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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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Everyone knows that real estate agent commissions are hefty. Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollars really went. It’s not hard for a new agent in today’s world to lock in six-figures worth of real estate commissions within their first few years. But, not many agents, even uber-experienced ones, have been able to hit what Pat Hiban has.
Pat was one of the first “billion-dollar” real estate agents. Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent!
But how did Pat, a sociology major without any connection to real estate, reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors, you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today!
In This Episode We Cover
Everything you ever wanted to know about real estate agent commissions and broker splits
Why so many new real estate agents fail during their first few years
Leveraging out your work, hiring employees, and scaling a business instead of building a job
Real estate investing basics and the downsides of taking too much depreciation
Quitting a lucrative career and the financial moves to make that ensure a successful transition
The six steps to reaching seven figures for real estate agents (and any other entrepreneur!)
And So Much More!
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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-339
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Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable.
Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom.
Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too!
In This Episode We Cover
Living on less than half of your incomeand how to maximize your unused funds
Income-based repayment plans and determining the best loan payoff plan for you
Reallocating your portfolio and finding creative ways to pay off your debt
Time management and how to know when you should outsource or delegate tasks
Preparing for a career shift and how to create a solid financial foundation
Getting into a debt-free mindset and finding financial independence even faster
And So Much More!
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
BiggerPockets FIRE Planning Worksheet
Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington
Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-338
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College isn’t the only option after high school. In fact, it’s not even the best option. Typically, twenty-two-year-olds fresh out of college are launched into the workforce with a lot of debt and little life experience. So how do you enter the workforce debt-free with life experience? Join the military.
Today’s guest, David Pere, is a financially free veteran with 100 rental units, all thanks to his time in the military. He enlisted fresh out of high school in 2008. While he did the usual “stupid young guy stuff” for a few years, once he read Rich Dad Poor Dad in 2015, he decided to get serious about financial freedom. After thirteen years of active duty, in 2021 he was honorably discharged with a net worth of a million dollars.
The military offers various benefits, from the ability to learn trades to getting life experience to its financial advantages. As a service member, you are in an ideal position to become financially free. Your housing and food get paid for, and you have access to government-backed savings plans and loans. You also get tuition assistance for yourself and your family. With all the support and benefits the military provides, you can start building the life you always dreamed of straight out of high school.
In This Episode We Cover
Why the military may be the best option straight out of high school
The various opportunities to start a career through the military
The GI Bill vs. tuition assistance and how to make sure you qualify
The tangible and intangible skills you learn in the military and how they translate into the workforce
The VA Loan, qualifications, and how to get rich with it via house hacks
The TSP and the SDP and how to use them to grow your wealth faster
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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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
The (Almost) Guaranteed Way to 31x Your Investments
DIY Your Way to FI with Tinian Crawford
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-337
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Becoming a millionaire by 30 is almost every 20-or-something-year-old’s dream. But what if you want to go even further? Instead of seven-figure net worth, what about an eight-figure net worth? Would this be enough to make your wildest dreams come true, or is planning for ultra-wealthy status a wasted pursuit, as most people could easily retire earlywith just a few million? The question we’re trying to ask is, how much is enough?
It’s not Scott and Mindy asking this question, it’s today’s guest, Travis. You could call Travis an overachiever, although he doesn’t have the ego to fit that title. Travis has built close to a million dollars in net worth, with $10,000 of monthly passive income in just four years. He’s done this while working a full-time job and spending just $2,000 a month. If we could give a “You Did It, You Won the Money Show!” award, Travis would be first in line.
But Travis is struggling to get his goals aligned with his portfolio. He set a lofty eight-figure goal for retirement, but with his rock-bottom spending rate, is this dollar figure even worth the work? Travis also wants to pose the stocks vs. real estate question, as he’s almost entirely invested in rental properties with very little left in retirement accounts or any stock accounts in general. So what is Travis’ next move? Quit the job, load up on stocks, or keep doing what he’s been doing?
In This Episode We Cover
Using the BRRRR strategy to grow a large rental portfolio in very little time
Hitting millionaire status by your thirties through smart spending and consistent investing
When to quit your W2 and pursue entrepreneurial pursuits full-time
Stocks vs. real estate and loading up your Roth, 401K, and other retirement accounts
Goal setting and when to take a step back from building wealth
CapEx calculations, cash reserves, and prepaying your mortgage
And So Much More!
