BiggerPockets Money Podcast

Susan and Norm got married a little later in life. They started off basically flat, with debts equalling assets. Neither wanted to have the debt, and focused on paying it off and building an emergency fund. Then they discovered that they could retire early if they put their minds to it. So they jumped in with both feet, paid off the mortgage, bought an investment condo, paid it off, and aggressively saved to buy the second condo. From the time they met until the time they were ready to retire, starting with basically a $0 net worth, was 12 years. Starting at age 43. The one constant in their journey is their partnership, their commitment to each other and the end goal, and their desire to “be in this together.” Susan and Norm have a very clear respect and love for each other, never keeping score, never trying to hide a mistake from the other, always recognizing that they’re building their life together. When starting on the journey to Financial Independence, it can be difficult to say the course - especially when your journey starts later than most. Susan and Norm and an excellent example of what CAN happen when you make a goal and aggressively pursue success. This episode is for anyone who is struggling in their journey to FI, have hit a setback they feel is insurmountable, or anyone who is just getting started on their journey a little later in life. In This Episode We Cover: When did they start saving for retirement How they approach the conversation about money The decisions they make on housing, transportation, and food How they paid off their debt What their emergency fund looks like What their company do What they learned about the 401k benefits from a self-employment perspective Talking about their multiple income streams The book that made their mindset shift Peer-to-peer lending What they will do when they are fully retired And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Money Podcast 24 with Erin Lowry Cash Cow Couple Personal Capital Dave Ramsey's Financial Peace University Starting Late, But Retiring Early: A Case Study Mindy's email Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we welcome back the Budgetnista, Tiffany Aliche. When we spoke to her way back in episode 8, we heard her story of an investment gone wrong and how 2008 really threw a monkey wrench into her life plans. But instead of allowing that to deter her, Tiffany committed to teaching people how to budget. Since we last spoke, she has expanded her original, uber-successful Live Richer Challenge (www.livericherchallenge.com) into a savings edition, a credit edition, a net worth edition, and a homebuying edition—all free and all designed to teach you the things you never learned about money and finance. Tiffany is SO PASSIONATE about personal finance that she worked tirelessly for more than two years to get a bill passed in New Jersey, mandating financial literacy education for middle schoolers. (Want to duplicate her success in your state? Here’s a video that details how she did it: How to Get a Law Passed with Assemblywoman Angela V. McKnight. But she’s not done! Tiffany has combined her love of budgeting with her love of teaching children in her new book Happy Birthday Mali More, and on today’s episode, she shares her top tips for teaching your children the fundamentals of managing money properly. If you have children, this episode can help you figure out the age-appropriate lessons you should be teaching them to help them grow into financially responsible adults. In This Episode We Cover: The Budgetnista Law The reason why parents have a hard time teaching their kids about money The concepts that parents should teach at various ages How early should parents start teaching their kids about money? Communicating the concept of financial freedom How Tiffany got her husband on board with financial freedom And SO much more! Links from the Show BiggerPockets Money Facebook Group Live Richer Challenge BiggerPockets Money Podcast 08 with Tiffany Aliche Learn more about your ad choices. Visit megaphone.fm/adchoices

Whitney Hanson is one of six children. Growing up she watched her father start a business, watched it fail, and watched him turn destructive, eventually leaving her mother to raise six kids on her own - all while making $7.25 an hour. Whitney has seen the ugly side of money - and what can happen when you have none - and decided she wanted no part of it. Money equals options, and she wanted as many options as she could get! She began to research how to build wealth, because she did not want to perpetuate the cycle of poverty. She knew she wanted to go to college, but also knew she’d have to find a way to pay for it. Rather than taking out tons of student loans, Whitney went through a 3-month cosmetology program starting the day after she graduated high school, and used the money she made as a nail technician to pay for college. Because she values financial stability over everything else, she bought a house when she turned 19 - and house hacked by renting two rooms to friends to help with the mortgage. Upon graduating college, she realized she had taken out $30,000 in student loans that now had to be paid back. Rather than allow it to rule her life, she cut out everything and worked a second job in order to knock out her debt - in 10 months! Whitney knew she had figured out how to lead a healthy financial life - and was eager to help others solve their own financial struggles. She started a coaching program to help financially empower people, and help them navigate the beginning stages of their financial journey. Whitney’s story is 100% repeatable for anyone listening. She came from nothing, and made it on her own. In This Episode We Cover: Whitney's journey with money Difference between a want and a need Her personal financial situation during highschool What her job is while she's studying college The reason why she bought a house at 19 years old Whitney's tips for students Talking about scholarships On her adulting moment Her ways on how she paid off her debt Her journey in creating a business during her MBA program Talking about her cashflow Biggest challenges that people are facing who she talk with about finances And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Money Podcast 64 with Zach Gautier BiggerPockets Money Podcast 80 with Rich and Regular BiggerPockets Money Podcast 112 with Natalie Kolodij BiggerPockets Money Podcast 111 with A Purple Mom Personal Capital XY Planning Network The Money Nerds Podcast 13 with Mindy Jensen The Money Nerds Podcast 37 with Mindy Jensen Learn more about your ad choices. Visit megaphone.fm/adchoices

