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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 cut your electric bill in HALF? A few secret yet simple hacks can save you hundreds, if not THOUSANDS, on your utility bills. And with energy prices almost double where they were just a few years back, everyone is antsy about turning on their air conditioners, even if you feel like you’re about to melt. Thankfully, we’ve got Larry and Hope Ware, also known as “Under the Median,” to show us EXACTLY how they lowered their electric bill by making some simple money moves.
Larry and Hope have been long-time frugalists. A few years into dating, they realized they were flat broke and had to make a tough choice: put their future family first or keep spending without second thoughts. They chose the frugal path to financial independence and, as a result, raised four children on a $40,000/year salary, becoming completely debt-freein the process. Larry and Hope know how to run a budget, and saving money is their sport of choice.
In this episode, Larry and Hope will unpack one of their most astonishing financial accomplishments of late; cutting their electricity bill in half. Through some utility-bill digging and kilowatt-testing, Larry and Hope have built a list of tips that could help you lower your utility bills to levels you may have never seen before. Want in on this money-saving cheat code? Tune in!
In This Episode We Cover
How to cut your electricity bill in half, EVEN if you live in a sweltering climate
Building your “Bare Bones Budget” and prioritizing where money is best spent
The “big green pile of cash” trap that you CAN’T fall into
The BIGGEST mistake most people make when budgeting
“Vampire energy” and how unused appliances could be stealing your cash
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
Check Out Mindy’s 2022 Live Spending Tracker and Budget
The Stupid-Simple Budgeting Trick I’m Using to Stop Blowing 5 Figures a Month
The Cheapest Way to Lower Your AC Bill This Summer
We Cut Our Electric Bill in Half in About 6 Weeks
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-430
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First-time home buyer? After this episode, you’ll see the house-hunting process in an entirely new light. Throw out the granite countertops and exposed beams you’ve always dreamed of because making an emotion-first home-buying decision could ruin your financial future. If you’re trying to build wealth, you’ll want to follow Scott Trench’s home-buying checklist, which may show that renting is the best money move you can make.
The roles are reversed on today’s show because this ISN’T the BiggerPockets Money podcast; It’s Money Rehab with Nicole Lapin! Scott recently joined Nicole to talk transparently about the realities of buying your first home. In this show, Scott and Nicole go through why homeownership is falling across the US, whether or not buying in 2023 even makes sense, and why your house ISN’T what you think it is.
Plus, if you’ve been debating buying a rental property, Scott has some words of wisdom you MUST take to heart before putting in offers. You’ll also hear why SO many landlords are wrong about LLCs (DO NOT miss this section) and the EXACT steps you should take to put yourself in the best home-buying position possible!
Want to hear more Money Rehab? Never miss an episode and subscribe to Money Rehab with Nicole Lapin wherever you get your favorite podcasts, or here: https://link.chtbl.com/91jeLu8k
In This Episode We Cover
Scott Trench’s checklist for the first-time home buyer
The “Lock-In Effect” and why homeowners are unable to sell their houses
Why your house isn’t the investment that you think it is
House hacking, living next to tenants, and the truth about becoming a landlord
Whether or not you need an LLC and how having one could actually hurt you
The exact process Scott follows before buying any 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
Money Moment
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Tune into “Money Rehab with Nicole Lapin”
Nicole Lapin’s Money Hacks to Rehab Your Finances & Say Goodbye to Bad Debt
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-429
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest. Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom. And he’s also got a new update that’ll make your early retirement journey smoother.
After tinkering with the beloved and rarely challenged 4% rule, Brandon decided it was time to sit down and calculate how much you really need to retire early. For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think. That means your early retirement timeline just got a LOT shorter.
In this episode, Brandon will describe why the 4% rule may be a bit too rigid, how to ensure you’ll have enough during early retirement, what to do during a market crash or correction, and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around!
In This Episode We Cover
Early retirement rules of thumb you MUST know when on the path to FIRE
The 4% rule and why you DON’T need to follow it to a tee
Retirement withdrawal rules and how much to spend during a crash/correction
The skill of spending and what Brandon regrets most from pre-FIRE life
Tracking your expenses and why knowing your costs is CRUCIAL to early retirement
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
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Hear Our Past Interviews with The Mad Fientist:
Accessing Retirement Funds Before Age 59½ with The Mad Fientist
Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders
Is It Time to Give Up on Financial Independence?
Hear Our Interview with "Just Keep Buying" Author, Nick Maggiulli:
The Problem with the 4% Rule (and Why You Could Retire Even Sooner
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-428
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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A rental property portfolio can replace your job, give you ultimate financial freedom, and allow you to do what you want when you want. But building this massive passive income stream takes time, and if you stick with it, you’ll be rewarded plentifully like today’s guests, Jennifer and John. After starting with an “average” income, this couple was able to consistently buy cash-flowing rentals with the leftovers from their salaries. They compounded their cash flow to buy even more properties and now sit on around $8,000,000 in real estate.
