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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.
As a first-time home buyer, you may be struggling to make a move. And who can blame you? In 2023, with high mortgage rates and stiff competition, more and more would-be home buyers are staying put as renters—but this could be a big mistake. Even Jay Papasan, executive at Keller Williams and bestselling author, wishes he made his first home purchase faster.
It wasn’t until Jay was thirty that he finally pulled the trigger on purchasing a property. He had just moved to Austin, Texas, and bought the worst property in the best neighborhood he could find. Now, a good twenty years later, this property alone has made Jay close to a million dollars, and he thinks today’s homebuyers could be in the same position. So, how do you build wealth when buying your first property?
In this episode, Jay walks through what first-time home buyers should be looking for when scouting out houses, the telltale signs of a great (and not-so-great) real estate agent, simple improvements you can make to increase property value dramatically, and what to do with today’s high mortgage rates. Jay also includes a little-known way to lower your mortgage rate on your next home, so you can pay less and profit more when you move out!
In This Episode We Cover
Why you should NEVER sell your first home (and what you should do instead)
How to lower your mortgage rate WITHOUT increasing your cost to close
Signs of a great agent and the MOST important trait they must have
Easy improvements that will shoot up your home’s value
Tracking your net worth and why you MUST know your personal profit and loss
Housing horror stories and whether or not your agent needs to tell you about the ghost haunting your kitchen
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
The Real Estate Rookie Podcast
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Grab the First-Time Home Buyer Book Bundle and Use Code “BPKELLER” at Checkout
Putting Yourself in the Best Financial Position as a First Time Home Buyer
Big Goals? Here’s How to Get Your Spouse or Partner on Board
Becoming a Millionaire Real Estate Investor
How to Manage Your Time Like a Millionaire
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-409
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Early retirement is the holy grail of financial freedom. With a large enough nest egg, you no longer have to work, giving you the time to spend with your family and friends or do whatever you want. The problem? Hitting financial independence is much easier than most FIRE-chasers think, and achieving their biggest goal comes with unintended consequences. The fact of the matter is, retiring early is a hard choice, and it’s NOT as simple as walking away from your job.
Today, we talk to Phil, who’s bringing in a large salary and doing a job he loves but wants to take more time off work to be around his growing family. Phil has reached financial freedom. He has plenty of money in his retirement accounts, a short-term rental property portfolio paying him a median-income salary, and lots of cash on hand in case he runs out. He’s also got a job that makes him a stellar salary and has the flexibility to allow him to increase or decrease his shifts as he sees fit.
Phil has done it. He’s found financial freedom and built a fortress of assets to hold up his lifestyle for the rest of his life.But, the idea of walking away from work is stopping him from taking the time off that he needs. With such high pay and work that gives him meaning, how can Phil slowly start stepping away from work without sacrificing his identityor ability to help others? This is a struggle for many who have hit financial independence, and you, too, may face the same dilemma in the not-so-distant future!
In This Episode We Cover
Building multiple income streams so you can reach financial freedom faster
Giving up the high-pay of a skilled job to spend more time with your family
When to pay off your properties and whether living mortgage-free is worth it
Transitioning out of a career and why stepping away from work is more complicated than it seems
Building your ideal post-FI life (even if that means working!)
The “middle-class trap” and why over-investing in retirement could be a mistake
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
The Real Estate Rookie Podcast
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Mr. Money Mustache on Life After FI: The Truth About Retiring Early
How to Avoid the “Middle Class Trap” When Building Wealth
The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-408
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Think it might be too late for you to enjoy the spoils of real estate investing? Well, you’d be wrong! Regardless of age, background, or financial circumstances, it’s never too late to switch careers and become a real estate investor. Just ask today’s guest!
