BiggerPockets Money Podcast

Early retirement is the holy grail of financial freedom. With a large enough nest egg, you no longer have to work, giving you the time to spend with your family and friends or do whatever you want. The problem? Hitting financial independence is much easier than most FIRE-chasers think, and achieving their biggest goal comes with unintended consequences. The fact of the matter is, retiring early is a hard choice, and it’s NOT as simple as walking away from your job. Today, we talk to Phil, who’s bringing in a large salary and doing a job he loves but wants to take more time off work to be around his growing family. Phil has reached financial freedom. He has plenty of money in his retirement accounts, a short-term rental property portfolio paying him a median-income salary, and lots of cash on hand in case he runs out. He’s also got a job that makes him a stellar salary and has the flexibility to allow him to increase or decrease his shifts as he sees fit. Phil has done it. He’s found financial freedom and built a fortress of assets to hold up his lifestyle for the rest of his life.But, the idea of walking away from work is stopping him from taking the time off that he needs. With such high pay and work that gives him meaning, how can Phil slowly start stepping away from work without sacrificing his identityor ability to help others? This is a struggle for many who have hit financial independence, and you, too, may face the same dilemma in the not-so-distant future! In This Episode We Cover Building multiple income streams so you can reach financial freedom faster Giving up the high-pay of a skilled job to spend more time with your family When to pay off your properties and whether living mortgage-free is worth it Transitioning out of a career and why stepping away from work is more complicated than it seems Building your ideal post-FI life (even if that means working!) The “middle-class trap” and why over-investing in retirement could be a mistake And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Real Estate Rookie Podcast Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Mr. Money Mustache on Life After FI: The Truth About Retiring Early How to Avoid the “Middle Class Trap” When Building Wealth The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G Grab Your Copy of “Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life Click here to check the full show notes: https://www.biggerpockets.com/blog/money-408 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Think it might be too late for you to enjoy the spoils of real estate investing? Well, you’d be wrong! Regardless of age, background, or financial circumstances, it’s never too late to switch careers and become a real estate investor. Just ask today’s guest! In this edition of the BiggerPockets Money podcast, we’re joined by Evan Miller, who was a bright-eyed, bushy-tailed US Air Force cadet when he first took an interest in real estate. It wasn’t long before his childhood dream of becoming a pilot was ousted by the entrepreneurial pull of building his own real estate empire. Although his journey included a stint in intelligence and a pit stop as a certified financial planner, Evan has managed to create a portfolio of eight properties over the last eight years. In today’s episode, Evan shares his entire story from start to finish, including his frugal upbringing, his time at the academy, and his journey towards becoming a full-time real estate investor. As always, our trusted hosts Mindy and Scott are along for the ride. Tune in as we demystify a handful of money-related topics—qualifying for real estate professional status (REPS) and its enormous tax benefits, finding exclusive deals through assumable loans, and flipping houses for a profit—even in a bad housing market! In This Episode We Cover How to seamlessly transition from your current vocation to a career in real estate The value of frontloading depreciation when building your real estate portfolio Assumable loans and how to find HUGE deals in military markets How to flip houses at a profit in a volatile housing market Real estate professional status (REPS) tax benefits (and how to qualify!) The opportunities that come from surrounding yourself with other real estate investors And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Real Estate Rookie Podcast Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Episode 217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time Grab “The Book on Investing in Real Estate with No (and Low) Money Down Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS Year-End Tax Tips and How to Owe Even Less in 2023 Try the BiggerPockets Calculators: Mortgages Rental Calculator Rental Estimator Click here to check the full show notes: https://www.biggerpockets.com/blog/money-407 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

The road to early retirement isn’t easy. Once you become dead-set on finding financial freedom, your entire world turns upside down. For many of us, this means spending as little as possible, ditching takeout, saying goodbye to expensive events, and becoming a frugal hermit in our own financially-focused worlds. But, this can lead to serious burnout since a life without fun is a hard life to live. Today, we talk to Sam, who’s feeling his own type of frugal fatigue. Sam was blindsided by a sudden divorce, separating him from his daughter and prompting him to restart his career. He went the unconventional route, getting his pilot’s license and slowly building up his income. But, switching from stay-at-home dad to breadwinner in an instant left a mental mark on Sam. As a result, he’s kept an extremely lean budget, even as his income has grown into six figures. He’s doing a phenomenal job on the path to early retirement, but with time freedom in sight, Sam is still struggling to live life in the present moment instead of always focusing on the future. In this Finance Friday episode, Mindy and Scott walk through paying off unconventional student debt, building a financial runway, the difference between being frugal and cheap, and whether house hacking vs. renting is the right move in this housing market. They’ll also chat over employee stock purchase programs and investing for early retirement, all while making dozens of pilot puns along the way! In This Episode We Cover Investing for early retirement and what to focus on to hit financial freedom Being frugal vs. cheap and whether your FIRE obsession is making life harder Student loan debt and when selling investments makes sense House hacking and using extra space in your home to make more money Building your “financial runway” and when it’s time to reallocate your investment portfolio Employee stock purchase programs and the GUARANTEED profit you’ll make And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom How to Get to Early Retirement Even Faster Click here to check the full show notes: https://www.biggerpockets.com/blog/money-406 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Healthy meals that taste great AND save you money? Surely, you can’t have all three! Today’s guest would beg to differ. After deciding roughly six years ago to embrace a healthy lifestyle, she made it her personal mission to find clean recipes that were equally affordable and flavorful. Today, she saves roughly $150 - $200 on her grocery bill each week! Welcome to a special bonus episode of the BiggerPockets Money podcast. Today, our hosts Mindy and Scott pick the brain of Jenn Lueke, a food blogger who teaches people how to curb their monthly food spend and prepare healthy, craveable dishes that keep food exciting. Have you always wanted to improve your diet without breaking the bank or spending countless hours in the kitchen? Do you wish that healthy choices tasted a little better? Tune in as Jenn talks about how she plans and preps all of her meals ahead of time, sticks to a tight grocery budget even amidst inflation or an economic downturn, and keeps all of her food organized in a one-bedroom apartment. You’ll even learn about her top budget-saving foods, go-to one-pan recipes, and favorite places to shop! In This Episode We Cover How to save on your grocery bill ($150 or more!) each week The best ways to optimize food storage with limited space Finding easy, cheap, and healthy recipes that become household staples How to plan and prep meals for HUGE time savings When to buy organic produce instead of conventional Shopping seasonally to take advantage of lower prices (and fresher produce!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

The formula to build wealth isn’t complicated. Most American millionaires have figured it out, and you might have as well. It’s safe to say that almost every wealthy American has followed these three steps that lead to a life of riches. If you follow the same path, you, too, can end up with financial independence, early retirement, and generational wealththat will propel your family forward. But, even though these steps are simple, most Americans can’t or won’t follow them. Joining us in the fight to help every American reach financial freedom are Brian Preston and Bo Hanson from The Money Guy Show. Brian and Bo both boast numerous financial acronyms after their names. As licensed financial professionals (CPAs, CFPs, PFSs, CFAs), it’s fair to say that they know their way around a portfolio. They’ve been helping their clients and podcast listeners build wealth no matter what stage of life they’re in. And their newest study on millionaires has illuminated some surprising takeaways. In today’s show, Brian and Bo break down EXACTLY what millionaires are doing that average Americans aren’t, the three core principles you MUST follow to build wealth, diversification vs. concentration, and whether or not real estate should be a part of your portfolio. So whether you just got your first job, are nearing retirement, or hover somewhere in between, Brian and Bo give actionable advice you can take away to not only build wealth but keep it for generations to come! In This Episode We Cover The three core principles you MUST follow to build wealth and become a millionaire Self-made riches and the surprising facts about starting from SCRATCH How to protect your generational wealth after you’ve made it Why those that reach financial independence rarely choose to retire early Diversification and whether your business, home, or stock portfolio owns too much of your wealth The right way to invest in real estate for early retirement (and when it’s TOO risky) Rising interest rates and how this will affect those pursuing financial independence And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Listen to “The Money Guy Show” Download the Financial Order of Operations Work with Brian and Bo Click here to check the full show notes: https://www.biggerpockets.com/blog/money-404 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice? On this Finance Friday, we talk to Patrick, who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate, as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about. But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies, HELOCs (home equity lines of credit), car loans, and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family! In This Episode We Cover Student loan debt and what you MUST do to become debt-free Whole life insurance policies and whether they’re worth the high monthly premiums The true cost of college and what to know BEFORE you finance your degree Rental property headaches and when real estate investing may NOT be the right move Ditching dual income to become a stay-at-home parent and who is in the position to do so Reaching financial freedom as a new parent and the sacrifices you MUST make to retire early And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…” Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston Cooper Should You Pay Down Student Debt or Start Investing? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-403 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor, you need top-notch tax advice if you hope to reap the best tax savings when filing—legally, of course. And that’s exactly what we’ve got for you today! Welcome back to another episode of the BiggerPockets Money podcast. Ahead of this year’s tax deadline, we’ve brought in reinforcements to answer all of your burning tax questions. Today’s guests are Kyle Mast, fee-only certified financial planner (CFP) and real estate investor, and Natalie Kolodij, real estate tax strategist and IRS enrolled agent. In this episode, they use their collective tax expertise and perspectives to tackle a handful of key topics. Ever wondered whether there are different tax benefits when buying a property in cash rather than via a traditional home loan? If you’re in a partnership on a short-term rental property, how do you claim depreciation? What is a cost segregation study, and when should you do one instead of taking depreciation deductions over the normal timeline? As always, our trusted host Mindy chimes in with some important nuggets to help make your journey toward financial freedom that much easier (while owing less to Uncle Sam)! In This Episode We Cover Tax benefits of buying a property in cash versus getting a loan The “2-out-of-5-year” rule that allows you to avoid HUGE capital gains taxes How to claim depreciation deductions in an investing partnership The pros and cons of cost segregation studies and normal depreciation deductions Why you NEED to hire a real estate tax strategist (and how to find one!) How to set up your business entity for the best real estate tax savings And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Connect with Mindy on BiggerPockets Mindy's Twitter Kyle’s Website Clarity Financial Kyle’s Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Get Tax Professional Recommendations from Other Investors The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of Year-End Tax Tips and How to Owe Even Less in 2023 2023 Real Estate Taxes: Write-Offs, Loopholes, and How to Pay Less Next Year Click here to check the full show notes: https://www.biggerpockets.com/blog/money-402 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

