BiggerPockets Money Podcast

For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time, to charities and causes that help collectively make the world a better place. Whether it’s a little or a lot, we’re encouraged to give what we can to bridge the gap between those that have so little and many of us that have so much. But how do you know a charity or organization is using your donation accordingly? How can you spot-check to see if your dollars are being used for those in dire need? We brought on Elie Hassenfeld, GiveWell co-founder and CEO, to help us navigate the tricky subject of giving to worthwhile charities. Elie knows a thing or two about validating which charities are worth donating to. At GiveWell, he spends his days researching thousands of charities for hundreds of millions of donatable dollars, helping those of us that are too busy to find a home for the donations that we are willing to give. In just six tips, Elie will give you the framework for finding a worthwhile charity or organization to give to, so you know that your dollar is being stretched the farthest it can. We also touch on whether or not high administration costs are ared flag, whether it's better to give goods rather than money, and how to truly measure an organization's impact to see how many lives they’re saving or improving with each dollar donated. If you're still on the fence about where to give this Giving Tuesday, head over to GiveWell.org to know your dollar is making a difference! In This Episode We Cover Why donating overseas has much more of an economic impact than domestic donations How GiveWell validates the charities they approve and how to do the same in your local area Top tips for finding a charity that will use your dollar for its highest use Red flags to watch out for when researching charities and organizations GiveWell’s past mistakes and how they’re using them to grow a better organization Top charities that both GiveWell and BiggerPockets recommend donating to (like CrossPurpose!) 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 Give Well Click here to check the full show notes: https://www.biggerpockets.com/blog/money-358 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 cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars. But is this figure accurate? Could kids actually cost far less than this, or does a few hundred thousand barely even scratch the service? What should new parents know before they bring home their first bundle of joy, and is financial independence even worth pursuing while raising a kid, let alone a few? We brought in the Investor Mama, Jen Narciso, who is not only raising kids but also chasing financial independenceand running her own podcast. Jen speaks to mothers all around the world who not only want the best for their children's futures but their finances as well. And, as someone raising two young children, she knows how much kids truly costbetween the car seats, formula, dance classes, doctors' bills, and everything in between. And, with Scott as a new dad, he’s got some serious questions to ask about how he can best raise his own daughter on a budget without sacrificing any quality of life in the process. Jen talks through the surprise expenses that most new parents overlook, how to save money on some of the most expensive items you need, the cost of child care and how to make it affordable, and whether to invest for your child’s future or your future retirement! In This Episode We Cover The average annual cost of raising a child and why it’s not what you’d expect Common child care costs and innovative ways to significantly lower your spending Surprise expenses you should prepare for and why you always need an emergency fund Money tips for new parents and how to sleep soundly even if you’re not financially free yet Roth IRA investing for your child and how to fast-track them to financial freedom even earlier Medical costs of having a child from delivery to regular doctors visits 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 Toysrus InvestorMama Podcast 4 Ways Real Estate Can Help Offset the Staggering Cost of Having Kids Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths 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

Tech stocks were slam dunk investments for the past decade. No matter what you invested in—Google, Facebook, Amazon, or even some obscure AI toaster company—you probably made decent returns. But, after years of continuous economic growth and massive government stimulus, tech stocks are finally starting to get shaky. The problem? New investors like Zoe have huge paper losses on their dashboards. But is this worth worrying over? Zoe is an ideal investor. At just twenty-four, she already has close to six-figure wealth, with a house hack, a respectable retirement portfolio, and a solid income every month. She’s making the right moves but feels like some of her most recent choices haven’t hit the mark. She dabbled in stock picking as her income went up, investing in some of the biggest names in tech over the past few years. Her house hack, which is almost letting her live for free, was bought at the top of the market with an average interest rate. Zoe needs to know what to do next. Should she sell her tech stocks and invest the money into index funds where she can let it ride? Should she buy a new house hack that allows her to live for free instead of at a discount? And where should she put the thousands of dollars she’s saving every month to ensure her a life of financial freedom in the near future? Zoe has some enviable problems, and on this Finance Friday, we’ll be solving them! In This Episode We Cover The 2022 stock market crash and whether selling and cutting your losses is a smart idea The right way to invest in tech stocks and how to get educated on stock picking House hacking and how deals that aren’t “home runs” can still be huge winners Getting paid to learn about real estate and using your downtime to boost your financial knowledge FHA loans, conventional loans, USDA loans, and other ways to fund a property purchase for low money down The right moves to make in your early twenties and why Zoe is a role model for new graduates 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 4 Steps to Financial Freedom and Debt-Free Wealth Is Now the Time to Buy as The Housing Market Starts to Dip? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-356 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

Travel hacks, spending hacks, medical hacks. If there’s one thing that Chris Hutchins has learned from hosting the All the Hacks podcast, it’s that everything is negotiable. You can travel to over sixty countries for (almost) free, outsource your cooking at a reasonable rate and even get free money once forgotten. Chris should know—he’s done all this and more as he works to optimize every aspect of his life, both financially and personally! Chris was hacking at a very young age. In high school, he made a fake magazine so he could score free press passes to concerts. When he was away at boarding school, he would buy whole pizzas and sell them by the slice just to afford a few slices of his own. Then, later when he quit his job to travel the world, Chris and his partner hit over sixty countries, using credit card points to globetrott from South Africa to Singapore! Now, as a father, Chris is more concerned about hacking his time. He’s got kids to take care of and doesn’t want to waste a second of his day that could be spent planning for, or playing with, his children. In today’s episode, you’ll hear some of the most insane life hacks, from hiring a personal chef for a fraction of the cost to getting free champagne at any hotel stay and even snagging twenty to thirty percent off of your dream vacation villa. These hacks work (we tried them in real-time), and you may need a pen and paper to write them all down! In This Episode We Cover Credit card points, travel hacking, and how to get flights for free (or at a steep discount) Outsourcing and delegating everything so you spend more of your time with those who are most important Simple principles for an optimized life and why conventional wisdom is usually out of whack How to get deep discounts off of vacation properties during your next big trip Why you should NEVER cancel a flight until twelve hours before takeoff Where to find “unclaimed money” you never knew you had (we found some ourselves!) 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 All The Hacks Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-355 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