In this edition of the BiggerPockets Money podcast, we’re joined by Evan Miller, who was a bright-eyed, bushy-tailed US Air Force cadet when he first took an interest in real estate. It wasn’t long before his childhood dream of becoming a pilot was ousted by the entrepreneurial pull of building his own real estate empire. Although his journey included a stint in intelligence and a pit stop as a certified financial planner, Evan has managed to create a portfolio of eight properties over the last eight years.
In today’s episode, Evan shares his entire story from start to finish, including his frugal upbringing, his time at the academy, and his journey towards becoming a full-time real estate investor. As always, our trusted hosts Mindy and Scott are along for the ride. Tune in as we demystify a handful of money-related topics—qualifying for real estate professional status (REPS) and its enormous tax benefits, finding exclusive deals through assumable loans, and flipping houses for a profit—even in a bad housing market!
In This Episode We Cover
How to seamlessly transition from your current vocation to a career in real estate
The value of frontloading depreciation when building your real estate portfolio
Assumable loans and how to find HUGE deals in military markets
How to flip houses at a profit in a volatile housing market
Real estate professional status (REPS) tax benefits (and how to qualify!)
The opportunities that come from surrounding yourself with other real estate investors
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
The Real Estate Rookie Podcast
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Episode 217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time
Grab “The Book on Investing in Real Estate with No (and Low) Money Down
Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS
Year-End Tax Tips and How to Owe Even Less in 2023
Try the BiggerPockets Calculators:
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-407
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The road to early retirement isn’t easy. Once you become dead-set on finding financial freedom, your entire world turns upside down. For many of us, this means spending as little as possible, ditching takeout, saying goodbye to expensive events, and becoming a frugal hermit in our own financially-focused worlds. But, this can lead to serious burnout since a life without fun is a hard life to live. Today, we talk to Sam, who’s feeling his own type of frugal fatigue.
Sam was blindsided by a sudden divorce, separating him from his daughter and prompting him to restart his career. He went the unconventional route, getting his pilot’s license and slowly building up his income. But, switching from stay-at-home dad to breadwinner in an instant left a mental mark on Sam. As a result, he’s kept an extremely lean budget, even as his income has grown into six figures. He’s doing a phenomenal job on the path to early retirement, but with time freedom in sight, Sam is still struggling to live life in the present moment instead of always focusing on the future.
In this Finance Friday episode, Mindy and Scott walk through paying off unconventional student debt, building a financial runway, the difference between being frugal and cheap, and whether house hacking vs. renting is the right move in this housing market. They’ll also chat over employee stock purchase programs and investing for early retirement, all while making dozens of pilot puns along the way!
In This Episode We Cover
Investing for early retirement and what to focus on to hit financial freedom
Being frugal vs. cheap and whether your FIRE obsession is making life harder
Student loan debt and when selling investments makes sense
House hacking and using extra space in your home to make more money
Building your “financial runway” and when it’s time to reallocate your investment portfolio
Employee stock purchase programs and the GUARANTEED profit you’ll make
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
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan
Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom
How to Get to Early Retirement Even Faster
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-406
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Healthy meals that taste great AND save you money? Surely, you can’t have all three! Today’s guest would beg to differ. After deciding roughly six years ago to embrace a healthy lifestyle, she made it her personal mission to find clean recipes that were equally affordable and flavorful. Today, she saves roughly $150 - $200 on her grocery bill each week!
Welcome to a special bonus episode of the BiggerPockets Money podcast. Today, our hosts Mindy and Scott pick the brain of Jenn Lueke, a food blogger who teaches people how to curb their monthly food spend and prepare healthy, craveable dishes that keep food exciting.
Have you always wanted to improve your diet without breaking the bank or spending countless hours in the kitchen? Do you wish that healthy choices tasted a little better? Tune in as Jenn talks about how she plans and preps all of her meals ahead of time, sticks to a tight grocery budget even amidst inflation or an economic downturn, and keeps all of her food organized in a one-bedroom apartment. You’ll even learn about her top budget-saving foods, go-to one-pan recipes, and favorite places to shop!