With so much wealth, you’d expect Jennifer and John to be the jet-skiing, vacation-home-buying, luxury car-racing types; but they’re FAR from it. John is still working at his W2 job as Jennifer continues to run her business. They both keep their spending low and live a moderate lifestyle. But, the lack of time freedom and heavy hours of a full-time job is eating away at John. This couple needs to know how they can use their real estate portfolio to retire early.
To go through all the rates, rentals, construction costs, and cash-flow-number-crunching is investing expert James Dainard, who joins Scott on a resourceful episode for any real estate investor. James and Scott will review Jennifer and John’s entire portfolio, giving them suggestions on what to sell, keep, and buy instead. By the end of this episode, John and Jennifer have multiple options that could make them MILLIONS in just a few years’ time!
In This Episode We Cover
The “rate trap” that stops so many rental property investors from upgrading their portfolios
Investing in real estate on an “average” income and why it’s possible for everyone
Tapping into equity and the one metric that’ll tell you whether you should keep or sell your property
Small multifamily vs. large multifamily and why bigger is usually better
ADUs (accessory dwelling units) and how to make instant equity by building one
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Find Investor-Friendly Lenders
Connect with James BiggerPockets
Watch James on the “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, 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
How To Build A Real Estate Portfolio
ROE over ROI and Why Your “Cash Flow” Number is Deceiving
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-427
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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The Financial Independence, Retire Early movement (FIRE movement) is changing. More people are investing, making money, and working from anywhere in the world. Investing education and advice has become easier to access, and self-made millionaires have been created through simple frugality and smart spending. Compared to when the FIRE movement was born, now may be one of the best times in recent history to achieve financial independence. But there’s more than one path to choose from.
Happy Financial Independence Day! That’s right; we’re swapping hot dogs for home equity, fireworks for frugality, and a cold one for some cold hard cash because TODAY is a day to celebrate an accomplishment we all hope to achieve! In this special episode, Scott and Mindy fly solo, touching on the history of the FIRE movement, its most prominent figures, and lessons learned on the path to FI.
But that’s not all; tell your overspending Uncle to tune in as Scott and Mindy debate some of the most common complaints about the FIRE movement and prove that anyone, in almost any situation, can live life on their terms. So sit back, grab those chips you saved for tomorrow’s barbeque (no one will notice), and get your FIRE started!
In This Episode We Cover
The financial independence retire early movement (FIRE movement) explained
The MULTIPLE paths to early retirement you can take (and which is right for you)
FIRE rules you MUST follow that can help ANYONE reach financial freedom
What to do once you achieve FIRE and planning for it when you’re on the path
Debating the FIRE critics and why you DON’T need to give up everything as you build wealth
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
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Bill Bengen (The Inventor of the 4% Rule)
From Homeless at 14 to Debt-Free Homeowner AFTER Prison Time with Jazmyn Gray
How to Change Your Financial Life with a Money “Reset” with Jill Schlesinge
Mr. Money Mustache on Life After FI: The Truth About Retiring Early in Your 30s
Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love with The Fioneers
Designing a Frugal But Luxurious FI Life by Age 32
Change Your Money Mindset, Change Your Life with Vicki Robin
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? Email us: moneymoment@biggerpockets.com
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If you make the right money moves, financial freedom is only a few years away. You can’t spend your entire paycheck on travel, trips, high rent, or entertainment if you want to retire early and have true time freedom. Matt Amabilerealized this earlier than most. At twenty-two years old, Matt wasn’t making much at his job, and living in an expensive area didn’t help. His goal was simple: live for free so he could pocket most of his take-home pay. What happened was even better than he would have expected.
With one property purchase, Matt eliminated his rent expense and created a $1,600-a-month passive income stream. This first venture into real estate was challenging, to say the least. From shady contractors to fist fights in a four-unit, a renovation timeline that went much longer than expected, and lockdowns making even simple tasks impossible, Matt hoped the reward was worth the risk on his first property. Spoiler alert: it definitely was.
Now, financially free at twenty-six, Matt works when he wants, where he wants, making $6,000 per month in passive income. He did all this in just four years, starting with $10,000, making a median salary. If Matt can do it, with zero experience in real estate investing, what’s stopping you from doing the same?
In This Episode We Cover
The most underrated real estate strategy that helps you reach financial freedom FAST
The 203(k) loan explained and using it to make MASSIVE equity gains on a property
Sacrificing luxuries and keeping your expenses low so you can retire early
Real estate partnerships and how to buy properties when you don’t have any money
The “BRRRR on training wheels” that new real estate investors should try
Job hopping and how Matt tripled his salary in under five years
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Find Investor-Friendly Lenders
Connect with James BiggerPockets
Watch James on the “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, 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
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-425
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Coast FI by 32 after racking up $20K in credit card debt only a few years earlier!? However unlikely this turn of events might seem, the truth is that any money story can be turned on its head with a little financial know-how and good money habits. And today’s guest is living proof!
Having accumulated $20K in credit card debt by the time she graduated from college, Yanely Espinal wasn’t exactly on the straight and narrow path toward financial freedom. But after reading Suze Orman’s Women & Money, Yanely was inspired to take control of her finances. Within 18 months, she had not only wiped out her debt entirely but also catapulted herself toward financial independence—a goal she would achieve before her 32nd birthday. Yanely has since made it her life mission to champion the financial literacy movement and push for financial education requirements in all states by 2030.
Whether you’re at a crossroads in your financial journey, waist-deep in consumer debt, or well on your way to FIRE, there’s something for everyone to take away from Yanely’s story. In this episode, she shares her game plan to getting out of debt, achieving coast FI, and the keys to improving financial literacy in schools. As always, our trusted hosts Mindy and Scott join the conversation to help demystify several money topics—from overcoming generational poverty to creating multiple income streams and more!
In This Episode We Cover
The dangers of high-interest credit card debt (and how to get rid of it!)
How to achieve coast FI as soon as possible and retire comfortably
Breaking the cycle of generational poverty in the United States
The THREE keys to improving financial literacy in schools
What YOU can do to help propel the financial education movement forward
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
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
From $50K in Debt to Financially Free in 2 Years w/ Lots of Ups & Downs
Grab Your Copy of “Women & Money” by Suze Orman
Grab Your Copy of Yanely’s Latest Book, “Mind Your Money”
Track Your State’s Movement for Financial Education with the NGPF Bill Tracker
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-424
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Is your W2 job causing you to burn out? You have dreams of achieving financial independence and retiring early, but the unrelenting demands of your nine-to-five job are causing you to work around the clock and miss precious moments with loved ones. If you’re feeling this way, you’re not alone!
Welcome back to another episode of the BiggerPockets Money podcast! Today’s guest, Amanda, has spent the last four years grinding toward an early retirement. Although the security of her husband’s reliable W2 income has allowed them to cover all of their expenses, invest in real estate, and grow their nest egg, they are quickly reaching a breaking point. As parents of four young children, they don’t want their busy work lives to keep them from what matters most. Is there a middle ground?
If your FIRE journey is causing you to burn the candle at both ends, this is an episode you won’t want to miss! Mindy and our guest co-host, Kyle Mast, share their perspectives on quitting your W2 job, finding work-life balance through real estate,and when it might be time to pump the brakes on your journey toward early retirement!
In This Episode We Cover
How to create work-life balance on your journey toward FIRE
Leaving the security of a W2 job for the flexibility of real estate
The challenges you might face when investing out of state
The pros and cons of short-term, mid-term, and long-term rentals (and how to choose!)
Using your market’s short-term rental comps to raise or lower your Airbnb rates
When to sell an investment property rather than holding on to it
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
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
Hear Our Last Finance Friday Episode with Joe
Find Short-Term Rental Comps with AirDNA
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-423
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility.
Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty. Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away, a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account.
If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero, the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track!
In This Episode We Cover
How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s
Lifestyle creep and why a high income is dangerous for most Americans
How to reverse your “spend first, save last” mindset and start investing for your future
The “wake-up call” that caused Becky and Bill to change their financial mindset
Whether or not it’s ever “too late” to retire (and what to do if you’re there)
Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s
Why you should NEVER buy a boat
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
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-422
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
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One of the best ways to boost your earning potential is with multiple income streams. With only so much time to dedicate to each stream, however, how do you maximize your total income without burning out? Today’s guest, Joe, is no stranger to the time constraints that come with managing multiple streams of income. With THREE promising income streams, he’s got his hands full!
At 22, Joe launched an online coaching business that earned almost $30K per month at its peak. Unfortunately, working 90–100 hours each week quickly took its toll on Joe, his relationships, and his overall well-being. Unsure of how to juggle his online business, nine-to-five, and latest endeavor—investing in real estate—Joe now finds himself at a crossroads. Which avenues should he pursue going forward? Which income streams offer the highest earning potential? Which options afford him the most schedule flexibility?
In this episode of the BiggerPockets Money podcast, you’ll get a full breakdown of Joe’s monthly income and expenses, as well as a glimpse of some of his long-term financial goals—including how he plans to revamp his online business, make real estate his next side hustle, and retire early. With help from Mindy and guest co-host Kyle Mast, Joe weighs the pros and cons of each income stream and gets a clearer vision of how to optimize his total income going forward!
In This Episode We Cover
Maximizing your earning potential without sacrificing work-life balance
How to avoid burnout when scaling a profitable side hustle
The importance of time management when you have multiple income streams
What you need to know before you start investing in real estate
How to use other income streams to fund your real estate investments
What it really takes to retire early in your 40s
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
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Financial Freedom Through Multiple Streams of Income
Building 61 Passive Streams of Income with Pat Hiban
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-421
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
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