How important are beneficiary designations? What happens if you die without a will? What are intestate succession laws? Death is a subject that most people want to avoid, especially when it intersects with finances. Unfortunately, these are necessary questions to ask, as your legacy is at stake, and taking just a few hours to plan could save your family thousands of hours after you pass. When guest and long-time friend Renee received the call that her husband of nine years had passed unexpectedly, she was left to deal with not only her own grief but also the financial implications of her husband’s death. While the two had discussed death and finances on multiple occasions, little did they know that a common financial error would create a logistical nightmare—one that would lead to ongoing legal battles and fractured relationships. In today’s episode, Renee joins us to tell her story and stress the importance of planning for the unexpected. We cover things like beneficiary designations, wills, living trusts, and intestate succession laws. Renee also shares the three steps you MUST take to avoid having a post-passing financial nightmare. As always, our hosts Mindy and Scott are here to share some invaluable advice you won’t want to miss! In This Episode We Cover How a few hours of end-of-life planning could save your next of kin thousands of hours Why beneficiary designations are king for all financial assets Intestate succession laws and what happens when you die without a will When others may have a legal claim to assets over a spouse How relationships are impacted by the financial implications of your passing The three steps you MUST take to get your assets in order before you die And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Getting Financially “Naked” with Your Significant Other — With Erin Lowry from Broke Millennial (Episode #24) Estate Planning, Wills, and What to Do NOW to Protect Your Heirs w/Jordan Klint (Episode #395) Get Your Family Emergency Binder The Easiest Way to Create a Will Click here to check the full show notes: https://www.biggerpockets.com/blog/money-401 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Being able to retire early is a blessing and a curse. When you first start working a job, all you can think of is escaping your everyday responsibilities. The mind-numbing tasks, the early mornings, late nights, horrible bosses—it all adds up. But, you then find the “financial independence, retire early movement (FIRE),” and almost overnight, you decide that your future will be dedicated to setting yourself financially free. You develop skills that help you make more at your job, feeding into bigger, better investments. And as a result, you end up being in a better position, at a more respectable job, earning more than you thought possible, and enjoying the challenge of everyday work. This is precisely what happened to your hosts, Mindy Jensen and Scott Trench. Both started at jobs they didn’t love, wanting to be financially free. Through hard work and skill-building, Mindy and Scott were brought together, prompting them to start the BiggerPockets Money Podcast and build a company they both love. Now financially free, Mindy and Scott refuse to retire early for a good reason. In this special four-hundredth episode, Mindy and Scott share their money stories, how they found the FIRE movement, what they did with their money, and why they choose to work, even though they don’t have to. If you want to know the real reason behind Scott and Mindy’s skyrocketing success, stick around because their stories are much more repeatable than you may think. In This Episode We Cover The origins of the BiggerPockets Money Podcast and how risky investing prompted a powerful podcast The index fund vs. individual stock-picking debate and why Mindy started to shift her portfolio How Mindy and Scott found the FIRE movement and how they both quickly reached financial independence Becoming a CEO and why Scott’s “don’t ask for a raise” philosophy paid off BIG time Choosing to work instead of retiring early and why a meaningful livelihood beats a relaxing early retirement The simple but profound moves Scott made to triple his net worth in just a few years And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Connect with James Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Mr. Money Mustache's article 1,500 Days Breaking the Taboo of Talking About Money with Friends, Family, and Bosses How to Change Your Financial Life with a Money “Reset” Margin Loans: Low-Interest Lending or Risky Rates? Mindy's First Episode: Jump Starting Your Early FI Plans by Live-in Flipping Scott’s First Episode: An All-Out Approach to Financial Independence at an Early Age Click here to check the full show notes: https://www.biggerpockets.com/blog/money-400 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to retire early in your 30s? Early retirement may be closer than you think. With smart money moves, intelligent investments, and the ability to save more than you spend, you could trade forty-hour work weeks for full days with your family. But, before you do, you’ll need to set yourself up with some killer cash flow, so your assets can pay for your lifestyle while you sit back and enjoy ultimate time freedom. This is exactly what Jenny Bayless did over the past ten years. After college, Jenny was able to score a well-paying job but realized only a few months in that the “work for forty years, retire at sixty-five” plan wasn’t worth the grind. So, shestarted aggressively saving, doing whatever she could to get into her first property. From there, she stumbled upon the BRRRR strategy of real estate investing, allowing her to recycle her cash to buy more properties in far less time than it took to save up for a down payment. In this episode, Jenny explains precisely how this method led her to financial freedom, what FIRE-chasers in 2023 can do to retire even earlier, and why EVERYONE should have a financial exit plan, no matter how much they love their work. Jenny’s repeatable system to financial freedom through real estate isn’t as complicated as you might think, and she gives three crucial tips that, when followed, will lead to FIRE even faster! In This Episode We Cover How to retire in ten years (or less!) by using the BRRRR investing method Leaving your W2 and how to know it’s the right time to walk away from a paycheck Three tips ANYONE can follow to hit financial freedom faster “Failing forward” and why those that make mistakes are the ones who get ahead Cash-out refinances and how to recycle your down payment funds to buy more property Life after FIRE and why you’re still allowed to make money even when retired early And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Connect with James Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Meet Scott and James at BPCon2023 Grab The Book on “Investing in Real Estate with No (and Low) Money Down” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-399 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

For so long, early retirement has been THE goal of those chasing financial independence. Can you imagine waking up with unlimited time, not having to work, and reporting to no one but yourself? Now imagine that day in and day out. Before long, the luster of never working gets to you, and that's because if you've achieved financial independence, the regular type of "retirement" just won't work. But what if you could restart your career, do something you REALLY cared about, or build your dream business? Jill Schlesinger, author of The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life, has redefined what FIRE should mean. Instead of financial independence, retire early, she's opting for financial independence, new endeavor. Now, those skills you've been building for decades can be put to good use, working how much you want, for who you want, and doing what you want. But what if you're not at financial independence yet? What if you're stuck feeling miserable in a job, slogging your way to retirement? Jill suggests performing a "money reset." Through a five-step system, you'll see where you stand financially, what's important to you, and how to change your life entirely so you can stop doing what you must and start doing what you love. Whether you're retired, retired early, on the path to FI, or don't know where to start, Jill's money thoughts will rock your financial world. In This Episode We Cover Why you (probably) AREN'T pursuing your dreams, and whether money is REALLY the issue Resetting your career and why it's a smart move to make MULTIPLE times in life The FINE alternative to the FIRE movement, and why working after early retirement is a blessing, not a curse The 'Fabulous Five" that will give you an overall picture of your financial health and money wealth How to perform a "money reset" no matter what stage you're at in life (or how much money you have) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Henry's BiggerPockets Profile Henry's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! On The Market Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Click here to check the full show notes: https://www.biggerpockets.com/blog/money-398 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial freedom allows you to do what you want, when you want, and with who you want. But it’s not just for lounging in hammocks or jet-setting around the world. When tragedy strikes, a sudden loss occurs, and you need time to spend with your family, friends, and loved ones, financial freedom becomes the bedrock of what helps you recover. This is why the option to retire early is so crucial for the everyday American; you never know when you’ll need to take some time for yourself. Jordan Klint, former guest on episode sixty-three, achieved financial freedom at a surprisingly young age, with five children to boot! His time freedom and ability to live on his terms was an added bonus the last time we talked to him, but now, we understand that it was necessary for Jordan to keep sane during the past year. Jordan’s family went through a significant tragedy, resulting in the loss of not one but multiple relatives all at once. This was an incredibly hard time for Jordan and his family but has allowed him to reflect on what FIRE-chasers need to do to ensure their families are protected when they pass. While this episode does bring up some difficult points, it’s full of extremely useful tips that Jordan used to get his family’s finances together. We get into estate planning, why you need a will, life insurance, car insurance, and the “emergency binder” that EVERYONE should have. Don’t wait until the unexpected happens. If you’re building wealth, you NEED to put these plans in place. In This Episode We Cover Estate planning 101 and why trusts, wills, and other documents can protect your family’s wealth Self-care, mental health, and why investing in your friends is so important Life insurance and why buying a policy is crucial for family members who rely on you Financial planners and how to use their expertise to help you structure an after-passing plan Early retirement and how Jordan was able to take time to recover and recharge Jordan’s post-retirement portfolio and how he’s spending his days after reaching financial freedom And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Hear Our Last Episode with Jordan Everything You Need to Know BEFORE You Invest in Syndications Grab the “Emergency Binder” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-397 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