You’re one bad real estate investment away from being cash flow-poor and debt-rich. That’s right, not every investment property works out, and when leveraged the wrong way, a single property could put your financial future on the wrong track. While it’s easy to watch social media real estate investors flaunt their infinite cash flow and no money down tricks, buying profitable real estate is a little harder than it seems. Today’s guest, Shane, finds himself in this position, as an over-leveraged investment is causing him to hemorrhage cash. Welcome back to another episode of Finance Friday, where hosts Mindy and Scott bring financial suggestions, no matter how extreme, to guests in many different situations. This week, Shane walks through his numbers, and from the start, Scott picks up on a big problem. Shane and his partner bring in a solid amount of income, but it’s slowly slipping out of their accounts every month as an overleveraged short-term rental property and high consumer debt eats away at their respectable income. This isn’t an easy position to dig yourself out of, and Scott has some serious suggestions for Shane that could flip his financial position 180 degrees. But, doing so will require Shane to make drastic moves that will force him to reevaluate his relationships with spending and debt. While this “rip off the band-aid” type approach can be painful at first, it could save Shane years' worth of time on his path to real estate riches. In This Episode We Cover Staying away from consumer debt and how it can destroy your financial position Real estate leverage and why too much of it can cause you to have negative cash flow Sacrificing subscriptions, eating out, and other spending categories that may be tanking your budget Having a money date with your partner or spouse to get on the same financial footing The biggest moves to make if you’re serious about getting out of debt and on the path to financial freedom Budget busters and how to build a more sustainable pattern of spending 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 Designing a Frugal But Luxurious FI Life by Age 32 Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap BudgetBytes.com 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-354 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 should retirement planning look like? How can I invest if I am still paying off student loan debt? What makes a perfectly diversified portfolio? And when is the right time to pay off my rental properties? We went to the BiggerPockets Money Facebook Group to ask what you would like to know from a money expert. And thankfully, we found a couple of them who are friends of the show. Amanda Wolfe and Kyle Mast are here to answer some of your most-asked money questions! Amanda Wolfe was recently a guest on the BiggerPockets Money Podcast, sharing her story of reaching financial freedom after going through serious financial struggles and childhood poverty. Kyle Mast, Certified Financial Planner, has recently “retired” after helping his clients reach their financial goals with minimal stress and maximum freedom. They’re helping Mindy on today’s show to take questions directly from listeners about everything ranging from real estate to retirement planning and never feeling like you have enough. If you’ve struggled not knowing how to pay down debt, how much cash to have on hand, or are having a mental block when switching from saving to spending mode, this episode could alleviate your worries. If you’d like to get more connected with the BiggerPockets Money community and potentially get your questions answered on a future show, be sure to join the BiggerPockets Money Facebook Group! In This Episode We Cover How to invest while paying down student loan debt, or any other debt for that matter Transitioning from saver to spender when you have enough to finally retire Real estate vs. index funds and which is more optimal for a post-retirement portfolio Roadblocks on the way to financial freedom and why you DON’T need retirement accounts to invest for retirement What a diversified portfolio looks like (it’s much simpler than you think) Money moves to make if you don’t have much cash, but do have consistent income 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 Episode 200 Special: A Personal Finance Masterclass with Kyle Mast How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast She Wolf of Wall Street Website 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-353 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

With so much going on—a recession, rampant inflation, rising interest rates—overcoming your money fears can be more challenging than ever before. The world is changing, and many of us feel like we’re being swept along with it. Our dollars are worth less, our retirement accounts have fallen sharply, and our cash is wasting away. What should we do when it feels like every financial move has a benefit and drawback attached to it? Should we even be making moves right now? Don’t get overwhelmed with financial anxiety because today we’re bringing you an episode full of financial fixes for the everyday investor! We posted on the BiggerPockets Money Facebook Group a few months back, asking you which money fears keep you up at night. Now, we’ve got answers! Back on the show are J Scott and Kyle Mast! They join Mindy in giving solutions to your greatest financial fears. J and Kyle give suggestions on topics ranging from rising home prices and the inability to become a homeowner to being nervous about how inflation is eating away at the dollar. We also touch on the age-old question of whether or not we’redoing enough right now to set us up for retirement and how a recession could affect our hard-earned assets. J, Kyle, and Mindy all give their suggestions on these situations and spill some of their own financial fears to show you that even the experts still worry like everyone else. In This Episode We Cover Our biggest financial fears and what we’re doing to mitigate them in turbulent times Growing up with very little and why the “never enough” mentality always lingers Why buying a home isn’t your only option for building wealth in this market Setting yourself up for a plentiful retirement even if you got a late start Whether or not keeping a large cash position is a smart move to make Changing jobs to get more personal time and when flexibility trumps finances Inflation, interest rates, and how to stay sane during a recession 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 J’s BiggerPockets Profile J’s Personal Website 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 Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple 7 Tips for Successfully Investing in ANY Market Condition With J Scott Syndications: Everything You Need to Know BEFORE You Invest Episode 200 Special: A Personal Finance Masterclass with Kyle Mast How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast BiggerPockets FIRE Planning Worksheet Click here to check the full show notes: https://www.biggerpockets.com/blog/money-352 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

