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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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The new vs. used car debate has been going on for as long as automobiles have existed. For almost the entirety of time when cars were being bought and sold, it seemed like a responsible, frugal decision to buy used, save up some money, and take the repairs with the deal. But inflation has changed this debate in 2022 (and beyond). Used car prices are high—sometimes even higher than new cars—prompting shoppers to reconsider what makes the most financial sense.
In the first half of this show, we talk to Liz Frugalwoods, financial blogger and borderline professional at buying and selling cars. She recently made the bold decision to buy new—a shock to many of her readers. How could Liz, a financial independence expert, do something as careless as buying a brand-new car? Had she given up on the path to frugality? Not exactly. Liz shares some good reasons why buying new instead of used makes more sense, especially today.
To close out the episode, we bring on local mechanic Jesse Johnson, who gives a brief masterclass on buying, selling, and maintaining cars. As a mechanic with decades of experience, he knows exactly what car owners do to slowly destroy their daily drivers. He also knows how to get the most bang for your buck and when it’s the right time to sell that clunker sitting in your driveway.
In This Episode We Cover
The reasoning (and math) behind buying a new car vs. buying a used car
Taxes, registration, fees, and other trade-offs when buying new vs. used
The most important questions to ask yourself when shopping for a vehicle
Tips when selling a used car and the #1 thing to NEVER do
What parts of a car are worth repairing and which can wait
How to find a great mechanic in your area and get a free car wash
Trade-in tips and what to know to get the most out of a dealer
And So Much More!
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Frugalwoods - Financial Independence and Simple Living
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-349
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Unless you’re a money nerd, knowing how to start investing from scratch isn’t as easy as it seems. With so many options out there and the economy faltering, how do beginners avoid getting burnt? Is something like real estate investing out of reach for new investors in times like today? These questions become even more complicated if you’re like today’s guest, Steven.
Steven recently became debt-free (woohoo!) after paying off six figures worth of combined student, auto, and credit card debt. But because he’s been so focused on paying off debt, investing isn’t coming easy to him. With a baby on the way, he wants to be sure he’s making the smartest moves possible to put himself, his wife, and his child in a position to succeed. But real estate investing, stocks, and other assets aren’t his only worry.
With two job offers on the table, both with separate benefits and drawbacks, Steven is suffering from analysis paralysis, unsure how to move forward. Should he take the job with higher pay and remote flexibility or go with thelower-paid job that offers career growth potential? Thankfully, with Scott out on dad duty, Mindy doesn't have to serve as the lone suggester. Joining her on this episode is J Scott, experienced investor, father, and author of the newest book, Real Estate by the Numbers!
In This Episode We Cover
Paying off $100K in debt and how today’s guest did it in just three years
Finding your financial tribe by attending meetups, joining Facebook groups, and connecting on the BiggerPockets forums
Flexibility vs. finances in a job and which is more important for a new parent?
Eating out expenses and how investing a few meals’ worth of expenses could change your child's future
How to start investing as a beginner and the dangers in diversifying for those who want to build wealth
Side hustles, moving to inexpensive areas, and more financial tradeoffs for a flexible lifestyle
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
7 Tips for Successfully Investing in ANY Market Condition With J Scott
Our Phantastic Life Youtube Channel
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-348
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Dollar-cost averaging—you may have heard the term before, but maybe not its implications. According to Nick Maggiulli, it’s probably the easiest way to get rich with stocks, real estate, or really anything else. But what about buying the dip? Wouldn’t investing at historic lows be the wisest move to make when the markets take a tumble? Surprisingly, no! Don’t believe us? Listen on!
Nick’s investing theory is simple. But, the math backs it up. Doing less will make you more money—much more money. In his book, Just Keep Buying, Nick lays down the time-tested, proven ways to build wealth without being an expert day trader, cryptocurrency coder, or stressed-out landlord. This simple system of investing will allow you to build an almost unspendable nest egg without being glued to the market charts and graphs all day long.
But maybe stocks aren’t your thing. Maybe you're chasing hundred-millionaire status? Don’t worry, Nick also gives his take on achieving monumental money goals without following the same path as everyone else. No matter where you’re at in life, this is an investing lesson worth learning as early as possible!
In This Episode We Cover
Dollar-cost averaging vs. buying the dip and which will make you more in the long run
How to invest with a falling stock market, high interest rates, and higher bond yields
Individual stocks vs. index funds and who should pick which type of investment
Cryptocurrency, NFTs, and investing in alternative assets
The downside of diversification and why it won’t help you build a big portfolio
Why even billionaires don’t feel like they’re rich enough
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
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
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-347
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Taking a sabbatical from work requires a few things: time, money, and the willpower to do some soul-searching. Most people think that they can’t take any more than two weeks of the year off work. They rack up excuses, blaming timing, too many projects, and everything in between. But what if taking a sabbatical, gap year, or any other type of long-ish break was the key to building wealth faster and being a happier, healthier you?