You want to retire early, but odds are, you think that you can’t. Whether it’s a high-stress job, a business that requires your full attention, or just the belief that you MUST be working, most Americans don’t think they can regain their time freedom. But most people don’t know about “lifestyle investing.” Instead of trying to be the wealthiest investor with the biggest house, fastest car, and most money in the bank, lifestyle investing asks, “what do you TRULY need to be financially free?” And there’s no one better to answer this question than Justin Donald, author of The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom. Justin redefined what it means to be rich by focusing on time, not money, as the most important metric. He went from working as a stressed-out business owner to having complete time and financial freedom simply by putting the lifestyle he wanted before everything else. And he has a lot to teach those of us that have yet to hit financial independence. Today, Justin will define some of his cash flow commandments, explain why passive income is the most essential investment you can make, and detail how to start living a proactive, not reactive, lifestyle. No matter where you’re at financially, this shift in understanding will help you build the life you love, WITHOUT creating more tasks for yourself to take care of! In This Episode We Cover Lifestyle investing explained, and why time freedom is far more important than money How to find out whether you run your business or your business runs you The ten commandments of passive cash flow and where to find it Real estate investing and other income streams EVERYONE should know about Diversification vs. concentration and which builds wealth faster De-risking your investments and how to get money out of any deal your enter And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Jamil's Profile Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment 12 Ways To Make Passive Income From Real Estate Investing Click here to check the full show notes: https://www.biggerpockets.com/blog/money-396 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to hit FIRE? You’ll need a smart side hustle. We’re talking about income-doubling, cash-printing, serious side businesses that will allow you to leave your job and grow a substantial income stream, so you can invest the rest andreach the early retirement you’ve dreamed of. And for today’s guest, Alex, this is exactly the goal. Alex left college and went straight into the corporate world, only to realize that her potential wasn’t being met and there were alternative income goldmines that she could be chasing. So, she got her real estate license as a side hustle, helping buyers and sellers get into and out of homes. Her commissions boosted her income to unforeseen amounts, and now, Alex is sitting on a stack of cash that could help launch her to financial independence. But, even now, with a better job and a serious side hustle, Alex wants to venture deeper into the entrepreneurial realm. The next big dream? Becoming a financial coach for those that want to be in her position. But, before she starts, Alex needs help figuring out what to do with the savings account she’s been diligently growing. Should she use it to put twenty percent down on a house hack that would limit her living expenses? Or, is there a savvier, more creative way to finance her next property that could put Alex in a FAR better position? If you’re trying to hit FI before, after, or at forty-five, this episode is one you can’t afford to miss! In This Episode We Cover Starting your side hustle and boosting your income by turning extra time into money Creative financing and how to buy your first property at a rock-bottom mortgage rate How to know if you have too much cash (and what to do with it) HSAs, IRAs, 401ks, and other retirement accounts you should be throwing cash at Becoming a real estate agent and whether or not it’s worth it for the commission checks Designing the perfect portfolio for early retirement (even if you’re just getting started) House hacking and how to use your primary residence to generate passive income And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street Click here to check the full show notes: https://www.biggerpockets.com/blog/money-395 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement investing, bad debt, backdoor Roth IRAs, bonds, and starting a business. If you’re just beginning your personal finance journey, this can all seem a bit complicated. Where do you invest first? What should you do with extra cash? And how do you know a financial fiduciary is genuinely looking out for your best interest? Don’t worry; you don’t need all the answers. Just tune in, and listen to what financial expert Amanda Wolfe and Certified Financial Planner Kyle Mast have to say. It’s been a few months since we spoke to our go-to money experts. But we’ve been receiving a ton of finance FAQs in our Facebook group. So, we rounded up some of the best and got Amanda and Kyle’s take live on this episode. First, we’ll go over when to pay off bad debt when starting a business and what a “no money down” business really means. Then, Amanda and Kyle give their strong stances on if bond investing makes sense for the average FIRE-chaser. You’ll also hear the OPTIMAL way to set up your retirement investing, which accounts are worth hitting first, and the financial order of operations you should follow to optimize your retirement planning. And try not to send your financial advisor this episode because we’ll be discussing when an advisor is and isn’t worth the money and why a commission-based fee structure could be a big red flag when deciding who to invest with. All this (and much more) is coming up in this episode! In This Episode We Cover The exact way to invest for retirement and which accounts deserve your cash the most The backdoor Roth IRA explained and how to invest a MASSIVE amount in one of the most tax-advantaged retirement accounts Whether you should pay off bad debt BEFORE starting your own small business Investing in bonds and why this “safe” investment might not be worth the lost profit HSAs (health savings accounts) and when to get reimbursed for past medical purchases Fee-only vs. commission-based financial advisors and why the two are DRAMATICALLY different And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget She Wolf of Wall Street Website How MLMs and Pyramid Schemes Trap Average Americans Amanda’s Past Episodes: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes Kyle's Past Episodes: A Personal Finance Masterclass Retirement Planning During (and After) the Coronavirus with Kyle Mast How to Find the Best Possible Certified Financial Planner Click here to check the full show notes: https://www.biggerpockets.com/blog/money-394 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Both SVB (Silicon Valley Bank) and Signature Bank have crashed and burned dramatically over the past week. What once was a few large customers making withdrawals quickly turned into a bank run of epic proportions. Within just a few days, SVB went from one of the largest banks in the United States to one of the biggest bank failures in the nation’s history. But what led to such a fast-paced collapse, and are more banks on the chopping block? You don’t need to be an expert economist to understand what happened at SVB and Signature Bank this week. But you will want to hear Dave Meyer’s take on what could come next. With bailouts back on the table, many Americans fear we’re on the edge of a total financial collapse, mirroring what unfolded in 2008. With more and more Americans going on cash grabs, trying to keep their wealth safe from the “domino effect” of bank failures, what should everyday investors prepare for? More specifically, for our beloved real estate investors, how could SVB’s failure affect the housing market? Will the Federal Reserve finally be forced to end its aggressive rate hikes? Could money flood into real estate as hard assets become more attractive? Stick around as Dave explains this week’s wild events and what it could mean for the future of the US economy. In This Episode We Cover SVB’s (Silicon Valley Bank) collapse explained and why it failed so fast The bank run “domino effect” that could put other intuitions at risk Why a “bailout” happened so quickly, and whether customer funds were secured Bond yields and why making long-term investments was a risky bet for SVB The future of mortgage rates and how SVB’s failure could lead to fewer rate hikes The psychology behind a bank failure and how it affects the entire economy And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding BiggerPockets Bootcamps Join BiggerPockets for FREE Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Dave’s BiggerPockets Profile Dave’s Instagram How Did A $200B+ Bank Collapse In 48 Hours? Is Real Estate Going To Be Impacted? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-393 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin O’Leary (AKA Mr. Wonderful) might be the world’s favorite (and most outspoken) investor. You’ve probably seen him on Shark Tank, where he’s doing deals with startups, putting overconfident entrepreneurs in their place, and often making boring products into billion-dollar companies. Kevin has the Midas touch, or at least it seems that way on television. Still, he doesn’t shy away from mentioning failures and the enormous lessons he’s learned that eventually led him to make hundreds of millions of dollars. But before Kevin was Mr. Wonderful, he was just Kevin, the local ice cream scooper who learned a hard lesson about being an employee. After college, Kevin started a production business, which eventually led him to create The Learning Company, a $4.2 billion business that allowed Kevin to enter into a new stage of wealth. Since then, he’s been aggressively investing in (and building) private companies inside and out of Shark Tank. And after investing so heavily and working so hard, Kevin knows EXACTLY what makes a company (and investment) succeed or fail. Today, we get a glimpse inside Kevin’s personal investment portfolio, the three things he thinks EVERY entrepreneur should have to make it big, and why diversification is one of the most CRUCIAL ways to build and protect your wealth. You’ll also hear how to invest in startups like Kevin does, why Kevin makes big bets on women entrepreneurs, and how he’s investing during today’s recessionary environment. In This Episode We Cover Kevin’s investment portfolio exposed and which assets he’s all-in on The difference between an entrepreneur and an employee and why Kevin only worked one job Why you MUST start tracking your income and expenses unless you want to remain broke The three things EVERY investor/entrepreneur needs to make it big Why building a portfolio beats investing in single stocks, companies, or ideas The government program that could pay you hundreds of thousands if you own a business How to start investing in startups and small businesses like Kevin does on Shark Tank And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment 3 Rules for Crushing It in Business Here’s What It Takes to Succeed as an Entrepreneur Click here to check the full show notes: https://www.biggerpockets.com/blog/money- Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Your small business could be the key to financial independence, early retirement, and more income than your W2 is paying you. But, most small business owners don’t understand the best way to grow their income stream. With a DIY mentality, you could be stuck doing the skilled work, answering the emails, picking up phone calls, bookkeeping, and spinning ten plates at the same time while your business fails to grow. Instead, you must step out of the “solopreneur” role and into the “business owner” mindset that can help you quickly make a six-figure income while working for yourself. Today’s guest Amy took a big risk, leaving her job to start her physical therapy practice. She’s been slowly building up her income to a stable monthly amount but wants to spend more time on money-making activities in her business and less on administrative work that she could easily hire out. With a few quick calculations, Scott and Mindy devise a scalable way for Amy to start bringing in six figures while outsourcing all the work she doesn’t love. And even though Amy wants to make more income, she’s not obsessed with hitting FIRE fast. Instead, she wants a slow path to FI, one where she can focus on raising her son, spending time with her family, and helping the patients that need it most. So if you’re stuck in a small business or side hustle that takes too much time while making too little, stick around for some stellar advice from Scott and Mindy! In This Episode We Cover The slow path to financial freedom and why you DON’T need to race to retire early Small businesses, side hustles, and when it’s worth quitting your job to pursue your passion Outsourcing and how to take the most menial tasks off your plate so you can focus on making more money Websites, referrals, and other marketing tactics to bring in new business Auto loans and the “gray area” of interest rates that EVERY listener should be careful of Unit economics 101 and what all solopreneurs need to do to grow a full-on business And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment How to Outsource Your Way to Multiple Streams of Income The 3 Main Stages of Scaling Your Small Business Buying and Growing a Small Business With Little to No Risk 21 Ideas for Part-Time Gigs & Side Hustles Click here to check the full show notes: https://www.biggerpockets.com/blog/money-391 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Is whole life insurance a scam or a worthwhile investment? You may have heard us talk about whole life insurance before, but we’d bet we’re not the only ones mentioning it to you. Your financial advisor, business partner, parents, or fellow investors could have also let you in on the “amazing benefits” that only whole life insurance can provide. But how much of this is fact, and how much is fiction? And, if whole life insurance is such a bulletproof investment, why not buy a policy right now instead of investing for retirement? We brought on Dr. Jim Dahle, better known as, The White Coat Investor, to explain the truth behind the whole life insurance system and whether or not it really is a scam. Jim started his financial education during his medical school residency after realizing that almost every financial professional was trying to take advantage of him. Whether it was a real estate agent, financial advisor, or accountant, Jim felt like he couldn’t hold his own when in casual conversation with them. So, he beefed up his knowledge of investing and finance and started The White Coat Investor to help doctors, just like him, make sense of their cents. Early in his investing career, Jim spent over seven years paying into a high-priced whole life insurance policy, only to realize that he made a negative return. Now, he’s here to educate EVERY investor on what whole life insurance really is, who truly needs it, and the MASSIVE commissions salespeople make when selling you a policy. If you have whole life insurance, you NEED to hear this. And if you don’t, you’ll now understand why it’s pushed so hard on everyday Americans. In This Episode We Cover Whole life insurance explained, and the real benefit of having a policy Term life insurance vs. whole life insurance and which is better bang for your buck Sales commission schemes and why whole life insurance policies are so expensive The situations when a whole life insurance policy makes sense (and when it DOES NOT) The “infinite banking” illusion and why this capital-raising tactic isn’t as clever as it seems Rebuttals to make next time your financial advisor pushes a policy on you Fee-based vs. fee-only