In This Episode We Cover
How to save on your grocery bill ($150 or more!) each week
The best ways to optimize food storage with limited space
Finding easy, cheap, and healthy recipes that become household staples
How to plan and prep meals for HUGE time savings
When to buy organic produce instead of conventional
Shopping seasonally to take advantage of lower prices (and fresher produce!)
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
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
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The formula to build wealth isn’t complicated. Most American millionaires have figured it out, and you might have as well. It’s safe to say that almost every wealthy American has followed these three steps that lead to a life of riches. If you follow the same path, you, too, can end up with financial independence, early retirement, and generational wealththat will propel your family forward. But, even though these steps are simple, most Americans can’t or won’t follow them.
Joining us in the fight to help every American reach financial freedom are Brian Preston and Bo Hanson from The Money Guy Show. Brian and Bo both boast numerous financial acronyms after their names. As licensed financial professionals (CPAs, CFPs, PFSs, CFAs), it’s fair to say that they know their way around a portfolio. They’ve been helping their clients and podcast listeners build wealth no matter what stage of life they’re in. And their newest study on millionaires has illuminated some surprising takeaways.
In today’s show, Brian and Bo break down EXACTLY what millionaires are doing that average Americans aren’t, the three core principles you MUST follow to build wealth, diversification vs. concentration, and whether or not real estate should be a part of your portfolio. So whether you just got your first job, are nearing retirement, or hover somewhere in between, Brian and Bo give actionable advice you can take away to not only build wealth but keep it for generations to come!
In This Episode We Cover
The three core principles you MUST follow to build wealth and become a millionaire
Self-made riches and the surprising facts about starting from SCRATCH
How to protect your generational wealth after you’ve made it
Why those that reach financial independence rarely choose to retire early
Diversification and whether your business, home, or stock portfolio owns too much of your wealth
The right way to invest in real estate for early retirement (and when it’s TOO risky)
Rising interest rates and how this will affect those pursuing financial independence
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
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Listen to “The Money Guy Show”
Download the Financial Order of Operations
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-404
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Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice?
On this Finance Friday, we talk to Patrick, who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate, as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about.
But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies, HELOCs (home equity lines of credit), car loans, and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family!
In This Episode We Cover
Student loan debt and what you MUST do to become debt-free
Whole life insurance policies and whether they’re worth the high monthly premiums
The true cost of college and what to know BEFORE you finance your degree
Rental property headaches and when real estate investing may NOT be the right move
Ditching dual income to become a stay-at-home parent and who is in the position to do so
Reaching financial freedom as a new parent and the sacrifices you MUST make to retire early
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
Subscribe to The “On The Market” YouTube Channel
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
Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought
Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”
Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston Cooper
Should You Pay Down Student Debt or Start Investing?
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-403
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Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor, you need top-notch tax advice if you hope to reap the best tax savings when filing—legally, of course. And that’s exactly what we’ve got for you today!
Welcome back to another episode of the BiggerPockets Money podcast. Ahead of this year’s tax deadline, we’ve brought in reinforcements to answer all of your burning tax questions. Today’s guests are Kyle Mast, fee-only certified financial planner (CFP) and real estate investor, and Natalie Kolodij, real estate tax strategist and IRS enrolled agent. In this episode, they use their collective tax expertise and perspectives to tackle a handful of key topics.
Ever wondered whether there are different tax benefits when buying a property in cash rather than via a traditional home loan? If you’re in a partnership on a short-term rental property, how do you claim depreciation? What is a cost segregation study, and when should you do one instead of taking depreciation deductions over the normal timeline? As always, our trusted host Mindy chimes in with some important nuggets to help make your journey toward financial freedom that much easier (while owing less to Uncle Sam)!
In This Episode We Cover
Tax benefits of buying a property in cash versus getting a loan
The “2-out-of-5-year” rule that allows you to avoid HUGE capital gains taxes
How to claim depreciation deductions in an investing partnership
The pros and cons of cost segregation studies and normal depreciation deductions
Why you NEED to hire a real estate tax strategist (and how to find one!)