Ramit Sethi from I Will Teach You To Be Rich is back again to chat with Scott & Mindy about money, unexpected events, and taking advantage of opportunities by being prepared. Ramit does not hold back with his advice that the Coronavirus should be a financial wakeup call to you. A crisis like this WILL happen again (maybe not viral) and NOW is the time to prepare yourself. He’s increased his recommended Emergency Fund to one year of expenses. If you’re struggling right now, you should be making minimum payments because “money in your pocket now is worth more than money in your pocket later.” Start crafting your emergency plan even if you don’t think you’re going to need to use it. Panic is bad, but overreaction is good. Don’t worry about looking stupid. One of the reasons you save is to be prepared for the worst. So prepare. If you’re financially stable and strong, Ramit also has some tips for taking advantage of this crazy time we’re living in. Have you ever wanted to start your own business? While it can seem counterintuitive to start a business in these uncertain times, it’s actually a fantastic time to start. Your target audience is WAITING for you to fill the need they are having RIGHT NOW. Even better? Ramit and Mindy discuss Mindy’s pain points regarding homeschooling - and Ramit comes up with 3 6-figure business ideas on the spot! Scott & Mindy also discuss Dollar Cost Averaging, finding a new job now, and paying down debt. Looking for more options in the coming months? This episode can’t be missed. Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial Education is so important - but so many people are graduating high school without the basic skills to make informed decisions. Today, Scott & Mindy sit down to share some of the big money moves you should make - as well as some of the big money mistakes you should avoid. These are the tips you didn't learn in high school. From choosing a major wisely (or even deciding if college is truly the right choice for you) to paying for college, to truly understanding just how much it will cost you to pay back your student loans, the decisions you're making now, entering college, are going to affect your financial future for years to come. They also discuss relationships, and how those can also have a huge impact on your finances. Other big decisions you need to consider include how and when to get a first credit card - and how to use it properly to improve and increase your credit score. Scott & Mindy also dive into just exactly what a credit score is - and how its far-reaching influence can affect your job and housing. Scott also shares his unique views on wants and needs - and how to minimize the costs of the needs so you can afford a few wants. This episode is a great intro to financial education for young adults who are eager to make excellent financial decisions and put themselves on the path to freedom. In This Episode We Cover: Decision-making process after highschool The difference between subsidized and unsubsidized student loans The importance of calculating total student loans Everything you need to know about credit scores The difference between good and bad debt How relationships impact money and the importance of prenup Wants vs. needs Roth IRAs, traditional IRAs, and 401(k)s How to set up automatic investments And SO much more! Links from the Show BiggerPockets Money Facebook Group Mindy's Post on BiggerPockets Money Facebook Group BiggerPockets Money Podcast 44 with Tinian Crawford BiggerPockets Money Podcast 22 with Travis Hornsby Which to Borrow: Subsidized vs. Unsubsidized Student Loans Student Loan Calculator BiggerPockets Money Podcast 64 with Zach Gautier BiggerPockets Money Podcast 35 with Craig Curelop BiggerPockets Money Podcast 81 with Erin Lowry Fidelity Investments Vanguard Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode, we speak with Fritz Gilbert from The Retirement Manifesto and go through his checklist to ensure a smooth transition into your new life. Fritz speaks from experience and wrote the checklist during his own transition, starting five years out. Oh yes, FIVE YEARS. If you want a smooth transition, you’ll need to plan ahead. Scott and Mindy go through the checklist with Fritz, starting at five years before your retirement date. (They even touch on what to do BEFORE five years out.) Fritz’s list is extremely thorough and includes things you’ve most likely NOT even thought about. From paying down debt to checking in with a financial planner to transferring all that personal stuff you currently have on your work computer or in your work email, we cover the obvious. But more importantly, we also touch on the “Oh man, I totally forgot to do that” stuff, which can be the difference between a seamless transition and one filled with “I wish I had done things differently.” Fritz is such an expert in retirement planning that he wrote a new book about it: Keys to a Successful Retirement: Staying Happy, Active and Productive in Your Retired Years. In this book, Fritz shares 24 keys to a great retirement—once you’ve made sure the transition goes well. If you are on the path to retirement, this episode is NOT to be missed! In This Episode We Cover: What his pre-retirement checklist is all about What his financial position looks like five years prior to retirement His advice to people who are pursuing financial independence before starting The "one more year" syndrome 5-year, 3-year, 2-year, 1-year, and 6-month checklists before retiring Quitting your job And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Money Podcast 41 with Kyle Mast BiggerPockets Money Podcast 84 with Kyle Mast BiggerPockets Money Podcast 118 with Kyle Mast BiggerPockets Money Podcast 55 with Millennial Revolution BiggerPockets Money Podcast 55.5 with Millennial Revolution LastPass The Ultimate Pre-Retirement Checklist Early Retirement Calculator 20 Steps To Take In The Before Retirement The First 6 Steps To Financial Wealth So You Want To Be A Millionaire Freedom For Fido Learn more about your ad choices. Visit megaphone.fm/adchoices

Gerry Born is a teacher who is married to a teacher. He started his financial independence journey when he was 33—with a wife, $45,000 in college debt, and a job in Saudi Arabia teaching English as a second language (ESL). He knocked out his debt in two years, then threw everything he could into savings. The ESL job provided everything but internet and phone, so he really didn’t need to spend much money if he didn’t want to. After 9/11, they moved back to the United States and got jobs teaching—and you know what kind of salaries teachers make! Unhappy with that particular school, they moved on to a different one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) but can be immediately accessed penalty-free as soon as you separate service from your employer. Gerry uses this to fund his life while reducing his taxable income to as close to zero as possible. If you’re starting late—or if you’re a teacher or public employee—this episode provides tips for funding retirement that will blow your mind! In This Episode We Cover: How he retired early on a teacher's salary The tax advantages he swears by The reason why he maxed out his 457 plan first What a 403(b) plan is His job in Saudi Arabia How he got into the concept of financial freedom How he paid off his debt How he saved his money How he maximized his income And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Money Podcast 39 How We Saved 250k by Taking Crappy Jobs - The Millionaire Educator Mr. Money Mustache Learn more about your ad choices. Visit megaphone.fm/adchoices

Joining us today is Avery Heilbron, a listener on his way to financial independence through real estate investing. But Avery isn’t going all out and buying up every property as fast as he can. He’s making calculated purchases that allow him to live for free - and also cashflow while he’s there even though he lives in a high cost of living area. Once he moves out, that cashflow increases even more! Avery is also thinking ahead, and mitigating his risk of non-payment of rent by using the Section 8 rental assistance program to help guarantee rent payments. Oh, and Avery is 25. He went to college on a soccer scholarship, worked through school, studied hard and graduated with ZERO student loans and a great job. Do you have high school or college students in your life? This episode can help give them direction and encouragement that a little careful thought can have a HUGE impact on your future financial situation. In This Episode We Cover: How he purchased a property that was originally listed for $800k in January of 2020 for less than $700k Avery's journey with money How he discover financial freedom Talking about FHA loan and why it is so unattractive to sellers His plans to achieve financial independence Talking about his rental properties His philosophy on reserves What Section 8 program is On house hacking His side hustle And SO much more! Links: BiggerPockets Forums Should I charge my Girlfriend rent? Real Estate Rookie Facebook Group BiggerPockets Money Facebook Group The Official BiggerPocket Facebook Group BiggerPockets Podcast 356 Check the full show notes: http://biggerpockets.com/moneyshow123 Learn more about your ad choices. Visit megaphone.fm/adchoices

