written a new book on real estate investing, and not index funds, the stock market, or our current state of high inflation. In, How I Lost Money in Real Estate Before It Was Fashionable, JL lays out, quite candidly, how not to invest in real estate. And before you get mad about that type of advice on a BiggerPockets Podcast, please note that JL isn’t saying to NOT invest in real estate, but to invest in real estate in a smarter way than he did. JL is the first to admit that real estate is a phenomenal way to build wealth, create passive income, and retire early. But, if you haven’t fulfilled your 250+ hours of real estate investing education, you probably shouldn’t be purchasing income properties. In today’s show, you’ll hear JL explicitly list out all the mistakes he made when investing, and how you can mitigate these risks and come out profitable instead! In This Episode We Cover “Stagflation” and how 2022 is looking more and more like 1979’s burdensome economy How following the herd mentality to buy real estate may cost you time and money The biggest home renovation mistakes and how to manage contractors correctly Staying cautious when buying in a hot housing market and making an offer based on the fundamentals of real estate investing Capital gains taxes and preparing for depreciation recapture when selling a property The biggest real estate mistakes rookie investors can avoid when getting started And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-285 Learn more about your ad choices. Visit megaphone.fm/adchoices

Travel budgeting, sky-high gas prices, and “free” utilities are coming up in this month’s episode of Carl and Mindy’s Spending Summary. Like many Americans, Carl and Mindy didn’t have the easiest time sticking to their March budget. With rising food, gas, and utility prices, it may seem that your budget is squeezing you more and more as the months go on. This month, Carl and Mindy touch on their biggest budget busters and wins, plus why budgets are meant to be adjusted when life permits. Carl and Mindy have been publicly tracking their budget and have found it to be a little trickier than they originally thought. That being said, both of them agree that if you have the financial means to do something you love, it’s probably worth the extra money for a once-in-a-lifetime experience. If you’ve felt strained while expense tracking and budgeting throughout the start of 2022, just know that two of the most respected voices in the financial space also stumble from time to time. If you make a mistake, overspend, or forget to track your expenses, get back on track, hit your goals, and keep chasing financial freedom! In This Episode We Cover What happens when a big expense bursts your budget early Optimizing your budget so you have breathing room when prices go up Offsetting your electricity bill with solar and siphoning off some free natural gas Downsizing your costs and reviewing utility bills so you only spend on what you need Travel budgeting and keeping extra money to build life-long memories Conferences where you can find Carl and Mindy in 2022! And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-284 Learn more about your ad choices. Visit megaphone.fm/adchoices

Multiple streams of income are a must if you’re trying to hit financial independence, retire early, and have the luxury of time brought back into your life. While most people simply rely on one stream of income, their W2, others want more than one leg to stand on when it comes to their financial wellbeing. How would you feel if every day you had eight (or more) income streams flowing into your bank account? Tiffany Grant from Money Talk with Tiff spent over a decade building the income streams that would eventually set her free from the golden handcuffs of corporate life. But, that road wasn’t made easy for her. Tiffany unexpectedly became a teen mom, forcing her to pivot her journey from aspiring chef to community college business student. Thankfully, her natural knack for anything related to money allowed her to advance quickly through college and later the corporate world. She was making good money, she enjoyed her job, and she was saving almost all of her income. Tiffany knew that her real dream was to own her own business, grow her wealth, and build the life she dreamt of. So, thanks to her smart money management, Tiffany was able to leave corporate, build over eight streams of income with one business, and regain control of her time. If you’re looking to do the same, then definitely don’t skip out on what Tiffany teaches in today’s episode. In This Episode We Cover Building credit at an early age and disputing false claims on your credit report Fighting income/lifestyle creep as soon you begin to make more income Quitting corporate life and having the emergency reserves to support yourself Strategizing your current position so you can make more and work less Building multiple income streams from a single business and how anyone can do it Investing in yourself and doing whatever it takes to stay on the path to financial independence And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-283 Learn more about your ad choices. Visit megaphone.fm/adchoices

Passive income is the name of the game when it comes to real estate investing. While equity can help you build wealth, passive income is what can get you on the road to financial independence. But what if you got a late start in your investing career? With so many millionaire twenty-or-something-year-olds on the internet, it seems like you have to start investing at age eighteen to hit financial freedom. This couldn’t be more wrong. Even if you feel like you’re a late bloomer when it comes to investing, you’re probably only a few years away from hitting FI—if you make the right decisions. This is the quandary that today’s guest, Nicole, finds herself in. Nicole has recently gone through a divorce and lost a good chunk of her net worth thanks to it. But, she’s poised on investing in real estate so she can hit financial independence sooner rather than later. Thanks to her service in the military, Nicole has access to the ever-so-helpful VA loan, allowing her to purchase homes with little (or no) down payment. She also has a military pension that will kick in soon, allowing her to mitigate her cost of living even more. So, does Nicole have enough time to build her rental empire and enjoy the Floridian beaches on her time off? In This Episode We Cover Why it’s never too late to start investing for your future Using VA loans to purchase house hack properties with little to no money down Short-term rentals, medium-term rentals, and other rental property strategies Generating more income through side hustles, job-hopping, and more The 2022 housing market and the risks/benefits of buying in today’s hectic atmosphere Whether or not to invest in retirement accounts when your main goal is cash flow And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/money-282 Learn more about your ad choices. Visit megaphone.fm/adchoices

