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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.
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If you’re new to personal finance, investment accounts can seem complicated. The terms, the lingo—HSA, Roth, IRA, 401(k)—these may seem like letters in an arbitrary order, but using these retirement and investment accounts can help you reach financial freedom faster, pay WAY less in taxes, and maximize your money even while you’re asleep. So, how do you get started? Tune in; we’ll show you how!
Joining us is early-retired CFP (Certified Financial Planner) Kyle Mast to walk through each retirement, investment, and savings account you MUST have on your road to FIRE. In today’s episode, we’ll touch on the common accounts you’ve heard of, like the 401(k) and IRA, as well as some lesser-known investing and savings accounts that can help your money grow faster than you thought possible.
And whether you’re just starting your retirement journey in your 40s, 50s, or 60s, or you’re a twinkly-eyed twenty-something-year-old ready for compound interest to run its course, you’ll get EVERYTHING you need to know about investing and retirement accounts from this episode.
In This Episode We Cover
Retirement accounts explained and how to lower your taxes with 401(k)s and Traditional IRAs
The “triple-tax benefit” account that most Americans don’t even know exists
How to turn taxable income into tax-free charitable contributions in retirement
The savings account that will pay you solid interest JUST to park your money
What to do if you’re a high-income earner and don’t qualify for tax-advantaged accounts
Highly-advantaged niche retirement accounts like the 401a and 457(b) that you might have access to
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
From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant
Starting From $0 at Age 35 as a Teacher and Becoming ‘The Millionaire Educator’
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-452
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This “financial order of operations” could be your ticket to financial freedom. If most Americans followed these steps, they would find themselves debt-free, with full retirement accounts, passive income, and “wealth-accelerating” investments that only top-income earners can access. But you don’t need to make hundreds of thousands of dollars a year to follow this “Stairway to Wealth”; you just need to follow these steps!
Andrew Giancola from The Personal Finance Podcast built the “Stairway to Wealth” after realizing that the common wealth-building plans, like Dave Ramsey’s “Baby Steps,” wouldn’t fit most people’s lifestyles. Instead, Andrew worked to develop a system that almost anyone could use, one that was tailored to TODAY’s financial environment and gave people more of a choice when it came to their investments.
Following this nine-step plan, you can go from low cash and high debt to debt-free, financially safe and secure, and invested for your future. Whether you’re starting on step one or step nine, this type of financial framework can make financial independence and early retirement MUCH easier.
In This Episode We Cover
The “Stairway to Wealth” financial order of operations ANYONE can use to build wealth
Emergency reserves and why the “$1,000 standard" amount ISN’T enough
Roth IRAs, 401(k)s, and which retirement accounts to invest in
Paying off debt and which interest rate is worth tackling first
The “wealth accelerators” that boast massive returns but with higher risk
The “super retirement account” that most Americans don’t know about
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
Learn from Other Real Estate Investors on the BiggerPockets Forums
Start Your Real Estate Investing Journey with the “BiggerPockets Real Estate” Podcast
Are Dave Ramsey’s 7 Baby Steps Overrated
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The fear of Job loss has become real for most Americans. And if you’re falling into the “middle-class trap,” a sudden loss of income could be even more severe. After the recent tech layoffs of 2022 and 2023, businesses outside of the Silicon Valley bubble are starting to feel the effects of higher interest rates and lower consumer spending. But what happens if YOU’RE the one who’s getting laid off? Will you be able to pay the bills? How much of a severance package can you expect? And what moves should you make NOW to get ahead?
Mindy and Scott are taking questions directly from listeners to put YOU in the best financial position possible. On this show, you’ll learn what to do AS SOON as you hear about layoffs in your company, how much you could get paid for severance, and why you CAN NOT rely on unemployment for everything. Next, we hear from a high-income earner who can’t get out of debt and is stuck in the “middle-class trap.” For those with too much cash on their hands, Mindy and Scott get into investing in syndications, plus what to do if your house bills are slowly eating you alive.
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
What to do if you get laid off and how to start making income ASAP
Severance packages and questions you NEED to ask your employer if you lose your job
The “middle class trap” that high-income earners get stuck in
Syndication investing 101 and when to RUN away from a potential investment
What to do if you’ve "bought too much house” and payments are putting pressure on your finances
Unemployment income and why you CAN’T rely on it to pay for your life
Why EVERYONE needs a side hustle to survive (yes, even YOU!)
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
Syndications: Everything You Need to Know BEFORE You Invest
Want More Syndication Info? Email Scott
Check Out Mindy’s ENTIRE 2022 Budget
Surviving a Layoff: What HR Wants You to Know
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-450
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People spend much of their lives grinding to Coast FI, but the truth is that you’re only ever one big financial swing from achieving your FI goals much faster. Despite starting out with very little, today’s guest was able to break the cycle and reach her Coast FI goal in just four years. In this episode, she shares the blueprint for her “overnight” success!
