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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.
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.
Want to reach FIRE long before you’re sixty-five? If you make a decent income, invest diligently, and watch your spending, you STILL could fall into the “trap” most FIRE-chasers find themselves in. By making one BIG mistake, you could be accidentally forcing yourself to work for years or decades longer to finally retire, even if you’ve reached your FIRE number! What “trap” are we referring to, and how do you ensure you’ll hit FIRE on your schedule? Stick around to find out!
Today, we talk to Chris, who works in medical sales and makes an income anyone would be happy to have. He lives in a high-cost-of-living area with a million-dollar home, expensive property and state taxes, and high expenses. But he still saves a solid amount of income every month. What’s he doing with his extra cash? Investing in index funds, generously donating, and…saving to buy into a franchise?
This franchise investment could make Chris millions, but there are a few red flags that Mindy and Scott can’t ignore. With a substantial initial investment and a partnership that could be tested at any point, Chris wants to know the best place to deploy his ample capital. Does he go head-first into the franchise, stick with index funds, or build robust retirement accounts? And with a FIRE timeline of ten years or less, how does he ensure he'll have enough money to support his lifestyle?
In This Episode We Cover
The common FIRE “trap” that could force you to work for far longer at your job
Investing in retirement vs. after-tax brokerage accounts and which to focus on for FIRE
How to access retirement funds even earlier if you decide to retire early
Investing in a franchise and what you MUST know before you put your money into one
The perfect FIRE portfolio and how to allocate your investments to support your early retirement lifestyle
Building/buying your forever home and when to put it off to invest
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
Accessing Retirement Funds Before Age 59½ with The Mad Fientist
Franchises 101: How to Find, Fund, and Profit from Owning a Franchise
How to Access Retirement Funds Early
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-462
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You want to retire, but you’ve got credit debt, auto loans, and student loans. It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way?
Seth Godwin was fired from his job while holding $30,000 in credit card debt. He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free, increase his credit score by hundreds of points, and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans, realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away.
Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards—but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you, how to escape credit card debt confidently, what to do now that student loans are resuming, and why you SHOULDN’T trade in your old car.
In This Episode We Cover
The common auto loan scams that trick you into spending FAR more than you should
Why you should NEVER trade in a “negative equity” car to upgrade
The best car makes to buy (and two that rarely break down)
How to crawl yourself out of credit card debt and come out with a 700/800 credit score
How much money Seth makes on TikTok every month (it’s WILD!)
Student loan resumption and whether college is worth the increase in salary
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
Side Hustle Resources:
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-461
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Will the housing market crash? If you’re like most Americans, the economy is starting to feel a bit unsettling. But, with so many homeowners locked into low mortgage rates or owning their homes outright, is there even a possibility of a housing crash, regardless of whether a recession does happen? The answer isn’t as straightforward as most people think, and if you don’t know the facts, you could get caught off guard.
Mindy and Scott are back to answer YOUR money questions. This time, we’re taking questions from our Facebook Group, and MANY have to do with mortgage rates, home sales, and a potential crash. First, we answer what could cause a housing market crash in the near future. Then, a listener asks whether or not they should sell their home to pay off credit card debt. An investor wants to know if paying off their mortgage early beats the stock market, and a divorcee seeks to sell her home because of “bad juju.” The problem? She’s got a killer mortgage rate. Finally, we’ll debate stocks vs. real estate as the best path to FIRE!
Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or click here to submit your question on our next Q&A episode!
In This Episode We Cover
Could the housing market crash? And if so, which areas will be most affected?
Crazy credit card debt and whether selling your home is worth being debt-free
Should you stay in a house you hate just because you have a low rate?
When leaving your business to go back to a W2 makes sense
Paying off your mortgage early vs. investing in stocks when rates are sky-high
The fastest path to financial freedom and whether stocks vs. real estate gets you there sooner
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
Money and Relationships: How to Have “The Talk” Before It’s Too Late w/Vivian Tu
Seriously—Why Hasn’t the Housing Market Crashed Yet?