Scott and Mindy have focused on Coronavirus for the last few episodes - talking to experts about how the virus has affected the stock market, the 4% rule, and even early retirees. They’ve interviewed Financial Planners to get tips for using the current market conditions to their advantage, as well as chatted with a mortgage broker to determine the best time to refinance. In this episode, Scott and Mindy talk about lifestyle creep - and how they have both been affected over the last couple of years. They revisit the basics of Financial Independence, spending less than you earn, increasing your income, investing wisely, creating multiple sources of income, and living your best life once money has been taken care of. Using their lockdown spending as a guide, Scott and Mindy go through the steps they’ve taken and the changes they’ve made to their expenses - including what they will add back once the world reopens and what expenses they don’t miss. This episode will help you get back to your Financial Independence basics, too. In This Episode We Cover: The basics of Financial Independence Spending less than you earn How Scott and Mindy save their money How their spending changed Increasing your income Investing in low cost, quality investment vehicles Creating multiple, passive streams of income Living the life you truly love And SO much more! Links from the Show BiggerPockets Money Podcast 116 with JL Collins BiggerPockets Money Podcast 41 with Kyle Mast BiggerPockets Money Podcast 84 with Kyle Mast BiggerPockets Money Podcast 118 with Kyle Mast BiggerPockets Money Podcast 119 BiggerPockets Money Podcast 120 with Michael Kitces BiggerPockets Money Podcast 121 with Seth Jones BiggerPockets Money Podcast 03 with Erin Chase BiggerPockets Money Podcast 97 with Financial Mechanic BiggerPockets Business Podcast 51 with Nigel Guisinger Mint Something about Food Podcast Waffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes Real Estate Rookie Facebook Group BiggerPockets Money Facebook Page Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if you can still make your mortgage payments. We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender. Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan. We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal. Seth even shares a mortgage checklist below. If you need more information about the mortgage process, this episode is a must listen! In This Episode We Cover: The right time to take mortgage forbearance His thoughts on refinancing How a first time home buyer should approach their first mortgage Cash outlay Barriers to closing besides income disruptions Five categories of fees The difference between financing a primary home, secondary home, and an investment What mortgage fraud is And SO much more! Links from the Show Consumer Finance Protection Board Credit Karma Mortgage News Daily BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins BiggerPockets Money Podcast 116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin BiggerPockets Money Facebook Page Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Kitces joins us today to talk about Early Retirement - and how the recent stock market movement affects the FIRE Community and the 4% rule. We spend a lot of time on the 4% rule - including this graph which illustrates what Michael discusses - basically, there is an ultra-high probability that you will come to the end of 30 years with MORE money than you started out with, and an extremely LOW chance you’ll spend it all. In fact, only one time does the retirement fund hit zero - and even that isn’t until year 31! Since the FIRE Movement is based on the 4% rule, we wanted to hear from Michael, the Research Nerd Supreme, what he feels about it. “...historical safe withdrawal rates aren’t based on historical averages. They’re based on historical worst case scenarios.” Yes, we’re seeing some pretty big movement in the market, and yes, it can make you think. This episode provides some pretty powerful reassurance that “every little thing, is gonna be all right.” If you are worrying about your financial future, if you have money or want more, this powerful episode is a can’t miss, absolutely-must-listen edition of BiggerPockets Money. In This Episode We Cover: The origin of 4% rule Three different time periods that trigger the 4% number Safe withdrawal rates Different 4% rule scenario Bucket strategy Key assumptions that start crapping up on modeling or evaluating the short term cash bucket The right time to start looking at bonds Constant mid-course adjustments What a retirement red zone is Bond tent strategy Safe withdrawal rate research Guardrail strategy Smart money moves during this market Dollar cost averaging And SO much more! Links from the Show FinCon Determining Withdrawal Rates Using Historical Data Software Solutions To Calculate Safe Withdrawal Rates Online Data - Robert Shiller The Ratcheting Safe Withdrawal Rate – A More Dominant Version Of The 4% Rule? Yield Shield - Millennial Revolution How Has The 4% Rule Held Up Since The Tech Bubble And The 2008 Financial Crisis? Mr. Money Mustache BiggerPockets Money Facebook Page Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affecting their spending, saving and investing. Andy Hill last joined us for Episode 34 - and boy has his life changed! He left formal employment in January (and shares some surprising info about his income & investing prospects. Amy & Tim discuss their House Sitting & Travel Hacking plans, and how they are on hold during this unprecedented travel lockdown. Kristy & Bryce share how their Cash Cushion and Yield Shield strategy is working out (spoiler: just fine!) and how they are taking advantage of lower rates on AirBnB rentals to offset their now-postponed geographic arbitrage plans. The Mad Fientist is continuing to stay the course - but with a surprise revelation that he was a bit freaked out for a moment, too! And we introduce Doug Nordman from The Military Guide to our listeners, to hear his voice of reason and experience and offer encouragement during these crazy times. These five experienced retirees are here to reinforce the fact that Financial Independence IS worth pursuing, it DOES work, and the math IS accurate! Is it time to give up on Financial Independence? Nope, not even close! In This Episode We Cover: How Andy's life changed after his last interview in this podcast Andy's feeling about his decision on quitting his job and build his own business Andy's financial position before he leave his job One thing he wished he would have done differently before he left his job Amy and Tim's after retirement plan How they do their withdrawal on their stock portfolio to sustain their lifestyle What their plan right now Amy and Tim's advice for people who want to follow their footsteps How prepared Brandon was Brandon's opinion on the 4% rule What does he recommend having cash buffer Brandon's definition of a cash buffer Brandon's advice for people who are in the journey to Financial Independence Bryce and Kristy's cash cushion Their travelling routine Their advice Continuing to invest their money on stock market The reason why Doug is not concerned about the recession How prepared Doug was Doug's advice And SO much more! Links from the Show: How to Access Retirement Funds Early - Mad Fientist BiggerPockets Money Podcast 34 BiggerPockets Money Podcast 57 Determining Withdrawal Rates Using Historical Data BiggerPockets Money Podcast 55 BiggerPockets Money Podcast 55.5 Airbnb Fear And Despair In The Time Of Bear Markets - Military Guide Raising Your Money-Savvy Family For Next Generation Financial Independence Learn more about your ad choices. Visit megaphone.fm/adchoices

This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shutdown of most of the economy. Joining Mindy today is Natalie Kolodij, who last appeared on Episode 112. Today’s episode was recorded on March 28, and we are fully expecting additional clarification and guidance from the federal government on these provisions. Congress just passed a 2.2 TRILLION dollar bill to provide relief for Americans in the face of the Coronavirus. While the bill does provide for monetary help, there’s a lot of other benefits that may not be getting the same press. OF COURSE we talk about the checks: How much, Who is eligible, When does it arrive? We also go a bit further and answer if it’s taxed, do you have to pay it back, is it a loan? If you have a 401(k), IRA or even a Roth IRA, there are additional provisions for you to consider like extended loan limits and penalty-free distributions. There are benefits for already retired people such as no RMDs this year if you haven’t already taken them. We discuss the student loan interest rate freeze and how to take advantage of their no payment option. We even touch on the additional provisions to employers such as IRC Section 139 changes that allow employers to help their employees out during this time of crisis, payroll deferment, sick leave, employee retention benefits and extended unemployment benefits. If we have our financial ducks in a row, now could be a great time to make some tax-advantaged moves. In This Episode We Cover: How to qualify stimulus check How much money people get on stimulus check Key thing to keep in mind with stimulus check Can people refuse the check Stimulus check for dependents Are green card holders and H1B VISA holders who work and pay taxes eligible for these benefits IRA versus 401k distribution Things to consider before converting funds from a traditional plan to a Roth plan Are there any provisions for already retired people How can an employer use the IRC Section 139, Disaster Relief Payments How does provision work on student loans Families First Coronavirus Response Act Employee Retention Credits Payroll tax payment deferral And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Real Estate Podcast BiggerPockets Money Podcast 118 BiggerPockets Money Podcast 112 Learn more about your ad choices. Visit megaphone.fm/adchoices

