Episódios

  • The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats, trains horses, and buys rentals in cash. Before you get squeamish, this isn’t a show about flipping rats for profit. But, it is a show about horse training, unique investments, and how to ease off the gas when building wealth. Even if you’re far from your FI number, thinking about this concept will help you tremendously once you’ve retired.

    Alexis and Max have an interesting situation, and they aren’t your everyday workers. Both of them work out in the field, up against the elements, making some serious money to help train horses. Max was a self-taught trainer who built an impressive resume while only in his teenage years. He has a passion for finding, training, and flipping horses that will one day be champions. This is his life’s work and it’s allowed him to charge a pretty hefty price tag.

    But, the couple hasn’t just been investing in horses. They also have nine paid-off rental properties, subsidizing the entirety of their monthly spending. But, even with their high net worth, they’re struggling to feel comfortable with their financial situation. They’d like to buy a house of their own, take a break from work, and allow themselves more time freedom. But do they really need more money, or do they simply need to rethink their already solid situation?

    In This Episode We Cover

    Flipping horses and the astounding money this unique investment can make

    Rental property investing and why being debt-free isn’t such a bad thing

    Sheltering business taxes so you can keep more income at the end of the year

    When to use leverage to buy real estate vs. buying rentals in cash

    What to do with your “lazy money” even if you’ve already hit financial freedom

    Getting clear on your financial goals so you can work less and enjoy your wealth

    And So Much More!

    Links from the Show

    BiggerPockets Money Facebook Group

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Scott's Instagram

    Mindy's Twitter

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    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

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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 “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable

    Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth

    How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast

    Episode 200 Special: A Personal Finance Masterclass with Kyle Mast

    XY Planning Advisor

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    Click here to check the full show notes: https://www.biggerpockets.com/blog/money-326

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  • Buying a business may sound out of your element. Stocks are one thing, and real estate is another, but what about buying businesses? Isn’t business buying something reserved for large companies, wealthy entrepreneurs, or seriously experienced store owners? Funnily enough, the business of buying businesses may be one of the most overlooked, yet most profitable ways to make more money, work less, and retire richer. Don’t believe us? Just listen to Tim Delaney.

    Tim did not take the standard wealth-building route. He was making just over $2,000 per year while working in the Peace Corps after college. From there, he was hired on by other non-profits when the opportunity to buy a business fell into his lap. It didn’t require a ton of money, but it did require some sweat equity and a fair amount of time. While he didn’t end up taking the first opportunity that came his way, he did end up buying a business shortly after. And if you like hops-laden libations as much as Mindy and Scott, you’ll love hearing about Tim’s business.

    Tim invested in a local liquor store that had almost zero technological improvements. No point of sale system, no running inventory, and a cash register that was appropriate for the 1950s, not the 2010s. Tim saw an opportunity, and with the right upgrades, he was able to turn this into a full-fledged business with multiple employees, hundreds of thousands in profit, and the best part of all, a 10-hour per week work schedule for Tim. Today you’ll hear exactly how Tim did it, how much money it took, and how you can repeat the process.

    In This Episode We Cover

    Living frugally even when making very little and how your savings can catapult your wealth

    How to buy a business and what it takes to turn an outdated trade around

    What types of opportunities to look for when shopping for a business to buy

    SBA loans, seller financing, and how to finance a small business with very little down

    Hiring, firing, and how to keep a passionate staff paid and happy with work

    Commercial real estate investing and turning profits into property

    And So Much More!

    Links from the Show

    BiggerPockets Money Facebook Group

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Scott's Instagram

    Mindy's Twitter

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

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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

    Business Analyzer Spreadsheet

    Alternative Investments: How to Determine Which Option(s) Are Right For You

    Click here to check the full show notes: https://www.biggerpockets.com/blog/money-325

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  • What is a millionaire? By definition, someone who has a million dollars or more in net worth. But what do you think of when we say “millionaire”? Are you picturing sports cars, expensive vacations, big houses? The reality is that most millionaires are people just like you and me, living in regular homes, still attending their jobs, and trying their hardest to budget. Being a millionaire doesn’t mean you’ve “made it,” but it does mean you’re on the fast track to building wealth.

    Gracie is a millionaire, but she doesn’t feel like it. When she discovered financial freedom, she set an impressive goal to hit millionaire status by the time she and her husband hit their mid-30s. They worked hard, were diligent savers, and ended up hitting that goal right on time, but it came with a lot less flexibility than they had hoped. While Gracie was able to quit her job, her husband wasn’t able to, and even as he brings in a great salary, the family still is close to breaking even every month on their budget.

    But Gracie isn’t doing anything wrong. She’s got a tame budget, regularly reviews her spending, and knows that something has to change if she wants to reach the life of financial freedom she had been promised. So what should she do, change her assets, completely revamp her budget, or move to a lower cost of living area to increase her monthly cash flow? Scott and Mindy give Gracie some good advice that will most likely apply to you, even if you’re not a millionaire yet.

    In This Episode We Cover

    Coast FI and using it as an alternative to traditional financial independence

    Budgeting, expense tracking, and knowing where your monthly income is going

    Pivoting to part-time when trying to slowly leave a job you don’t love 

    Increasing your “financial flexibility” without sacrificing a ton of time

    Budgeting red flags and where most families fail in saving money

    Whether or not being heavy in retirement funds is a wise move in early retirement 

    And So Much More!

    Links from the Show

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    BiggerPockets Forums

    Finance Review Guest Onboarding

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    Podcast Talent Search!

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    Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers

    Check Out Mindy’s 2022 Live Spending Tracker and Budget

    3 Degrees, Debt Free, and “Coasting” to Financial Independence

    Finance Friday: How to Get to Early Retirement Even Faster

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  • Coast FI is an interesting concept. Unfortunately, to much of Mindy’s surprise, “coast FI” doesn’t mean having enough money to live by the coast. But, just like living down by the beach, the coast FI lifestyle is far more enjoyable than most. We constantly hear from online personal finance bloggers about how you need to save as much as you can, eat at home every night, and never take a vacation. While this does allow you to hit financial independence faster, it makes the journey a highly stressful one at worst and a barely bearable one at best.

    What about a different way to reach financial independence? What about still eating out and taking trips, all while working to retire early? This is the path that Jessica from The Fioneers has chosen to take. She and her husband learned about the financial independence movement while they were making just $30,000 per year combined. As their income grew, so did their savings rate. But, Jessica realized that the stress of climbing the corporate ladder wasn’t worth it when she ended up taking a six-month mental health break from her work.

    Jessica never ended up going back to work, but she did start working for herself. Now, she’s on the path to coast FI, or as she also likes to call it, “slow FI.” She still takes trips and lives comfortably, but she does so with full autonomy of her time and a plan to retire in her early 50s. She is living proof that you don’t need to burn yourself out to hit financial freedom, and you definitely don’t need to do so just to reach retirement.

    In This Episode We Cover

    Coast FI explained and how it’s a far more enjoyable alternative to standard financial independence

    Saving and investing even while making a below-median income salary 

    Resisting lifestyle creep and how to use pay raises to increase your net worth

    The danger of going “too fast to FI” and how retiring too early can be a detriment

    Part-time jobs, side hustles, and other ways that you can make more apart from your W2

    Spending money to “escape” and how quitting a stressful job could save you more money

    And So Much More!

    Links from the Show

    BiggerPockets Money Facebook Group

    BiggerPockets Forums

    Finance Review Guest Onboarding

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    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    David on BiggerPockets

    David’s Site From Military to Millionaire

    Change Your Money Mindset, Change Your Life with Vicki Robin

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  • Rental property cash flow is one of the most important metrics to calculate when analyzing real estate. Your cash flow not only helps you make a little extra money every month but also keeps your property afloat during months of heavy expenses or when large repairs need to take place. If you don’t do the correct cash flow calculations, you could find yourself with a cash-hemorrhaging property.

    This is why running (and re-running) your “true cash flow” number is so important. It’s also what Pam, today’s guest, might need to do to figure out which rentals to sell and which to keep in her portfolio. Pam owns nine rental properties, which is doubly impressive since she declared bankruptcy just a decade ago. She’s been able to rebuild a financial position that many would envy. And even though Pam and her husband make a great income, they’re struggling to figure out where it’s going every month.

    As six-figure earners, they’re barely breaking even on some months and overspending on others. Is Pam being too relaxed with some of her budget categories, or is there another cash flow leak coming from somewhere she isn’t looking? Scott and Mindy go through Pam’s current financial situation and quite quickly come up with a solution that could save her thousands every month.

    In This Episode We Cover

    How to calculate “true cash flow” for your rental properties so you know what actually comes in every month

    Selling vs. refinancing vs. holding and which choice to pick for which property

    Why so many six-figure earners feel like they’re living paycheck to paycheck 

    Capital expenditure (CapEx) costs and why every rental property investor must anticipate them

    Climbing out of bankruptcy and finding financial success after starting from zero

    Using private money lending to grow a rental portfolio quickly

    And So Much More!

    Links from the Show

    BiggerPockets Money Facebook Group

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Scott's Instagram

    Mindy's Twitter

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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: How to Get to Early Retirement Even Faster

    Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out

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  • Living paycheck to paycheck isn’t sustainable. But, if you’re in this position, you already know that. The stress of always worrying about bills, scrounging for money, and never really feeling security can eat away at you. This is how Anthony Michael felt, but surprisingly, he wasn’t making a small amount of money. He and his wife were making six figures, but only saving around $200/month. This was far less than Anthony was comfortable with, so he sat down, crunched the numbers, and started taking drastic actions.

    After he was able to increase his savings rate tenfold, he knew the extra money he was bringing in needed to be deployed. He started listening to The BiggerPockets Real Estate Podcast, read Rich Dad Poor Dad, and saw that house flipping could be his way to real estate riches. He found a partner, picked an area to invest in, and since then has madeflipping homes his top money-marker.

    Anthony’s story didn’t always go to plan. He had house flipping budget busters that forced him to use much of his emergency savings, a “partner” who ran off with thousands of dollars, and other fumbles along the way. But, all these mistakes lead to Anthony being in the position he is in today, and maybe you can avoid some of his pricey mistakes simply by hearing his story.

    In This Episode We Cover

    How lowering your expenses is a faster way to save than increasing your income

    Flipping products online and choosing side hustles that can quickly bring in some cash

    House flipping and how (when done right) it can be a killer side hustle for new investors

    The “BRRRRbnb” short-term rental bringing in over $500 per night 

    Real estate partnerships and what to look out for before you start sending money

    Credit card debt and how to use it the right way when investing in real estate

    And So Much More!

    Links from the Show

    BiggerPockets Money Facebook Group

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    David on BiggerPockets

    David’s Site From Military to Millionaire

    Airbnb

    PropStream

    MLS

    Bonds: The Perfect Inflation Hedge (with One BIG Caveat)

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    Click here to check the full show notes: https://www.biggerpockets.com/blog/money-321

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  • Retirement strategies range from simple index fund investing all the way to full-on real estate development deals. What works for some investors won’t work for others. What’s most important to you is knowing what will or won’t work for your lifestyle. Some workers can easily do a couple of fix and flips on the side to generate income, while you may have a sixty-hour workweek, without a lot of free time to start investing in more intense asset classes.

    Chris feels just like this. As a working professional with a hectic schedule, he's concerned that he can’t participate in more “active” income-generating projects like real estate investing. He's been grinding for decades, making decent money but funneling much of it to pay off expensive student loan bills. When his wife sold her business, an unexpected windfall profit resulted, leaving the couple with more options than they thought.

    Now they want to “back into retirement” as easily as possible, while still making wealth-building moves. What’s the best option for them? Stocks, real estate, or focusing on work so they can build a large cash reserve? While Scott and Mindy can’t answer this question for him, Chris is presented with a few good options that’ll help him become a multimillionaire in only a few short years.

    In This Episode We Cover

    Buying and selling a business, plus some lucrative exit options for when you decide to sell

    Short-term rental investing and why big profits usually come with big-time commitments

    The “perfect” retirement portfolio and how to build your assets around your lifestyle

    Planning for your child’s college and how to invest risk-free while taking tax-advantages

    Whether to invest in pre or post-tax retirement accounts when you’re coming close to retirement age

    Serious side hustles that’ll help you achieve the “four-week work year”

    And So Much More!

    Links from the Show

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    BiggerPockets Forums

    Finance Review Guest Onboarding

    Scott's Instagram

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    Podcast Talent Search!

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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

    Finance Friday: How to Get to Early Retirement Even Faster

    The “Perfect” Investment Portfolio for Early Retirement w/Ask The Money Coach

    Bonds: The Perfect Inflation Hedge (with One BIG Caveat)

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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!

    Links from the Show

    BiggerPockets Money Facebook Group

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Scott's Instagram

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    Podcast Talent Search!

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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

    Earn and Invest Podcast

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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

    BiggerPockets Forums

    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

    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

    BiggerPockets Forums

    Finance Review Guest Onboarding

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    Podcast Talent Search!

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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

    Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards

    MoneyHoney Website

    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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    BiggerPockets Events

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    Podcast Talent Search!

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    Check Out Mindy’s 2022 Live Spending Tracker and Budget

    1500 Days

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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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

    Scott's Instagram

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Subscribe to The “On The Market” YouTube Channel

    Biggerpockets Bookstore

    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

    Airbnb

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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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Scott's Instagram

    Mindy's Twitter

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    Amazon

    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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

    Scott's Instagram

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    Subscribe to The “On The Market” YouTube Channel

    Biggerpockets Bookstore

    Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

    Fueling Early Retirement at 36 with Just 4 Rental Properties

    Investopedia Stock Simulator

    Money Coach University

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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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

    Listen to All Your Favorite BiggerPockets Podcasts in One Place

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

    Scott's Instagram

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    How to get over your fear of debt when investing in real estateWhy you may want to sell your primary residence instead of rent it out (once you move)Avoiding capital gains taxes and taking home a BIG profit when selling a primary residenceBuilding equity and net worth through simple cosmetic live in flips Achieving financial flexibility and how overinvesting in retirement can hurt you in the short-runThe Rule of 72 and using it to quickly calculate how much you’ll have in retirementAnd So Much More!

    Links from the Show

    BiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and Budget

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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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

    Scott's Instagram

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    1500 Days

    1500 Days YouTube Channel

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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

    BiggerPockets Forums

    Finance Review Guest Onboarding

    Mindy's Twitter

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    Apply to Be a Guest on The Money Show

    Podcast Talent Search!

    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

    Lifeonaire Website

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