financial advisors and which have your best interest at heart And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To) Why All Real Estate Investors Should Have Solid Life Insurance Coverage Click here to check the full show notes: https://www.biggerpockets.com/blog/money-390 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Doubling your net worth in only a year? Seems impossible, right? Is making such massive money moves during a down market even realistic? If you think it can’t be done, tune in, and you’ll hear exactly how repeat guest Yourri Dessureault did it. Yourri’s name may sound familiar; we talked to him back on BiggerPockets Money episode 236, where he spoke about trying to achieve a massive $7,000,000 retirement goal while making $120K per year. But, a lot has changed in seventeen-or-so months. Yourri has returned with a much bigger paycheck, a ten-unit real estate portfolio, and a net worth that dwarfs what he presented in 2021. So, how did he make such big moves, and what was the catalyst for him to get on the financial freedom fast track? Over the past year, Yourri has been extremely disciplined with his finances, looking at every dollar he had and asking whether or not it was doing the best it could. As a result, he’s decided to sell off some significant stock holdings, put his Bitcoin mining on pause, and go headfirst into the world of real estate investing. Now, with nine rental properties out of state, Yourri is starting to build an outsourced team that can work to help his wealth grow while he spearheads an effort to fund bigger, better deals. Through intelligent networking, Yourri found a “golden goose,” slowly feeding him real estate deals that’ll make him rich in no time. If you want to repeat Yourri’s almost unbelievable system for building wealth quickly, you’ll need to tune in! In This Episode We Cover Why Yourri said “bye-bye” to Bitcoin and hello to real estate investing How to get a raise at work and taking on more responsibility for a much larger paycheck Out-of-state real estate investing and using it to buy cheap houses with phenomenal cash flow Financing your rental properties and what to do when no one will fund your mortgage Selling stocks and when it’s time to trade passive investing for active income Traditional 401(k)s vs. Roth 401(k)s and which to pick when you’re in a high tax bracket And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Finance Friday: Enjoy Life Before FI with Simple Investing Strategies Your Step-by-Step Guide to Buying Out-of-State Investment Properties Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-389 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Twitter’s massive layoffs affected the tech industry more than people think. For years, tech stocks ran with enormous valuations, with over-inflated workforces of employees getting paid six-figure salaries with even more impressive bonus packages. This wasn’t sustainable by any means, and as a new type of CEO steps in, tech companies are looking to get leaner, more operationally efficient, and return to their startup-like roots. But how does this reforming tech market affect the US economy? We brought on Aman Verjee, founder of Practical Venture Capital, to explain what’s happening in Silicon Valley and what it means for your finances. Aman has worked in the tech sector for almost as long as it’s been relevant. FromPayPal to eBay, Sonos, and more, Aman has been on the ground floor of some of the most promising tech companies, helping them operate with leaner teams while bringing in bigger revenues. And as an industry expert, Aman isn’t surprised or disappointed by the recent tech layoffs. He touches on why these layoffs aren’t what most people think, how they could affect the overall economy, what CEOs need to know to survive this market, and what everyday investors should look at BEFORE buying tech stocks. Aman’s practical advice is CRUCIAL for anyone investing. And as the stock market becomes more and more tech-centered, knowing some of this information could help you make FAR more lucrative decisions on which companies you’re rooting for. In This Episode We Cover Tech layoffs in 2023 and why the number of employees being cut isn’t what it seems Twitter’s “warning shot” that sent other CEOs into an efficiency-first mode Work-from-home culture and whether or not a return to the office is happening What to look for in a tech company that’s about to IPO and telltale signs of solid growth Investing in public markets and why Warren Buffet’s super simple advice still applies What business owners should know when trying to grow and scale their small businesses And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment Annual Event 2022 - Peter Zeihan Presentation Silicon Valley Investors Club Finance Friday: First Down Market? Here’s How to Stop Stressing Surviving a Layoff: What HR Wants You to Know? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-388 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Most people assume that buying rental properties is only for those making six-figure salaries. How can the average American afford the sizeable down payment and high interest rates of today’s housing market? Let us introduce you to Tiffany, a twenty-three-year-old from Colorado who’s using her $41,000 salary to build wealth at an early age. Tiffany is doing this all while bringing in just a few thousand dollars a month without a four-year degree. She’s ready to buy her second property this year but wants to speed up her timeline. With a smaller salary, Tiffany has had to be smart with her expenses. She’s already house hacking, allowing her to wipe out a significant portion of her mortgage. She also has side hustles and keeps her costs low to save as much as she can every month. But, with years of experience in her social media management job, she could be leaving money on the table by not job hopping to greener pastures with bigger paychecks. This could make a HUGE difference on her bottom line every month. Tiffany is also debating whether a college degree is worth it as she looks to bring home a business degree. With “YouTube University” and numerous free and low-cost education platforms online, Tiffany doesn’t know whether a college degree is what it once was and wants to be sure the investment she’s making will pay dividends, not just present her with a glorified piece of paper. So, if you’re starting your investing journey or want to invest on a lower income, this is the episode for you! In This Episode We Cover House hacking explained and how you can live mortgage-free by renting out extra rooms Raises, boosting your income, and when to leave your job for a higher-paying employer The 203(k) loan and using it to “live in BRRRR” your way to a significant real estate portfolio The ROI of college and whether or not a degree is even worth the effort in 2023 401(k) matching and how having an employer with benefits can be a BIG boost to your wealth Starting your side hustle and turning your skills into income by sacrificing a few hours a week And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Money Moment House Hacking 101: What It Is and How to Get Started Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”: Click here to check the full show notes: https://www.biggerpockets.com/blog/money-387 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Look up any “how to retire early” guide online, and you’ll see some basic information: invest in your 401(k), take advantage of your employer match, buy real estate, and invest the rest in index funds. While this type of advice is by no means wrong, it’s geared almost entirely toward W2 workers with consistent income and a full stack of benefits. Those waiting tables, bartending, or doing any other service industry work don’t fall into the “predictable income” category, so they often get left behind when spreading the word about building wealth. We wanted to fill the informational gap and give service industry workers EVERYTHING they need to know to turn tips into early retirement. The perfect person to teach us all about it? Barbara Sloan! She’s the author of Tipped: The life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals. In it, she teaches those working for tips how to turn their inconsistent (and frequently non-taxed) income into a portfoliothat will make them set for life. Barbara walks through her money story, from getting deep into debt, moving to New York City with just $700, working at bars and Wall Street, and how she turned a fluctuating income into financial independence. She gives actionable advice on how ANY service industry worker can start saving, set up an emergency fund, and build wealth, even if they’re not making a high income. She also explains why tip work like bartending and serving makes the ultimate retirement plan for those that have already hit FI! In This Episode We Cover How to reach financial independence even when working for tips or on a low income Why reporting income for taxes is a MASSIVE benefit when building wealth Building “buffers” and how to set yourself up for time off (even if you’re not getting paid for it) Health insurance, retirement accounts, and how service-industry workers can get on par with W2 worker benefits Building a budget and why tracking your expenses is CRUCIAL on a fluctuating income The busiest times for tipping work and how to make the MOST money during every off-season And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Share your Money Moment How to Become an “Overnight” Success in 10 Short Years with David Greene Finance Friday: How to Get to Early Retirement Even Faster Tipped Finance Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-386 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Your home equity could be the secret sauce to earlier retirement. With so many homeowners and rental property investors across the nation sitting on hundreds of thousands in home equity, one asks, “what if you used this trapped equity to build wealth?” And although most homeowners won’t want to sell their primary residences, refinance into higher mortgage rates, or risk taking out a high-priced HELOC, rental property owners are in the perfect position to use their massive equity positions to upgrade to bigger, better investments. We brought on Chris Lopez, Denver-based investor and agent, to explain. Chris has been able to build a sizable real estate portfolio quite quickly, but even he admits to starting a little later. After working most of his career as an internet marketer turned day trader, Chris gave it all up to go head-first into real estate as an investor-friendly agent and investor. And, as a Denver investor, he’s seen homes he bought just a few years ago EXPLODE in value, and many other investors feel the same. So, if you’re in Austin, Boise, Raleigh, Phoenix, or any other real estate boom markets, it can seem as if you’re sitting on a pile of wealth that can’t be touched. But you’d be wrong. In this episode, Chris walks through how homeowners and real estate investors can unlock the “trapped” equity in their homes. He goes through when to buy, sell, or refi and how to use the BiggerPockets Rental Property Calculatorto decide the best move. Chris knows that not every property is worth selling/upgrading, but if you trade a few lackluster properties for cash-flowing ones, you could reach your retirement goals YEARS faster, with more money coming in and less stress. So, want to unlock your home’s equity and speed up your path to early retirement? Stick around! In This Episode We Cover Home equity explained and how to use it to build wealth even faster When to buy, sell, or refinance and how to calculate the best option for you Cap rates and using this simple metric to decide whether a rental property is worth keeping HELOCs (home equity lines of credit) and which banks will offer them on rental properties Chris’ five-step framework to reassess and upgrade your rental portfolio When to cash-out refinance and whether or not doing so makes sense with today’s high interest rates And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: Living Paycheck-to-Paycheck with 9 Rental Properties Chris Lopez Profile Click here to check the full show notes: https://www.biggerpockets.com/blog/money-385 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Every entrepreneur wants to build a nine-figure business. Even a million dollars in revenue seems like a dream to the everyday American. So how did a Red Robin waiter, making five-dollar tips, leave college to start one of the fastest-growing real estate businesses in the country? Even better, how did he do it multiple times, creating not one, not two, but a group of entrepreneurial endeavors that casually bring in over nine figures each year? If you want to hear his system to success, you’ll have to stick around. James Dainard didn’t know much about real estate before college. After his roommate (and now business partner) started door knocking for local wholesalers, James decided to give it a try. He was miserable at it, barely getting a single deal done before leaving college. But, when offered a cushy six-figure salary, James declined, knowing that there were still riches to be made in real estate, but only if he worked smart. Fast-forward fifteen years and James owns a slew of real estate-related companies. From a luxury house flippingbusiness to hard money lending, a successful brokerage, a real estate development firm, and more, James didn’t just master one business—he mastered anything he could get his hands on. The best part? You can do this too! James drops some time-tested gems on starting, building, and scaling a business that will allow you to grow at an almost unbelievable rate like he did. In This Episode We Cover Why James declined a $200K salary (out of college) to make a business-bet on himself Door knocking, wholesaling, and the BEST