Today’s guest Cindy, left a high-paid, stable job to take some much-needed time off. And after doing so, she’s urging you to do the same. Cindy, like most Americans, hasn’t taken time off since starting her working career. Besides the regular vacations and holidays, there never seemed like a good time for Cindy to take a break, recollect, and ask herself what she truly wanted. After taking a mini-sabbatical, she built up the courage to leave her job and hop off the grid for a bit.
Surprisingly, Cindy’s net worth didn’t dwindle during her time off—it grew! This positive push from the markets and her newfound clarity allowed her to discover new passions, try self-employment, and later snag a much better job while continuing to work towards early retirement. If you’ve been debating taking some time off, this episode will give you all the tips you need to do so!
In This Episode We Cover
Building your list of “alternative careers” to widen your job possibilities
Branching out far beyond your job title and doing more than what your degree is in
How to sample a sabbatical to see whether or not you could handle the real thing
Quitting your job during turbulent times and how to temporarily prepare for life without work
Funding life with a job and what to do before you quit
Planning out your passions so your sabbatical isn’t put to waste
How employers look at applicants who just took a sabbatical (it’s not what you think!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
David’s Site From Military to Millionaire
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Apply to Be a Guest on The Money Show
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Click here to check the full show notes: https://www.biggerpockets.com/blog/money-
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We know financial freedom is possible for those in their 20s and 30s, just starting their careers, without children and serious financial obligations. But what about those getting started on their journey in their 40s and 50s? What about the stories of those who’ve had lifelong debt, went through a financially destructive divorce, or didn’t know early retirement was an option?
Monica Scudieri, author of Grab Your Slice of Financial Independence, wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt, get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same.
After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digging herself out of debt, building up a cash-flowing rental property portfolio, and financially optimizing her life in every way she could. Now, she’s financially free, coaching others on how they can do the same!
In This Episode We Cover
Financial red flags to look out for when dating (and what to do if you spot them)
Budgeting, tracking your expenses, and the smarter way to ensure you’re not overspending
Having the “money conversation” with your partner or spouse before it’s too late
Downsizing and ignoring lifestyle creep even if your partner can’t
Building a small rental property portfolio and the huge benefits of investing early
Side hustles and doing whatever you can to get out of consumer debt
Why the Honda Civic remains the FIRE movement’s vehicle of choice
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-345
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Everything you’ve been hearing about social security is a lie. For years, mainstream media and many financial figureheads have said that social security is on a fast track to bankruptcy, with no money left over for Americans when they grow old. But what if we told you that wasn’t true? What if you knew that social security would be there for you when you retire, even if you’ve just started working? Today’s guest, national social security advisor and expert Jeremy Keil, explains the basics of social security and teaches you how to maximize your benefits.
One of the biggest misconceptions about social security is that you have no control over it. The truth is, you control your social security more than the government does. How long you work, when you file, and how you educate yourself are all in your control. While these things may seem insignificant, they could all affect your social security by thousands. If you play your cards right, social security could be the biggest asset of your life.
Jeremy makes a strong argument that social security is the cheapest insurance you might get. In fact, it’s too good of a deal. The original purpose of social security was to help impoverished elderly Americans, so people with a lower income get more from social security. But, that doesn’t mean you’ll be stuck with pennies if you have a higher income. Social security is the “deal of a lifetime” since it lasts your lifetime, grows with inflation, and has no commissions. Can you think of a better investment than that?
In This Episode We Cover
Social security misconceptions and the truth about social security and whether or not it’s going bankrupt
The history of social security and its original purpose for Americans
How social security gets calculated and how the number of years you work can significantly affect your monthly social security payment
How and when to file social security to maximize your retirement savings
Survivors benefits, joint life expectancy, and how to file social security as a couple
The break-even point and how to get “the eight percent guarantee”
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-344
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The 2022 housing market doesn’t make a whole lot of sense. At the start of the year, competition was fierce, with bidding wars on every home and lines out the door just to view an open house. Now, in quarter three of this year, interest rates have hit decade-long highs, buyers are more in control, and days on market are starting to creep back up. As a homeowner, investor, or renter, you need to know what's on the horizon so you can build wealth while others run for the hills.
Joining us today are James Dainard, Jamil Damji, and Kathy Fettke, a gaggle of real estate veterans and the expert guests on BiggerPockets’ On the Market podcast. They’ve seen up markets, down markets, and confusing markets like today. As investors who touch almost all corners of the United States, with different areas of expertise, they bring the facts on what’s happening in today’s housing market.