Welcome back to the BiggerPockets Money podcast! Today, we’re speaking with finance guru and real estate investorAmberly Grant. Amberly didn’t come from wealth. Growing up, her family never owned a home or had enough money to afford simple repairs. But, at fifteen, she discovered the book The Wealthy Barber, which ignited her love for finance. After several failed business ventures and a late start to college, Amberly discovered the power of real estate investingin 2019. House hacking covered her mortgage each month, and keeping her expenses down allowed her to save most of her income and buy more properties.
In this episode, Amberly demonstrates just how quickly things can swing in your favor with a little financial knowledgeand hard work. Comfortably Coast FI, Amberly now works from home, manages her real estate portfolio on the side, and spearheads FinTalks—a segment of the FIRE community that discusses important finance topics each week. Tune in to learn how she doubled her W2 income, saved eighty thousand dollars in one year, and made her husband wife-FI!
In This Episode We Cover
How to fast-track your journey to financial independence
Reaching Coast FI in as little as four years with real estate
Eliminating your mortgage payment through the power of house hacking
Increasing your income through W2 raises and HUGE property cash flow
Reducing your monthly expenses and supercharging your savings
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 This Teacher Squashed $20K in Credit Card Debt and Hit Coast FI by 32 w/Yanely Espinal
Join the FinTalks Community Today
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-449
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Want to know how to invest $10K, $25K, $50K, or even $100K? The average American household has $41,600 saved. While that’s a decent chunk of cash, it’s not working very hard for you by sitting in a savings account, is it? Fortunately, there are all types of ways to invest that money and grow your nest egg much faster!
Welcome back to the BiggerPockets Money podcast! In this “sequel” to our $100-$5,000 episode, we’re looking at ways to invest a much larger amount of money—$10,000-$100,000. Scott and Mindy are joined by guest hosts Kyle Mast and James Dainard, who share their own expertise on where to allocate your capital. Even with the diverse perspectives, all of our hosts agree: don’t just sink your money into your primary residence or fancy car and call yourself a millionaire!
The moves you make today could determine your financial future. Stay tuned as our hosts offer active and passive investing ideas to consider, depending on your risk tolerance. You’ll also learn how to get one-hundred percent financing for real estate deals, ways to build (or buy!) a profitable business, and essential tax planning tips at various income levels!
In This Episode We Cover
The best ways to invest with $10,000, $25,000, $50,000, or $100,000
Active and passive investment opportunities at every level
How to build a nest egg that allows you to live off passive income in retirement
Getting one-hundred percent financing for a house flip through hard money and private money
How to start and build a profitable business with zero startup costs
Strategic tax planning tips to consider at different income levels
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
The Beginner’s Guide to Investing (Start with Just $100!)
Codie Sanchez: These “Boring Businesses” Will Make You Rich
How to Build Yourself a 6-Figure Income Stream
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-448
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Financial fear is… a good thing!? Fear is an uncomfortable feeling we often try to ignore or suppress. But what if, like other emotions, it exists for a specific purpose? What if following it could help you avoid deathly decisions? Today’s guest is here to set the record straight on this very basic yet misunderstood human emotion we call fear.
Welcome back to the BiggerPockets Money podcast! In this episode, we’re speaking with leading personal finance expert and host of the So Money podcast, Farnoosh Torabi. Ahead of the release of her new book, A Healthy State of Panic, we discuss the emotion at its center—one that is so often intertwined with money: fear. There are all kinds of financial fears that cripple people today—the fear of a stock market crash, of losing their job in a recession, or of running out of money in retirement. Farnoosh is here to tell you that fear isn’t a bad thing. In fact, it’s often the catalyst for a brighter financial future.
If you struggle with a particular money-related fear, guess what? You’re in good company! We all deal with fear on some level—especially when our finances are involved. Tune in to hear Farnoosh talk about the nine most common“flavors” of fear that people face. She also discusses practical ways to leverage fear and gain wisdom in return. Finally, she talks about how working through fear can help you practice gratitude in your life!
In This Episode We Cover
Leveraging the fear in your life to glean new financial wisdom
The nine most common “flavors” of financial fear that hold people back
The importance of education in helping you process your financial fears
Confronting fear today to prevent financial loss in the future
How to live “fearlessly” with a healthy amount of fear in your life
Using fear to practice gratitude for what you have
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
Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan
Grab Your Copy of Farnoosh’s Latest Book, “A Healthy State of Panic”
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-447
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The FIRE community is notorious for chasing early retirement at all costs. Many search for creative ways to earn more money and spend less of it, only to end up hating the journey. If you’ve ever felt burnt out or discouraged on the road to FIRE, you’re in for a real treat with today’s episode!
Welcome back to the BiggerPockets Money podcast! Today, we’re joined by Mark Trautman from Mark’s Money Mind. Early on, Mark decided that he was going to live life on his own terms. So, he and his wife worked their way out of debt and adopted the motto, “Make some, save and invest, and live on the rest.” After maximizing their 401(k) contributions, investing their money in other retirement accounts, and diligently saving each month, Mark and his wife were able to retire by the time he reached age fifty.