Links from the Show
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Finance Review Guest Onboarding
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
BiggerPockets FIRE Planning Worksheet
Ready to Retire: The Ultimate Pre-Retirement Checklist
Episode 200 Special: A Personal Finance Masterclass with Kyle Mast
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-336
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What do timing the market and a circle have in common? There’s no point, literally and figuratively. Some people would like to have you think they’ve cracked the code and there’s some secret formula. There’s not. They may have been able to “time the market” once or twice, but they probably can’t repeat it multiple times. Being correct for the wrong reasons isn’t repeatable, and with the market being so arbitrary, timing it correctly for the right reasons is unlikely. Despite this, there’s still a way to have enormous success while realizing great returns in the stock market, and today’s guest, Jesse Cramer, explains that.
In Jesse’s article,The Near-Zero Benefit from Timing the Market, he tells the story of three investors. All three investors have different experiences “timing” the market, and while they all have different outcomes, it’s not the outcome you’d expect. While you can’t time the market, time in the market can be just as lucrative. If you let your money compound interest over time, you’d be surprised at how much more you can earn by simply leaving your money alone.
In This Episode We Cover
Time in the market vs. timing of the market and which one wins over decades
The unpredictability of the market and how to combat it
Advice for new investors on how to manage emotions while investing
The benefits of reinvesting your dividends and letting your investments compound
The importance of self-education and how to use it as insurance when investing
The history of the stock market and its overall growth
And So Much More!
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Coronavirus: Is It Time to Give Up on Financial Independence?
The Near-Zero Benefit from Timing the Market
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-335
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If someone told you that financial freedom could be achieved by traveling the world, you probably wouldn’t believe them. How can going on a work vacation to Europe make you richer? Surprisingly, doing this can help cut years off your retirement horizon, allowing you to save more, spend less, and invest for your future faster than ever before. Don’t believe it’s possible? Scott and Mindy prove the profits behind doing so in this Finance Friday episode!
Today we’re talking to James, who is inches away from retirement. He has only a few years left before he can sail off into the sunset, but James wants to know how he can reach his goals even faster. He keeps his spending low, continuously invests, and has a remote work position, allowing him to work wherever he wants. He dreams of living in other areas of the United States but wants to ensure he has enough money to do so.
His highest monthly cost? Housing! Like most Americans, a majority of James’ spending is for the roof over his head, but could geographic arbitrage turn his travel plans into a seriously profitable excursion? For those who are trying to hit FI, are close to FI, or simply want to spend more time enjoying life abroad, this episode is for you!
In This Episode We Cover
Calculating your FI number and getting to early retirement faster
Defining your retirement goals and knowing what you want to do and where you want to be
The 4% rule and whether or not it holds up as stock values have taken a tumble
Geographic arbitrage and using it to reduce your largest monthly cost
Coast FI and why a more gradual retirement option may work for you
The five questions every investor should ask themselves when planning for retirement
And So Much More!
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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
Ready to Retire: The Ultimate Pre-Retirement Checklist
BiggerPockets FIRE Planning Worksheet
Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-334
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In the early retirement movement, becoming a millionaire is a crucial part of the financial path. While everyone has different spending habits, the first million will allow you to start pivoting so you can make choices for your enjoyment, not just for the sake of money. But when is it too late to start making these moves? Is there a certain point where early retirement, or retirement at all, is off the table? If you think so, listen to today’s episode with Courtney Robinson.
Courtney was raised frugal, and unlike most, she never strayed off that path. Buying old cars, eating at home, and seeing matinee movies were the norm for her, but this began to get harder and harder as her family grew. Courtney was raising four children on her own, making only $15,000 per year, with multiple debts to pay off. But now, only ten years later, she’s a millionaire with equity, retirement investments, a large cash reserve, and multiple rental properties.
How did she make the switch in the “late period” of her life? Courtney goes over the details that led her and her husbandout of bankruptcy, into investing, and eventually to millionaire status. By no means was this an easy or quick journey, but Courtney serves as living proof that even if you’re in your forties or fifties, you still have plenty of time to build a strong financial foundation, and maybe retire early!
In This Episode We Cover
Early frugality and the long-term benefits of teaching your children to save
Living off of $15,000 per year and how to intelligently increase your yearly income
Bankruptcy, debt payoff, and differentiating the “needs” from the “wants” in your life
Paying off your mortgage and living for “free” in just a few years
Calculating your FI number and making sure your investments match what you’ll need
Emergency funds, cash reserves, and how much to keep in each account
And So Much More!