Kyle Mast is a Certified Financial Planner, back for his third episode to answer YOUR questions about our current market conditions. We ask him the questions YOU had on your mind, including rebalancing your portfolio, staying the course, and trying to time the market. We take a deep dive into the retirement planning system, including weighing the benefits of Roth plans vs a traditional plans, and even discuss whether converting pre-tax retirement funds into post-tax funds during this down market is the right choice for you. While this episode focuses more on the state of the stock market, we do discuss real estate investing, and considerations for whether you should jump in or hold back. As always, consulting your own tax advisor and financial planner is advised, but Kyle brings up some very interesting ideas to take advantage of this down market. In This Episode We Cover: What people should do on their asset allocation with the situation right now The best way to protect your net worth in this economy Talking about Roth contributions Contribution limits on a Roth 401k A good plan to start investing in stocks for a short-mid term leaving the Real Estate aside for a while Kyle's thoughts on 4% rule Kyle's thoughts on withdrawing Roth IRA contribution for down payment on a rental property What is a good use for Stimulus Check How can someone find a good estate planner or estate planning attorney The importance of estate planning And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Money Podcast 41 BiggerPockets Money Podcast 84 BiggerPockets Podcast 374 BiggerPockets Money Podcast 116 Mad Fientist Dow Jones - DJIA - 100 Year Historical Chart | MacroTrends BiggerPockets Money Podcast 49 Mindy's email Scott's email Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, Scott and Mindy discuss the biggest news story of the century: Coronavirus or COVID-19. This episode covers a wide range of topics both money and real estate -- with a guest spot from Brandon Turner, who answers the number one question on every real estate investor’s mind: What do I do if my tenant(s) can’t pay rent? You'll also learn what resources are available for people whose incomes have taken a hit, and get answers to questions such as: should I continue with the purchase of a property I have under contract, and should I continue to pay down debt or take advantage of this current market? These are scary times, and it can be easy to cut and run or throw out your carefully-laid plans in favor of an instinctive reaction. So now is a good time to detach, assess your options, and chart a course forward. If you have Coronavirus fears, you’re not alone. Scott, Mindy, and the entire BiggerPockets Money Community are here to help you weather this storm. In This Episode We Cover: How to invest from a position of strength How to tackle debt during this time How to do a "financial reset" What the 4 Percent Rule is in Financial Independence Brandon's tip when tenants don't pay rent What practical things can landlord do in these times How to take advantage of the current situation List of resources for those who are out of work BiggerPockets reminders that you should consider And SO much more! Links from the Show BiggerPockets Money Podcast 116 BiggerPockets Money Facebook Group BiggerPockets Investments Calculator BiggerPockets Podcast 374 BiggerPockets Podcast 364 BiggerPockets Real Estate Podcast BiggerPockets Money Podcast 70 BiggerPockets Money Podcast 55 BiggerPockets Money Podcast 55.5 BiggerPockets Money Podcast 114 BiggerPockets Money Podcast 85 Mr. Money Mustache How The 4% Rule Holds Up A Quarter-Century Later - Forbes Real Estate Rookie COVID-19 Financial Resources: Relief To Those Impacted - iHeartBudgets 197 Emergency Financial Assistance Resources (National & by Major City) - Frugal Confessions 50 immediate hire work from home jobs near me (2020) - Mrs Daaku Studio BiggerPockets Forums The BiggerPockets Book Store Learn more about your ad choices. Visit megaphone.fm/adchoices

The stock market is up, then down, then down, then up. What is an investor to do? Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market. The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn. JL expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.) Long story short, stay the course. 105 years of historical stock market data says this too shall pass. While JL is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves. If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success. In This Episode We Cover: Why are people freaking about the crash How one should handle this market drop if you risk losing your job When to prepare emergency funds and how much to put into it Why you should hold your portfolio forever What an Index Fund is Why it is important to "ignore" the market How index outperform stock picking How one can never time the market How those who say they predicted the market only did it because of luck The only time the market is not going to recover... And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins Mr. Money Mustache Taking advantage of Mr. Bear A Guided Meditation for When the Stock Market Is Dropping Stocks — Part XXXII: Why you should not be in the stock market Time Machine and the future returns for stocks Pinterest Dow Jones - DJIA - 100 Year Historical Chart | MacroTrends BiggerPockets Money Podcast 95: The House Hacking Strategy with Craig Curelop BiggerPockets Money Facebook Page Mindy's email Scott's email Learn more about your ad choices. Visit megaphone.fm/adchoices

Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income. His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting. Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer. Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie. Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate. The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement. The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts. In This Episode We Cover: Felipe's money story How important money is for Felipe What he did to his first rental property The importance of putting money into an investment How he earned money during his quest to join the police department On getting attracted to the power of earning passive income through real estate On house hacking Challenges he encountered in terms of his rental properties His advice on getting one’s spouse onboard How he approaches cash reserves And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Real Estate Podcast Airbnb Real Estate Rookie Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000. Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE. Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family. She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate. Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did. Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family. If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode! In This Episode We Cover: Ashley's money journey How Ashley and her husband accumulate both rental properties and debt The moment she purchased her first rental How her rental income helps her to be more conscious about money Ashley and her partner's agreement on their investments 2 rules to analyze markets for rentals What a portfolio loan is and how to use it Ashley's method of recycling her cash to buy more properties What her lifestyle looks like after reading Dave Ramsey's book Debt snowball method How Ashley managed her various properties with various partners And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Real Estate Podcast BiggerPockets Business Podcast BiggerPockets Calculators BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins BiggerPockets Money Facebook Group BiggerPockets Money Survey Learn more about your ad choices. Visit megaphone.fm/adchoices

This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40. How did she do it? She saved her money. She didn’t spend it on things that didn’t matter to her. There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford. And yet, she saved her money. She didn’t spend it on things that didn’t matter to her. And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again. She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life. Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom. In This Episode We Cover: Bianca's journey with money How she avoid on having debt The problem with not having a college degree What happened after she got her job as a flight attendant How she got into real estate Her thoughts on investment The importance of having cash reserves Her credit score after her three short sales The moment she came across the FIRE movement Her experience living in a train caboose Reasons to not quit your job And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Facebook Group BiggerPockets Money Survey Learn more about your ad choices. Visit megaphone.fm/adchoices

Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs. Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not. She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you. Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo! If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice! In This Episode We Cover: The right time for somebody to start looking for a tax professional How to find a tax professional How important state-specific knowledge is What a true expert can bring to the table regarding your return What a real estate professional is Benefits of consulting a tax professional prior to buying a property How to prepare for a meeting with your tax professional 3 most common errors—check these before submitting your return How to approach a tax return for a house hack or duplex What to do if you recognize issues with past returns What depreciation recapture is And SO much more! Links from the Show MileIQ: Mileage Tracking App BiggerPockets Forums BiggerPockets Money Facebook Group BiggerPockets Money Survey Learn more about your ad choices. Visit megaphone.fm/adchoices

On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55! So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40! Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them. Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension. Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement. In This Episode We Cover: Momma Purple's journey with money Her life looks like when Purple was born How she managed her money and able to save up so much as a single mom Things that changes her practice with money after the conversation she had with her colleague Her 10-year plan to early retirement Talking about her investing journey What she do the moment she was retired Her advice for older listeners And SO much more! Links from the Show Personal Capital Mindy's email Scott's email BiggerPockets Money Facebook Group BiggerPockets Money Survey Learn more about your ad choices. Visit megaphone.fm/adchoices

Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested. Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances. So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them. She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money. And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!” Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted! In This Episode We Cover: Purple's journey with money Her mom's gift Deciding to seek financial independence Convincing your partner to pursue FIRE Purple's net worth Tips for people who are looking for a new job and better income The importance of research Purple's plan in the future What her retirement looks like Possible downsides of remote work And SO much more! Links from the Show Reddit Mr. Money Mustache Glassdoor Indeed PayScale cFIREsim BiggerPockets Money Facebook Group BiggerPockets Money Survey Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, we sit down and talk with Airman Mildollar, from Military Dollar. (Spoiler Alert: Despite the name, Airman Mildollar is a woman!) Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force. She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing. She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay. Every time she received a raise, she committed to put at least 50% of that raise into her investments. In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains. 2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing. MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal. In This Episode We Cover: What an airman is Airman Mildollar's money journey Where she got her scholarships How she creates financial freedom Things she did on managing her finances The reason why she didn't do househacking On her housing and food allowance How she discover FIRE community What Thrift Savings Plan is How she finance her properties On her rental properties Her plans in the future And SO much more! Links from the Show Early-Retirement.org Early Retirement Forum Saving-Sherpa Get Rich Slowly Mr. Money Mustache Airbnb BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin FinCon BiggerPockets Money Facebook Group BiggerPockets Money Survey Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12. During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances." Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go. Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company. (Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!) After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her! She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus. She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains. Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want! In This Episode We Cover: Kristi's journey with money How her mother taught her about money Her experience with money during high school and college Her financial position during her first job Kristi's tip to get free tuition in college How she discovered financial independence Her first experience in real estate investing What she did on her dad's life insurance policy How she got her first property Advice on working with a real estate agent Tips on actively managed funds and commission-based financial planners And SO much more! Links from the Show ChooseFI MLS Financial 180 Airbnb Scott's Email BiggerPockets Money Podcast 85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets BiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast BiggerPockets Money Facebook Group BiggerPockets Money Survey Check the full show notes here: https://www.biggerpockets.com/moneyshow108 Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right? So, with all this income potential, why is he doing side hustles that pay him significantly less? Happiness. Being an attorney didn’t make Kevin happy. In fact, it made him decidedly unhappy. He changed jobs several times but in the end decided being a lawyer simply wasn’t for him. So, he left the field to pursue fun things that he liked doing. Kevin loves to be outside. He lives near a university in a large city. He loves dogs. Put that all into a shaker, and out comes Kevin 2.0. Kevin 2.0 takes dogs for walks during lunchtime. He gets out of his downtown office (he makes himself go to a co-working space so he accomplishes things every day) and delivers meals to office workers who can’t get away. Kevin walks dogs around the downtown area for their owners who can’t get away at lunchtime to take them out. Kevin charges scooters overnight, and on his way home, he delivers even more meals. Best of all? Kevin gets to spend time outside almost every single day. He does what he CHOOSES to do, regardless of what it pays. Financial freedom isn’t about quitting your job. It's about living your best life, which Kevin 2.0 is now doing. In This Episode We Cover: Kevin's journey with money How he started learning about money His position when he got his first paycheck The differences between his salary at the big law firm versus at the non-profit job How Kevin and his wife handle student loan debt How he generate his income in spite of being unemployed Kevin's side hustles The reason why he does side hustles instead of doing law-related jobs What his day and night looks like while doing his side hustles Tips on reselling things And SO much more! Links from the Show Rover.com Airbnb Postmates DoorDash Food Delivery Uber Eats Grubhub Wag! Become a Bird Charger Bird Charger and Lime Juicer - Financial Panther Craigslist Facebook Marketplace eBay Mad Fientist BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins BiggerPockets Money Facebook Group BiggerPockets Money Survey Check the full show notes here: https://www.biggerpockets.com/moneyshow107 Learn more about your ad choices. Visit megaphone.fm/adchoices

Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined. Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff. She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards. Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets. And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location location. Megan now advises high net worth and ultra-high net worth individuals manage their money, because no matter how much money you make, everyone struggles with expenses. And today, Megan shares excellent advice with us for strategically thinking about our money for the present as well as planning for the future. In This Episode We Cover: Megan's journey with money The best way to raise kids How her money story evolved during her high school and college days Her debt planning Interest rate she recommends for those paying off debts The best approach to taxes The first big thing she did when she started making money Her real estate beliefs Helping older parents Planning her own financial future What a position capable of taking risks looks like Her take on high net worth individuals Cash flow management Her opinion on the 4% rule And SO much more! Links from the Show BiggerPockets Real Estate Podcast BiggerPockets Intentional Journal BiggerPockets Money Facebook Group BiggerPockets Money Survey Check the full show notes here: https://www.biggerpockets.com/moneyshow106 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money. Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it. She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so. Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess. Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things. Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem. In This Episode We Cover: Jen's money story How she made money to buy things she likes Her position entering and leaving college The reason why she got a discount on college Having a mindset of being an extremely frugal person How long it took to pay off her family's debt The reason why she took a hard look at finances within her marriage Her financial awakening Her upbringing Her Thrift Savings Plan and emergency fund The importance of accepting and understanding individual money stories Having 15 separate bank accounts What her future plans are Money issues that she sees repeatedly in her clients Examples of variable expenses And SO much more! Links from the Show BiggerPockets Forums Waffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes BiggerPockets Money Facebook Page BiggerPockets Money Survey Check the full show notes here: https://www.biggerpockets.com/moneyshow105 Learn more about your ad choices. Visit megaphone.fm/adchoices

Lauren and Steven met in high school and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a Ph.D. in Physics, but he really enjoyed working with students. They moved back to Florida so Steven could get his master’s in Education, while Lauren worked her first “real” job. But after two years, they were burned out from working full-time. After learning about financial independence and achieving an incredible savings rate—to the tune of $100K in two years—they decided to take a break. Their “break” was a six-month trip to Hawaii, paid for up front by their big savings account—but repaid by a series of side hustles in Hawaii. While most people spend lavishly to go on a tropical vacation for one week, they ended up $1,000 positive while spending six months there. Re-energized, they returned to Florida for a full-time job for Lauren and a continuing tutoring job for Steven—making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing a three-bedroom condo, periodically renting out an unneeded bedroom. But after about three years, they felt burned out again. This time their “break” was a trip around the country to visit every national park—all 61 of them—in seven months. Again, they wanted to pay for the trip with income generated during the trip. They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for seven months, and hit the road. Each time they return from their mini-retirements, they are refreshed, re-energized, and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey. In This Episode We Cover: Lauren and Steven's journey with money How they managed their money during their college years How they saved $100K in two years Their monthly income and expenses Preparations to go to Hawaii How they managed their cash flow while staying in Hawaii What they did when they returned to the mainland Their strategy for asset allocation Working part-time while on the road How they get internet access while traveling Their freelance business The ideas behind financial independence And SO much more! Links from the Show BiggerPockets Forums Mr. Money Mustache The True Cost of Commuting - Mr. Money Mustache (blog) HealthCare.gov BiggerPockets Money Podcast 84: Traditional Retirement: Social Security, Market Conditions, & Managing Expectations with Kyle Mast BiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180 XY Planning Network Check the full show notes here: https://www.biggerpockets.com/moneyshow104 Learn more about your ad choices. Visit megaphone.fm/adchoices