Stock market crashes aren't good news for anyone. For retirees though, this dip in prices can feel like a death wish, as active income is no longer an option. Have the hopes and dreams of financial flexibility gone out the window? Or is a market crash like we're experiencing today just a small blip on a retiree's radar? Pairing this with inflation, how will someone who has just retired make it? We’ve got Michael Kitces, retirement planning expert and financial genius with enough acronyms coming after his name to spell out the alphabet, on the show to answer whether or not retirees are in trouble. Michael has advised his clients for decades on the right way to save and invest for retirement. He’s been a proponent of the 4% rule and was bold enough to hold his claim even during the flash crash of 2020. But, with such high inflation and stark drops in equity values, does he still agree with his past predictions? Michael takes us on a trip down memory lane, visiting some of the worst financial crises in American history, showing how they compare to today. He also proposes that holding large amounts of cash, even during high inflationary times, isn’t the worst move to make, and whether or not he’s still investing as the market finds its bottom. If you’re worried about retiring during times like today, this is the man to listen to! In This Episode We Cover The 4% rule explained and whether this sage retirement advice still holds up How past retirees fared during high inflation, low growth time periods Which types of market crashes can be “dangerous” to retirees (and who should be worried) Why some of the brightest minds in personal finance are clinging to cash Purchasing power and how withdrawal rates are affected by high inflation The smartest move to make if you’re worried your retirement savings aren’t enough 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 Buckingham Wealth Partners Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More! Original Article from the Journal Of Financial Planning, October 1994 Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Click here to check the full show notes: https://www.biggerpockets.com/blog/money-351 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, medium-term rentals, and potential mortgage rate mistakes summarize what Carl and Mindy have been up to over the past couple of months. It’s been a minute since we’ve checked in on the ever-frugal Jensen family. But they’ve been gone for a good reason. Back at the start of the summer, Carl and Mindy decided that they were finished with rehabbing and big fixer-upper projects. Then they found the perfect opportunity, waiting just a few doors down from them. So, they jumped at the chance to make another deal work. But Carl and Mindy did this type of deal in a peculiar way. Not only did they find it off-market, but they also funded it without a mortgage. Don’t get too excited—Carl and Mindy didn’t drop hundreds of thousands in cash just to buy one house. But, they did use another form of financing that most real estate investors aren’t aware of—margin loans. These types of stock portfolio-leveraged loans can come with unbelievably low interest rates. But, when equity values start to drop, so too can your safety when you use this type of financing. But it’s not all about property purchasing on this episode of Mindy & Carl’s Budget Review. The duo also talks aboutwhy their expense tracking has fallen off and how not knowing your expenses can cause far bigger problems than you’d think. They also touch on the medium-term rental strategy and how you can use it to get far higher rents with very little turnover in almost any of your rental properties! If this strategy interests you, we highly recommend grabbing the new book, 30-Day Stay. In This Episode We Cover Budgeting mistakes and how easy it is to get off track when you don’t know what you’re spending on Carl and Mindy’s newest fixer-upper, medium-term rental property purchase Using margin loans (stock loans) to fund your real estate deals When it makes sense to use a variable loan over a traditional fixed-rate mortgage How to profitably provide housing for those that have been affected by natural disasters The easiest way to get caught for mortgage fraud (and go to prison!) 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 Spending Categories to Cut During a Downturn | Mindy & Carl’s Budget Review Click here to check the full show notes: https://www.biggerpockets.com/blog/money-350 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 new vs. used car debate has been going on for as long as automobiles have existed. For almost the entirety of time when cars were being bought and sold, it seemed like a responsible, frugal decision to buy used, save up some money, and take the repairs with the deal. But inflation has changed this debate in 2022 (and beyond). Used car prices are high—sometimes even higher than new cars—prompting shoppers to reconsider what makes the most financial sense. In the first half of this show, we talk to Liz Frugalwoods, financial blogger and borderline professional at buying and selling cars. She recently made the bold decision to buy new—a shock to many of her readers. How could Liz, a financial independence expert, do something as careless as buying a brand-new car? Had she given up on the path to frugality? Not exactly. Liz shares some good reasons why buying new instead of used makes more sense, especially today. To close out the episode, we bring on local mechanic Jesse Johnson, who gives a brief masterclass on buying, selling, and maintaining cars. As a mechanic with decades of experience, he knows exactly what car owners do to slowly destroy their daily drivers. He also knows how to get the most bang for your buck and when it’s the right time to sell that clunker sitting in your driveway. In This Episode We Cover The reasoning (and math) behind buying a new car vs. buying a used car Taxes, registration, fees, and other trade-offs when buying new vs. used The most important questions to ask yourself when shopping for a vehicle Tips when selling a used car and the #1 thing to NEVER do What parts of a car are worth repairing and which can wait How to find a great mechanic in your area and get a free car wash Trade-in tips and what to know to get the most out of a dealer 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 The “Mile High FI” Podcast 1,500 Days to Freedom 1500 Days YouTube Channel 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 Frugalwoods - Financial Independence and Simple Living Why We Bought a New Car Click here to check the full show notes: https://www.biggerpockets.com/blog/money-349 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