ways to make money as a college student Frugality, keeping expenses low, and the massive benefit of reinvesting every dollar you have Hard money lending, real estate syndications, and other highly-profitable businesses most investors are unaware of Structuring your team and how to scale your business even if you don’t have leadership experience The struggles of being a CEO and what to do when your strategy isn’t working Why every business needs a “quarterback” and a “coach” to succeed And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget On The Market Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio How to Become an “Overnight” Success in 10 Short Years with David Greene Click here to check the full show notes: https://www.biggerpockets.com/blog/money-384 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Knowing how to build business credit could be the difference between starting your dream business or waiting on the sidelines. And while most people think that building business credit requires years of income, million-dollar revenue, or a personal connection with your local bank, Jack McColl is here to tell you otherwise. Jack has been able to unlock half a million dollars in business credit in record time through a simple system. He did this using means that EVERYONE has access to and is here today to teach you how to do the same. Jack is a credit master, knowing the ins and outs of every credit score rating, travel credit card, business credit card, line of credit, and everything in between. He teaches some basic techniques in today’s show about how you can get your personal credit score to 700+ quickly and then use that to grow your business credit profile, allowing you to access 0% interest credit cards that can jumpstart your business when you’re low on cash. And even if you aren’t planning onbuilding a business anytime soon, Jack’s tips will help you get a better credit card, a lower mortgage rate, and easier access to lines of credit. Jack also touches on the exact steps you need to follow to reach an 850 credit score and why the “no credit, no debt” line of thinking will hurt you later in life. He shares the best banks to get business credit from, which cards will help your score the most, and why you should always open a checking account BEFORE asking for a business line of credit. If you want to boost your score, build a business, or just travel for free using points, stick around for this episode. In This Episode We Cover How Jack scaled from $0 to $500K in business credit (and how you can too) FICO vs. VantageScore and which credit score is the most important Personal vs. business credit and how the two impact each other 0% interest credit cards and how to unlock them by building your business credit Boosting your credit limits and the three cards to apply for to boost your credit profile Lines of credit, SBA loans, and other options business owners have to draw funds from Credit card hacking and how to use travel point cards to globetrot for free! And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Money Moment Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget My Score IQ CreditKarma Click here to check the full show notes: https://www.biggerpockets.com/blog/money-383 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

What if you won the HGTV Dream Home? If you’ve heard of the sweepstakes before, you know what it feels like to watch the walkthroughs, read about the top-tier renovations, and imagine yourself soaking in the bliss of winning a mansion, tucked away in some of America’s most serene areas. But this dream may never come to fruition because the reality of winning the HGTV Dream Home is much different than most people think. To explain, we brought on CPA and tax expert Amanda Han. Amanda admits that even though she threw her name in for the Dream Home drawing, she has some reservations about winning. While HGTV promises a multi-million dollar mansion in the mountains of Colorado, the reality is far from a turnkey option. With so many winners either choosing to sell the home or take the cash prize, one wonders, “what really happens when you win?” If you decide to keep the home, you better have mountains of cash available to pay for it because this prize is far from free. But even if you don’t, you aren't entirely out of luck. Amanda highlights a few strategies that one lucky winner can use to keep the home, how to dodge an almost unbelievable tax burden, what to do if you opt for cash, and whether turning the Dream Home into a rental property makes more financial sense. We hope you win, and if you do, please send a housewarming party invitation to BiggerPockets at 3344 Walnut Street, Denver, CO 80205! In This Episode We Cover The 2023 HGTV Dream Home and why it’s a perfect Colorado wilderness getaway The MASSIVE tax implications of winning a sweepstakes and what you can expect to owe Taking the cash prize option and why this may be a better bet than keeping the home Tax saving strategies that can help you owe even less to the IRS How much you need to make to afford the upkeep on this $2M+ mansion Donating the Dream Home to charity and whether you’ll still owe taxes after Real estate professional status, depreciation, and turning the Dream Home into a rental for ongoing cash flow And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-382 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Knowing how to build wealth may come as a given for most investors. Buy assets, hold on to them, profit, and repeat. While this formula may seem simplistic at first glance, the emotional side behind investing is something rarely ever talked about. For those just starting to build wealth, wanting to become financially free, it can be anxiety-provoking tosacrifice most of your money for a single investment that could profit or end up failing. Rookie real estate investors constantly feel this fear before doing their first deal. But what about the fear of never moving forward? Tamar Hermes grew up without much money, and for most of her life, she never felt she deserved to have a financial surplus. For Tamar, money was something tied to guilt, but she knew to become a self-made millionaire, she’d need to change her mindset. Now, she’s helping other investors, many of whom relate to Tamar’s “starting from zero" story, get their start by building passive-income-producing empires. If you want to repeat Tamar’s path, you’ll have to stick around! In this episode, Tamar breaks down the simple ways anyone can start building wealth in 2023. She also hits on breaking past financial fear, building your money mindset, and why big goals should always be done in small steps, so you can hit your milestones faster than you think. 2023 is your year, and this is the best way to get started! Tackle your 2023 goals with the help of BiggerPockets Pro! Sign up and use code “MONEYSHOW23” for a special discount! In This Episode We Cover Overcoming money fears and why so many of us don’t think we deserve wealth Knowing your “worst-case scenario” and how it can set you free when investing 2023 goals and how to turn yours into bite-sized steps you can accomplish every day Becoming the person you need to be to build wealth in 2023 What to do when your social circle/partner disagrees with your financially-free dreams Pushing through “the grind” and why sacrifice is a prerequisite for success Scott and Mindy’s simple 2023 steps that you can use to get on the right financial footing for this year And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-381 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The 2023 tech layoffs have already begun to make the 2022 tech layoffs look like small-scale firings. What started as a few large companies firing unneeded hires quickly ramped up to an industry-wide cost-cutting exercise as hundreds of thousands of employees were forced to walk away from their stable salaries, free lunches, and healthcare. With tech companies being some of the most generous in terms of compensation, it makes sense that these would be the first businesses to force mass layoffs. But what about those of us who aren’t in tech? Or those that are in tech but still have a job? Tara Pramme joins us as a human resource expert, explaining exactly why layoffs are happening now, who will be most affected, what to do if you’re let go, and getting back into the job market. Tara knows how hard layoffs can be, especially for those with families to feed or work visas that only last as long as they’re employed. She knows precisely which document means what, what you should know before signing layoff contracts, what you can expect as severance, and how to keep yourself mentally stable during this challenging period. With large-scale layoffs looking to last for at least the near future, Tara wants to ensure you’re ready for whatever happens next. You’ll also hear about the common warning signs that a layoff is about to happen, why you should NEVER post negatively online after a firing, and what to do on your last day at work. We hope a layoff never happens to you, but if it does, this episode will leave you prepared to bounce back stronger than ever! In This Episode We Cover The 2023 tech layoffs explained and why so many companies are letting employees go Common warning signs that a layoff is heading your way Who is first to be fired when a layoff is announced, and how to tell if your company is planning one Severance packages, non-disparagement agreements, and how to avoid your final paycheck getting taken away Healthcare, COBRA, and how to make sure you’re insured when you lose your job Getting back into the job market and why it’s never too early to update your resume The “why” behind layoffs and how companies choose to cut staff And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Silicon Valley Investors Club Click here to check the full show notes: https://www.biggerpockets.com/blog/money-380 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

For the entry-level worker, employee stock options may seem completely foreign. But for most tech workers, this is commonplace and can be highly lucrative if understood correctly. In short, employee stock options, employee stock purchase plans (ESPPs), and restricted stock units (RSUs) all give an employee far more upside (and downside) than a traditional salary. As a result, you’re trading steady take-home pay for the potential to own company stock sharesthat could be valued at even more when you decide to sell. But is this gamble ever worth it? JT, long-time tech worker, has spent most of his life tinkering away as an engineer at some of the biggest companies in computing. He’s no stranger to the world of stock-based compensation and knows it can be worth the lack of salary if done correctly. In this episode, JT gives a complete overview of what stock-based compensation means, the three different types of stock you’ll be offered, and how this type of payout compares to a regular salary. He also goes in-depth on timing the sale of your stocks, the tax traps that could cost you thousands, and how to create a plan that lets you profit when getting paid in shares. If you ever foresee yourself working at a startup, tech company, or publicly-traded conglomerate, you MUST know what these types of compensation mean. Or, you’ll risk losing the real reward of a stock-based salary. In This Episode We Cover Stock-based compensation explained and why companies would rather pay shares than a salary ESPPs, RSUs, stock options, and the different ways you could get paid at a tech company When to sell your company shares and tax tips that can stop you from owning a big IRS bill Who is eligible to be paid in stock, and whether or not entry-level workers can get access The stock-payout schedule and when employees can expect to receive full compensation for years of company loyalty JT’s stock-selling strategy and whether he chooses to sell or hold on to company stock And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-379 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