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Finance Review Guest Onboarding
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
Early Retirement by 30 with $20K/Month in (Actually) Passive Income
Finance Friday: How to Get to Early Retirement Even Faster
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-333
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Having shared finances, for most couples, is an automatic thing to do once married or after being together for many years. It seems natural to want to combine income, expenses, and investments all in one big pot. This was the norm for most couples over the past hundred years, but as technology has made individual accounts more defined, some couples are finding freedom in keeping their finances separate from their relationship.
We thought we’d put this theory to the test by having Doug Cunnington and Carl Jensen, hosts of the Mile High FI podcast, on the show. Doug and his wife have separate finances, Carl (Mindy’s husband) has completely combined their cash flow, and David Pere (our trusted military millionaire) has walked the tightrope between combined and separate finances with his wife. But which couple is fairing the best?
Unfortunately, we will not be having a couple vs. couple cage match?—but we will discuss the pros and cons of each strategy. Carl, David, and Doug all bring up interesting, and often emotional, arguments as to why they think their money-splitting strategy works best for their specific relationship. If you’re currently in a relationship, married, or about to be wed, this may be a crucial topic worth exploring before your spouse spends $50,000+ on an impulse Tesla order!
In This Episode We Cover
Three couples with three different ways of splitting finances
How to combine monthly cash flow so that bills are paid
The bright side of prenuptial agreements and why every married couple should have one
Respecting your partner's money mindset by building a spouse-specific system for the two of you
Saving for your child's college and whether or not higher education is worth it as college becomes increasingly optional
Advice for couples who will (or already) combine their finances and investing
And So Much More!
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Finance Review Guest Onboarding
David’s Site From Military to Millionaire
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Why You’re (Probably) Wrong About Prenups
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How would a six-figure side hustle change your financial picture? Think of the possibilities—being able to travel, becoming debt-free, or even buying your dream home. For most Americans, income is capped at what you make through a salary. There isn’t enough time, creativity, or energy left at the end of the day to make more. But, one specific subset of employees does have an upper hand that most people overlook—teachers. With a sizable summer break, teachers can make more than many others, even with their median incomes.
Someone who took full advantage of this lucrative scheduling was Skyler. Skyler was raised in a very frugal household, resorting to food stamps and government subsidies at times. But Skyler was poised to turn a hard past into hard assets and later, financial freedom. He used financial aid to heavily discount his college tuition, rent-hacked (sometimes for free) into his mid-twenties, and thought of every decision as a return on investment.
As he slowly whittled down the debt he had accumulated through school, real estate caught his eye. Skyler not only beganselling homes on the side as an agent but performing live in flips during the off-season of his teaching career. Thisskyrocketed his net worth, debt payoff schedule, and timeline to financial freedom. He’s made so many wise moves that Skyler will soon be saving eighty percent of his income all while living for free abroad!
In This Episode We Cover
Turning frugality into financial success through smart money-saving moves
Student loan payoff and using the “debt snowball method” to become debt-free faster
Live in flips and how to make six-figure, tax-free wealth through this lucrative side-hustle
The true price of adopting a child in the US and why it’s something worth saving up for
Making the most of your median-income job by building wealth in the background
Geographic arbitrage and living for free (and tax-free!) in other parts of the world
And So Much More!
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
How to Create Financial Security (From Scratch!) and Become “Set for Life”
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You’ve heard of money hacks before, but probably not like this. For the teenagers and parents of teenagers listening, this episode will give you everything you need to make yourself, or your child, financially successful, straight out of high school. Most parents think that a strong financial foundation is built through allowances, debit cards, and making their child get an after-school job. While none of that is bad advice, it doesn’t leave the teenager with a sense of financial security or knowledge of how to manage money.
Thankfully, the Sheek Freak himself, Dan Sheeks, is back on the show to give his “ultimate teen money hack for parents.” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path. This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independence, responsibility, and the ability to save and invest for a better future.
But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too!
In This Episode We Cover
The “ultimate teen money hack” every parent should try with their high-schooler
Teen debit cards, credit cards, and building up basic frugality
Teaching your teen to “pay yourself first” through strategic spending and investing
Letting your child make mistakes now, so they don’t make life-long mistakes later
The perfect age to implement this strategy and when it matters most
Common questions your teen may ask and getting them excited about money management
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
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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
Escaping The Rat Race Before Your First Job w/ Dan Sheeks
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