How to set up your business entity for the best real estate tax savings
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Connect with Mindy on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Get Tax Professional Recommendations from Other Investors
The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of
Year-End Tax Tips and How to Owe Even Less in 2023
2023 Real Estate Taxes: Write-Offs, Loopholes, and How to Pay Less Next Year
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-402
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How important are beneficiary designations? What happens if you die without a will? What are intestate succession laws? Death is a subject that most people want to avoid, especially when it intersects with finances. Unfortunately, these are necessary questions to ask, as your legacy is at stake, and taking just a few hours to plan could save your family thousands of hours after you pass.
When guest and long-time friend Renee received the call that her husband of nine years had passed unexpectedly, she was left to deal with not only her own grief but also the financial implications of her husband’s death. While the two had discussed death and finances on multiple occasions, little did they know that a common financial error would create a logistical nightmare—one that would lead to ongoing legal battles and fractured relationships.
In today’s episode, Renee joins us to tell her story and stress the importance of planning for the unexpected. We cover things like beneficiary designations, wills, living trusts, and intestate succession laws. Renee also shares the three steps you MUST take to avoid having a post-passing financial nightmare. As always, our hosts Mindy and Scott are here to share some invaluable advice you won’t want to miss!
In This Episode We Cover
How a few hours of end-of-life planning could save your next of kin thousands of hours
Why beneficiary designations are king for all financial assets
Intestate succession laws and what happens when you die without a will
When others may have a legal claim to assets over a spouse
How relationships are impacted by the financial implications of your passing
The three steps you MUST take to get your assets in order before you die
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
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Estate Planning, Wills, and What to Do NOW to Protect Your Heirs w/Jordan Klint (Episode #395)
Get Your Family Emergency Binder
The Easiest Way to Create a Will
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-401
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Being able to retire early is a blessing and a curse. When you first start working a job, all you can think of is escaping your everyday responsibilities. The mind-numbing tasks, the early mornings, late nights, horrible bosses—it all adds up. But, you then find the “financial independence, retire early movement (FIRE),” and almost overnight, you decide that your future will be dedicated to setting yourself financially free. You develop skills that help you make more at your job, feeding into bigger, better investments. And as a result, you end up being in a better position, at a more respectable job, earning more than you thought possible, and enjoying the challenge of everyday work.
This is precisely what happened to your hosts, Mindy Jensen and Scott Trench. Both started at jobs they didn’t love, wanting to be financially free. Through hard work and skill-building, Mindy and Scott were brought together, prompting them to start the BiggerPockets Money Podcast and build a company they both love. Now financially free, Mindy and Scott refuse to retire early for a good reason.
In this special four-hundredth episode, Mindy and Scott share their money stories, how they found the FIRE movement, what they did with their money, and why they choose to work, even though they don’t have to. If you want to know the real reason behind Scott and Mindy’s skyrocketing success, stick around because their stories are much more repeatable than you may think.
In This Episode We Cover
The origins of the BiggerPockets Money Podcast and how risky investing prompted a powerful podcast
The index fund vs. individual stock-picking debate and why Mindy started to shift her portfolio
How Mindy and Scott found the FIRE movement and how they both quickly reached financial independence
Becoming a CEO and why Scott’s “don’t ask for a raise” philosophy paid off BIG time
Choosing to work instead of retiring early and why a meaningful livelihood beats a relaxing early retirement
The simple but profound moves Scott made to triple his net worth in just a few years
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Mindy's
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Breaking the Taboo of Talking About Money with Friends, Family, and Bosses
How to Change Your Financial Life with a Money “Reset”
Margin Loans: Low-Interest Lending or Risky Rates?
Mindy's First Episode: Jump Starting Your Early FI Plans by Live-in Flipping
Scott’s First Episode: An All-Out Approach to Financial Independence at an Early Age
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-400
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