J Money wasn’t necessarily BAD with money, but his first home purchase - made because everyone else was doing it - prompted him to seek out advice about money. He stumbled upon the blogging world and was enthralled with the transparency. Here were real people talking about real issues they were facing - similar to what he was going through himself. He started his own blog called BudgetsAreSexy, and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation! His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment. As he became more entrenched in the blogging space, he discovered that people buy and sell blogs - so he started flipping web sites. Another source of income generation. When it came time to choose between his full time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.) Thrust into entrepreneurship, J buckled down with his spending, and discovered that Budgets really ARE sexy, and they can be the key to your financial success. Topics: J's journey with money How he came across blogging world What his biggest financial regret is Building income on buying blogs Where he got his blog name "Budgets Are Sexy" How he handle his personal financial position The moment he created his budget The 'no spend month' challenge Talking about his net worth How important time for him is What his wife doing for work His plan for the future His advice on starting a blog The biggest help to fix his finances The reason why he was called as Miley Cyrus of finances And SO much more! Links: 70+ Ways to Make Money on The Side - Budgets are Sexy Do You Know Your Insurability? - Budgets are Sexy Reddit BiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Master with Brandon Turner BiggerPockets Real Estate Podcast BiggerPockets Forums Blogger.com Listen Money Matters BiggerPockets Money Podcast 45: The Truth About Entrepreneurship with Matt Giovanisci Profiles: Budgets are Sexy Rockstar Finance J. MONEY Learn more about your ad choices. Visit megaphone.fm/adchoices

Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, and soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her. A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor. But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life! In this Episode We Cover: Jean's journey with money Her financial position before and after college How her financial habits changed The importance of prioritising decision making Her job on Smart Money Magazine What she learned in reporting women with money On HerMoney Happy Hour The outcomes of the conversations at Happy Hour that might surprise men The reason why couples are reluctant to talk about money How to start the conversation with a partner who doesn't want to talk about money The first thing a woman needs to do to start changing her financial situation The importance of prenup Links: BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial BiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant BiggerPockets Forums Modern Love - The New York Times Scott's Email Connect with Jean: Jean Chatzky's Website HerMoney HerMoney Newsletter HerMoney Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taught as a child were frugality and saving, because you never knew what was going to happen. Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time. She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training. When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23. Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate. She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age. In This Episode We Cover: Sunitha's journey with money On having a scarcity mindset around money How she turned into a professional tennis player at age 14 What happened to her money being a professional tennis player Wanted to succeed in the corporate world Her journey at a community college How she found endowment programs Pros and cons about going to college at different age bracket Her highs and lows point being a professional tennis player What realization that sparks her journey to financial independence Had their house governed by domestic abuse Believed on being diversified Started real estate business at Indianapolis What her goals going forward On domestic and financial abuse How did she leave from a domestically violent relationship And SO much more! Links: BiggerPockets Forums The Domestic Violence Hotline - 1-800-799-SAFE GRIFFIX Property Group Learn more about your ad choices. Visit megaphone.fm/adchoices

You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real estate, he made mistakes. LOTS of mistakes. Today, Brandon shares everything he did wrong - from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell. But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt and started living the life he truly wanted. The episode is for people who’ve made mistakes, who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach. In This Episode We Cover: Brandon's journey with money How to learned negotiating from his mother The reason his mom bought him a book on how to handle money His financial position after college How he got a No-Doc loan Bought properties to flip and turned them into rental properties What hard money loan is His rock bottom experience Read a hundred books on real estate The reason he got into buying rentals How he convinced his wife to invest in rental properties Started saving money by doing the cash envelope system What seller financing is How he bought his 24-unit apartment The importance of building integrity How they met Josh Dorkin His balance sheet when he retired Brandon's advice on investing Links: BiggerPockets BiggerPockets Real Estate Podcast BiggerPockets Business Podcast BiggerPockets Forums The BiggerPockets Book Store BiggerPockets Money Podcast 42: How to Invest in Real Estate with Joshua Dorkin & Brandon Turner Rental Property Calculator from BiggerPockets The Dave Ramsey Show Podcast Movement Learn more about your ad choices. Visit megaphone.fm/adchoices

On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life after FIRE” stories, each completely different, each extremely powerful. We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time. Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement. A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life. And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children. These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives. In This Episode We Cover: What their life looks like after FIRE and the challenges they faced William's journey to financial independence The advantage of being financially independent in the workplace How they plan for caregiving Tim's background Financial Independence Rewired Early The importance of having a clear second act The difference between working on his business and working as a coach The FIRE life Tim's advice for anyone who's looking to pursue financial independence Rachel and Paul's backgrounds On their mission 50 by 50 Oma's background On healthcare cost Links: Mr. Money Mustache Mad Fienstist The Money Nerds Podcast What's Up Next Podcast Altus Business Advisors Tim's email Learn more about your ad choices. Visit megaphone.fm/adchoices

You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store. Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world. In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast. She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance. Her message has reached more than one million people, and has changed the lives and financial futures of countless more. Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age. In This Episode We Cover: Vicki's journey with money On having a poverty mentality On how to appear prosperous to other people Survival thing for social animals How the behaviours of her peers differed from hers On working with Joe Dominguez What her journey looks when she wrote the book, "Your Money or Your Life" Her concern re climate change Resource sharing How the financial independence movement evolved Capitalist game The levels of financial independence Freedom to have new interests and following them Her advice on life circumstances Vicki's living situation right now and how she used real estate And SO much more! Links: Financial Independence - Reddit Mr. Money Mustache Mad Fientist BiggerPockets Money Podcast 58: Optimizing Every Channel to Achieve Financial Freedom with Grant Sabatier Millennial Money Dollar Revolution BiggerPockets Money Podcast 55: How to Quit Your Job and Travel the World with Millennial Revolution Profiles: Your Money or Your Life Vicki Robin's Website Your Money or Your Life Facebook Community Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything! Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund. Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.” For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options. She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid! In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier. In This Episode We Cover: Financial Mechanic's journey with money Saved money to buy a puppy The importance of focusing on your future opportunities Graduated college debt-free Her money situation during her first internship Earning a lot of money before she discovered financial independence How his mindset changed the moment she found financial independence How her money journey evolved On her career Did research on glassdoor for salary range How she got her signing bonus What her end-goal is How she lived $20,000 a year And SO much more! Links: Glassdoor Personal Finance on Reddit Mr. Money Mustache Forum - Bogleheads Personal Capital Achieving FI Before 40 Despite Breaking Every Financial “Rule” with Tanja from Our Next Life BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Every Dollar I Spent Last Year How to Effectively Ask for a Raise (from Someone Who's Done It Twice) How To Make Your Significant Other Hate FIRE The Psychology of Money– 4 Ways Your Brain is Working Against You Connect with Financial Mechanic: Financial Mechanic Financial Mechanic's Twitter Financial Mechanic's Instagram Learn more about your ad choices. Visit megaphone.fm/adchoices

Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad, Poor Dad, The Millionaire Next Door and Think and Grow Rich. Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month! He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!! Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child! Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free. In This Episode We Cover: Wilson's journey with money Had an open discussion with his dad about money growing up Money books he read The reason why he did not pursue as a financial advisor The importance of having a financial literacy The perfect environment on getting our kids to learn financial education What lifestyle changes did they make in order to save money and pay off their debt Got a lot of comments after he posted on Facebook that he paid off his student loan debt Focused on having a baby fund and 2 years expense fund after paying off their debt How he started doing financial coaching Mistakes that other people make with their finances The first thing he teach people to do with their finances And SO much more! Links: Blogger Net Worth Tracker - Rockstar Finance Directory My Fab Finance Mindy Jensen Scott Trench Connect with Wilson: The Money Speakeasy Facebook Instagram Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hacking! Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing. Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends. Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience. If you’re thinking about jumping into house hacking, this episode lays it all out. In This Episode We Discussed: Craig's journey with house hacking Craig's numbers on his first house hack What PMI is Craig's PMI monthly payment How he leverage his first house hack into the second house hack Craig's numbers on his second house hack The importance to consider the occupancy law How he bought his third house hack Craig's numbers on his third house hack How he managed all his rentals How to find a property manager The idea of sacrificing comfortability and profitability Advantages on house hacking What kind of property makes for a good house hack On luxurious house hack Getting pushback about house hacking Craig's biggest house hacking mistake and how to prevent it Things that is important when it comes to house hacking And SO much more! Links: BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Podcast 244: “Unfair” Taxes and Unfair Advantages with Linda Weygant, CPA BiggerPockets Podcast 350: How to House Hack Your Way to Financial Freedom in 3 Years with Craig Curelop BiggerPockets Money Podcast 02: An All-Out Approach to Financial Independence at an Early Age with Scott Trench BiggerPockets Forums BiggerPockets Blog Tenant Screening: The Ultimate Guide Learn more about your ad choices. Visit megaphone.fm/adchoices

The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?” Without going into too much detail, we’re all aware that healthcare costs are fairly ridiculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out. Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!) If you are on the path to financial independence, you NEED this episode. In This Episode We Cover: How Lynn became interested in financial independence How she began investing at age 12 The process of researching healthcare options 18 different options for healthcare Healthcare prevention The difference between deductibles, co-pays, and premiums And SO much more! Links: Mr. Money Mustache Reedit Military Dollar Bloomberg HealthCare.gov FinCon BiggerPockets Money Podcast 80: Managing Money: How a Saver & a Spender Are Living Happily Ever After with Rich & Regular Rich & Regular From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud Montana Money Adventures EconoMe Conference Profiles: Nurse Numbers Lynn's email FI Healthcare Learn more about your ad choices. Visit megaphone.fm/adchoices

All the BiggerPockets podcast hosts on stage in one place! This bonus episode was recorded at the BiggerPockets Conference 2019 on October 7th in front of a live audience of more than 1,000 people at the Gaylord Opryland Resort in Nashville, Tenn. We turned the mics over to our members, who fired a bunch of great questions at Scott Trench and Mindy Jensen, Brandon Turner and David Greene, Joshua Dorkin, and J and Carol Scott. Our panelists covered some nitty gritty real estate topics, like tackling vacancy and how to invest IRA funds, as well as big-picture concepts like motivation, marketing, and teaching family members the importance of investing at an early age. Also, everyone reveals which animal they would be if they had to choose, and a member of the audience challenges David Greene to produce an analogy on the spot. Listen to find out whether he performed under pressure! Our first conference in seven years was a big success, and we’re so thankful to everyone who came out to learn, network, and have a great time. Download this bonus episode, and be sure to subscribe to all three shows BiggerPockets Real Estate Podcast, BiggerPockets Money Podcast, and BiggerPockets Business Podcast so you won't miss an episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous! In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence. Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts. Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future. This episode truly is for anyone who has money AND wants to have more. In This Episode We Cover: What house hacking is On buying a car Challenges that come up in relationships What to buy on engagement rings Concept to apply on weddings On having kids and pets The importance of being on the same team in your relationship Ways to save money on travel Travel hacking Tax Mistakes The right time to talk to a CPA Talking about retirement accounts Withdrawing money early inappropriately Not understanding fees Not taking the match Track and analyzing your spending Signs that you have miscellaneous spending problem On investing Links: The $51,000 mistake thousands of retirement savers have already made BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money Podcast 87: How to Save Money for Your Down Payment with Scott & Mindy BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial BiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins BiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David Stein BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday Make Your Own Free Mobile Expense Tracking App in 30 Minutes BiggerPockets Career Opportunities BiggerPockets YouTube Channel Connect with Scott and Mindy: Mindy's email Scott's email BiggerPockets Money's email Scott's Instagram Mindy's Instagram BiggerPockets Money's Instagram Learn more about your ad choices. Visit megaphone.fm/adchoices

Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy. Except that’s not how the world works. What brought success to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L! Of course that said, there are some general principles that apply to everyone: Spend less than you earn Invest wisely Increase your income Track your spending Be money conscious Chris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone. Topics: What their book is all about The framework they applied to the concept of financial independence Deconstructing rules and create new mindset Things they questioned that started to fall apart How to frame the conversation to attract and get more people interested on financial independence The concept of spending less money Principles on how to cut your expenses Learn the rules of money and math How to earn more income How they approach on investing The final step towards financial independence And SO much more! Links: Mr. Money Mustache Mad Fientist YNAB Mint Frugalwoods BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames BiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David Stein Budgets Are Sexy Twitter - Dad Jokes Scott's Instagram ChooseFI ChooseFI Podcast Eat The Financial Elephant Can I Retire Yet? Learn more about your ad choices. Visit megaphone.fm/adchoices

Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her spiral into depression and shame over her debt. Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt) September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt". Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy. Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255. In This Episode We Cover: Melanie's journey with money Experiencing mental health issues because of debt Start blogging and wrote break-up letters to debt How she paid off her debt Her main side hustle How much it costs her to pay her student loan debts The reason why debt is depressing The biggest mistake people are making Her advice to anyone who has the same path with her Five stages of grief that are similar to paying off debt On living in denial Steps to prepare your mindset and addressing the underlying issues Therapy hack What keep her motivated Talking about the first person who reach out to her How she personally managed to pay off her student loans On making more money What her life look like after she paid off her student loan debt And SO much more! Links from the Show Craigslist TaskRabbit FinCon Mint Open Path Collective Crisis Text Line - Text HOME to 741741 Suicidal Hotline - 1-800-273-8255 Suicide Prevention National Foundation for Credit Counseling Annual Credit Report Side Hustle Nation BiggerPockets Money Podcast 90: From Unplanned Pregnancy to Financially Free with Melissa from Traveling Wallet BiggerPockets Money Podcast 28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper BiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop Learn more about your ad choices. Visit megaphone.fm/adchoices

Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this oh-so-important information. They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement. Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed. This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle money. In This Episode We Cover: The right time to start teaching kids about money The importance of understanding the needs versus wants at the very early age How to introduce financial education into elementary and middle school childrens' curriculum On financial education mandates How do we get mandates to all 50 states Misconception about financial education And SO much more! Links: FinCon Mandates Matter When it Comes to Borrowing for College National Endowment for Financial Education Learn more about your ad choices. Visit megaphone.fm/adchoices