“What to do if you win the lottery." This question is getting more online searches than ever before. But what would you do? The wheels start turning as soon as those lucky numbers get picked. You stare down at your ticket in disbelief. Then, you make sure to match the ticket in your hand to the numbers on the screen. You could be staring at a million or billion-dollar prize, and for a second, most of your financial worries start to slip away, soon to be replaced by a new set of challenges. How will you manage it? How much will you owe back in taxes? Should you take the annual payouts or the lump sum? A better question is, “how do I redeem this thing!?” The lottery is played by millions across the United States, hoping to get their hands on the winning prize. But how does the lottery work? Where does the money you spend on a ticket go? And do you really have a chance of ever winning? Carolyn Becker from the California State Lottery knows more than most. She’s been working with lottery agencies for years, making sure that winners are genuine players and ensuring that a percentage of the lottery profits go to good causes within the Golden State. She outlines exactly how the lottery works, how the winning numbers are chosen, the philanthropic side of buying a ticket, and what to do when you win millions or billions of dollars at once. She also drops some tips on better ways to play the lottery and why there’s a higher chance of you winning than you think. So, if you’re buying a ticket in hopes of a billion-dollar jackpot, Carolyn’s advice could help! In This Episode We Cover The history of the lottery and using ticket sales to fund philanthropic causes Why Mega Millions and Powerball jackpots are hitting the billion-dollar mark The actual odds of winning the lottery and the chance of you getting a cash prize Interest rates and the Federal Reserve’s effect on lottery jackpots What to do if you win the lottery and why a financial advisor should be your first hire The “lottery curse” and why so many winners blow their money after hitting a big win And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Megamillions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-378 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mr. Money Mustache is the internet’s poster child for early retirement. At age thirty, Pete Adeney was able to leave a lucrative job as a software engineer to focus on building a financially free life. He brought the FIRE movement to the mainstream by teaching others online how simple spending skills could allow them to quit their corporate jobs, keep more money while working less, and live a life centered around passion, not a paycheck. His popular blog has garnered millions of visits, as early versions of himself flock to the financially-freeing wisdom so rarely talked about in average American society. Pete has been retired for nearly twenty years now, meaning he’s been FIRE more than double the amount of time he spent in the working world. So, how does he spend his days? What keeps him going? Does he still have enough money?And how can someone repeat his system? Scott and Mindy spend this episode asking the “life after FI” questions, so you can know exactly what you’re getting into when you retire early. Pete’s answers shed light on often untouched topics that most of the money community can’t answer. We’ll go deep into planning for financial independence, developing “spending skills” that can bring early retirement decades sooner, and the right way to quit your job and wean off work. Pete also shows what the day in the life of an early retiree looks like and how today’s stock market crash has affected his portfolio. Want to retire early? Strap in—we’ve got the man who brought FI to the masses on today’s show! In This Episode We Cover Pete’s repeatable plan for FI and the simple steps that can lead to financial freedom Quitting your 9-5 and why leaving work all at once could be a big mistake Why most early retirees never touch their nest egg (and why you probably won't either) Whether or not early retirement truly lives up to the hype The 2022 stock market crash and how it’s affected Pete’s portfolio and investing mentality Stocks vs. bonds and why someone who’s chasing early retirement should choose one over the other And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Mr. Money Mustache The Surprising (Scientific) Truth Behind What Makes You Successful Multpl.com Cfiresim calculator Early Retirement Extreme Click here to check the full show notes: https://www.biggerpockets.com/blog/money-377 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Margin loans could be the sneakiest way to snag a low-interest rate loan in today’s Fed-influenced environment. What most investors don’t know is that you can use your stock portfolio as collateral to get massively discounted lending, but it comes with considerable risk. Carl and Mindy Jensen used this type of lending to buy their most recent real estate purchase, a medium-term rental renovation project in the same neighborhood as their primary residence. At the time, Carl could get an interest rate so attractive that it was almost impossible to pass up. We’re talking about mortgage-sized loans with less than 2% interest! This seemed like a steal at the time, but as the market started to tank and big tech stocks like Tesla took a tumble, Carl and Mindy’s margin loan began getting hit. They faced a tough decision: either get liquidated and lose much of their stock portfolio or come up with the difference themselves. In this episode, you’ll hear exactly how Carl and Mindy grew their stock portfolio to multiple millions in worth, the mistakes they made along the way, why they took out a margin loan, and whether or not they’d do it again. If you’ve got a sizable stock portfolio but don’t know how to get funding for your real estate deal, stick around! Margin loans could be an option for you, but you’ll need to know how to work them first. In This Episode We Cover Margin loans explained and the risk that comes with a low-interest rate loan Investing in tech stocks and whether or not they’re worth it now that stock valuations are down Index fund investing and why single stock-picking may be riskier than you think What getting a “margin call” means, and what to do when your stock values drop HELOCs (home equity lines of credit) and using them as a safety net for paying off debt Carl and Mindy’s new medium-term rental and whether the headache was worth the new house And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Mile High FI Podcast 1,500 Days to Freedom Carl's Email Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: My Home Renovation Put Me in a HELOC Hole Click here to check the full show notes: https://www.biggerpockets.com/blog/money-376 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Cryptocurrency is dead in the mind of most investors. What started as an awe-inspiring investment reaching massive multiples in just months, quickly became a subject of contention within the investing community. Some moretraditional investors called cryptocurrency an outright fraud, while others claimed it was the final puzzle piece in the battle for a stable fiat currency. Now, with many crypto prices down, is there any reason to invest? For long-time listeners of the BiggerPockets Money Podcast, you’ll know that hosts Scott and Mindy don’t have a terribly favorable view of cryptocurrency. Not because they think it’s illegitimate, but because of its massive volatility that has borderline bankrupted many inexperienced investors. We wanted a deeper insight into why cryptocurrency could be worth investing in, so we brought Laura Shin onto the show. Laura is host of the Unchained podcast, where she updates the crypto community on the latest news stories, price action, and more. Laura is an agnostic crypto investor with a level-headed view of the benefits and risks of investing in this volatile asset. She gives us a masterclass on the current state of cryptocurrency, the history of Bitcoin, why assets like Ethereum may be more valuable, and why exchanges like FTX are not to be trusted. In This Episode We Cover The history of cryptocurrency and how Bitcoin started a worldwide craze Ethereum vs. Bitcoin and why “ultra-sound” money could beat the rest The “crypto winter” and whether or not now is a buying opportunity for investors Money crypto vs. tech crypto and why there may be more than one coin left standing FTX, fraud, and how crypto exchanges can lose your coins, and the best way to protect yourself And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: First Down Market? Here’s How to Stop Stressing Unchained podcast Bitcoin: Investing Fad or Final Bullet to Fiat Currency? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-375 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Private equity is a term often left undefined. Ask most people if they’ve heard of private equity, and they’ll say yes. But ask them to explain what it is or how it works, and most Americans will struggle to come up with even a sentence. The industry of private equity investing is shrouded in mystery, but it probably shouldn’t be. If you know what private equity is and how to invest in it, you could take home passive income that beats the stock market and real estate investing with none of the headaches or short-term panic of either. This simple-to-understand but constantly overcomplicated industry could make you better returns, with far less work, investing in businesses you already know and trust. This is precisely what Sachin Khajuria’s book, Two and Twenty: How the Masters of Private Equity Always Win, is all about. As a former partner at one of the world’s largest alternative asset firms with over two decades of experience, Sachin can explain the ins and outs of private equity better than anyone. Sachin will demystify the often shadowy world of private equity in this episode. He explains why it’s such a lucrative business and how it’s coming close to matching the same firepower as the public markets many of us invest in. With potential returns far higher than traditional assets, Sachin makes a strong case for why you should be looking into private equity now before the masses find out about it and flood the market. In This Episode We Cover Private equity explained and the simple yet highly profitable business model behind it The two and twenty rule and why private equity firms are designed to maximize your money Private equity returns and whether or not the high profits are worth the long time horizon The “unloved” businesses that have seen massive growth thanks to private equity Rising interest rates and how this could affect the value of private equity investments The businesses you already buy from that are owned by private equity How to find and invest in private equity even if you’re not a mega-millionaire And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-374 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mastering personal finance is one of the most important things anyone can do. If you know where your money is coming from, where it’s going, and how to make more of it, you can retire comfortably, retire early, or have less financial anxiety at the end of the day. But, the world of personal finance can be complicated for beginners. With so many spreadsheets, calculators, money methods, and mistakes to avoid, where does someone just getting started go to understand the basics? We brought Scott and Mindy, our two masters of money, on for a solo show where they walk through some of the top tips in personal finance. They’ll touch on budgeting, saving, and expense tracking so you can know the ins and outs of your finances with far less effort than ever before. You’ll also hear about the different methods for paying off debt, good debt vs. bad debt explained, and the right way to think about interest rates. Finally, Scott and Mindy will go over investments, when the right time to invest is, how to prioritize what to invest in, and when you’re ready to invest in real estate. No matter where you’re at on the personal finance spectrum, investing or not, debt-free or full of debt, this episode can help you prioritize the dollars and cents in your life so you can reach financial freedom faster. And if you still don’t know where to start, stick around, as this episode is chock full of links to debt payoff methods, investment plans, budgeting examples, and more to help you on your journey! In This Episode We Cover Personal expenses vs. business expenses and why you should never mix the two Expenses explained and what does (and definitely does NOT) count in your budget The two skills every investor or business owner needs to succeed The different ways to pay off debt and how to know whether your interest rate is too high Good debt vs. bad debt and why many investors are choosing to hold on to low-interest loans The right and wrong way to use a HELOC (home equity line of credit) when investing in real estate How to prioritize your investments and building a personalized investment plan that will help you build wealth And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: My Home Renovation Put Me in a HELOC Hole The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Finance Friday: Got Extra Cash? Here’s the Investment Plan for You Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan Rookie Podcast Episode 200: Scott Trench’s 10-Step Checklist to Buy Your First Rental Property Rookie Readiness Checklist Scott Trench's Investment Investment Philosophy Worksheet Click here to check the full show notes: https://www.biggerpockets.com/blog/money-373 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to buy a business? If so, you’ll need franchises explained. At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesses are up for sale that have proven track records and could put profits into your pocket faster than starting your own business. But first, you’ll need to make sure you’re ready to own and run a franchise, as it’s not always the passive income stream investors believe it to be. When done right, franchises offer an almost irresistible offer to young entrepreneurs or those trying to escape the corporate ladder. You can trade in your soul-sucking nine-to-five, receive top-tier support and training, and get paid a salary, all while your business grows in the background. But before you start window shopping for which hair salon, water restoration, or pool cleaning business you want to own, you’ll need to talk to someone like Greg Mohr, author of Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth. Greg acts as a franchise consultant, helping match potential franchisees to a parent company that works best for their schedule, goals, and income-earning potential. You may think you know how a franchise works, what type you’d like to buy, and how much money you would make, but Greg’s in-depth, multiple-decade-long knowledge may tell you otherwise. So, if you want to run a business but don’t know where to start, Greg may be the perfect person to turn to. In This Episode We Cover The history of franchises and why buying a business often beats building one The true profits of running a franchise and how much an owner can expect to make How much franchise consultants cost (much less than you’d think), and why you need one Most common franchise mistakes to avoid and why you should never look at JUST the franchise fee Funding a franchise and how to use retirement accounts, HELOCs, and more to buy businesses Business partnerships and who should join forces to buy a franchise together And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The Benefits of Franchising vs. Starting a Business from Scratch Click here