Unless you’re a money nerd, knowing how to start investing from scratch isn’t as easy as it seems. With so many options out there and the economy faltering, how do beginners avoid getting burnt? Is something like real estate investing out of reach for new investors in times like today? These questions become even more complicated if you’re like today’s guest, Steven. Steven recently became debt-free (woohoo!) after paying off six figures worth of combined student, auto, and credit card debt. But because he’s been so focused on paying off debt, investing isn’t coming easy to him. With a baby on the way, he wants to be sure he’s making the smartest moves possible to put himself, his wife, and his child in a position to succeed. But real estate investing, stocks, and other assets aren’t his only worry. With two job offers on the table, both with separate benefits and drawbacks, Steven is suffering from analysis paralysis, unsure how to move forward. Should he take the job with higher pay and remote flexibility or go with thelower-paid job that offers career growth potential? Thankfully, with Scott out on dad duty, Mindy doesn't have to serve as the lone suggester. Joining her on this episode is J Scott, experienced investor, father, and author of the newest book, Real Estate by the Numbers! In This Episode We Cover Paying off $100K in debt and how today’s guest did it in just three years Finding your financial tribe by attending meetups, joining Facebook groups, and connecting on the BiggerPockets forums Flexibility vs. finances in a job and which is more important for a new parent? Eating out expenses and how investing a few meals’ worth of expenses could change your child's future How to start investing as a beginner and the dangers in diversifying for those who want to build wealth Side hustles, moving to inexpensive areas, and more financial tradeoffs for a flexible lifestyle And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter J’s BiggerPockets Profile J’s Personal Website 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 Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple 7 Tips for Successfully Investing in ANY Market Condition With J Scott Dave Ramsey Solutions ChooseFi Podcast Our Phantastic Life Youtube Channel Click here to check the full show notes: https://www.biggerpockets.com/blog/money-348 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

Dollar-cost averaging—you may have heard the term before, but maybe not its implications. According to Nick Maggiulli, it’s probably the easiest way to get rich with stocks, real estate, or really anything else. But what about buying the dip? Wouldn’t investing at historic lows be the wisest move to make when the markets take a tumble? Surprisingly, no! Don’t believe us? Listen on! Nick’s investing theory is simple. But, the math backs it up. Doing less will make you more money—much more money. In his book, Just Keep Buying, Nick lays down the time-tested, proven ways to build wealth without being an expert day trader, cryptocurrency coder, or stressed-out landlord. This simple system of investing will allow you to build an almost unspendable nest egg without being glued to the market charts and graphs all day long. But maybe stocks aren’t your thing. Maybe you're chasing hundred-millionaire status? Don’t worry, Nick also gives his take on achieving monumental money goals without following the same path as everyone else. No matter where you’re at in life, this is an investing lesson worth learning as early as possible! In This Episode We Cover Dollar-cost averaging vs. buying the dip and which will make you more in the long run How to invest with a falling stock market, high interest rates, and higher bond yields Individual stocks vs. index funds and who should pick which type of investment Cryptocurrency, NFTs, and investing in alternative assets The downside of diversification and why it won’t help you build a big portfolio Why even billionaires don’t feel like they’re rich enough 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 Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Click here to check the full show notes: https://www.biggerpockets.com/blog/money-347 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

Taking a sabbatical from work requires a few things: time, money, and the willpower to do some soul-searching. Most people think that they can’t take any more than two weeks of the year off work. They rack up excuses, blaming timing, too many projects, and everything in between. But what if taking a sabbatical, gap year, or any other type of long-ish break was the key to building wealth faster and being a happier, healthier you? Today’s guest Cindy, left a high-paid, stable job to take some much-needed time off. And after doing so, she’s urging you to do the same. Cindy, like most Americans, hasn’t taken time off since starting her working career. Besides the regular vacations and holidays, there never seemed like a good time for Cindy to take a break, recollect, and ask herself what she truly wanted. After taking a mini-sabbatical, she built up the courage to leave her job and hop off the grid for a bit. Surprisingly, Cindy’s net worth didn’t dwindle during her time off—it grew! This positive push from the markets and her newfound clarity allowed her to discover new passions, try self-employment, and later snag a much better job while continuing to work towards early retirement. If you’ve been debating taking some time off, this episode will give you all the tips you need to do so! In This Episode We Cover Building your list of “alternative careers” to widen your job possibilities Branching out far beyond your job title and doing more than what your degree is in How to sample a sabbatical to see whether or not you could handle the real thing Quitting your job during turbulent times and how to temporarily prepare for life without work Funding life with a job and what to do before you quit Planning out your passions so your sabbatical isn’t put to waste How employers look at applicants who just took a sabbatical (it’s not what you think!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget 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

We know financial freedom is possible for those in their 20s and 30s, just starting their careers, without children and serious financial obligations. But what about those getting started on their journey in their 40s and 50s? What about the stories of those who’ve had lifelong debt, went through a financially destructive divorce, or didn’t know early retirement was an option? Monica Scudieri, author of Grab Your Slice of Financial Independence, wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt, get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same. After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digging herself out of debt, building up a cash-flowing rental property portfolio, and financially optimizing her life in every way she could. Now, she’s financially free, coaching others on how they can do the same! In This Episode We Cover Financial red flags to look out for when dating (and what to do if you spot them) Budgeting, tracking your expenses, and the smarter way to ensure you’re not overspending Having the “money conversation” with your partner or spouse before it’s too late Downsizing and ignoring lifestyle creep even if your partner can’t Building a small rental property portfolio and the huge benefits of investing early Side hustles and doing whatever you can to get out of consumer debt Why the Honda Civic remains the FIRE movement’s vehicle of choice 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 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-345 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