We talk about interest rate updates, when the “inventory crisis” will end, why demand has taken a nosedive, and whether or not it’s still a good time to buy real estate. We also talk about the state of the economy, inflation, and how the Federal Reserve may be working to put us into another recession. This up-to-date episode will give you everything you need to make smart buying or selling decisions in today’s housing market.
In This Episode We Cover
Why interest rates are up and what it means for the housing market
Whether or not the Federal Reserve is trying to cause a real estate correction
When and where you can expect price drops and how long they’ll last
Is now still a good time to buy real estate (investments AND primary residences)
Adjustable-rate mortgages (ARMs) and why they’re worthwhile in times like today
The housing inventory crisis and how Millennial demand drove up prices
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
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Financial independence isn’t for everyone. That comes as a surprise for most of us within the personal finance community. Whether we like it or not, the “save, invest, and grind” until you can retire early lifestyle isn't a commonly accepted one. But what happens when your partner is the one who doesn’t agree? What steps can you take to help them see why early retirement is such a crucial piece of your life?
This is just one of the topics we touch on with today’s guest, Mark. Mark is in a great position, and he’s already financially free. But, he doesn’t know what to do next, how to optimize his portfolio, and whether or not he’s making the right moves. With a blend of stocks, bonds, and real estate, Mark has a million-dollar diverse portfolio, but where can he tighten it up? And, if he’s able to do so, how does he get his wife on board?
This episode serves as a reminder that even when all the hard work pays off, there is still a life to live. If you’ve spent years, or decades, grinding to finally reach a comfortable position in life, it’s necessary to know how to use that time once you have it. Do you keep stacking up investments so your children are ensured a comfortable life, or do you take some time for yourself, chase after your own dreams, and live a life you would love to live?
In This Episode We Cover
Why cutting down your expenses remains one of the fastest ways to hit financial independence
Recalculating your rental property profits and making sure your cash flow is correct
Turnkey rentals and using them as a low-stress way to quickly build a profitable portfolio
Selling off investments to pay for your lifestyle and the risk of doing so
Combining finances as a couple and how to propose the idea to a not-so-convinced spouse
Defining your goals and drafting your “vision” that’ll help you make the right steps to achieve ultimate freedom
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
BiggerPockets FIRE Planning Worksheet
The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-342
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Katie Gatti Tassin from Money with Katie had her “financial awakening” earlier than most. She saw the middle-class wealth trap of working, spending, and repeating for what it really was. This cash-gobbling cycle is one that many Americans fall into, but once you see the light, it’s hard not to almost automatically do better. And that’s what Katie did, trading twenty-dollar daily lunches and “hot girl expenses” for more saving, investing, and skyrocketing net worth.
Through a few short years of self-education, Katie was able to more than double her income, build profitable side businesses, and have a master-like grip on her finances. She’s become an expert in retirement investing, passive income, and saving simply through reading blog posts, listening to podcasts, and starting something of her own. This, coming from someone who just a few years ago had less than $500 to their name.
Katie walks through what spurred her “financial awakening” and how sharing the same thought process could activate your own. She also touches on financial myths that the middle class commonly falls into, the great Roth vs. 401(k)debate, and why lifestyle creep isn’t such a bad thing. She’s proof that you can turn your entire financial situation around in only a few short years, and if she could do it, why can’t you?
In This Episode We Cover
The “financial awakening” that’ll have you saving more and spending less
Financial “truths” that could destroy your wealth if you follow them
Self-education and the best personal finance podcasts and blogs and you should tune into
Retirement investing and whether it makes sense to invest pre-tax or post-tax
Starting side hustles and job hopping to more than double your salary
The bright side of lifestyle creep and using it as a reward for your hard work
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
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Finance Friday: I Want to Cash Out My 401k Early, Should
The Shockingly Simple Math Behind Early Retirements
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Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in-law suite brings in enough cash flow for many to pay off a sizable amount of their mortgage. One such investor is Allen, who turned his low-interest rate primary residence into a lucrative short-term rental in the Portland, Maine area.
Allen is a vacation rental house hacker, leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move.
With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you. Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose.
In This Episode We Cover
When is the right time to buy real estate and how high-interest rates hurt your chances of getting a good deal
Limiting your monthly spending and taking advantage of earning a high income
Short-term rental house hacking and using it to cover most of your living expenses
Stocks vs. real estate investing and when it’s the right time to choose one over the other
Aggressive debt payoff and how to know whether an interest rate is too high
Credit score tips and the factors that make yours go up and down
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
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Finance Friday: Self-Employed Income and Short-Term Rental Investing
Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-340
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