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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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I Bonds, and treasury bonds in general, have always been thought of as the “retiree's investment choice.” For those that have a short time horizon on investments, bonds have made perfect sense. With a guaranteed return, there isn’t a lot to risk for someone close to retirement age who simply wants to watch their investments stabilize—not grow or decline. And in today’s high-inflation environment, more and more individuals are realizing how worthwhile bonds are, especially as their traditional assets start to nosedive.
Neither Mindy nor Scott have heavy allocations in the bond market, so to understand these interesting assets a bit more they invited Shane Shepherd, Assistant Professor at USC’s School of Business, to the show. Shane has seen a recent pique in interest from his students in a few certain subjects—inflation, rising interest rates, and bonds. It seems like even the young generation of investors want to safely store their cash during pre-recession markets. But, does Shane think that I Bonds are a smarter way to save?
If stock market slumps are starting to hit your portfolio hard, this may be the perfect episode to listen to. Shane describes exactly why so many Americans are investing in I Bonds while also explaining who should not contemplate investing in something as stable as bonds. His advice could help you keep pace with inflation or buy killer deals in the coming months!
In This Episode We Cover
I Bonds explained and how they can help you minimize the effects inflation has on your portfolio
Nominal yield vs. real yield and why you must understand the difference before you invest
What happens to bonds if the US enters into an deflationary period
Who should (and more importantly shouldn’t) start investing in bonds
The downside of diversifying and why bonds are a safe, but static investment
How taking on real estate debt could beat bond rates while building wealth for you
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
Coronavirus: Is It Time to Give Up on Financial Independence?
Former Fed President Warns Easy Money Will Bring Big Consequences for Investors w/ Tom Hoenig
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Many FIRE chasers want to know how to stop overspending. But maybe the solution to overspending is simply knowing about it in the first place. For many Americans, credit card debt, exuberant living, and buying more than what they need are ongoing problems. And even for money masters like Carl and Mindy Jensen, it’s no different. As two leaders in the personal finance space, they understand why people overspend and how to stop it. But, as they’ve found out this year, giving advice can be easier than putting it into practice.
As many listeners know, Carl and Mindy have been publicly tracking their household spending. They’ve tried their hardest to stay within the limits they set for themselves, but some months' bills creep up on you more than others. In this monthly budget review, Carl and Mindy talk about why they’ve overspent, how to become more “money conscious”, and how to stop yourself from living a “money rich, lifestyle poor” life.
Editorial Correction: On a previous episode of the "BiggerPockets Money" podcast, we stated that gains in a 529 Plan account would be forfeited if not used for educational expenses. This is incorrect and we apologize for the mistake. If you’d like to know more about the 529 Plan rules and regulations, please visit this blog post. Thanks to our wonderful BiggerPockets Money Facebook Group members for pointing out this error! Happy investing!
In This Episode We Cover
How to budget and expense track the right way (stay up to date on your inputs!)
Umbrella insurance and how to get better insurance coverage for even less
Why many millionaires choose not to use a budget
Carl and Mindy’s newest live in flip project purchase
May’s budget busters and how buying quality goods can save you more in the long run
How to stay “money conscious” while living a proactive (not reactive) life
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
529 Plan Rules - Nerdwallet article
Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap
Carl and Mindy’s Spending Summary: Why We Went $1,000 Over Budget…Again
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Want to work less and make more? With a forty-hour workweek, it seems hard to imagine a reality where you can do less but still get the same results. How can you fit an entire week’s worth of work into only one day’s working hours? Jason Wojo and Peter Kolat, hosts of The Lifeonaire Show, argue that it’s easier than you think to cut out much of your workday, enjoy your life more, and reach financial freedom faster.
Both Jason and Peter grew up in troubling financial environments—raised in households where fighting about money was the norm. As Jason and Peter grew up, took on careers, got married, and had families, they saw themselves falling into the same traps as their parents—taking on debt, overspending, and working far more than they had liked. After hitting “rock bottom”, they decided to take a step in the right direction and change their financial future.
With the help of a financially-free “vision”, Jason and Peter now live lives almost unrecognizable to their pasts. They now help others find their passions, chase their dreams, and achieve financial freedom with ease. So, if you’re tired of the grind, the stress, and the financial anxiety, you may want to consider becoming a “Lifeonaire” like Jason and Peter.
Links from the Show
Why healthy finances are key to keeping a family (and marriage) in-tact
Hitting “rock bottom” and climbing out of credit card and consumer debt
Building a rental property portfolio debt-free and how you can do it too
The four core tenants of money philosophy and why everything starts with your “vision”
The 80/20 Rule and why working less can help you make more money
Calculating the cost of financial freedom and why it’s probably less than you think
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 Get Financial Freedom So You Can Do What You’re Meant to Do
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If you want to invest in real estate, you’ll need a few things: a property, an income source, and some cash. If you’ve got all three, you should be able to finance your way to owning a rental property, but this becomes a little more challenging when you’re someone with fluctuating income. Entrepreneurs, especially those without a consistent client base or consistent schedules, have a seriously hard time tracking, budgeting, and saving their income which changes every other month.
Chelsea and Wade feel this way as well. They’re both entrepreneurs, but, as a filmmaker, Wade has far more fluid income than Chelsea does. Some months Wade will bring in tens of thousands, while other months, nothing. Chelsea can subsidize the household budget with her more regular income, but even then, the couple needs to keep a strong safety reserve to ensure they’re never going too over budget without their bank account being refilled.
Thankfully, Chelsea and Wade are very good at managing their money and may actually have too much of it. They’relooking to dive into real estate investing to start building a path to financial freedom. With a serious amount of safety reserves, they’re thinking of buying a short-term rental as their first investment property. But, does their inconsistent income threaten their vacation rental plans?
In This Episode We Cover
How to manage emergency funds and safety reserves when self-employed
Retirement accounts vs. rental property investing and which is best for early FI
Saving for your child’s college and why a 529 plan may limit your child’s future choices
Self-employed health insurance and whether or not getting a job is worth the lucrative benefits
The most important metric to look at when investing in short-term rental properties
Whether or not your cash position is too conservative for your investing goals
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
How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt
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
529 Plan Rules - Nerdwallet article
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Before you quit your job, you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business. As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business.
This is doubly true if you’re like Daniella Flores from I Like to Dabble, who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life, so she can avoid the instant shock of being an overnight entrepreneur.
Daniella has some helpful tips for anyone who thinks their time at a job is close to the end. She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom.
In This Episode We Cover
The importance of having a side hustle (especially when you’ve been working for a while)
Job hopping and negotiating more than just salary at your new or current job
Prioritizing yourself in your company and the downside of saying “yes” too often
Building a stable reserve fund so you can quit with confidence
Self-Directed 401k and other retirement options that self-employed individuals have
Self-employed health insurance and how to keep your benefits as you step away from full-time work
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
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It’s a strange time for student debt. On one hand, many college graduates are electing not to pay their student loans while they sit in forbearance. On the other, some debtors are choosing to take advantage of the zero-percent interest period as a way for them to pay down their loans faster. While neither of those choices is inherently wrong, they may also not be right. Today’s guest, Colton, finds himself in this position with a good $300,000 worth of student debt.
This number encompasses both Colton and his wife’s student loan payments. A good portion of their loans can be forgiven over twenty years, so which loan balance should he handle first? Thankfully, with Colton’s sizable take-home pay, he has options that many wouldn’t think of. Scott and Mindy debate on whether or not paying off debt early, waiting for forgiveness, or investing instead would be the best course of action for Colton.
Regardless of whether you have student debt, a car loan, a medical loan, or any other type of timely payment due soon, this is a calculation worth performing. Scott and Mindy also take a look at Colton’s diversified portfolio of assets, arguing that diversification could be leading him down a long path to FI, instead of helping him gain financial footing.
In This Episode We Cover
How over-diversification can set you back from reaching your financial goals
Why the “grind to FI” doesn’t have to destroy the life you love
Real estate investing as a hedge against large amounts of personal debt
Student loan forbearance and forgiveness, plus when to start paying back your loans
Private mortgage insurance and the multiple options you have to get rid of it
Live in flip tips and how to keep your sanity while renovating your primary residence
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
Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington
Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie
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You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group, but rarely do you get preapproval tips straight from a lender themselves. As the housing market stays hot and interest rates continue to rise, it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability, you can get answers directly from the source!
Joining us today is Jon Lallande, former mortgage lender, now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays”, and how tax deductions can be dangerous for self-employed professionals.
No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal, primary residence, or next investment property!
In This Episode We Cover
The easiest way to make yourself “attractive” to a lender
Lender overlays and how to get around them so you can get preapproved
The easiest way to raise your credit score so you can get the best loan possible
The upside of PMI (private mortgage insurance) and how to purchase properties with low money down
Why many investors put themselves in mortgage fraud territory and how you can stay out of it
How to get a mortgage as a self-employed individual and when NOT to take deductions
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
Finance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric Dunn
Finance Friday: Should You Pay Off Your Mortgage Early or Invest?
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Almost every age group wants to know how to retire in ten years. Whether you’re in your teens, your mid-thirties, or your mid-fifties, retirement can seem like an eternity away. Those who retire early and find financial freedom tend to do so through a combination of smart investing, early saving, and a tenacity for budgeting (without giving up everything they love). But what if you don’t have time on your side? What if you’re still paying off debt? Is it still possible to retire?
Thankfully for today’s guest Rik, and all you listeners at home, we can safely say that retirement is in reach, even if you feel like you’re a little off track. Rik has three degrees and as a result, is strapped with some moderate student debt. He wants to retire in five to ten years and realizes that it will take some work to get him in that position. Thankfully, he has some hands-on real estate investing experience—owning a duplex and performing a live in flip on his primary residence.
Rik is more than willing to get his hands dirty in his pursuit of early retirement, whether that means doing remodels himself, limiting his booze budget, or simply living a little leaner. With some smart investments under his belt, he’s been able to set himself up in a good position to take on more projects, have smarter debt, and keep more cash. But, Rik will need to take care of a few things first before he can continue building this retirement runway that’s already underway.
In This Episode We Cover
Student loan debt forgiveness and how to pay off your debt in the smartest way possible
House hacking, live in flipping, and turning your home into a cash-flowing machine or equity check
Building a strong cash position/safety reserve and having the funds to invest faster
HELOCs (home equity lines of credit) and using them to pay off renovations
Whether to rent or sell a property in these high-interest times
Building a retirement nest egg that allows you to travel, take time off of work, and creatively invest
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
Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?
Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth
Finance Friday: How Do I Get Out Of This Cash Flow Crisis?
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Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it could be the thing that secretly saves your marriage. The everyday American knows very little about the prenuptial agreement and has gotten most of their information from movies, reality TV shows, and hearsay from friends and relatives. We wanted to know the truth about prenups, so we invited attorney Aaron Thomas on the podcast.
Aaron Thomas has a wide range of experience in family law, divorce law, and anything that comes from legally joining (or separating) a couple. He knows how difficult divorce cases can be and saw the same mistakes repeated by couples. The lack of communication over finances, minimal planning (if any at all), and wishful thinking led to more and more couples seeking separation shortly after marriage.
Now, Aaron and his team work with couples to form strong prenuptial and postnuptial agreements so that they have a rock-solid financial foundation to stand on when dealing with the daily joys and struggles of marriage. Aaron argues that the prenup may be the most important step in mitigating a divorce and that the protection of a prenup goes far beyond wealth. If you never thought about getting a prenup or postnup before, you definitely will after this episode!
In This Episode We Cover
Prenuptial and postnuptial agreements explained and what they protect
Added stipulations in a prenup that most couples don’t know about
The optimal way to combine finances as a couple and how to split uneven paychecks
How to bring up a prenup or postnup to a partner who’s feeling averse to one
The cost of divorce vs. a prenup and why you DON’T want to leave a legal separation up to state laws
Which couples shouldn’t look into signing a prenuptial or postnuptial agreement
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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You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a far less known type of middle-class trap, the type that keeps your wealth growing but limits the amount of “freedom” you feel in the process. Oftentimes, savers can find themselves in a position with a big cash surplus but hold tight to it to feel “safe” instead of feeling flexible.
Today’s guest, April, falls into this category. She’s done a phenomenal job at building a millionaire life, keeping large cash savings, and diligently investing in retirement accounts. She’s in a favorable position, but it’s not the position she wants to stay in. April wants to feel a true sense of financial flexibility, with the option to leave her job or decrease the amount of time she spends working. But, to do this, she’ll have to confront her limited “cash scarcity” mindset and chase other investing options.
Scott and Mindy guide April on exactly how to do this, walking through various types of investment options that she (and you at home) can use to maximize a lifestyle for freedom, not just wealth. Even a financial powerhouse like Mindy struggles with these same issues, and you might too once you hit millionaire status!
In This Episode We Cover
Whether or not you’re overinvesting in retirement accounts (and how to find out if you are)
Converting from a scarcity mindset to money abundant mindset to truly take worthwhile risks
Investing in passive income streams like rental properties, syndications, and dividend stocks
How much to keep in your cash position and when to start investing your excess capital
HELOCs (home equity lines of credit) and how they can combat a low-cash position
Whether or not to pay off your mortgage early (or your car loan!)
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
BiggerPockets Money Podcast 243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together
BiggerPockets Money Podcast 260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)
BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist
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