Everything you’ve been hearing about social security is a lie. For years, mainstream media and many financial figureheads have said that social security is on a fast track to bankruptcy, with no money left over for Americans when they grow old. But what if we told you that wasn’t true? What if you knew that social security would be there for you when you retire, even if you’ve just started working? Today’s guest, national social security advisor and expert Jeremy Keil, explains the basics of social security and teaches you how to maximize your benefits. One of the biggest misconceptions about social security is that you have no control over it. The truth is, you control your social security more than the government does. How long you work, when you file, and how you educate yourself are all in your control. While these things may seem insignificant, they could all affect your social security by thousands. If you play your cards right, social security could be the biggest asset of your life. Jeremy makes a strong argument that social security is the cheapest insurance you might get. In fact, it’s too good of a deal. The original purpose of social security was to help impoverished elderly Americans, so people with a lower income get more from social security. But, that doesn’t mean you’ll be stuck with pennies if you have a higher income. Social security is the “deal of a lifetime” since it lasts your lifetime, grows with inflation, and has no commissions. Can you think of a better investment than that? In This Episode We Cover Social security misconceptions and the truth about social security and whether or not it’s going bankrupt The history of social security and its original purpose for Americans How social security gets calculated and how the number of years you work can significantly affect your monthly social security payment How and when to file social security to maximize your retirement savings Survivors benefits, joint life expectancy, and how to file social security as a couple The break-even point and how to get “the eight percent guarantee” And So Much More! Links from the Show 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 Keil Financial Partners Retirement Revealed Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-344 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 2022 housing market doesn’t make a whole lot of sense. At the start of the year, competition was fierce, with bidding wars on every home and lines out the door just to view an open house. Now, in quarter three of this year, interest rates have hit decade-long highs, buyers are more in control, and days on market are starting to creep back up. As a homeowner, investor, or renter, you need to know what's on the horizon so you can build wealth while others run for the hills. Joining us today are James Dainard, Jamil Damji, and Kathy Fettke, a gaggle of real estate veterans and the expert guests on BiggerPockets’ On the Market podcast. They’ve seen up markets, down markets, and confusing markets like today. As investors who touch almost all corners of the United States, with different areas of expertise, they bring the facts on what’s happening in today’s housing market. We talk about interest rate updates, when the “inventory crisis” will end, why demand has taken a nosedive, and whether or not it’s still a good time to buy real estate. We also talk about the state of the economy, inflation, and how the Federal Reserve may be working to put us into another recession. This up-to-date episode will give you everything you need to make smart buying or selling decisions in today’s housing market. In This Episode We Cover Why interest rates are up and what it means for the housing market Whether or not the Federal Reserve is trying to cause a real estate correction When and where you can expect price drops and how long they’ll last Is now still a good time to buy real estate (investments AND primary residences) Adjustable-rate mortgages (ARMs) and why they’re worthwhile in times like today The housing inventory crisis and how Millennial demand drove up prices And So Much More! Links from the Show 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 On the Market Podcast RealWealth Website Jamil's Instagram James Instagram 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 isn’t for everyone. That comes as a surprise for most of us within the personal finance community. Whether we like it or not, the “save, invest, and grind” until you can retire early lifestyle isn't a commonly accepted one. But what happens when your partner is the one who doesn’t agree? What steps can you take to help them see why early retirement is such a crucial piece of your life? This is just one of the topics we touch on with today’s guest, Mark. Mark is in a great position, and he’s already financially free. But, he doesn’t know what to do next, how to optimize his portfolio, and whether or not he’s making the right moves. With a blend of stocks, bonds, and real estate, Mark has a million-dollar diverse portfolio, but where can he tighten it up? And, if he’s able to do so, how does he get his wife on board? This episode serves as a reminder that even when all the hard work pays off, there is still a life to live. If you’ve spent years, or decades, grinding to finally reach a comfortable position in life, it’s necessary to know how to use that time once you have it. Do you keep stacking up investments so your children are ensured a comfortable life, or do you take some time for yourself, chase after your own dreams, and live a life you would love to live? In This Episode We Cover Why cutting down your expenses remains one of the fastest ways to hit financial independence Recalculating your rental property profits and making sure your cash flow is correct Turnkey rentals and using them as a low-stress way to quickly build a profitable portfolio Selling off investments to pay for your lifestyle and the risk of doing so Combining finances as a couple and how to propose the idea to a not-so-convinced spouse Defining your goals and drafting your “vision” that’ll help you make the right steps to achieve ultimate freedom And So Much More! Links from the Show 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 BiggerPockets FIRE Planning Worksheet 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-342 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