to check the full show notes: https://www.biggerpockets.com/blog/money-372 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Asking for Bitcoin explained is like asking how a rocket works; it's a little complex. A digital currency is valued at a certain amount of dollars (or euros, yen, etc.) and is used to pay for goods or exchange for other currencies. That makes sense. But things can get complicated as we go deeper into Bitcoin and the blockchain. There's no need to get overwhelmed; we brought Saifedean Ammous, economist and author of The Bitcoin Standard, onto the show to explain. Saifedean, like many investors, was skeptical of Bitcoin at first. He thought it was merely a fad that would pass away in a few years. But, after researching the history of money, the rise and fall of fiat currencies, and the standard that Bitcoin was built on, Saifedean changed his tone. Now, he's a huge proponent of this new "digital gold" and has spent years of his life warning others of fiat currency's faults and the opportunity behind Bitcoin itself. In today's episode, Saifedean explains what Bitcoin is, how it works, why the blockchain is needed, and why saving money isn't enough in today's fiat inflationary environment. You'll also hear why "hard money" like Bitcoin beats "easy money" like the American dollar and why the latest cryptocurrency crash isn't as bad as mainstream economists think. So if you've thought of snagging a bit of Bitcoin, this is the best place to start. In This Episode We Cover The history of money, fiat currencies, why rare, hard money is always the most safe The dangers of easy money, debasing currency, and the fallacy of required inflation How Bitcoin solves the fiat problem and why it can never be inflated or over-printed The blockchain explained and why it works for Bitcoin and not other applications like real estate Cryptocurrency's latest crash and why fluctuating Bitcoin prices are more typical than they seem Whether to bet on businesses, real estate, Bitcoin, or all three when investing And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-371 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars, today’s guest Chris expanded his pressure washing, Christmas light-hanging, gutter-cleaning operation into a profitable business with multiple employees and a stacked schedule. But, as Chris has started to expand, he’s seen his personal profits decline, so should he outsource less so he can keep more of the revenue he’s working hard to bring in? Welcome back to another Finance Friday episode, where we talk to Chris, a twenty-six-year-old entrepreneur learning to navigate profits, payroll, customer acquisition, and more in his pressure washing business. Chris found an interesting niche to serve; older communities in his home state of California. He’s been able to build a brand, grow his business, and have a Rolodex full of repeat clients, but he still doesn’t know the best way to scale. Not only that, Chris also started investing in real estate, with a cash-flowing house hack allowing him to eliminate his housing costs. Chris wants to know the best way to expand his business while still retaining his high margins, what type of healthcareplan he should be on now that he’s twenty-six, when he should look to buy another house hack, and how to keep investing. Chris is on a bright path already, but with a few tweaks, he could be financially free in only a few more years! In This Episode We Cover How to build a business that will gross six figures even if you have no entrepreneurial experience Payroll, employees, and how to outsource more of your work so you can focus on expanding Turning a service-based business into a profitable, repeatable empire House hacking explained and using it to reduce your cost of living significantly Healthcare for entrepreneurs and why the HSA is the “ultimate retirement account” Growing your business so you can reach financial freedom even faster And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: Tips to Build a House Hack STACK in Your 20s Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl The House Hacking Strategy with Craig Curelop Click here to check the full show notes: https://www.biggerpockets.com/blog/money-370 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Multi-level marketing companies (MLMs) operate in secrecy. They don’t want you to know where the products are coming from, how they’re being sold, who’s making a profit, and how the business works. They only want you to buy. Buy this starter kit, host that party, convince your friends and join the cult—sorry, the “club.” Operating in darkness is how these pyramid schemes build their membership count, branch into new cities, and keep average Americans in debtbut still chasing an empty dream. So how did MLMs even come to be, and if they’re so blatantly nefarious, why hasn’t the government permanently shut them down? To answer these questions and many more, we brought on Jenner Furst, director of LuLaRich, the documentary that exposes the multi-billion dollar MLM empire, LuLaRoe. Jenner has worked tirelessly to uncover how these entities exist, what causes them to become so cult-like, and how unassuming Americans can fall prey to their money-making traps. We also talk about the hierarchy of pyramid schemes, the culture inside of one, and the uneven pay structure that falsely tricks new members into believing they can strike it rich. You’ll learn about the history of MLMs, the so-called “Amway Rules,” and how snake oil salespeople have used social media to grow their empires to even greater heights. In This Episode We Cover The history of pyramid schemes and MLMs and how they become popularized in America MLMs vs. pyramid schemes and the loose differences between these two types of businesses The cult-like culture that exists inside an MLM and the blatant red flags that stick out The false pay structure of MLMs and how they artificially promise returns that are impossible to achieve How social media and live posts caused the MLM fire to grow even faster How pyramid schemes play to people’s fears and desperations to get them to join And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-369 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Lynne Twist’s The Soul of Money sparked a conversation we needed to have. It didn’t make people think “how do I make more money,” instead it asked, “what world am I making with the money I have?” For decades, Lynne has beenfundraising for charities and causes around the globe. From ending world hunger to fighting for the climate, she’s made sure that her dollars are best put to use, helping the most people she can with the money she makes. Lynne’s rock-solid financial sense came from an unusual background. Her mother was raised well-off, but her family’s wealth came crashing down when they were forced to flee the home abroad they had made for themselves. Then, when Lynne’s father died, her mother became increasingly frugal, but for a good reason. Lynne’s mother wanted to use her money to give, not get, making every cent count in the budget. Later in life, Lynne and her husband lost a massive portion of their wealth, forcing her to ask the question—why pursue riches in the first place? On today’s show, we have a lively discussion on the toxic money culture that has enveloped American society, why financial independence is worth pursuing, and what those with much can do to help those with so little. Lynne’s take on wealth-building opens up a refreshing debate among early retirees and forces you to ask “why” instead of “how” when it comes to making money. Tune in, and be sure to check out Lynne’s new book, Living a Committed Life! In This Episode We Cover The “soul” of money and the scarcity belief that is causing society’s financial anxiety When is “enough” and how making less but giving more makes you richer The importance of self-sufficiency and why chasing financial freedom is always a worthwhile goal Learning to forgive yourself for money mistakes and why losing wealth isn’t always a bad thing Fighting world hunger and how Lynne is using her voice to tackle huge global issues Lynne’s brand new book, Living a Committed Life! And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The Soul of Money Pacha Mama Alliance The Hunger Project Click here to check the full show notes: https://www.biggerpockets.com/blog/money-368 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who could have assumed otherwise from someone like Parker? He’s a financial analyst who made an intelligent move from expensive Boston to sunny Tampato house hack for the first time with one of his best friends. He’s making some impressive moves at a young age, but he still has questions about what to do next. Although Parker is thankful for buying the house hack, he doesn’t know what he should do after he moves out. Does he sell the property, keep it as a rental, transfer it into an LLC, or go back to renting as he saves up enough money for the next house hack? He also has some very pressing capital expenditures on his mind, like a new roof, HVAC, and other large system replacements that could cost him and his house-hacking partner tens of thousands out of pocket. These replacements won’t be cheap, but they could help improve the property before he potentially sells. And like most FIRE-minded twenty-something-year-olds, Parker needs to know where the highest ROI for him is. Does he continue to save up to buy another house hack, or should he be contributing to his tax-advantaged Roth, HSA, and 401(k) accounts? Plus, with such an unbelievably lucrative side hustle like couch flipping, how much time should he put into building this income-replacing revenue stream? Parker is on a great path, but with guidance from Mindy and Scott, he could reach financial independence even faster! In This Episode We Cover House hacking explained and the benefits of building a house hack stack early on When to transfer an investment property into an LLC (and whether it’s even worth it) How to calculate cash flow on an investment property to ensure you’re turning a profit The “shotgun” clause every investor should sign when partnering on a deal Couch flipping and how this side hustle can make you thousands every month Capital expenditures and how to estimate your costs for big future repairs And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-367 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial independence means something different to everyone. For some, it means having enough to not worry about being laid off. For others, it could mean making more money to buy a yacht, but for Ali and Josh (TheFICouple), financial independence means more time together, growing a family, and a community that helps others reach their highest potential. Just four years ago, Ali and Josh were strapped with six figures worth of debt, living paycheck to paycheck, struggling to survive. Now, they’re financially independent, working their jobs just two days a week, and spending the rest of the time building a better life for their future child. Ali and Josh are tenacious savers and investors, but they weren’t always like this. They were used to spending everything they made, scared to look at their bank accounts, and hoping that the future would somehow become brighter. Once they took the financial blinders off, Ali and Josh saw that the only way to build their ideal life was to deal with their financial hardships head-on. From there, they house hacked, heavily invested, paid off debt, and began publicly posting their wins, and losses, on social media under the @TheFiCouple handle. They’ve gone from surviving to thriving, and this episode hints at just a portion of what Ali and Josh are building. With a baby on the way, they’ve become even more aggressive with growing their online brand, their real estate portfolio, and their investment accounts. If you want to repeat the four-year path to FI like Ali and Josh, tune in! In This Episode We Cover Paying off over six figures of student debt and the beauty behind taking small steps Seller financing real estate and using it to buy properties without the big banks Quitting full-time work and still saving over eighty percent of your income Growing your online brand and building a community that’ll push you to new heights Why building a massive real estate portfolio isn’t what it’s all cracked up to be Tips for those that are still in debt or just starting in their investing journey And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Amanda's Instagram She Wolf of Wall Street Website From Fired to FI Couple in 2 Years with Josh and Ali Budgeting for a Baby: The Costs EVERY New Parent Should Expect Click here to check the full show notes: https://www.biggerpockets.com/blog/money-366 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Don’t know how to become a millionaire? There’s a pretty simple formula for seven-figure wealth that the average American doesn’t know about. It isn’t complicated, but it does take a fair amount of time to come to fruition. If you follow the same strategy, regardless of where you’re starting right now, you too could become a millionaire in under ten years. This wealth-building formula is exactly what today’s guest, Remy, is looking for. Remy is doing his mid-twenties the right way. He’s got a great income, contributes heavily to investing, and already has six figures in equity thanks to buying his home two years ago. He’s made moves that many young investors would envy, but he wants to go even further over the next ten years. Remy is looking to become “real estate ready” in 2023, meaning he needs to be in a favorable position to start building his rental property portfolio so he can have a million dollars of real estate by the time he turns thirty-five. The plan is simple for Remy, but he’ll need to make some serious tradeoffs. Is more real estate worth forsaking his