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    Business

    BiggerPockets Money

    For those who have money… or want more of it!

    Join Mindy Jensen and Scott Trench (from BiggerPocketsMoney.com) weekly for the BiggerPockets Money Podcast. Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and reach financial independence.

    Advertise

    Copyright: © Copyright © 2024 BiggerPockets. All Rights Reserved. Disclaimer: The information contained in this podcast is for general informational purposes only. In no event will BiggerPockets be liable for any loss or damage derived from the information provided.

    • Apple Podcasts
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    Latest Episodes:
    541: Finance Friday: I've Got $150K Student Debt at 6.95%, Should I Invest? Jun 28, 2024
    Show notes

    Student loan debt can easily get in the way of financial independence, especially if there’s a high interest rate attached to your loans. But should you pay down this debt at the expense of investing for the future? There are several factors we’re going to explore in today’s episode!


    Lauren is a physician assistant with a stable W2 job, a house hack, and a side hustle that provides her with a little “fun” money each month. But as she and her partner work toward their goal of reaching FI in twenty years, they’ve got some money issues to work out—namely, how to tackle the $150,000 in student loans hanging over their heads. Should they pay down this debt, invest in real estate, or both? Should they put their retirement contributions on hold? One day, they hope to travel the world and enjoy their favorite pastime, kitesurfing! But should they fast-track this dream before planning for a family?


    Lauren is at a crossroads in her journey to FI, and in today’s episode, Scott and Mindy will provide her with an actionable blueprint she can use to achieve her financial goals, career aspirations, and dream lifestyle. Along the way, you’ll learn when to prioritize aggressive debt paydown, how to strike the perfect investment portfolio mix, and important things to consider before starting a family!


    Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!


    In This Episode We Cover

    When to pay down student loan debt rather than invest in real estate

    Why buying rental property today will leave you with more cash flow in retirement

    How to financially plan for weddings, honeymoons, children, and other BIG expenses

    Paying off your primary residence versus buying MORE rental properties

    How to improve asset allocation with a mix of rentals and retirement accounts

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    See Scott and Mindy at BPCON2024 in Cancun!

    BiggerPockets Money - Episode 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop

    BiggerPockets Money - Episode 514: How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More!


    00:00 Intro

    01:25 Financial “Wellness”

    07:01 Lauren’s Money Snapshot

    15:51 MAJOR Career Decisions

    22:15 FI in 20 Years (or Fewer!)

    27:53 Paying Off $150K Student Loans

    36:07 Weddings, Honeymoons, & Kids

    44:55 Kitesurfing & Traveling the World!

    57:39 Pay Down the Mortgage?

    01:02:54 Enjoy Life AND Build Wealth!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-541


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    540: Renting vs. Buying a Home in 2024 and Do You Have Enough in Your 401(k)? Jun 25, 2024
    Show notes

    Renting vs. buying a house: when it comes to FIRE, many people assume that you must own a home and preferably have it paid off to reach financial freedom. But is this really true? With renting so much cheaper than buying in 2024, would it be wiser to rent a place and send the savings to your investment accounts? Today, we’re tackling this topic and a few other heavy hitters as we give our takes on four of the hottest financial headlines.

    Kyle Mast, certified financial planner, joins Scott Trench to share FIRE-first thoughts on these not-so-easy-to-answer questions. First, we give our take on the ever-relevant renting vs. buying debate and ask whether things have changed since high mortgage rates have made buying a home much more expensive. Then, how do you manage savings and investments with interest rates so high—should you keep your money in a high-yield savings account or search for better opportunities even with savings yields so high?

    Think your nest egg is a little too light? We share the average 401(k) balance for those close to retirement and give our strategies to boost retirement savings before you leave full-time work. Finally, for those struggling to take care of elderly parents, our last headline is for you. We talk about the growing number of Americans physically, mentally, andfinancially caring for aging parents and how you can set yourself up in the best position possible to care for those in your life.


    In This Episode We Cover

    Buying vs. renting a house in 2024 and whether homeownership is required for FIRE

    The best housing investments you can make to propel your net worth and savings rate

    Saving and investing during higher interest rates and the type of “opportunities” you must be looking out for

    The shocking average 401(k) balance and what you can do to increase income in retirement

    How to ensure your children DON’T have to financially care for you in your old age

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finde

    Renting is Increasingly Cheaper Than Buying a Home

    How to manage retirement savings with interest rates remaining elevated

    This Is the Average 401(k) Balance for Ages 55 to 64

    When Caring for Your Parents Comes at a Cost to Your Career

    See Scott at BPCON2024 in Cancun!

    Grab the Book, “First-Time Home Buyer”

    Hear Our Episodes with “Catching Up to FI”:

    BiggerPockets Money 537 - Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI

    BiggerPockets Money 538 - Late Start, Early Retirement: The Huge Advantages of Investing Later in Life


    00:00 Intro

    01:57 Renting vs. Buying a House

    10:49 Best Home Purchase for FI?

    13:35 Saving and Investing with High Rates

    25:05 Average 401(k) Balance

    33:02 Caring for Elderly Parents


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-540


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    539: Finance Friday: Can I Comfortably Retire by 50 with My Current Portfolio? Jun 21, 2024
    Show notes

    Want to retire early? You don’t have to wait until age sixty-five. With a few cash-flowing assets and smart money moves, you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible!

    Welcome back to the BiggerPockets Money podcast! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties. The only problem? He wants to retire at age fifty. In this episode, Mindy and expert investor David Greene from the BiggerPockets Real Estate podcast work together to get Derek on the fastest path to early retirement. If he plays his cards right—redeploying some of his “lazy” home equity, increasing his cash flow, and starting a profitable business or side hustle—he could reach FIRE in just seven years!

    Are you wary of today’s sky-high mortgage rates? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties. Finally, you’ll hear about the power of starting a business and reinvesting your profits!

    Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!


    In This Episode We Cover

    Creative money strategies that will fast-track your path to early retirement

    How to leverage your 401(k) retirement funds today without tax penalties

    Boosting your cash flow by converting properties into short-term rentals

    How to start a business with low money (and where to reinvest your profits!)

    How to (potentially) acquire valuable rental properties at a HUGE discount

    When you should hire someone to help manage your real estate portfolio

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    How to Access Retirement Funds Early

    Check Out J Money’s blog, “Budgets Are Sexy”

    Check Out Nick Loper’s podcast, “The Side Hustle Show”

    Hear David on the "BiggerPockets Real Estate" Podcast

    BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger

    BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!)


    00:00 Intro

    01:45 $1.7M Net Worth!

    10:20 Derek’s Money Snapshot

    18:26 7 Years to FIRE

    29:37 Moving “Lazy” Equity

    39:42 Note Investing 101

    48:45 Starting a Business


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-539


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    538: Late Start, Early Retirement: The Huge Advantages of Investing Later in Life Jun 18, 2024
    Show notes

    Are you a late starter who wants to reach retirement (or early retirement)? Then we’ve got just what you need! We’re back with Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast as we share how to invest for retirement as a “late starter.” Did you know there are some serious advantages to investing later in life? Some of these advantages are so secret that even our hosts didn’t know about them! But today, we’re sharing them with you so you can achieve financial freedom on your terms!

    From top to bottom, we’re sharing everything you need to retire sooner—from the best retirement accounts to debating 401(k)s vs. Roth IRAs vs. HSAs and more! Worried about healthcare if you retire before you turn sixty-five? DO NOT put your retirement plans on pause because of this! With some smart healthcare saving and investing, you won’t have to worry about visits to the doctor’s office!

    But before you start investing, we need to get your spending in check. Bill shares how he went from paycheck to paycheck to exploding his savings rate by “downsizing” his spending, which makes reaching financial independence even easier! If you’re ready to retire, stick with us and follow these steps to a tee if you want to be financially free!

    Missed part one? Listen to it here!

    Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!


    In This Episode We Cover

    How much do you need to retire? Here’s the exact calculations we use

    The best retirement accounts to invest in that have substantial tax advantages

    Social Security and whether or not you can plan on receiving it when you retire

    The “triple tax benefit” healthcare account that you’ll wish you knew about sooner

    How to “downsize” your life so you can invest more and retire faster

    “Catch up” retirement investing and the investment accounts that late starters must take advantage of

    401(k)s vs. Roth IRAs vs. HSAs: Which should you invest in first?

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    Finance Friday: How to Get to Early Retirement Even Faster

    BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount

    BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski

    Want to Be a Guest on the BiggerPockets Money Show? Apply Here

    Catching Up to FI Podcast

    HSA – The Ultimate Retirement Account

    Open Social Security

    The Shockingly Simple Math Behind Early Retirement


    00:00 Intro

    01:19 Create a Simple Plan

    04:58 How Much Do I Need to Retire?

    09:18 What About Social Security?

    16:27 Reducing Your Expenses

    19:59 Healthcare and HSAs

    33:28 Best “Catch Up” Investments

    38:31 Roth vs. HSA vs. 401(k)

    47:34 Investing Beyond Retirement Accounts

    49:38 It’s NEVER Too Late!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-538


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    537: Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI Jun 14, 2024
    Show notes

    Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement?

    Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms.

    In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement!

    Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!


    In This Episode We Cover

    The four steps anyone can take to reach retirement

    Why it’s okay to be a “late starter,” especially when it comes to retirement planning

    How to do a “backward budget” to quickly and easily see how much you’re spending

    Why you MUST look back on the financial “lessons” you’ve learned to build wealth now!

    Getting clear on your goals and what you want to achieve so you can reach retirement

    The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey!

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    Finance Friday: How to Get to Early Retirement Even Faster

    BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount

    BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski

    Want to Be a Guest on the BiggerPockets Money Show? Apply Here


    00:00 Intro

    01:14 Late Start, Early Retirement

    06:01 Before You Can Start

    08:06 “Backwards” Budgeting

    17:12 Make a Plan

    28:26 Acknowledge Your “Lessons”

    33:19 Stick Around!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    536: My Property Manager Robbed and Ghosted Me ($40K Stolen!) Jun 11, 2024
    Show notes

    If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate.

    The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful.

    Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY!


    In This Episode We Cover

    Deadly property management red flags and signs you should run from a property manager

    Why you never, EVER give your entire portfolio to a single property manager/property management company

    Simple questions to ask that immediately show if a property manager is legit

    Negotiating fees and why Scott is okay with paying a higher monthly rate

    Communication expectations and what a property manager should be sending you EVERY month

    The easiest way to find a great property manager wherever you invest

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    Want to Self-Manage Your Rentals Instead? Grab the New Book, “Self-Managing Landlord”

    Ask Other Investors Your Property Management Questions on the BiggerPockets Forums

    Past Episodes Mentioned in Today’s Show:

    Real Estate Rookie 59 - Rookie First-Time Home Buyer Questions Answered by Scott and Mindy

    Real Estate Rookie 200 - Scott Trench’s 10-Step Checklist to Buy Your First Rental Property

    Real Estate Rookie 401 - Boost Your Cash Flow in 2024 with These “Self-Management” Tips

    BiggerPockets 513 - The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager

    Connect with Ashley on BiggerPockets

    Connect with Scott on BiggerPockets


    00:00 Intro

    01:20 Hiring the Property Manager

    03:37 Things Start Going Wrong

    06:12 Losing $40K!

    09:32 Property Manager Red Flags

    15:39 Questions You MUST Ask

    23:34 Negotiating Fees

    30:05 Asset Type Matters!

    34:54 Communication Expectations

    37:29 Vetting for Legitimacy

    43:16 Find a GREAT Property Manager


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-536


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com


    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    535: Achieving FIRE in Her 40s By Taking "Calculated" Risks Jun 07, 2024
    Show notes

    What would it take for you to achieve financial freedom? Now, think about what it would take for you to achieve it for your family. Many of us have parents we’ve seen work day in and day out, providing for us when it meant putting their dreams on the back burner. But what if you could repay your parents for all they’ve done for you, helping them retire and ensuring they can truly live the life they love without worrying about money? That’s exactly what today’s guest did for her mother and herself.

    After her parents divorced when she was a teenager, Delyanne Barros began what seemed like a two-decade-long non-stop grind. Fearing what would happen to not only herself but her family if she didn’t provide, Delyanne chose to go to law school to not only help those in need but also bring home a steady paycheck that would support her and her mother. After realizing that the nine-to-five grind wasn’t what she thought, Delyanne began searching for a way to get into a better financial position. As a result, she found the debt-free and the FIRE movements.

    Now, only in her early forties, she’s already started a business that brings in millions, retired her mother, achieved financial freedom, and did it all just within six years of finding the FIRE movement. Her biggest tip for success: Take a calculated risk and bet on yourself! If you want to find FIRE like Delyanne did, don’t skip this one!


    In This Episode We Cover

    When it’s worth it to quit your “dream job” to start your own business and bet on yourself

    Supporting your family and retiring your parents BEFORE they’re sixty-five years old

    Why even lawyer salaries often can’t afford you the life you want to live

    Paying off huge student loan debt and why you SHOULD invest before you’re debt-free

    The importance of investing EVEN when the market is dropping fast and you’re feeling fear

    Why you DON’T have to be self-employed to achieve FIRE (but you DO need to take risks)

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    What Is the FIRE Movement?

    How to Calculate the Risks Before Investing

    The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates

    From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street


    00:00 Intro

    01:10 Supporting Her Family as a Teen

    07:34 Why Law School?

    14:15 Finding FIRE and Switching Gears

    21:50 Watching the Market Crash

    27:37 Quitting Her High-Paid Job

    35:35 Can W2 Workers Achieve FIRE?

    39:19 Retiring Her Mom

    41:44 Best FIRE Advice

    42:54 Connect with Delyanne!

    43:24 Take a Risk!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-535


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    534: Coast FI at 24 and a $99K Net Worth Thanks to a Few Years of Pure Hustle Jun 04, 2024
    Show notes

    Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same!

    Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel.

    In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community!


    In This Episode We Cover

    How Emma became Coast FI by twenty-four and built a $99,000 net worth

    Creative ways to fund your college education and escape debt-free

    The real value of buying used cars from private owners (and where to find deals!)

    How to create a fun and fulfilling life you don’t want to retire from

    How to fast-track your fortune using the power of compound interest

    Making your money work harder for you after stockpiling cash

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    BiggerPockets Money Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers

    BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings

    BiggerPockets Money Episode 323 – Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers

    Learn More About EconoMe Conference


    00:00 Intro

    01:18 Working & Saving at 14!

    07:32 Taking Control of Her Finances

    10:52 Buying Used Cars

    15:32 Creative Ways to Fund College

    23:28 Learning to Invest

    30:12 Joining the FI Community

    37:48 $99K Net Worth at 24!

    45:07 The Power of Coast FI


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    533: What Even We Didn’t Know About “Protecting” Our Wealth May 31, 2024
    Show notes

    Are you working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too.

    From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning.

    Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk!

    Check out Jenny’s part one episode here!


    In This Episode We Cover

    Whether or not a verbal promise of inheritance will hold up in the future

    Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one

    When to update your will and why Jenny DOESN’T keep a set timeline

    Protecting your heirs from losing their inheritance to divorce

    What to do when you get an inheritance that brings you more headache than it’s worth

    Why communication is critical in estate planning and who you should estate plan with

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    BiggerPockets Money 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle

    BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

    BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)


    00:00 Intro

    01:28 Revocable vs. Irrevocable Trusts

    02:29 The Estate Planning Timeline

    05:35 Verbal Promises and Inheritance

    10:21 When to Update Your Will

    12:04 Protecting from Divorce

    14:58 Who to Estate Plan WITH

    18:23 The Downside of Inheritance

    22:54 The “Napkin” Will

    25:34 Make Your Estate Plan Today!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com


    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


    532: Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake May 28, 2024
    Show notes

    You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy!

    Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person.

    In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds!

    Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about!


    In This Episode We Cover

    Basic estate planning documents every person needs (regardless of age)

    What really happens in probate court (and why it’s NOT as scary as it sounds)

    Intestacy explained, and how to stop your assets from landing in the wrong hands

    How to make sorting out your estate as easy as possible for your loved ones

    And So Much More!


    Links from the Show

    BiggerPockets Money Facebook Group

    Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

    Finance Review Guest Onboarding

    Join BiggerPockets for FREE

    Mindy on BiggerPockets

    Scott on BiggePockets

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Find an Investor-Friendly Agent in Your Area

    Find Investor-Friendly Lenders

    Property Manager Finder

    BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW to Protect Your Heirs

    BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

    BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)


    00:00 Intro

    01:27 Why You NEED an Estate Plan

    07:52 Finding an Attorney & Probate 101

    18:10 First Steps for Early Retirees

    24:56 Getting Organized & Estate Planning Costs

    37:00 Connect with Jenny!

    37:29 Start Planning Today!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-532


    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.


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