Katie Gatti Tassin from Money with Katie had her “financial awakening” earlier than most. She saw the middle-class wealth trap of working, spending, and repeating for what it really was. This cash-gobbling cycle is one that many Americans fall into, but once you see the light, it’s hard not to almost automatically do better. And that’s what Katie did, trading twenty-dollar daily lunches and “hot girl expenses” for more saving, investing, and skyrocketing net worth. Through a few short years of self-education, Katie was able to more than double her income, build profitable side businesses, and have a master-like grip on her finances. She’s become an expert in retirement investing, passive income, and saving simply through reading blog posts, listening to podcasts, and starting something of her own. This, coming from someone who just a few years ago had less than $500 to their name. Katie walks through what spurred her “financial awakening” and how sharing the same thought process could activate your own. She also touches on financial myths that the middle class commonly falls into, the great Roth vs. 401(k)debate, and why lifestyle creep isn’t such a bad thing. She’s proof that you can turn your entire financial situation around in only a few short years, and if she could do it, why can’t you? In This Episode We Cover The “financial awakening” that’ll have you saving more and spending less Financial “truths” that could destroy your wealth if you follow them Self-education and the best personal finance podcasts and blogs and you should tune into Retirement investing and whether it makes sense to invest pre-tax or post-tax Starting side hustles and job hopping to more than double your salary The bright side of lifestyle creep and using it as a reward for your hard work And So Much More! Links from the Show 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 Finance Friday: I Want to Cash Out My 401k Early, Should Mr. Money Mustache The Shockingly Simple Math Behind Early Retirements The Money With Katie Podcast Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in-law suite brings in enough cash flow for many to pay off a sizable amount of their mortgage. One such investor is Allen, who turned his low-interest rate primary residence into a lucrative short-term rental in the Portland, Maine area. Allen is a vacation rental house hacker, leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move. With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you. Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose. In This Episode We Cover When is the right time to buy real estate and how high-interest rates hurt your chances of getting a good deal Limiting your monthly spending and taking advantage of earning a high income Short-term rental house hacking and using it to cover most of your living expenses Stocks vs. real estate investing and when it’s the right time to choose one over the other Aggressive debt payoff and how to know whether an interest rate is too high Credit score tips and the factors that make yours go up and down And So Much More! Links from the Show 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 Airbnb Finance Friday: Self-Employed Income and Short-Term Rental Investing Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Click here to check the full show notes: https://www.biggerpockets.com/blog/money-340 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 knows that real estate agent commissions are hefty. Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollars really went. It’s not hard for a new agent in today’s world to lock in six-figures worth of real estate commissions within their first few years. But, not many agents, even uber-experienced ones, have been able to hit what Pat Hiban has. Pat was one of the first “billion-dollar” real estate agents. Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent! But how did Pat, a sociology major without any connection to real estate, reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors, you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today! In This Episode We Cover Everything you ever wanted to know about real estate agent commissions and broker splits Why so many new real estate agents fail during their first few years Leveraging out your work, hiring employees, and scaling a business instead of building a job Real estate investing basics and the downsides of taking too much depreciation Quitting a lucrative career and the financial moves to make that ensure a successful transition The six steps to reaching seven figures for real estate agents (and any other entrepreneur!) And So Much More! Links from the Show 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-339 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

Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable. Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom. Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too! In This Episode We Cover Living on less than half of your income and how to maximize your unused funds Income-based repayment plans and determining the best loan payoff plan for you Reallocating your portfolio and finding creative ways to pay off your debt Time management and how to know when you should outsource or delegate tasks Preparing for a career shift and how to create a solid financial foundation Getting into a debt-free mindset and finding financial independence even faster And So Much More! Links from the Show 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 BiggerPockets FIRE Planning Worksheet Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke Click here to check the full show notes: https://www.biggerpockets.com/blog/money-338 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

College isn’t the only option after high school. In fact, it’s not even the best option. Typically, twenty-two-year-olds fresh out of college are launched into the workforce with a lot of debt and little life experience. So how do you enter the workforce debt-free with life experience? Join the military. Today’s guest, David Pere, is a financially free veteran with 100 rental units, all thanks to his time in the military. He enlisted fresh out of high school in 2008. While he did the usual “stupid young guy stuff” for a few years, once he read Rich Dad Poor Dad in 2015, he decided to get serious about financial freedom. After thirteen years of active duty, in 2021 he was honorably discharged with a net worth of a million dollars. The military offers various benefits, from the ability to learn trades to getting life experience to its financial advantages. As a service member, you are in an ideal position to become financially free. Your housing and food get paid for, and you have access to government-backed savings plans and loans. You also get tuition assistance for yourself and your family. With all the support and benefits the military provides, you can start building the life you always dreamed of straight out of high school. In This Episode We Cover Why the military may be the best option straight out of high school The various opportunities to start a career through the military The GI Bill vs. tuition assistance and how to make sure you qualify The tangible and intangible skills you learn in the military and how they translate into the workforce The VA Loan, qualifications, and how to get rich with it via house hacks The TSP and the SDP and how to use them to grow your wealth faster And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The (Almost) Guaranteed Way to 31x Your Investments DIY Your Way to FI with Tinian Crawford Click here to check the full show notes: https://www.biggerpockets.com/blog/money-337 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

Becoming a millionaire by 30 is almost every 20-or-something-year-old’s dream. But what if you want to go even further? Instead of seven-figure net worth, what about an eight-figure net worth? Would this be enough to make your wildest dreams come true, or is planning for ultra-wealthy status a wasted pursuit, as most people could easily retire earlywith just a few million? The question we’re trying to ask is, how much is enough? It’s not Scott and Mindy asking this question, it’s today’s guest, Travis. You could call Travis an overachiever, although he doesn’t have the ego to fit that title. Travis has built close to a million dollars in net worth, with $10,000 of monthly passive income in just four years. He’s done this while working a full-time job and spending just $2,000 a month. If we could give a “You Did It, You Won the Money Show!” award, Travis would be first in line. But Travis is struggling to get his goals aligned with his portfolio. He set a lofty eight-figure goal for retirement, but with his rock-bottom spending rate, is this dollar figure even worth the work? Travis also wants to pose the stocks vs. real estate question, as he’s almost entirely invested in rental properties with very little left in retirement accounts or any stock accounts in general. So what is Travis’ next move? Quit the job, load up on stocks, or keep doing what he’s been doing? In This Episode We Cover Using the BRRRR strategy to grow a large rental portfolio in very little time Hitting millionaire status by your thirties through smart spending and consistent investing When to quit your W2 and pursue entrepreneurial pursuits full-time Stocks vs. real estate and loading up your Roth, 401K, and other retirement accounts Goal setting and when to take a step back from building wealth CapEx calculations, cash reserves, and prepaying your mortgage And So Much More! Links from the Show 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 BiggerPockets FIRE Planning Worksheet Ready to Retire: The Ultimate Pre-Retirement Checklist Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Episode 200 Special: A Personal Finance Masterclass with Kyle Mast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-336 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 do timing the market and a circle have in common? There’s no point, literally and figuratively. Some people would like to have you think they’ve cracked the code and there’s some secret formula. There’s not. They may have been able to “time the market” once or twice, but they probably can’t repeat it multiple times. Being correct for the wrong reasons isn’t repeatable, and with the market being so arbitrary, timing it correctly for the right reasons is unlikely. Despite this, there’s still a way to have enormous success while realizing great returns in the stock market, and today’s guest, Jesse Cramer, explains that. In Jesse’s article, The Near-Zero Benefit from Timing the Market, he tells the story of three investors. All three investors have different experiences “timing” the market, and while they all have different outcomes, it’s not the outcome you’d expect. While you can’t time the market, time in the market can be just as lucrative. If you let your money compound interest over time, you’d be surprised at how much more you can earn by simply leaving your money alone. In This Episode We Cover Time in the market vs. timing of the market and which one wins over decades The unpredictability of the market and how to combat it Advice for new investors on how to manage emotions while investing The benefits of reinvesting your dividends and letting your investments compound The importance of self-education and how to use it as insurance when investing The history of the stock market and its overall growth 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 Mile High FI Podcast 1,500 Days to Freedom Coronavirus: Is It Time to Give Up on Financial Independence? The Near-Zero Benefit from Timing the Market BestInterest Blog Click here to check the full show notes: https://www.biggerpockets.com/blog/money-335 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 someone told you that financial freedom could be achieved by traveling the world, you probably wouldn’t believe them. How can going on a work vacation to Europe make you richer? Surprisingly, doing this can help cut years off your retirement horizon, allowing you to save more, spend less, and invest for your future faster than ever before. Don’t believe it’s possible? Scott and Mindy prove the profits behind doing so in this Finance Friday episode! Today we’re talking to James, who is inches away from retirement. He has only a few years left before he can sail off into the sunset, but James wants to know how he can reach his goals even faster. He keeps his spending low, continuously invests, and has a remote work position, allowing him to work wherever he wants. He dreams of living in other areas of the United States but wants to ensure he has enough money to do so. His highest monthly cost? Housing! Like most Americans, a majority of James’ spending is for the roof over his head, but could geographic arbitrage turn his travel plans into a seriously profitable excursion? For those who are trying to hit FI, are close to FI, or simply want to spend more time enjoying life abroad, this episode is for you! In This Episode We Cover Calculating your FI number and getting to early retirement faster Defining your retirement goals and knowing what you want to do and where you want to be The 4% rule and whether or not it holds up as stock values have taken a tumble Geographic arbitrage and using it to reduce your largest monthly cost Coast FI and why a more gradual retirement option may work for you The five questions every investor should ask themselves when planning for retirement And So Much More! Links from the Show 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 Ready to Retire: The Ultimate Pre-Retirement Checklist BiggerPockets FIRE Planning Worksheet Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together Networthify Cfiresim Simulator Click here to check the full show notes: https://www.biggerpockets.com/blog/money-334 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

In the early retirement movement, becoming a millionaire is a crucial part of the financial path. While everyone has different spending habits, the first million will allow you to start pivoting so you can make choices for your enjoyment, not just for the sake of money. But when is it too late to start making these moves? Is there a certain point where early retirement, or retirement at all, is off the table? If you think so, listen to today’s episode with Courtney Robinson. Courtney was raised frugal, and unlike most, she never strayed off that path. Buying old cars, eating at home, and seeing matinee movies were the norm for her, but this began to get harder and harder as her family grew. Courtney was raising four children on her own, making only $15,000 per year, with multiple debts to pay off. But now, only ten years later, she’s a millionaire with equity, retirement investments, a large cash reserve, and multiple rental properties. How did she make the switch in the “late period” of her life? Courtney goes over the details that led her and her husbandout of bankruptcy, into investing, and eventually to millionaire status. By no means was this an easy or quick journey, but Courtney serves as living proof that even if you’re in your forties or fifties, you still have plenty of time to build a strong financial foundation, and maybe retire early! In This Episode We Cover Early frugality and the long-term benefits of teaching your children to save Living off of $15,000 per year and how to intelligently increase your yearly income Bankruptcy, debt payoff, and differentiating the “needs” from the “wants” in your life Paying off your mortgage and living for “free” in just a few years Calculating your FI number and making sure your investments match what you’ll need Emergency funds, cash reserves, and how much to keep in each account And So Much More! Links from the Show 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 Dave Ramsey Solutions Early Retirement by 30 with $20K/Month in (Actually) Passive Income Finance Friday: How to Get to Early Retirement Even Faster Click here to check the full show notes: https://www.biggerpockets.com/blog/money-333 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

Having shared finances, for most couples, is an automatic thing to do once married or after being together for many years. It seems natural to want to combine income, expenses, and investments all in one big pot. This was the norm for most couples over the past hundred years, but as technology has made individual accounts more defined, some couples are finding freedom in keeping their finances separate from their relationship. We thought we’d put this theory to the test by having Doug Cunnington and Carl Jensen, hosts of the Mile High FI podcast, on the show. Doug and his wife have separate finances, Carl (Mindy’s husband) has completely combined their cash flow, and David Pere (our trusted military millionaire) has walked the tightrope between combined and separate finances with his wife. But which couple is fairing the best? Unfortunately, we will not be having a couple vs. couple cage match?—but we will discuss the pros and cons of each strategy. Carl, David, and Doug all bring up interesting, and often emotional, arguments as to why they think their money-splitting strategy works best for their specific relationship. If you’re currently in a relationship, married, or about to be wed, this may be a crucial topic worth exploring before your spouse spends $50,000+ on an impulse Tesla order! In This Episode We Cover Three couples with three different ways of splitting finances How to combine monthly cash flow so that bills are paid The bright side of prenuptial agreements and why every married couple should have one Respecting your partner's money mindset by building a spouse-specific system for the two of you Saving for your child's college and whether or not higher education is worth it as college becomes increasingly optional Advice for couples who will (or already) combine their finances and investing And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter David on BiggerPockets David’s Site From Military to Millionaire Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Mile High FI Podcast 1,500 Days to Freedom Why You’re (Probably) Wrong About Prenups 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 would a six-figure side hustle change your financial picture? Think of the possibilities—being able to travel, becoming debt-free, or even buying your dream home. For most Americans, income is capped at what you make through a salary. There isn’t enough time, creativity, or energy left at the end of the day to make more. But, one specific subset of employees does have an upper hand that most people overlook—teachers. With a sizable summer break, teachers can make more than many others, even with their median incomes. Someone who took full advantage of this lucrative scheduling was Skyler. Skyler was raised in a very frugal household, resorting to food stamps and government subsidies at times. But Skyler was poised to turn a hard past into hard assets and later, financial freedom. He used financial aid to heavily discount his college tuition, rent-hacked (sometimes for free) into his mid-twenties, and thought of every decision as a return on investment. As he slowly whittled down the debt he had accumulated through school, real estate caught his eye. Skyler not only beganselling homes on the side as an agent but performing live in flips during the off-season of his teaching career. Thisskyrocketed his net worth, debt payoff schedule, and timeline to financial freedom. He’s made so many wise moves that Skyler will soon be saving eighty percent of his income all while living for free abroad! In This Episode We Cover Turning frugality into financial success through smart money-saving moves Student loan payoff and using the “debt snowball method” to become debt-free faster Live in flips and how to make six-figure, tax-free wealth through this lucrative side-hustle The true price of adopting a child in the US and why it’s something worth saving up for Making the most of your median-income job by building wealth in the background Geographic arbitrage and living for free (and tax-free!) in other parts of the world 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 How to Create Financial Security (From Scratch!) and Become “Set for Life” 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

You’ve heard of money hacks before, but probably not like this. For the teenagers and parents of teenagers listening, this episode will give you everything you need to make yourself, or your child, financially successful, straight out of high school. Most parents think that a strong financial foundation is built through allowances, debit cards, and making their child get an after-school job. While none of that is bad advice, it doesn’t leave the teenager with a sense of financial security or knowledge of how to manage money. Thankfully, the Sheek Freak himself, Dan Sheeks, is back on the show to give his “ultimate teen money hack for parents.” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path. This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independence, responsibility, and the ability to save and invest for a better future. But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too! In This Episode We Cover The “ultimate teen money hack” every parent should try with their high-schooler Teen debit cards, credit cards, and building up basic frugality Teaching your teen to “pay yourself first” through strategic spending and investing Letting your child make mistakes now, so they don’t make life-long mistakes later The perfect age to implement this strategy and when it matters most Common questions your teen may ask and getting them excited about money management 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 Mile High FI Podcast 1,500 Days to Freedom Escaping The Rat Race Before Your First Job w/ Dan Sheeks 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

Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought, or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future. But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again. But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot! In This Episode We Cover Escaping childhood poverty through basic financial education DIY financial literacy by asking questions others are too intimidated to 401ks, Roth IRAs, HSAs, and other tax-advantaged investing accounts Tweaking your “money mindset” to place yourself on the path to building wealth Amanda’s biggest financial mistake that, once corrected, increased her income two-fold Building your emergency reserves and using them to catapult your investments 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 XY Planning Advisor Fidelity Investments She Wolf of Wall Street Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-329 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 average investors, private money lending has been mentally squared away as “something mega-wealthy people do.” Most investors will write off lending money because they think they lack the experience or funds to do a successful deal. But what if we told you private money lending requires less money than you thought, that it’s almost completely passive, and that today’s high-interest-rate environment may be the perfect time to start? Alex Breshears and Beth Johnson are graciously coming in as our private money messiahs, teaching us all how easy (and lucrative) it is to be a private money lender. They’ve been lending for years, not only to supplement their real estate portfolios but often to outright replace them. Private money is far more passive and flexible than performing a flip or BRRRR yourself, and almost anyone (and yes, we mean anyone) can do it in one way or another. It’s such a good way to make more money that Alex and Beth wrote the new BiggerPockets book, Lend to Live, on this exact subject. But before you print off business cards that say “private money expert” under your name, listen to what Alex and Beth have to say. They drop some valuable gems on who should (and shouldn’t) be a private money lender, how to protect yourself when you lend, points, rates, and fees you can charge, and building a pool of borrowers you can trust. If you’re anything like Scott and Mindy, then there’s a good chance you’ll walk away from this episode far more interested in private money than before! In This Episode We Cover How any investor can become a private money lender and build a pool of borrowers Why 2022 presents an interesting opportunity for new private money lenders Points, rates, laws, and setting up your private money structure Building the perfect private money team that can protect you on any deal The insane returns lenders get when doing different types of deals Betting on the “jockey” vs. the "horse” when vetting a potential borrower Private lending red flags that new lenders can easily fall prey to And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Loans Gone Wild: Turning a Private Loan Into a Profitable Flip After Foreclosure Private Money: What the Experts Warn Against Before You Lend (Or Borrow!) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-328 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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