Should You Pay Off Your Mortgage Early or Invest?
I Will Teach You To Be Rich Episode 80
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-460
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Marriage and money are known for mixing like oil and water, but a little financial knowledge will allow you to navigate these sensitive issues with confidence. Today’s guest is an expert on this front and is here to equip you with some future-saving finance tips!
Welcome back to the BiggerPockets Money podcast! In this episode, we’re joined by Tracy Coenen, a forensic accountant who specializes in unearthing money shenanigans in marriages. On most days, Tracy works closely with spouses who suspect financial infidelity or that their partner is making financial arrangements in preparation for a divorce. This is a vulnerable position for any partner to be in, but with Tracy in their corner, they can better handle their finances and weather the storm.
Whether you’re single, preparing for marriage, or filing for divorce, this episode is loaded with all kinds of personal finance tips that will help you protect your financial future. Tracy shares why it’s critical for all couples to draft up prenuptial agreements before getting married, the biggest warning signs of financial infidelity in a partner, and when you might need to hire a forensic accountant to assist with your marital money problems. Stay tuned until the very end to hear about some of the wildest cases Tracy has worked on over the years!
In This Episode We Cover
Common marriage and money-related stressors that contribute to divorce
When to hire a forensic accountant for your marital money issues
The biggest warning signs of financial infidelity or divorce planning
Why you and your partner NEED a prenuptial agreement before getting married
Keeping legal costs under control during the divorce process
How a couple’s finances and assets are typically divided in a divorce
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
What Out for These Financial Infidelity “Red Flags” in Your Marriage w/ Tracy Coenen
Why You’re (Probably) Wrong About Prenups w/ Aaron Thomas
Money and Relationships: How to Have “The Talk” Before It’s Too Late w/ Vivian Tu
Getting Financially “Naked” with Your Significant Other w/ Erin Lowry
Connect with Tracy and Get $100 Off Your Divorce Money Guide
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-459
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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What if one part-time side hustle could replace your entire income? Even better, what if you could keep your full-time job and spend a few hours a week making thousands extra a month, raking in cash, and reaching financial freedomfaster? If you’re today’s guest, Ryan, then this is the situation you find yourself in. Don’t know which super lucrative side hustle we’re talking about? Stick around because you may have never thought of it before.
Ryan works full-time as a registered nurse in one of the most expensive areas of the country, Northern California. He’s made some ingenious money moves that allowed him to quadruple his income in just four years and live close to free every month in his own house. But, with a baby on the way, Ryan’s lucrative house hacking lifestyle may be coming to a close, and he’s debating what to do next. Should he pay off student loans, buy another home for his new family, stay in his current property, or expand his successful side hustle?
The good thing is that any of these moves could make Ryan richer, but he’ll be strapped for time with a sixty-hour-per-week working schedule and a newborn requiring constant attention. So, what’s the best money move to make for his future family? And should he go all-in on this wild side hustle that could make him even more than his job?
In This Episode We Cover
Ryan’s unbelievably profitable side hustle that almost anyone can start NOW
House hacking 101 and how to live-mortgage free every month
When paying off debt DOESN’T make sense (and what you should do with the money instead)
Investing in real estate vs. your side hustle and why mortgage rates have changed the game
Buying businesses from retiring baby boomers and the HUGE opportunities out there
How Ryan quadrupled his salary in just four years (without burning out!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire
Leila and Alex Hormozi’s Unbelievably Simple Investing Advice
Codie Sanchez: These “Boring Businesses” Will Make You Rich
How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles
Passive Income, Aggressive Retirement
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-458
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Vivian Tu, AKA “Your Rich BFF,” is the internet’s expert on money and personal finance. She was doing schoolyard trades before she worked on Wall Street, and now, as the host of Networth and Chill, she talks about the much more profound aspects of finances. Stuff like love, marriage, happiness, and when to ditch another date with someone who could put you in financial ruin.