Inflation can be a detriment to any early retirement plan. At first, you may think you only need a certain amount of money to retire, and maybe you’re adjusting for inflation when you do these calculations. But what happens when inflation runs more than triple the average or crosses into double-digit numbers. How does your investment strategy change? How does your “dream retirement” come true when it costs ten percent more than you originally accounted for? These are all questions that average Americans are asking themselves: when can I retire? Can I retire? How can I afford food or gas or pay my bills? Although we can’t solely blame high inflation on the Federal Reserve, we can see how their policies lead to the situation we’re in now. Someone who stood up against the policies of quantitative easing and massive stimulus packages, is former president of the Federal Reserve Bank of Kansas City, Tom Hoenig. Tom was in favor of quantitative easing back at the start of the great recession, but as this power to pump more money into the economy started to get abused, he rallied against the choice of the fed. Today, Mindy and Scott use this episode to ask Tom the hard-hitting questions that average investors want answered so they can make the best financial moves possible while still building wealth. In This Episode We Cover The rampant inflation of the 1980s and how it affects Fed policy to this day Quantitative easing explained and how it artificially inflates asset prices How asset values and price inflation go hand in hand The goal of the Federal Reserve and how many of their policies have backfired Whether or not the 4% rule still stands true in an inflationary environment What a “good” unemployment rate looks like and how it maps the health of the economy How investors can prepare to take advantage of times of economic uncertainty and high inflation And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! What Every Investor Should Understand About Inflation How the Unemployment Rate Affects Us All (Yes, Even the Employed) The Fed’s Doomsday Prophet Has a Dire Warning About Where We’re Headed Tom Hoenig on Wikipedia Check the full show notes here: https://biggerpockets.com/blog/money-281 Learn more about your ad choices. Visit megaphone.fm/adchoices

Investing in real estate is a proven way to build wealth, produce more cash flow, and retire early. But, not everyone is cut out to do every type of real estate investing. Some strategies take dramatically more time and effort than others. House hacking may be perfect for investors or couples without kids, live in flips could work best for those with some rehab experience, and BRRRR investing is reserved for those with proven investing experience. While some of these strategies are as simple as buying a house and renting out a side, others require far more of a time commitment—time that many investors, like today’s guest Jeff, may not have. Jeff is already an established investor, currently living in a house hack that’s helping him offset his mortgage. But, he wants to expand into more return-focused real estate like live in flipping and BRRRRing. But, with a high-paying job and lots of money in the bank, Scott and Mindy ask the question, “is real estate investing even worth it for Jeff?” Should he be sticking to stocks or does a labor-intensive rehab clearly outweigh the costs? If you’re wondering whether or not you should choose the real estate investing path to FI, make sure you hear out the arguments in today’s episode. In This Episode We Cover Whether or not PMI (private mortgage insurance) is worth it on a low down payment loan How to make moves to buy a rental property in today’s hot housing market Active income vs. passive income and which yields greater benefit Live in flipping and the benefits of doing your own work on a rehab What to do when you have too much cash on hand in an inflationary environment Rolling over your 401k to maximize your non-taxable retirement income And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Health insurance for early retirement? Is that even a thing? If it is, it doesn’t seem self-evident in the United States. For most early retirees within the USA, you have a couple of options for healthcare—make a low enough income to qualify for government-subsidized healthcare or pay an exorbitant amount of money to either buy healthcare upfront or pay out of pocket any time you get sick. But, that’s not a terribly safe way to live, especially when you’re working with a (relatively) fixed income. Throughout their world travels, Amy and Tim from GoWithLess have had to learn this the hard way. They were originally insured on a healthshare plan but found it far riskier than they would have liked. Now, as they travel throughout the United States, Mexico, and the world, they’re making sure they’ve covered all bases so a random surgery or two doesn’t force them back into the working world. Early retirement health insurance is one of the biggest reasons that financial independence-chasers stay at their jobs, so if you’re itching to get your post-work-life travel on, listen to this whole episode. In it, Amy and Tim drop gems about finding health (and auto) insurance when retiring early (or abroad). They also discuss the best questions to ask a healthcare provider or broker, what to look for in a healthcare plan, and how to save money with digital nomad insurance. In This Episode We Cover How Amy and Tim’s post-pandemic travel plans unraveled in 2020 and 2021 House-sitting, dog-sitting, and other ways to creatively lower your travel costs “Quick traveling” and the time/mental energy it takes to be a full-time nomad Roth conversions and using resident-specific tax benefits to convert more The top questions to ask a healthcare broker when choosing health insurance Car insurance as a retiree and how to pay less to be more protected And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices