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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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Your financial freedom journey won’t look like anyone else’s. It’s your future, your passion, and your life on the line when trying to hit financial independence. But what are we missing out on during the journey? Are we mindlessly walking towards a “money mirage” where everything in life is perfect and happiness is always abundant, simply because we have more money? Or, is the end of the financial independence journey far less satisfying than it’s hyped up to be?
Doc G, from The Earn & Invest podcast, knows about regret. When he’s not recording episodes about residual income, he’s helping hospice patients who are months, weeks, or even days away from life’s end. He knows what it looks like when someone harbors regret about what they should have done. So many of our greatest regrets are caused by not knowing what we truly want to do. The question is, do you know what will actually make you happy?
It’s okay if you can’t answer that question right away. In Doc G’s newest book Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, he gives a concoction of stories, exercises, and thought-provoking metaphors to help you not only reach FI but do so regret-free.
In This Episode We Cover
Why stepping away from a high-paying career could make financial freedom easier for you
Finding what you truly want out of life and how to do so before it’s too late
The “mirage of money” that financial independence chasers can’t get enough of
Why the “death march to FI” is rarely worth it and what to do if you’re on that path
The “three brothers” story that will have you rethinking how you want to reach early retirement
What hospice patients regretted most and their advice for those who are healthy
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
Life After FIRE – Case Studies with Scott, Whitney Hansen, and Doc G
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The “semi-retired” lifestyle seems to go against everything early retirement chasers have been taught. For years, it’s been pushed into our brains that “retirement” is one stark event. You retire once, do what you want for the rest of time, and that’s that. But life doesn’t always go that way. Today’s guest Amanda has spent the past two decades raising children, working, and focusing on getting an advanced degree. Now, with extra money coming in she’s finally in the position to invest.
Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts, saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it.
Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement. In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life?
In This Episode We Cover
After-tax vs. pre-tax investment accounts and which to prioritize for early retirement
Pensions and whether or not they’re worth working at the same job for
HSA vs. FSA investing and how to maximize your tax-advantaged healthcare accounts
Index fund investing and how to aggressively invest without making things complicated
The four levers of financial independence and which to pull when you don’t have many assets
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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Check Out Mindy’s 2022 Live Spending Tracker and Budget
Finance Friday: How to Get to Early Retirement Even Faster
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Early retirement is something people in their forties and fifties do, right? It would seem almost impossible for someone to retire in their mid/late twenties or early thirties without a large inheritance or winning the lottery. Today you’ll meet the woman who did the impossible—Rachel “Money Honey” Richards. Her voice may sound familiar as not so long ago Rachel was a guest on The BiggerPockets Real Estate Podcast where she talked about retiring in just two years thanks to “aggressive” real estate investing.
This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income, much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college. She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be.
Fast forward a few years and Rachel has a strong real estate portfolio, bestselling financial literacy books, an exclusive mastermind and coaching program, as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here.
In This Episode We Cover
Using your age as a benefit and how to get around clients/customers judging you by your youth
Where to find the most cash-flowing real estate deals that no one else knows about
Living frugally as you make more money and resisting lifestyle creep at all costs
The multitude of passive income streams almost anyone can create
Selling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to be
Imposter syndrome and why self-doubt could be costing you tens of thousands
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
Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards
Download Rachel's "Passive Income Starter Kit"
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When building your budget, do you have a line designated for “economic downturn” or “high inflation?” Probably not. Many financial freaks like Carl and Mindy Jensen don’t prepare for economic anomalies like rampant inflation or double-digit stock market losses. And like most Americans, they’re finding it hard to not spend more money every month.
Carl and Mindy understand this, but can't seem to rein in their rebellious budget. This month was their most expensive month ever. And even though these expenses were planned, they nonetheless stung when reviewing them later. But even without these accounted expenses, Carl and Mindy have noticed the cost of goods going up while their stock portfolio continues to drop.
If you’re worried about high inflation, rising home prices, food prices, and everything in between, this is a great time to make the needed adjustments to your budget. This will save you not only a bunch of time but also stress when seeing shockingly high prices for everyday things.
Even financially free couples like Carl and Mindy need to reassess, and you may want to as well!
In This Episode We Cover
Mindy’s most expensive month ever recorded and why you should never books flights a month in advance
Categories you can cut when an economic downturn hits so you (and your family) stay safe
Why saving is more special when you can truly enjoy the things you’re spending on
Rethinking early retirement and why now may not be the best time to leave the workforce
Budgeting, expense tracking, and keeping an eye on your overspending (before it gets out of hand)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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
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Passive income and credit scores. While they don't entirely rely on each other, having good credit does allow you to build passive income streams far faster. Andrew Brazell learned this the hard way, but thankfully profited big time by making some needed changes. Less than a decade or so ago, Andrew was living in a rat-infested apartment, riddled with credit card and student loan debt, spending all of his money every month. He felt financially hopeless until he struck up a conversation with his Rugby teammate, and BiggerPockets CEO, Scott Trench.
Scott personally helped Andrew dig himself out of a debt hole, start house hacking, and get well on his way to financial freedom. From there, Andrew understood the formula—save your money, buy income-producing assets, and repeat until financially free. Andrew took this lesson to heart, and shortly after paying off his debt, began rental arbitraging his apartment, helping him eliminate his cost of living. That’s when he met Haley Ferguson, his future wife, and a soon-to-be top short-term rental host.
The duo saved their money and bought their first house hack property. And, because of smart landlording, they were able to bring in more than double their mortgage payment in rent alone, allowing them to live at a profit. Now, they’re well on their way to buying even more properties, helping them go from financial fiasco to financial freedom, and finally financial abundance.
In This Episode We Cover
How to save money every month so you can pay off debt, invest, or just have peace of mind
House hacking, rental arbitrage, and other ways you can eliminate your cost of living
Reducing your credit card, medical, or other debts by making a simple phone call
Lifestyle creep and why every financial freedom chaser should resist it
Vacation rental investing and the massive profits that come with it
Purchasing properties with the VA loan and using low down payment loans to scale your real estate portfolio
And So Much More
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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
How to Create Financial Security (From Scratch!) and Become “Set for Life”
300 Doors, 100% Creative Financing with Pace Morby
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Those searching how to retire early usually come away with one conclusion—you have to make much, much more money. Most financial independence pursuers think that a large salary or enormous sum of assets is what will bring them closer to FI. Fortunately for you, that isn’t always the case, and you’ll see exactly why when we talk to today’s Finance Friday guest, Rebecca.
Rebecca makes a great salary. Actually, she makes two great salaries, working at her government job during the dayand her technical writing job at night. She’s pulling in six figures, owns her own home, and splits expenses with her boyfriend. But she’s struggling to put together a passive income portfolio that will give her a good amount of monthly income when she decides to leave work. So what’s the missing piece in this passive income puzzle?
Scott and Mindy sift through Rebecca’s finances and find some strikingly simple ways that she (and all of you) can save money every month and get to financial freedom decades in advance. This strategy isn’t hard, but it will take a little bit of willpower to get done. Thankfully, even those FIRE movement and financial freedom chasers who aren’t die-hard FI fanatics can still take these lessons to heart.
In This Episode We Cover
Building a passive income plan that can carry you along in early retirement
Budgeting and expense tracking that can save you hundreds (or thousands) a month
Emergency funds and “financial runway” that’ll give you more choices in life
When luxury spending (pool cleaners, house cleaners, etc.) is acceptable
House hacking and how to build wealth all while lowering your housing costs
The “true value” of your retirement pension and why it may not be worth the extra years of service
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: Sell (Don’t Rent) Your Primary Residence When You Move Out
Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus
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Early retirement is one of those common personal finance topics that always comes up on the show. It’s arguably the most talked-about subject in our Facebook group and is a common theme among guests on the show. But what does a time-tested, well-respected financial journalist and coach think about retiring early? What does the “perfect” early retirement plan look like if you’re starting from scratch?
Today we’re joined by Ask The Money Coach’s Lynnette Khalfani-Cox, who is used to getting personal finance questions thrown at her all day long. She’s dug deep into everything surrounding investing and early retirement. From stocks to I Bonds, to real estate investing and cryptocurrency—if you’re interested in building (and maintaining) wealth, Lynnette’s website and books have something that will help you on your benjamin-stacking journey.
Mindy and Scott take some of the top investing, saving, and retirement questions from the BiggerPockets Money Facebook Group and ask Lynnette her opinion on them. Hear answers to top questions like when to invest and when to pay off debt, what makes the “perfect” portfolio, how to stop saving and start spending when you retire, and whether to invest for retirement or start a business.
In This Episode We Cover
The debt payoff schedule you should follow if you want to invest while shedding consumer debt
I Bonds explained and how to get around the $10,000 personal purchase limit
Transitioning from “save mode” to “spend mode” when you’ve hit your retirement goal
How to introduce others to personal finance (without it sounding like a lecture)
What to do before you start a business and getting your personal finances in order
Why younger generations of investors are choosing more “risky” investment options
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
Fueling Early Retirement at 36 with Just 4 Rental Properties
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“Buy now, pay later” companies have been around for decades, but not in the form they take today. You may have noticed that when you check out from an online store, a little prompt asks you if you want to purchase your goods for just “four easy payments of…” It seems like a good deal, doesn’t it? You can buy the same goods, for less, today, with no interest payments! Before you add those shoes to your cart, think twice before selecting the “buy now, pay later” option.
Alexi Horowitz-Ghazi, NPR reporter and host of Planet Money, was interested in how this type of interest-free internet shopping is affecting consumers. Through his research, he found numerous examples of online shoppers overspending, getting into debt, and not knowing their total purchase price. The ease of paying just a fourth of a product’s price and getting it delivered in days became too much for many consumers to resist. And now, they’re paying the price.
If you don’t want to fall prey to this type of split-up pricing, you’ll want to hear what Alexi, David, and Mindy have to say. Using this type of “interest-free” credit could put your financial freedom in jeopardy—and no one wants to trade early retirement for a new swimsuit.
In This Episode We Cover
The “buy now, pay later” programs and how they target online shoppers
How buying now and paying later could affect your credit score in the long run
What happens when shoppers can’t pay their future installment loans?
Why US legislators are taking “buy now, pay later” companies to court
The marketing tactics used by these companies to get you to spend more at checkout
Why saving now and buying later will help your future finances
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
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What's stopping you from becoming debt-free? Everyone’s answers will vary, but one truth remains the same—excessive debt can prevent you from living the life you deserve. Today’s guest, Joe Bussey, took control of his life once he decided to pay off his $220,000 worth of debt and build a “financial runway” he could rely on.
Joe's debt accumulated as he did what everyone in his life told him to. He was in pursuit of a college education when his life took a series of unexpected and unfortunate twists and turns. It all started when he got robbed at gunpoint for all the money he saved for college. From there, he had to start from scratch to save up for school. He had to work several jobs, once working five jobs at a time, to keep up with rent and student loan payments. He then went back to school to pursue a better career but ended up in school for five more years—forcing him to take out even more student loans.By the time he graduated, he was $220,000 in debt.
After graduation, Joe was only making $1,000 a month and eventually fell into a deep depression. It was then Joe decided he needed a change, so he wrote out all his worries and came to one conclusion—they were financial problems. After doing some research, Joe came across BiggerPockets and Set for Life. He read the book cover to cover in one day, and a light bulb went off. After reading the book, Joe took control of his finances, saving up $25,000 in his bank account while paying off $100,000 in just fourteen months!
In This Episode We Cover
Financial runways and how to create financial security from scratch
How to become “set for life” and the actionable steps you can take to start your journey to financial freedom
Living off less than half your income and the importance of earning more and spending less
Using your Roth IRA to maximize retirement savings and find financial peace
The benefits of paying off student loans now and how to refinance them
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
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
How to Become an “Overnight” Success in 10 Short Years with David Greene
Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington
How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt
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Retirement investing is a crucial part of planning for financial freedom. While early retirement is a status that almost everyone would love to achieve, the second-best thing is standard retirement, where you can use your smart investments to make the later years of your life that much easier. But, oftentimes those who are born with a strong work ethic don’t know when the right time to ease off retirement investing is. In some cases, even intelligent investors can find themselves with a lot of retirement income that can’t be touched until decades later.
Jill is trying to end up with a future of financial flexibility. She wants to be able to travel the world with her family,leave her W2 job (if she feels like it), and invest more in assets that give her the power of choice today. She has a very good income, impressive retirement accounts, and wants to take her first step into real estate investing. She’s planning on turning her primary residence into a short-term rental, while her family moves into the live in flip she’s buying next.
This rental property income should give her and her family a cushion of passive income to rely on, but she’ll need much more than this to become truly financially free. Scott and Mindy debate the “invest for later” vs. “invest for now” frames of mind, tackling which one will work best for Jill in her high-income but low passive cash flow situation.
In This Episode We Cover
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