We wish Mark’s story ended there. A few years later, however, his life was turned upside down after the death of his wife. While grieving the loss, Mark needed to adjust how he used his nest egg going forward. By implementing smart Roth conversion strategies and opening a “fun bucket” account, Mark was able to not only minimize his tax liabilitybut also find new ways to enjoy retirement. Stick around for a true masterclass on how to relish the journey to FIRE!
In This Episode We Cover
How to enjoy the journey toward financial independence and early retirement
The financial implications you face after the death of a spouse
Reducing your lifetime tax liability with Roth conversion strategies
The “fun bucket” strategy you NEED to implement in retirement
How to start teaching financial independence to your children TODAY
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
Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders
Take Mark’s FREE 7-Week Financial Literacy Course
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-446
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Travel hacking allows you to see the world for less than you spend at home. That’s right. If you took your rent or mortgage payment in the US and traded it for traveling abroad, you could live off far less money and do far more than you do back in the States. But you’ll need to know how to work the system before you take off on your flight, or else you might come home happy and full but broke.
Matthew Kepnes, better known online as Nomadic Matt, made travel his full-time job, documenting how much he spent, saved, and enjoyed along the way. Matt has spent more time outside the US than most Americans will in their lives—and he has some secrets to share. Matt goes over EXACTLY how to start travel hacking, from credit cards to cheap activities, hostels, hotels, and horror stories you should try to avoid.
Matt also shares why so many Americans spend WAY too much money when they’re abroad and what you can do tomake your trip last FAR longer IF you follow a few essential tips. So, if you want to finally take the year off and wander around Europe, Southeast Asia, or Central America but don’t think you have the funds to do so, Matt is here to prove you wrong.
In This Episode We Cover
The most cost-effective way to travel and why you MUST “travel like you live”
Why smart spenders MUST get a travel rewards credit card NOW
Geographic arbitrage and the cheapest countries/areas to stay in for weeks (or months!)
Hostel horror stories and why it ISN’T all partying and bunk beds
Free activities you can do in ANY city and where to find them
Matt’s top travel websites and apps to find hotel and flight deals for cheap
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 Earn Free Vacations With Travel Rewards Credit Cards
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-445
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Financial advisors are supposed to look after your money, but sometimes, their profits come first. We’ve had many questions about which type of financial advisors to use, which aren’t worth the fee, and whether you even need one in the first place. On this Finance Friday episode, Mindy and Scott are taking questions directly from listeners like you, and one of the top ones finally answers the question: what are these “fees” financial advisors are charging me!?
You’ve got money questions. Scott and Mindy have answers. In this episode, they’ll touch on topics like which type of financial advisor to hire, whether cashing out your 401(k) early is ever worth it, what to do when your bank messed up your interest rate, when (and when not) to use LLCs for real estate investing, and how to start investing in stocks when you’ve only got $1,000!
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
How to start investing in the stock market with $1,000 (or less!)
Rental property LLCs and why you’re probably wrong about “tax write-offs”
Financial advisor fees and the ONLY type of financial advisor we’d recommend
Cashing out your 401(k) early when you need to pay off credit card debt
Return on equity explained and signs it’s time to sell/refinance a property
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
Register for an Upcoming InvestHER Event
Money Moment
The Simple Path to Wealth—Index Funds Explained with JL Collins
The Simple Path to Wealth (Book)
Work with a Fee-ONLY Financial Advisor
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-444
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A “wife-FI,” semi-retired finance blogger? It sounds like an exciting life, but what does it entail? Today’s guest didn’t arrive here overnight and doesn’t recommend it for everyone. What he does recommend, however, is identifying the type of financial independence you want and then working hard to achieve it!
Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with J Money, one of the pioneering finance bloggers who started his journey toward financial freedom back in 2007. After catching the personal finance bug, J decided to document his progress on his blog Budgets Are Sexy. After selling the blog to The Motley Fool and buying it back a few years later, J now blogs for fun, spends time with his three kids, and otherwise goes with the flow.
In this episode, J shares about the “wife-FI” lifestyle and how he invests his money for the long haul. He also opens up about his recent autoimmune disease diagnosis and how it affects his family’s finances today. As always, Scott and Mindy are here to tackle all kinds of financial topics—including the debate between renting and home ownership, paying off your home versus keeping a home loan, and how to invest amid a potential economic downturn!
In This Episode We Cover
A typical “day in the life” of a semi-retired finance blogger
The pros and cons of owning versus renting your home
When it makes sense to pay off your home or keep a mortgage
Where to invest your money in a shaky economy
Budgeting for monthly expenses and medical costs on one income
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
Join The Real Estate InvestHER Community on Facebook
Money Moment
How to Get Rich Slowly and Retire Earlier Than Most with a Modest Portfolio
Budgets Really ARE Sexy! With J. Money
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-443
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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