When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating. Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one! Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan. Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball. In This Episode We Cover: Melissa's money journey Three situations that set up her money mindset What her life looks like during her college years What her school program looks like during her college years How she handles the situation when she got pregnant during her college years On childcare Her goal after college All about her medical debt The reason why she opens up her 401k What her lifestyle looks like and the sacrifice she made to make things possible On paying off her debt How does her situation changed after she got married The moment she discovered the FIRE movement And SO much more! Links: BiggerPockets Money Podcast 79: Financial Freedom Through Decades of Hard Work and Hustle with Carol Scott BiggerPockets Money Podcast 82: Early Money Lessons Create Healthy Money Experiences with Aditi Shekar BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money Podcast 26: Graduating College on Track for Financial Independence with Cody Berman BiggerPockets Money Podcast 22: How to Pay Off 6-Figure Student Loans While Pursuing Financial Independence with Travis Hornsby Student Loan Planner SoFi Mr. Money Mustache Mindy's email Connect with Melissa: Traveling Wallet Melissa's Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits. Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife. Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.” Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free. He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.” Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was! Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life. In This Episode We Cover: Rob's journey with money Lived rich dad poor dad life Saved money for retirement How his lifestyle and position changed transitioning from a law firm job to a government job Psychological component of a side hustle Leaving the big law firm changed his mindset about money Making $100 in 6 months to $30k in 18 months doing blogs How he treated his salary money and side hustle money differently The moment he paid down his debts The reason why he decided to sell the business What prompted him to write the book called, "Retire Before Mom and Dad" What his book all about And SO much more! Links from the Show BiggerPockets Forums FinCon PT Money Frugalwoods BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Mindy's email Scott's email Connect with Rob Retire Before Mom and Dad Rob's Twitter The Dough Roller Money Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler alert) she graduated college with $77,000 of student loan debt. A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research. Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.” She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got. Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul! In This Episode We Cover: Ashley's money journey Worked side jobs and open up credit card to get an employee discount Total debt she had from credit card and student loan after college What she did after college Used her income tax return to paid out her credit card debt and bought a house On her journey to financial freedom Aggressively attacked student loan debt in 2017 What prompted her to paid down her student loan debt Got interested in real estate How he got downpayment for her investment property On househacking And SO much more! Links from the Show BiggerPockets Podcast 268: Acquiring 20 Long-Distance Rental Homes (on a Military Salary!) with Rich Carey Broke Millennial BiggerPockets Money Podcast 05: Jump Starting Your Early FI Plans by Live-in Flipping with Mindy Jensen Ashley's Instagram Learn more about your ad choices. Visit megaphone.fm/adchoices

In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?” In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing. They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500. If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path. In This Episode We Cover: Things to do before buying a house Getting your taxes in order Disadvantages of self-employment Mindy's story of buying her current house Avoid making big purchases until after you close on your loan completely Understanding closing cost All about down payments Do you get your earnest money back if you don't buy the house On finding a good agent What Private Mortgage Insurance is On finding a good inspector How to save up for the downpayment And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Scott's Email Mindy's Email Learn more about your ad choices. Visit megaphone.fm/adchoices

David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES of investments you can choose from. In this episode, we explore asset classes we haven’t really discussed before: Closed End Mutual Funds, REITs, Mortgage REITs, and the different types of stock you can buy. (Yes, there is more than one!) We even touch on Gold and Cryptocurrency! Investing isn’t limited to stocks, bonds and real estate, and David introduces these ideas so you can start investigating the asset classes that appeal to you and works best for your financial goals. David also shares his Investing Principles and his top tip is so simple, yet such an EXCELLENT piece of advice: Be able to describe in detail what you are investing in. If you can’t, you’re not ready to invest in that just yet. If you’re looking for different asset classes, better returns or even just to diversify your portfolio, this episode is a must-listen! In This Episode We Cover: David's money journey Launched businesses at the very young age Studied and liked the aspect of finance His approached to money throughout his career What prompts him the decision to retire On the "Money For The Rest of Us" The investment principles that he teach On the trading Disadvantages of buying individual stocks The difference between investment, speculation and gambling Individual stocks versus index funds Any circumstances that would make people buy an individual stock The reason why he start the podcast Closed-End Mutual Funds Bonds On real estate investment trust How he select reits Private reits versus public reits On preferred stock Buying preferred stock versus common stock What a mortgage reit is On bitcoin What makes bitcoin speculation rather than a gamble And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses. His father passed away when he was 4, leaving him an inheritance of $100,000 when he turned 18. Jacob quickly spent it on a truck, customized to the hilt. He soon had nothing to show for it, and at his lowest point, had to move in with his girlfriend’s mother, because he had no money to pay rent. Enter Dave Ramsey’s Total Money Makeover. Jacob devoured this book and of course, lightbulb! Jacob did what most new-to-FI people do, he cut out everything! He started tracking his spending and preaching to everyone who would listen. Finally fed up with his constant preaching, his wife said “I don’t want to hear about this anymore - go start a website!” And I Heart Budgets was born, where Jacob could preach to his heart’s content. Jacob and his family are now on a year long road trip around America, a mini-retirement to spend time with their young children before school starts, taking advantage of their financial position. Later in the episode, Jacob drops a knowledge bomb on Mindy & Scott, sharing the existence of the “Spousal IRA,” a way for non-working spouses to contribute to an IRA. Thinking you made such a big mess of your finances that you won’t ever recover? Jacob’s story shows that it’s never too late to start, and that poor financial choices don’t have to define you. In This Episode We Cover: Jacob's money story Inherited $100k at age 18 and blew it very quickly The moment he realised to get serious about money On tracking his spending His lifestyle before and after he read Dave Ramsey's book The power of getting on a budget How he perform against his plan after tracking his spending On his first three months of budgeting How to set goals that you can actually achieve What they did after wedding and honeymoon What their lifestyle looks like living in Washington On purchasing their house Talking about their payment and savings after buying their house On being a tax professional The power of DIY How he learn DIY Made a choice to quit his job, buy an rv and hit the road What a spousal IRA is Their formal budget and money dates The importance of having a wife that is in the same page as yours Reshaping mindset and habits And SO much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Kyle Mast first visited us on Episode 41 of the BiggerPockets Money Podcast, and he BLEW US AWAY with his suggestions, ideas, tips and tricks for early retirement. Kyle is back again today to talk more to traditional age retirees - those of us who are retiring at or near age 65. Retiring now can seem scary - the market is near all-time highs and has been so for a very long time. Markets are cyclical and unpredictable. Kyle shares how to ride out the storm with strategies to manage both behavior and emotions. He’s a big fan of Retirement Fund Dates - but not of putting all your retirement eggs into one fund-date basket. Kyle also looks at Social Security and covers several scenarios to help you decide when to start receiving your benefits. Kyle is a fee-only Certified Financial Planner - and this episode shows time and again just how valuable a consultation with a CFP can be. If you’re nearing traditional retirement age - and you’re not quite sure what’s next - THIS episode is especially for you. Topics: How to set up portfolio transitioning to traditional retirement age On managing behavior and emotion What a bucket strategy is Sequence of returns risk Delaying social security On claiming social security Income limitation for social security The importance of having an understanding of social security What people look for when finding a financial planner Designing lifestyle and expectation around spending How to plan your expenses on retirement What a long-term care insurance is On having a long-term cafe insurance with golden policy On target date funds Identifying your own risk tolerance Learn more about your ad choices. Visit megaphone.fm/adchoices