Americans tend to think with their hearts and less with their heads when finding love. The problem with that logic? Money is usually the single-largest reason for divorce, so if your partner doesn’t have their money right, your relationship could be rocky. So, how do you know from the jump if someone is financially savvy enough to build your life with? And, if you already have a partner, what do you do if they’re not in the financial spot you need them to be in?
In this episode, Vivian walks through the financial red flags you should look for on a first date, questions to ask to see how a potential partner is doing financially, the BIGGEST money mistake in relationships, and how to start financial planning together so you can live a happier, healthier, and wealthier life.
In This Episode We Cover
The biggest money mistake that most couples make (and how to fix it NOW)
Money questions to ask on a first date (they won’t know you’re asking about money...)
The mandatory “money date” that Vivian and her partner regularly have
Make a change or break up? What to do when your partner isn’t on the same financial path as you
Financial planning as a couple and accomplishing your biggest financial goals together
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
16 Money Skills They Didn’t Teach You in High School
Divorce: The Biggest Marriage and Money Mistakes to Avoid
Smart Money Mamas’ Emergency Binder
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-457
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Many real estate syndications are facing absolute failure in 2023. But, even if you aren’t investing in any, this could be a learning experience like no other to help you build your wealth in the future. If you’ve never heard of a real estate syndication before, here’s a quick summary: a real estate syndication is where an “operator” raises money from a group of investors to buy a large commercial property, often an apartment complex, self-storage facility, or housing community. Over the past ten years, these investments have boasted massive profits, but everything is about to change.
Real estate syndications face obstacles like they never have before. Rising interest rates and vacancies, a backlog of evictions, plummeting prices, and inexperienced operators who have NEVER been in a down market. These failed deals could lead to opportunities for you to invest at a massive margin, but how do you know which deal is worth putting money into?
J Scott, world-famous investor, flipper, syndicator, and author, is on the show to explain exactly what to look for in a syndication, whether investing now is the right move to make, and what to know before investing in a syndication. The right syndication can make you hundreds of thousands in a completely hands-off, passive investment. The wrong syndication can tank your entire net worth. How do you know which is which? Tune in!
In This Episode We Cover
Syndication investing explained and whether putting money into this “passive” investment is worth it
The commercial real estate crash and why property values are plummeting
Massive economic headwinds syndicators face in 2023 and why many won’t survive
The danger of “floating rates” and why many syndicators could be forced to sell
Accredited vs. non-accredited investors and who should consider syndication investing
The most critical question you should ask ANY syndicator
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
Grab the Best-Selling Real Estate Books by J Scott
Syndications: Everything You Need to Know BEFORE You Invest
The Biggest Crash Imaginable is Coming For Commercial Assets
REITs: How to Make Real Estate Money WITHOUT Owning Rentals w/Jussi Askola
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-456
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Want passive income? Well, DON’T invest in rental properties. Buy REITs (real estate investment trusts) instead. Yes, you read that right. Although rental properties are a phenomenal way to build wealth and cash flow and pay fewer taxes on your income, they aren’t the most “passive” type of investment around. Between the 2 AM tenant phone calls, leaky toilets, evictions, and common headaches of owning a house, rental properties might not be worth the extra incomefor most Americans. But REITs probably are.
REITs are traded on the stock market just like your favorite index fund. The difference between REITs and traditional stocks? REITs let you buy a share in a large landlord company, which passes their income down to you via dividends and often an appreciating share price. And now, as many commercial real estate values are dumping, top REITs could be selling at a HUGE discount. So, how do you start investing in them? We brought Jussi Askola on to help.
Jussi runs Leonberg Capital, where he consults with some of the largest REITs in the world. He also writes the “High Yield Landlord” newsletter for Seeking Alpha and is arguably the world’s most up-to-date REIT expert. In today’s episode, Jussi gives you a top-to-bottom breakdown of REIT investing, who should (and shouldn’t) invest in them, how to know whether one is worth buying, and why rentals PALE in comparison to the passive income REITs provide.
In This Episode We Cover
REITs vs. rental properties and why one beats the other on profit and passive income potential
How to make TRULY passive income by investing in REITs today
Private vs. public REITs and which are safer, easier to exit, and provide better returns
The MASSIVE REIT discount in today’s stock market and which companies are worth investing in
REIT industries to avoid in 2023 that may continue to see their prices drop
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Connect with Scott on BiggerPockets
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
Passive Income (Without the Properties!) by Investing in REITs w/Matt Argersinger
What Are REITs And How Can You Invest In Them?
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-455
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Tyler and Jenna need to know how to retire in ten years or less so they can spend less time working and more time with their family. The problem? They’re spending more than $10,000 monthly in expenses, and even with a high salary, that hurts their bottom line. But, a bigger problem to take care of is the six-figure savings sitting in their bank account, not bringing them any closer to becoming financially free. So, what should they do next?
Today, Mindy is joined by her husband, Carl, as these lucrative lovebirds advise a young couple who just had their first child and are looking to speed up their early retirement timeline. Tyler works in finance, taking home a stable income, and Jenna runs her own business that’s still expanding. They want to increase their incomes, invest more, and move closer to early retirement, so where do they start?
With three FI-friendly investment options—index funds, short-term rentals, and syndications—Tyler and Jenna can use any (or all) of these to multiply their wealth. But, one of these options poses a substantially bigger risk than they may think, and Mindy and Carl feel that they MUST warn this couple about it before they pull the trigger. If you dream of hitting FI in a decade or less, this episode can help you get there!
In This Episode We Cover
How to hit financial independence in ten years or less (and what to invest in)
Tracking your expenses and categories you may want to cut out of your budget
Syndication investing 101 and why now may NOT be the time to invest in passive deals
Private money lending and becoming the bank for active real estate investors
Buying a short-term rental and how to ensure it’ll actually turn a profit
Index funds for early retirees and the easiest way to make your money grow
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
The Best Alternative Investment No One Knows About
Syndications: Everything You Need to Know BEFORE You Invest
Making $2,000/Month with Etsy Printables
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-454
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Financial trauma is an extremely common roadblock on the journey to financial freedom. In fact, most people deal with this issue on some level, even if they aren’t aware of it. Whether your trauma patterns stem from your parents’relationship with money or an instance of financial abuse, know that there’s light at the end of the tunnel!
Welcome back to the BiggerPockets Money podcast! Today’s guest is Shannah Game—author, entrepreneur, certified financial planner (CFP), and host of the Everyone’s Talkin’ Money show. Shannah would be the first to tell you that her relationship with money has been far from perfect. Having grown up in a family where money decisions were always heavily scrutinized, Shannah has worked hard to not only address her own deep-rooted money trauma but also help others overcome similar traumatic patterns in their lives.
If your negative experiences with money are preventing you from achieving your financial goals, tune in as Shannah shares her expertise on an issue that is sorely overlooked today. In this episode, you’ll learn how to name and work through your unique money trauma, avoid your biggest money triggers, and get back on the straight and narrow toward financial freedom. You’ll also learn the most common signs of trauma to look for, as well as practical exercises you can use to get your financial fear under control!
In This Episode We Cover
The most common signs of money trauma to look for in your own life
How financial trauma is passed down through multiple generations
Two questions you MUST ask to uncover the root cause of money trauma
Working through money trauma patterns to reach your financial goals
Exercises to practice when experiencing a traumatic money-related event
Why you NEED to talk about finances with close friends and family members
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Money Moment
How to Use Your Financial Fear to Build Wealth Better w/Farnoosh Torabi
Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry
Download Shannah’s FREE Guide, “10 Money Questions to Ask Yourself Right Now”
Tune in to the “Everyone’s Talkin’ Money” podcast
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-453
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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