growing retirement accounts? Should he slash his emergency fund to pile more fuel onto the FIRE? And where can he cut his budget so he’s saving as much cash as possible, ready to invest in the next great deal that comes his way? If you want to get real estate ready like Remy, stick around! In This Episode We Cover How to invest more when you’re financially treading water every month Why requoting your car insurance after a certain age could save you thousands Real estate vs. retirement investing and which one is worth a bigger contribution Renting vs. selling your primary residence and when freeing up cash is the right move to make Emergency reserves and the certain situation when Scott and Mindy are against them Why retirement accounts can be a “trap” for the investor who wants to retire early And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-365 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone makes financial mistakes, even those that we trust with money the most. Rachel “Money Honey” Richardsto many people online is the epitome of someone who has their finances locked down. She grew a massive real estate portfolio in her twenties, hit financial freedom before thirty, and has written bestselling books that others use to increase their financial acumen. And although Rachel still is a financially free money nerd like no other, her recent divorce changed most of what she knew. Through a few simple mistakes, Rachel’s recent divorce dragged on longer, cost more, and left more up to chance than she would have liked. After going through the pain, struggles, and anxiety of leaving the marriage, Rachel wants everyone, whether single, dating or married, to not make the same mistakes she made. These mistakes are often small, and can be easily overlooked, but making them could be deadly to your finances and allow an unplanned divorce to bury you. But this isn’t all advice on what to do before or during a divorce. Rachel shares personal advice on red flags you should look for when starting a relationship, how to separate your finances so you keep what is yours, and why overlooking a prenup can be one of the worst moves to make when starting your marriage. No one plans for a divorce, and Rachel didn’t as well. So happily ever after or not, these life-saving moves are ones you should be thinking about making. In This Episode We Cover The “misaligned vision” that led to Rachel and her ex-husband’s divorce Red flags to watch out for and an instant sign that a relationship may not work out Losing 50% of your real estate portfolio to divorce and how to protect against it happening again What most couples get wrong about marital assets and how they’ll get split during a divorce Rachel’s four biggest money mistakes that you should NEVER make when married The trust cost of divorce and how much Rachel had to pay to separate And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Prenups, Projects, Prolific Spending, and Planning for 2022 w/ Carl & Mindy Jensen Why You’re (Probably) Wrong About Prenups Click here to check the full show notes: https://www.biggerpockets.com/blog/money-364 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Once you know how to save money, you can start stacking those savings to buy real estate and businesses or invest in long-term wealth-building investment accounts. But, without a steady stream of savings coming in, you're treading water, and one emergency expense could completely blow you off course. In a high-cost-of-living area like Washington, DC., this can seem even harder as rent, gas, and going out prices are far above the national average. But, there are some surefire ways to save (and make) more every month. On this Finance Friday episode, we talk to Richard, a government tech worker who makes a great salary but could potentially be bringing in much more. Richard’s dream of being the President naturally led him to real estate investing, and now he’s focused on building bigger, stronger, and smarter income streams so he has ultimate time freedom (and a high net worth) in the next few decades. But even with his tech salary, Richard struggles to save every month, with random expenses knocking him out as soon as they arise. Mindy and Scott go through Richard’s income and expenses as well as his debts, much of which are forgivable student loans. Richard debates whether sticking with his perk-heavy government job is worth the pay difference he could gain in the private sector. And whether or not buying cash-flowing businesses is a smart move, especially for someone without much savings. If you’ve struggled to boost your bank account, this episode may hit close to home! In This Episode We Cover Public student loan forgiveness and the “trap” many government workers find themselves in Emergency funds, safety reserves, and how to build one from scratch When to change jobs for more pay vs. when to keep big benefits, but a lower salary How to budget and the better way to track your expenses if you struggle to save Buying a business and what it takes for first-time entrepreneurs Creating a vivid vision of what your life, job, and business will look like in five to ten years And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-363 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

A financial plan puts you on the path to long-term wealth and a life rich in time freedom. So why don’t most Americans have one? Everyday workers are often so focused on paying bills and having a sliver of time to relax that they completely forget the whole reason many of us work—to one day do what we want, when we want, with who we want. So, if you’ve been on the grind, making money, wanting to build wealth, but don’t know where to start, this is the episode for you. In it, Scott Trench walks through his “investment philosophy,” a simple, customizable plan that has allowed him to build wealth at record speed all in less than ten years. This document can be used by anyone in any position no matter how much you have invested or saved up. Once written, this simple financial plan gives you laser-focus on building wealth, so market crashes or corrections become a buying opportunity and slow months/years are something to cherish, not worry over. Scott and Mindy walk through this document piece by piece, giving you the exact answers you need to build your investment plan today. Although this document may sound simple, it’s what will define your life’s effort for the foreseeable future and give you the structure you need to accomplish massive wealth-building goals that may have seemed almost impossible before! Get the Personal Investment Philosophy Template Here! In This Episode We Cover Why creating a financial plan/investment philosophy is so crucial when building wealth Goal setting and discovering the principles of investing that you follow How to set your “target state” and what to do after you’ve achieved your biggest goals How to choose which asset classes to invest in (even if you’re brand new to investing) Emergency funds, safety reserves, and when or when not to keep a large cash position The three steps you can do TODAY that will fast-track your wealth-building And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Get the Personal Investment Philosophy Template Here! Finance Friday: First Down Market? Here’s How to Stop Stressing The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Click here to check the full show notes: https://www.biggerpockets.com/blog/money-362 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement planning is something best started early on. The more time you give yourself to invest, the faster your accounts can grow, giving you early financial independence well before the age of sixty-five. But what are the two best ways to do this? On one hand, you’ve got cash-flowing rentals that appreciate while giving you freedom-enabling income with long-term wealth growth. On the other hand, you’ve got passive retirement accounts, many of which can save you boatloads on taxes and grow discreetly in the background while you work away. It’s hard to say which is a better bet, so why not do both? Today’s guest Benjamin is feeling a little under-diversified after heavily investing in real estate, but without much in his retirement accounts. Benjamin is well versed in the pros and cons of pre and post-tax retirement investing, but with a high income, he’s worried that he may have already reached the income cap for his Roth IRA. Thankfully, he’s unlocked the “holy grail” of retirement accounts, one that will skyrocket his retirement quicker than he thinks. But before all of this is done, Benjamin and his partner need to build their investment plan. This will help them stay the course when life events come up, allowing them to still retire rich, hopefully in less than a decade. If you want to build your own investment plan, we highly recommend using the one from our own Scott Trench! In This Episode We Cover Paying off six figures of student debt and using the extra income to invest heavily House hacking and using primary residences to build wealth Roth IRA investing and what to do if you’ve hit the income limit The best way to invest in your retirement with stocks and index funds The right way to do diversification and safely building wealth at a young age Speeding up your path to financial independence with rental property investing And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Fidelity Investments Click here to check the full show notes: https://www.biggerpockets.com/blog/money-361 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

If you talk about how to avoid taxes, most people will think you’re doing something fishy in the eyes of the IRS. Very few know you can use the tax code to massively lower your year-end burden, all while making an ordinary income. Real estate investors have been doing this for years, using so-called “tax cheat codes” like depreciation and cost segregation studies to write off massive paper losses on their taxes. But how do they do it, and if you’re an investor, can you do the same? Natalie Kolodij, IRS Enrolled Agent, works exclusively with real estate investors to lower their taxes as much as legally possible. She knows the tricks of the trade that allow investors to not only pay less at the end of the year but grow their businesses more efficiently so financial freedom comes even faster! Natalie is also an active real estate investor and part of the FIRE movement, so if there’s one person who knows the right tax moves to make, it’s her! Natalie gives us a masterclass on how investors can lower their 2022 taxes as the year comes to an end, how to set yourself up for a successful 2023, and the massive real estate tax write-offs you should be utilizing. She also touches on how much CPAs and tax preparers can cost, when to start strategizing your taxes, backdoor Roths, and how to legally pay your children tax-free income so they get a boost on their financial future. In This Episode We Cover Year-end tax tips to lower your 2022 taxes as much as possible When to hire a CPA or tax preparer (and how much they’ll cost you) 2023 tax deductions for real estate investors and what you should take advantage of NOW How to get your children investing early with tax-free income from your business The biggest tax mistakes that investors make and why you may be overpaying in taxes Cost segregation studies, bonus depreciation, and how to cancel out the capital gains of a home sale And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Choosing the Right Tax Professional for YOUR Specific Needs BiggerPockets Money Bonus Episode: CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package Landlord Tax Loopholes That’ll Help You Pay ZERO Taxes in 2022 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-360 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The house hack strategy doesn’t always run smoothly. Turning an old home into a modern, rentable masterpiece takes money—especially if you’re doing a big renovation. One of the easiest ways to get the rehab funds you need? A home equity line of credit (HELOC). But, when used incorrectly, a HELOC’s adjustable interest rate can bury any chance you have at cash flowing, no matter how great of a mortgage rate you get. Welcome back to another Finance Friday episode! This time around, we’re tackling a rental property problem that is plaguing today’s guest, Josh. Josh has made some sound financial moves by having a stable income, a great side hustle, and his newest house hack. But, to maximize this house hack’s return on investment, Josh was forced to expand and convert many portions of his newly bought, hundred-and-fifty-year-old home. This forced his budget to shoot up higher than he was expecting. Now, he’s trying to figure out the best move as he manages his debt spread across his mortgage, a high-interest HELOC, a family loan, and more. Josh is poised to continue investing in real estate even after this intensive experience. He wants advice from veteran landlords Mindy and Scott on what his next move should be, how he can best capitalize on his remodeled home, and when he might be able to buy the next house hack. If you’re looking to reach financial freedom using real estate like Josh is, this episode is for you! In This Episode We Cover The house hack strategy and why it’s a phenomenal way for new investors to build wealth Home equity lines of credit (HELOCs) and when using this type of debt makes sense Home renovation budgeting and what to expect when doing an entire house remodel Velocity banking and why this form of leverage isn’t a smart move to make now When to sell a rental property and when to keep a cash-flowing investment The medium-term rental strategy and how to get higher rents for the same room or unit And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-359 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices