BiggerPockets Money Podcast

Are you saving TOO much for retirement (or early retirement)? Could you retire years sooner than you think? Will retirement expenses be even less than what you spend now, allowing you to reach FIRE faster with a smaller nest egg? Today, we’re getting into that exact question as Finance Friday guest Ethan asks how he can ensure he’s on the right track for early retirement by age fifty-five. And if you’re like Ethan, you could retire RIGHT NOW…but should you? Ethan is spending a LOT of money every month. He’s got two kids in private school, extracurricular sports fees, pricey car payments, and a mortgage. The good news? He’s raking in cash at his high-paying tech job! His current expenses cost him nearly $20,000 per month, but this number could be cut in half (if not more) once his kids leave the house. This means that his FIRE number might be a fraction of what he thinks it has to be to retire early. Speaking of early retirement, is it wise to leave such a high-paying career to sit on the beach all day? Ethan has the skills and the energy to make a sizable income, so what should he do instead of full-time work once he reaches early retirement? Should he transition to part-time consulting, focus more on rental property investing, or buy a business? In This Episode We Cover Why your FIRE number may be WAY off from what you need to retire early  The retirement expenses that disappear once your kids are out of the house  Making money in retirement and whether buying a hands-off business is your best bet Planning for future weddings and how much you should set aside for your kid’s big day  Limiting your taxes by qualifying for real estate professional status (REPS) Whether or not you’re keeping too much cash on hand (is the bank account interest worth it?) And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get on the Path to Early Retirement with “Set for Life” Property Manager Finder Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper (00:00) Intro (04:27) Money Snapsho (12:44) Current Net Worth (15:11) Work Less, Travel More? (21:10) Early Retirement Expenses (27:02) Buy Rentals for Retirement Income (33:59) Paying Too Much in Taxes (38:22) Downsizing Houses and Next Steps (44:40) Saving for Future Weddings (48:52) How Much Do You NEED to Retire? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-577 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE, or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast! Today, Scott and Mindy are reflecting on their journeys to financial freedom—how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently! Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income. This combination will allow you to save more money, multiply your investments, and accelerate your FI timeline. But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing!  In This Episode We Cover The crucial figure you need to pin down before setting your FI timeline Why time, not money, is the resource every FIRE-focused person really wants When to move the goalposts on your quest for financial independence The job “trap” that holds you back from FI (and how to get out of it!) The two-pronged strategy that will accelerate your path to early retirement Spending less and earning more (so that you have more money to invest) Scott and Mindy’s number one “regret” from their aggressive pursuit of FI And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money – Episode 563: Why Aren’t More “Normal” People Achieving FIRE? (00:00) Intro (00:49) The FI Timeline (06:59) Lifestyle Changes After FI (10:25) Getting Your Spending in Check (17:14) Low Expenses + High Income (24:40) Escaping the Job “Trap” (31:04) Creating Milestones (37:50) Share Your Journey with Us! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-576 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone wants to become “work-optional” at some point. Having enough money in investments and the bank would allow you to choose the job you love most, whether that’s running your own business, working part-time, or today’s guest, Travis’ dream, becoming a mountain biking guide. With a solid salary, dual income, and no plans for kids, he and his wife are on the fast track to FIRE, but can they get there by his goal of forty years old?  Travis’ wife may have an option to get a significant salary bump, allowing them to travel the country while she works, and Travis stays making money from his computer. But, even this may not be enough to get them to the “work optional by forty” goal they had set out for themselves. Scott and Mindy believe they need a financial “oomph” to get them over the edge, but what’s the next best move? Should he stop his retirement account contributions to have more cash to invest for early retirement? Should he perform a live-in flip to make more money on the side while working his job? Would a side hustle or part-time job bridge the investing gap between where they are and where they need to be? If you’re stuck feeling like you can’t get to FI fast enough, this episode is for YOU! In This Episode We Cover How to fast-track your FIRE and become work optional in under ten years House hacking and why it’s one of the best ways to lower expenses and build wealth  Live in flipping and how to turn your next home purchase into a money-making investment  Whether you should stop investing or double down on your retirement accounts when shooting for early retirement  Roth conversion ladders, HSAs (health savings accounts), and how to access retirement funds even earlier  Increasing your income by job hopping and leveling up the skills that’ll make you more  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group cFIREsim  How to Access Retirement Funds Early Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab the Book “First-Time Home Buyer” Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster (00:00) Intro (01:07) Goal: FI by 40! (03:13) Money Snapshot (04:14) Work Optionality! (05:50) Stay at His Job? (15:00) Traveling to Make More Money (20:38) Stop Investing in 401(k)? (31:13) Live in Flipping (42:39) Can Travis Hit FI by 40? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-575 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The combination of saving money and buying rentals is a recipe for reaching financial independence much faster than you thought possible. Just ask today’s guest, who started with tens of thousands of dollars in debt but was able to achieve FI in just a few years! Henry Washington is a real estate investor, author of Real Estate Deal Maker, and co-host of the On the Market podcast, but he doesn’t have your typical “rags-to-riches” money story. Despite an upper-middle-class upbringing and landing a six-figure job right out of college, Henry was a serial spender. Before he knew it, he had racked up $40,000 in credit card debt and was told by banks that he was unlendable. Horrified by what his family’s future would look like on its current trajectory, Henry was determined to get his finances in check. He caught the real estate bug, attended meetups and networking events, befriended other investors, and found his first deal! Henry went on to build and scale a real estate portfolio of over 140 units, and in this episode, he provides actionable advice that will help you break into real estate—whether you aspire to own a single rental property or twenty. Along the way, you’ll learn about “gamifying” your way to financial freedom, funding a down payment without money in the bank, and the recession-proof investing strategy Henry still uses today! In This Episode We Cover How Henry scaled his real estate portfolio to over 140 units in just seven years How “gamifying” your finances can turn you from a spender into a saver Why finding good deals is the key to a recession-proof investing strategy Getting a crash course in real estate investing through local meetups and networking Creative ways to come up with the down payment for an investment property The three phases of rental property investing that lead to generational wealth And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group On the Market Podcast Rich Dad Poor Dad by Robert Kiyosaki Buy Henry’s Book “Real Estate Deal Maker” Find Investor-Friendly Lenders 30 Ways to Find Good Real Estate Deals in 2024 Connect with Henry Henry’s Instagram   (00:00) Intro (01:10) Racking Up $40K Debt (06:06) Catching the Real Estate Bug (11:24) “Gamifying” Finances & Networking (16:37) Henry’s First Deal (24:18) Making Your Own Luck (30:17) Henry’s Current Portfolio (36:26) Saving His Rental Income (43:22) How to Get Started in 2024 (46:39) Connect with Henry! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire. Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt, not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas? Marisa’s turning point came at rock bottom—stranded without a place to stay or a dollar to her name. But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her.  Now, Marisa is ready to show others that achieving financial freedom, eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt, Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance.  In This Episode We Cover How Marisa went from a financial “mess” to being on track to become a millionaire in retirement  The spending hack that allows you to treat yourself WITHOUT going over budget  Why you CAN invest while paying off debt (and the right way to do it) Why taking on good debt to grow your business/side hustle isn’t a bad thing  The “slow” path to becoming debt-free that is MUCH more successful than the beans and rice diet  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Financial Badassery Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get Your Personal Finances in Check with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) (00:00) Intro (01:05) Paycheck-to-Paycheck and Worth $0 (04:29) Enough is Enough (07:20) Paying Off Debt While Still Spending (10:21) Investing While in Debt!? (14:41) Finally Debt-Free? (16:58) Managing Her Money (21:38) Best Tip for FIRE (24:08) Connect with Marisa! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-573 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Should you sell your house or keep it as a rental property in 2024? What you do with your home today could create a million-dollar swing in your portfolio ten, twenty, or thirty years from now. Fortunately, we’ve developed a powerful new tool to help you make the best decision for your financial future! Welcome back to the BiggerPockets Money podcast! If you refinanced your mortgage around 2021, chances are you’re sitting on a low interest rate the likes of which we’re unlikely to see again. The recent rise in rates and home prices has created a “lock-in effect,” where millions of homeowners are disincentivized to sell. But does it make sense to sell if you can roll your home equity into another wealth-building asset? Could you convert your house into a rental and create hundreds of dollars in monthly cash flow? Today, we’re giving you a step-by-step walkthrough of our new “Keep or Sell Your Home” worksheet. We’ll compare four outcomes—selling your home to buy another property, selling your property and investing in stocks, keeping the property and hiring a property manager, and keeping the property and becoming a landlord. Along the way, we’ll use several examples of homeowners so that you can get an idea of where you might stand! In This Episode We Cover A step-by-step walkthrough of Scott’s new “Keep or Sell Your Home” worksheet Two realistic examples of when to sell your home or keep it as a rental property The numbers you need to make a rock-solid decision on your investment property The crucial question you should ask before keeping or selling your home How ONE decision can impact your future by hundreds of thousands of dollars (or more!) And So Much More!   Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Put Your Vacation Rental on Autopilot with Hospitable Buy the Book “Real Estate by the Numbers” Find an Investor-Friendly Agent in Your Area Download the “Keep or Sell Your Home” Worksheet Millions of Americans Should Keep Their Homes as Rentals, Not Sell. Here’s Why (00:00) Intro (05:11) Using the Worksheet (12:15) How Much Would You Make? (14:36) Breaking Down Your Options (20:08) Keep or Sell This Property? (29:11) The “BiggerPockets” Homeowner (34:54) Try the Worksheet! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-572 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investing is one of the best vehicles for building wealth, reaching financial independence, and saving for retirement, but you don’t need to become a full-time investor to reap the benefits. If you have no plans to leave your W2 job or manage rentals, there are several ways to use real estate for passive income! Welcome back to the BiggerPockets Money podcast! When Devon Kennard entered the NFL, he ran into more money than he had ever made. But with no guarantee of a pay raise or second contract, Devon forewent the flashy car and multi-million-dollar home and started saving and investing instead. Shortly after buying his first rental property, Devon realized that he was going to need passive or semi-passive income streams if he wanted to have success on the football field. He landed on four different types of passive investments that have helped him scale his portfolio to twenty-nine doors and over forty syndications! In this episode, Devon talks about the importance of increasing your income in your working years and why small wins make all the difference early on in your investing journey. You’ll also learn about the dangers of “shady” real estate syndications and how to properly vet an operator, as well as the differences between fast and slow money! In This Episode We Cover How Devon scaled his real estate portfolio while playing in the NFL Four passive real estate investing strategies you can use today Speeding up your financial independence timeline with real estate side hustles Fast money versus slow money (and which bucket you should be filling) The pros and cons of syndications and how to weed out “shady” operators And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Buy Devon’s New Book “Real Estate Side Hustle” Property Manager Finder How to Make Truly Passive Income with “Syndication” Real Estate Connect with Devon (00:00) Intro (07:56) Saving $1M in 3 Years! (15:37) Making “Small” Bets (21:08) Passive Real Estate 101 (31:59) Devon’s Portfolio & Strategy (39:17) “Shady” Syndications (45:56) Commercial Investing (47:08) Devon’s New Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-571 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Podcast Description What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement!   Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer!   If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime! In This Episode We Cover How to calculate your financial independence number (and when to adjust it!) The four-percent rule explained (and whether it still works in 2024) Why most people chasing FIRE don’t retire on the four-percent rule How to control your expenses and protect against inflation in retirement The “home run” investment that could save you thousands of dollars And So Much More! Links The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?” (00:00) Intro (01:18) Calculating Your FI Number (07:37) Does the 4% Rule Work? (15:32) Locking in Your Expenses (22:40) How to Combat Inflation (31:48) Retiring on a Different Portfolio Mix Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-570 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Why do many wealthy people wait so long to retire? Despite earning a physician’s salary, living frugally, and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement. Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast! Leif Dahleen, MD, the “Physician on FIRE,” was already financially independent when he discovered the FIRE movement. But rather than calling time on a successful healthcare career, he continued to beef up his nest egg. Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five. Do more FI-focused folks need to follow Leif’s formula to account for the unknown? We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses! In This Episode We Cover Why most people DON’T retire on the four-percent rule (even though it works!) Fast-tracking the path to early retirement in a low-cost-of-living area How to actually leave your W2 job once you have enough money to retire Why earning a high income doesn’t guarantee FIRE (and common pitfalls to avoid!) Choosing the right retirement withdrawal strategy for your financial situation Why Leif won’t adjust his retirement lifestyle as he continues to build wealth And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Physician on FIRE Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! How Much Money Do I Need to Retire? (00:00) Intro (01:58) Leif’s “Unfair” Advantage (06:33) Leaving the Medical Profession (12:42) Funding His Retirement (15:09) Does the 4% Rule Work? (23:37) Adjusting Your Retirement Lifestyle (29:23) Retirement Expectations vs. Reality Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-569 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

What does it mean to “win” financially in your income bracket? To us, the end goal is always FIRE (Financial Independence, Retire Early), and if you’re chasing financial freedom, this is the show for you. We’re breaking down the money moves you need to make based on your income bracket, going from $45,000 to $100,000 per year, and how to stretch your dollar the furthest so you can invest, save, and reach FIRE faster. If you’re at the lower end of the income scale, we’ll give you time-tested methods to boost your income and use your time wisely so you can start stockpiling cash TODAY. If you have a high income, there’s still work to be done as you need to find the best way to keep the most of your income so you can use it to acquire wealth-building assets. Regardless of how much money you make, you CAN achieve FIRE if you know the proper steps. The good news? We’re sharing those steps today, so stick around!  In This Episode We Cover How to speed up your path to financial independence based on your income bracket  Why we disagree about retirement account investing when you’re just starting your career  Ways to make more money and side hustles that can boost your income  The headache-free vs. hands-on approach to investing for FIRE (and who should take which path) Lifestyle creep and avoiding overspending (EVEN if you have a higher income) How much money we reasonably think you’ll need to achieve FIRE  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com  BiggerPockets Money Facebook Group BiggerPockets Money 32 - Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio w/Planting our Pennies BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life  BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 328 - The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson The One Thing How to Win Friends and Influence People The E-Myth Revisited The Go-Giver The Challenger Sale Learn Private Money Lending with “Lend to Live” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! FIRE in 2024: What We’d Do Differently If We Started Over Today (00:00) Intro (01:08) $45,000/Year Income (12:37) $75,000/Year Income (23:11) $100,000/Year Income (28:48) How Much for FIRE? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-568 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Young, old, or in between, you need to hear this episode! Today’s guest paid off over $80,000 of debt, grew her net worth to $100,000 and did it all just years after graduating from college without a sky-high income. How did she make such quick progress, and what’s her secret to skyrocketing her net worth early in her career? She’s sharing it all in this episode, and you (no matter your age) can follow her repeatable path, too! Want to see your net worth leap so you can fast-track your road to FIRE? Anna Foley is the person you should listen to. Through common-sense smart spending, diligent investing, and salary-increasing career pivots, Anna and her partner went from $80,000 debt to debt-free and finally hit six-figure net worth status. The best part? They did all of it WITHOUT giving up what makes life enjoyable, and they still sport a phenomenal savings rate! Anna is sharing how she saves a significant portion of her income every month, why she decided to rent (not buy) a house, how “paying yourself first” can get you debt-free before you know it, and why she does NOT follow the traditional advice of chasing a “FIRE number.” In your twenties? Copy Anna’s plan! Closer to retirement? Follow Anna’s smart saving and investing tactics, and you can get there faster!  In This Episode We Cover How to become debt-free and achieve a six-figure net worth before you’re thirty!  Why Anna decided to rent a house, not buy one, to maximize her savings  What Anna invests 100% of her income in (it’s not real estate!) The “middle-class trap” to avoid when maxing out your retirement accounts  Why you DON’T need a FIRE number, and why Anna’s more achievable goals work better  Boosting your income and why job-hopping can explode your income-generating potential  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE @five20money on Instagram PassivePockets BiggerPockets Forums BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life BiggerPockets Money 558 - How to Start Investing for Retirement: 401(k), IRA, Roth? BiggerPockets Money 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 Email Your Savings Rate to mindy@biggerpockets.com!  Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement Connect with Anna (00:00) Intro (01:10) Investing Right After College (03:00) Rent, Don’t Buy! (08:58) Paying Off $80K in Debt (12:42) Investing for Financial Independence (16:16) Saving a TON! (21:11) Better Than a “FI Number” (25:27) Boosting Your Income (27:19) Do This FIRST! (29:11) Connect with Anna! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-567 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t. Emily and Joel started with $150,000 in student loan debt. Their accounts dwindled at the end of every month, so they began to pay off their loans with the “debt snowball” method. Fast forward a few years, and they were debt-free, but now they had a new challenge: building their net worth! Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan! In This Episode We Cover How to pay off debt FAST with the “debt snowball” method  Minimizing your expenses and how spending less gets you to FIRE way faster Why you DON’T need to cut out travel/vacations on your path to financial freedom The “financial superpower” you must cultivate if you want to retire early  What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth Starting side hustles that pay for your life and why working while FI is NOT a bad thing  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Kyle on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE 50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!) ISI Team Camps Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy at BPCON2024 in Cancun! The Simple Path to Wealth—Index Funds Explained with JL Collins (00:00) Intro (01:07) Six-Figure Debt and Dave Ramsey (05:58) "Snowballing” $150K in Debt (08:27) $1,000,000 FI Number (14:06) Financial Superpowers (15:27) The “Why” Behind FI (18:37) Serious Side Hustles (29:29) Did They Retire? (34:11) Connect with Emily and Joel Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-566 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

When should you refinance your mortgage? Is now the time since interest rates have finally fallen? Or will refinancing down to today’s rates not be worth it when, six months from now, interest rates could be substantially lower? We brought on an expert mortgage loan officer to walk through the cost-benefit analysis of refinancing in 2024 and when a refinance is NOT worth the money. Greg Roller has closed over a billion dollars in loans, but surprisingly, he’s very cautious with homeowners about WHEN to refinance. Mortgage rates have already dropped significantly but could be trending down even more in 2024 and 2025. Is now the time to refinance? Greg discusses how much a refinance costs in 2024, how to know it’s worth it to refinance, what you’ll need to qualify, the differences between cash-out refinances and rate-and-term refinances, and why falling for a “low rate” could cost you in the long run. Plus, Greg shares some tips to help your refinance go as smoothly and quickly as possible, as well as how you can refinance for FREE with a rate option most people have zero clue about. In This Episode We Cover Refinancing explained and how much the average refinance costs in 2024 When to refinance and the rule of thumb that highlights whether or not it’s worth it The low-rate trap that inexperienced borrowers get caught in (you’ll get hit with hidden costs!) Refinancing multiple properties and how to do this the RIGHT way The easy method to see where mortgage rates are headed and whether they’ll rise or fall How to refinance for free by asking your loan officer for a “rate stack” And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Still Looking for Your First Home? Grab Mindy’s Book “First-Time Home Buyer” Find Investor-Friendly Lenders See Mindy and Scott at BPCON2024 in Cancun! With Mortgage Rates Falling, When Should Investors Refinance? Connect with Greg Work with Greg OptOutPrescreen.com (00:00) Intro (01:57) What is Refinancing? (03:24) When to Refinance (04:31) Lower Rates = Time to Refinance? (11:42) How Much Do Refinances Cost? (15:13) Refinancing Multiple Properties (17:13) When NOT to Refi (21:21) Tips for Homeowners (25:11) The Low-Rate Trap (26:47) Do This NOW! (29:27) Work with Greg Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-565 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Visit PassivePockets, your resource for passive investing with syndications.  Passive investing is most people’s goal, especially if they’re trying to achieve FIRE. They don’t want to be weighed down by managing a dozen rental properties, an active business, or a complicated stock portfolio that requires constant check-ins. Instead, many of us want that “mailbox money,” with checks coming in without us having to do the work ourselves so we can focus on doing what we love. Sounds enticing, right? Then “syndication” real estate investing might be perfect for you.  We’re thrilled to have the newest member of the BiggerPockets podcast network, Jim Pfeifer, host of PassivePockets, on today to talk about this one investment type that changed his life. Jim has invested in over 100 syndications and has been able to reap the significant rewards of passive income, massive tax benefits, and diversification through real estate syndications. Today, he gives a beginner-friendly breakdown, touching on what a syndication is, why it’s an excellent investment for FIRE, how to vet a syndication BEFORE you invest, questions to ask a syndicator, and the unbeatable tax benefits you can get from sitting back and collecting passive income checks! Ready to make real estate returns without all the work? This one’s for you! In This Episode We Cover Welcoming PassivePockets, the newest BiggerPockets podcast network show! Real estate syndications explained and why they’re such an unbeatable investment How to vet a syndication operator and the questions you MUST ask before you invest The two barriers to entry for syndications and why you DON’T need to be an accredited investor to get in the game Tax benefits galore and how Jim is paying $0 in taxes on his syndication profits How much a syndication can make YOU (and why it might beat owning rental properties!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Forums BiggerPockets Money 456 - The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 w/J Scott Grab the Book on Syndication Real Estate Investing, “The Hands-Off Investor” Property Manager Finder See Mindy at BPCON2024 in Cancun! Syndications: Everything You Need to Know BEFORE You Invest w/ J Scott 01:01 Syndications Explained 03:30 Better for FIRE? 07:19 How to Vet a Syndicator 13:45 Questions You MUST Ask 21:28 Interest Rate Risks 24:16 Can Anyone Invest Passively? 28:27 Passive Retirement Investing 31:00 Advice for Investors   Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-564 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Has BiggerPockets Money become too focused on FIRE (financial independence, retire early)? For the past seven years, we’ve been bringing you shows highlighting the journeys of those who left their jobs to enjoy early retirement.Some of these guests did it faster than others by making more money, increasing their frugality, investing smart, or building a business. But the question many of our listeners are wondering is: Is this even possible for the average, “normal” person? Today, we’re taking a hard look at the show’s future and asking ourselves whether or not focusing on FIRE is still the right path forward. Should we shift topics to help the everyday American get a financial leg up, or is continuing the FIRE-focused path the best way to help YOU, our listener? This isn’t a rhetorical question; we genuinely want to know! After this episode, join the BiggerPockets Money Facebook group thread, and let us know which stories YOU want to hear the most!  In This Episode We Cover Why the BiggerPockets Money Podcast rarely brings on “normal” guests achieving FIRE Can anyone achieve FIRE, and if so, how do they get there? The four financial levers you can pull to put you on the path to financial freedom  The advanced financial tactics BiggerPockets Money teaches you to grow your wealth What to do if you feel like you can’t make any progress towards early retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Money Facebook Group BiggerPockets Money 63 - Financial Freedom With 5 Kids IS Possible with Jordan Klint BiggerPockets Money 130 - Refusing to Retire at 65: How a Couple in Their 40s Managed to Hit FI in 12 Years w/Susan and Norm Episode 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper Get on the Path to Financial Independence with “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! What Is the FIRE Movement? 00:00 Intro 02:16 Talking Too Much About FIRE? 08:59 FIRE Isn't For Everyone 11:53 What is FIRE? 16:27 Can You Hit FIRE Being "Normal"? 22:42 Who Should Listen to BP Money? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-563 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real estate, skyrocketing their cash flow and passive income and allowing them to make more than almost any other landlord in their area. So, how did they do it, and what was the investment that got them there? David and Morgan Stanhope weren’t real estate investors five years ago. They didn’t come from investor families and had zero real estate investing experience. One day, at his job as a New York State Police Investigator, David met a mentor who would change how he thought about money, financial freedom, and passive income. This was perfect because David and Morgan were already in a great place to invest—Upstate New York. But David chose NOT to invest in his home market, and for good reason. They went south to a state known for higher home prices and crushingly high insurance costs. There, they found acreative rental property investing strategy, allowing them to make much more cash flow than regular rentals. Four years later, they’ve surpassed their $10,000/month FI goal. Now, they’re on track to hit an even bigger achievement: $70,000 per MONTH. Today, we’re talking to them about exactly how they’re getting there with investment properties you’ve probably never heard (or thought) about. In This Episode We Cover How to hit real estate’s “1% rule” with creative, high-cash flow rentals Borrowing from your 401(k) to fund your first real estate deal Making real estate cash flow EVEN with eight percent mortgage rates (yes, it’s possible) Why David WON’T quit his job, even though he has already hit his FI number Finding contractors and vendors when out-of-state real estate investing  Using other people’s money to invest in real estate (and why you may want experience before you do) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Stanhope Capital Start Investing with “The Book on Rental Property Investing” See Mindy and Scott at BPCON2024 in Cancun! Socially Conscious Investing: How to Start a Sober Living Home 00:00 Intro 01:17 Early Financial Education 05:13 Finding a Money Mentor 09:06 Hitting the 1% Rule in...Florida? 17:31 Current Cash Flow Numbers 20:41 $70K/Month Goal!? 24:09 Is Sober Living Investing Stable? 29:11 Borrowing Money to Invest 32:04 How Much Time Does It Take? 34:46 Connect with David and Morgan! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-562 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You did it; you achieved FIRE! After over a decade of hard work, you’ve reached financial independence and can retire early. You’re making more money than you spend from passive income, work-optional, and life is good. But your dreams are starting to change. Maybe you want to spend more on experiences, build your dream house, or move to a higher-cost-of-living area. Now, your expenses are starting to creep up, and your FIRE is about to burn out. What do you do, and is it wrong to return to work? Caitlin Muldoon has had to ask herself these questions. After grinding for fifteen years, she finally reached her FIRE goal—$10,000 per month in passive income. In her current lifestyle, she’s saving money every month, but as she moves into her dream house and expenses start to rise, her passive income may not be enough. Does this mean that Caitlin is no longer financially independent?  Today, Caitlin is sharing her full FIRE story with us. How she went from one house hack and a HELOC to a six-figure generating real estate portfolio, the struggles she had with leaving her job, realizing that her expenses would jump after her husband quit, and why retiring early isn’t always the end goal. Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover What to do if rising living expenses are about to extinguish your FIRE Turning your primary residence into a passive income-generating portfolio by using HELOCs How intentionally saving money can massively propel your wealth and get you to FIRE much sooner Why you DON’T need to quit your job, even after you reach your FIRE number Advice for anyone who wants to build a rental property portfolio with today’s high interest rates And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Forums Market Finder Rising Femme Wealth See Mindy and Scott at BPCON2024 in Cancun! Do You Know Your FIRE Number? Here’s What That Means 00:00 intro 01:56 Starting Salary and First Home 04:01 Rental Investing and Finding FIRE 07:13 Thoughts of Quitting 08:05 Real Estate Portfolio Timeline 13:58 Savings Rate and Reinvesting 15:47 Using HELOC to Buy Rentals 20:31 Achieving FIRE, But... 24:07 Rising Lifestyle Expenses? 31:55 Advice for FIRE 36:32 Connect with Caitlin! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-561 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Did you know you can use your 401(k) to retire early? Yep, it’s possible. And today’s guest, Eric Cooper, is doing it atage 47! Most FIRE chasers search for how to withdraw from a 401(k) early but know that doing so will hit them with substantial penalties. The best way around this? The 72(t) rule—which is precisely what Eric has been taking advantage of. Eric uses the 72(t) rule’s “substantially equal periodic payments” to take early withdrawals from his 401(k) of $30K per year, starting at age 47. But how does it work? Eric comes on the show to describe exactly how this early withdrawal rule works, how much you can take out, the regulations to follow so you avoid penalties, and why early retirement may be much closer than you think. But this isn’t the only early retirement income Eric has got. We’ll review his substantial real estate portfolio and detail Eric's almostunbelievable tax savings from combining tax-advantaged rental properties with rule 72(t). Plus, Eric shares how he built a multimillion-dollar nest egg by his mid-forties and why those starting young on the path to early retirement can repeat his strategy to be much richer in retirement. Do you have money sitting in retirement accounts that you’re ready to use? The 72(t) rule might be just what you need. In This Episode We Cover How to access retirement funds early with the often overlooked 72(t) rule Escaping the “middle-class trap” that stops you from retiring on your terms Avoiding 401(k) penalties and using retirement accounts to actually retire early  The rules and regulations you MUST follow to withdraw penalty-free  How Eric amassed such a massive retirement account balance (and how you can, too) Early retirement healthcare and how to lower your taxable income to greatly reduce premium costs And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group How to Access Retirement Funds Early 72(t) Calculator  See Mindy and Scott at BPCON2024 in Cancun! How the “Middle-Class Trap” Stops Your Early Retirement 00:00 intro 01:14 What is Rule 72(t)? 05:30 Avoiding Early Withdrawal Penalties 11:12 Building a BIG Nest Egg 17:14 Retiring Early at 47! 18:00 Different Investment Accounts 21:41 Why Withdraw Early? 24:52 Rental Income and Healthcare 30:44 Selling the Rentals? 32:54 Calculating Your 72(t) Income 38:40 Advice for Early Retirement 41:18 Connect with Eric! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-560 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

What if you could “retire” early, working only FOUR hours a week? Coast FIRE achiever Diania Merriam did just that! After a decade of hustle in corporate America, Diania found herself financially behind with $30,000 in debt. Dreaming of a life-changing adventure but lacking the funds, she decided to overhaul her finances. Fast forward, and now in her mid-thirties, she’s debt-free, successfully self-employed (or, as she puts it, happily “unemployed”), living life on her terms. So, how did Diania save enough to walk away from her nine-to-five? The answer might surprise you. She didn’t need millions in the bank, and neither do YOU, to embrace early retirement. Diania asks, “Do you have enough to take a risk?” If you do, you could live the Coast FIRE lifestyle, just like her, working minimal hours and maximizing time freedom. Ready to slash your workweek and dive into what you love? Stick around—by following Diania’s example, early retirement could be within your reach, EVEN if you’re just getting started on your FIRE journey! In This Episode We Cover Why you must be financially prepared to quit a soul-sucking job  Achieving Coast FIRE without millions in the bank and how to be happy living off of little Why self-employed health insurance isn’t as big of an expense as most people think Burning out before you hit FIRE and why being hyper-fixated on a financial goal could kill your drive How starting your own business can save you a ton on taxes How to “retire” early without replacing your full-time salary  And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Let Us Know What You Thought of the Show! Grab Dave’s Newest Book “Start with Strategy” See Mindy at BPCON2024 in Cancun! Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love 00:00 Intro 01:03 $30K in Debt! 03:22 Quitting Her "Toxic" Job 09:23 What About Health 12:02 How Much She Makes 20:53 You Have ENOUGH Money! 25:24 Connect with Diania! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-559 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The IRA vs. 401(k). You’ve heard of these retirement accounts before, but do you know the difference between the two? Maybe you have a 401(k) at work and have been diligently getting your employer match but struggle to describe what you’re investing in. You’ve heard top financial experts talk about how a Roth IRA is crucial for saving on taxes long-term, but are you eligible to invest in one? Today, we’re discussing top retirement accounts and how to start investing with just $100. CFP (Certified Financial Planner) Kyle Mast joins Mindy on today’s show to answer common questions about 401(k)s, IRAs, Roth IRAs, and HSAs! We’ll first describe when you should invest in a 401(k) vs. an IRA, why their Roth equivalents are so valuable, especially if you’re itching to save on taxes in retirement, and the best account for beginners that (most) Americans will get free money from. What happens after you leave a job and your 401(k) remains? Kyle discusses the options to ensure your money stays invested, even after leaving an employer. We’ll also get into the triple-tax benefit HSA (health savings account) that you should take advantage of IF you qualify, which accounts to invest in first, and what to do once you’ve maxed out your retirement accounts! In This Episode We Cover 401(k)s vs. IRAs and which to invest in first (especially if you’re employed!) Roth IRAs and 401(k)s explained and when to choose a Roth over a traditional account The best retirement account for beginners and how to get free money for retirement How to take control of a 401(k) after leaving an employer Health Savings Accounts (HSAs) and who qualifies for these extremely tax-benefited accounts Which accounts to invest in first when maximizing retirement savings How we would start investing for retirement if we only had $100/month extra And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Buy Scott’s Book “Set for Life” See Mindy and Scott at BPCON2024 in Cancun!  BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It See Mindy at BPCON2024 in Cancun! Traditional 401(k) vs. Roth IRA: Which One Wins? 00:00 Intro 02:17 401(k)s vs. IRAs 05:07 Roth IRAs and 401(k)s 11:21 Best Account for Beginners 14:31 401(k)s After Ending Employment 19:58 Health Savings Accounts (HSA) 26:46 How to Invest $100 32:00 Connect with Kyle! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-558 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Have you ever made a poor financial decision? You’re not alone! But can a bad blunder disqualify you from FIRE? Today’s guest made a huge investment at the worst possible time, a move that had consequences a decade later. Despite this, he was still able to reach early retirement in just fifteen years! Welcome back to the BiggerPockets Money podcast! Ryan Connell had a picture-perfect start to his financial independence journey—saving money at a young age and living well below his means. But then 2007 arrived, and Ryan made the “worst financial decision” of his life. He bought a house just weeks before the housing market began its historic collapse. But a move that could have derailed his quest for FIRE proved to be a minor setback because Ryan was still able to retire at the age of thirty-eight! In this episode, you’ll learn why you should treat real estate as less of a “sure thing” and more like the stock market. Ryan discusses his current portfolio, which consists of 100% index funds, and what led him to pivot from real estate investing entirely. He even gives us a peek into the average day as an early retiree and shares why he has never had a FIRE number! In This Episode We Cover How Ryan rebounded from his “worst financial decision” to reach FIRE at thirty-eight Real estate versus stocks and why you don’t need properties to retire early Why time in the market is still more important than timing the market Whether you can reach financial independence without stress and sacrifice How to enjoy retirement with less productivity and more “negative time” And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Check Out Ryan’s Camp FI Talk Buy the Book “Rich Dad Poor Dad" See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Real Estate 955: BiggerNews: Real Estate vs. Stocks, the Ultimate Wealth-Building Debate 00:00 Intro 02:02 Buying a House...in 2007 09:42 Digging His Way Out 18:46 Ryan’s Journey to FIRE 28:25 Saving TOO Much? 35:00 Life After Early Retirement 40:49 Find Freedom Faster! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-557 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

2013 was a pivotal year for our hosts. Scott was fresh out of college and just beginning his journey to financial independence, while Mindy and her husband were well on their way to FIRE and had just launched their blog, 1,500 Days, to document their progress. But if they were starting over today, would they change anything? Welcome back to the BiggerPockets Money podcast! In today’s episode, Scott and Mindy are winding back the clock ten years and sharing what they would do differently if they were beginning their FI journey in 2024. Spoiler alert: they wouldn’t have changed very much regarding the fundamentals of frugality, saving money, and investing. But, as you’re about to find out, they would make some MAJOR tactical changes, and they even have a few regrets about not spending money! Whether you’re brand new to FIRE or are already on track for financial freedom, you don’t want to miss this episode! You’ll learn about the real estate investing strategy Scott would prioritize in 2024, the stock investments that helped Mindy overshoot her FI number, and the lifestyle changes our hosts wish they had made along the way! In This Episode We Cover What Scott and Mindy would change if they were starting their FI journey today Three types of investments that will carry you to financial independence How to invest in real estate in 2024 (and which strategy to use) When to prioritize saving cash over contributing to retirement accounts The cash-flowing investment property WE would be buying in 2024 The individual stocks that catapulted Mindy toward FIRE How to save thousands of dollars in taxes with live in flips And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Buy Scott’s Book “Set for Life” See Mindy and Scott at BPCON2024 in Cancun!  BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It 00:00 Intro 01:24 Chasing FIRE in 2013 05:54 Where to Invest & Live In Flips 12:00 Starting from Zero in 2024 23:03 Lifestyle Changes with FI 27:34 Save and Invest! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-556 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices, cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? After realizing they were throwing away every cent they made, James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom. His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work, and rarely ate out anymore. Just two years after discovering FIRE, they achieved it, and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode! 00:00 Intro 01:21 Poverty to Overspending 06:12 Convincing Your Spouse on FI 09:09 0% to 85% Savings Rate 16:30 Buying $50K Rentals 23:29 Retiring on $31K/Year 29:40 The Secret to FIRE 32:43 Are They Still Retired? 34:36 Advice for Finding FIRE 36:24 Connect with James and Emily! 37:19 Use These FIRE Tips Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-555 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Pay off your mortgage or invest? If you’re on the path to FIRE, you’ve probably asked yourself this question. Without a mortgage payment, you could put thousands more in your pocket every month, and your FIRE number would decrease significantly. On the other hand, investing all the money you could have spent on paying off your mortgage may allow you to build considerably more wealth and reach Fat FIRE with more assets to your name. So, which move do you make? Mindy and Scott are coming on to debate this common investing question. On team “Don’t pay it off!” is Mindy, who just recently made a six-figure profit by NOT paying off her mortgage. How did she do it? Stick around to find out. Scott, who just bought his recent home in cash, is pro-paying off the mortgage (for some), as it may lead you to FIRE much faster than you thought. In this episode, Scott and Mindy discuss WHO should pay off their mortgage early, the pros and cons of investing vs. going debt-free, and why one move may be MUCH better for those closer to FIRE. Want more money for your future retirement? Sick of your job and want to quit quickly and retire on your terms? We’ve got options for BOTH! In This Episode We Cover Whether you should pay off your mortgage early or invest instead How Mindy made a six-figure stock profit by NOT paying off her home Why paying off your low-interest rate mortgage may make sense EVEN in 2024 How those close to retirement can shave off a BIG portion of their FIRE number and retire now Whether you should keep cash in a high-yield savings account instead of paying down a low-rate mortgage Other BIG cost-saving benefits of paying off your mortgage early And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Money 543 - How the “Middle-Class Trap” Stops Your Early Retirement 00:00 Intro 01:27 Why You SHOULDN’T Pay It Off 05:35 Why You SHOULD Pay it Off 15:07 Keep Cash in the Bank? 20:54 Big Benefits of Paying it Off 27:51 What Would You Do? 29:29 Scared of Stock Performance? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-554 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Once you hit Coast FI, you don’t need to worry about retirement. While traditional FIRE may take a bit more extra work, Coast FI allows you to let your foot off the gas and enjoy life NOW, knowing that you’ll be set for retirement by the time you’re sixty-five. Lisa hit her coast FI number at the (very) young age of twenty-seven, and she will have millions of dollars waiting for her in retirement, even if she stops investing now. How’d she do it so quickly? When her father challenged her to save $100K by age twenty-five, Lisa said, “Why not!” She hit the goal—actually, she got there two years earlier! After much saving and significant sacrifice, Lisa had a six-figure net worth in her early twenties. From there, she began heavily investing in her retirement accounts, which now boast over a quarter of a million dollars, and she’s on track to have half a million at thirty! How did Lisa get so far ahead of the average twenty-seven-year-old, and what can you teach your kids, grandkids, nephews, nieces, or siblings to get them on the same path? Tune in because Lisa shares how to save $100K, the easiest way to invest for retirement, the tax-free account that will make your future self rich, and her best advice for growing wealth at a young age. Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover How to save $100K in just a few years (even if you’re starting your career) The tax-free retirement account you can’t afford to overlook Coast FI 101 and how to hit it early so you can enjoy spending again The sacrifice of saving and whether or not it’s worth it to go fully frugal Index fund investing and why it’s one of the easiest ways to start investing Lisa’s retirement portfolio and exactly what she’s investing in now And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Connect with Amanda The Simple Path to Wealth—Index Funds Explained with JL Collins See Mindy at BPCON2024 in Cancun! BiggerPockets Money 124 - Starting From $0 at Age 35 as a Teacher and Becoming ‘The Millionaire Educator’ 00:00 Intro 01:37 Early Financial Education 03:53 $100K by 25 Challenge  07:08 Sacrificing to Save  10:26 Current Salary and Spending  13:13 What She Invests In  15:15 Coast FI at 27 21:45 Save Your First $100K! 24:56 Follow Her Lead!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-553 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You can take your time to reach financial independence, but why wait? With a combination of hard work, savvy investing, and additional income streams, today’s guest reached FI by the age of twenty-eight. In this episode, she provides the blueprint that teachers and other middle-class workers can use to fast-track their financial goals! Welcome back to the BiggerPockets Money podcast! Today, Brooke Coughlin is a business owner, real estate agent, investor, and author. But, just FOUR years ago, she was a seventh-grade teacher earning a $40,000 salary. The key to her rapid success? Brooke’s workday starts at 5 a.m. and ends well after 10 p.m. This relentless work ethic has helped her build a successful cleaning business, sell over $100 million worth of real estate, and pen her very own book! Now, working from sunup to sundown isn’t for everyone. Perhaps you just want a reasonable nest egg for a comfortable retirement or some money to pass down to your children. Whatever your financial goals, there are all kinds of helpful nuggets to take away from today’s episode. You’ll learn about the first steps of entrepreneurship, how to build a business or side hustle alongside your W2 job, and how to become financially free from any starting point! In This Episode We Cover How Brooke went from a $40,000 salary to financial independence in FOUR years The BEST ways to increase your income while working a nine-to-five job What teachers should do today to build a nest egg for retirement The first steps you must take to become a successful entrepreneur How to build a real estate business that allows you to leave your W2 job And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Connect with Brooke on Instagram Preorder Brooke’s Book, “She Closes Deals” 00:00 Intro 00:58 Supercharging Her Income 09:49 Juggling a HEAVY Workload 12:00 Brooke’s Real Estate Portfolio 16:03 What’s Brooke’s End Goal? 25:06 Connect with Brooke! 25:50 Start Building Your Nest Egg! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-522 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The BiggerPockets Real Estate Podcast is about to hit a huge milestone—our 1,000th episode! Real estate has changed quite a bit since we started this podcast, so we’re making some changes, too.  We’re bringing on new guests and new formats while focusing on investing tactics and strategies that work in TODAY’s housing market. Oh, and did we mention fewer ads, too? We’re still delivering the time-tested knowledge, inspiration, and news you expect from the BiggerPockets Real Estate Podcast so YOU can work towards financial freedom, no matter the market conditions. Join Dave Meyer, our new host, for our 1,000th episode, and tune in on Mondays, Wednesdays, and Fridays to learn how YOU can reach financial independence through real estate! Hit “Follow” to never miss an episode! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-no-number Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Todd retired early at age forty-four, just three years after discovering the FIRE movement. The most interesting part? He quit without reaching his FIRE number. That’s right. After realizing he couldn’t go one more day working his job, he quit, even without the perfect amount of money on the sidelines. Did he survive in the FIRE life, or did he eventually have to return to work to rebuild his portfolio? Stick around and find out! Although Todd made a good income, he spent most of it on his lifestyle. As his family’s sole provider, every expense took away from his income, leaving him with a respectable but by no means large savings rate. One day, as Todd surfed the internet at work, he stumbled upon a financial independence blog post, and the rest was history! He chased FIRE ruthlessly for three years and eventually was able to retire on his terms. If you’re looking to retire in your forties, quit your job, find financial freedom, or finally grow your savings, tune in for Todd’s advice. Even if you don’t have a high income, you can follow his cost-cutting, “boring” investing advice to achieve financial independence faster than you thought possible! In This Episode We Cover The “boring” investments that lead you to financial independence and early retirement Coming up with your FIRE number and whether the 4% rule still works Getting richer in retirement and how to build wealth WITHOUT working How cutting your expenses will fast-track your path to early retirement Quitting your job and why you MUST prepare for life in retirement BEFORE you walk away from your salary And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest Subscribe to The BiggerPockets Money YouTube Channel  Apply to Be a BiggerPockets Money Guest Apply to Be a Finance Review Guest Email mindy@biggerpockets.com for the 4% Rule Article or Todd’s Contact Information See Mindy at BPCON2024 in Cancun! How to Retire Early (From Someone Who Did at Age 27) 00:00 Intro 01:09 Finding the FIRE Movement 03:24 Getting His Wife on Board 04:38 His FIRE Number  05:32 FIRE Movement Myths  07:37 Getting Richer in Retirement  11:55 Quitting His Job! 13:14 Prepare for Post-FI! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-551 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Wouldn’t it be nice if your home paid for itself? Every month, you throw a substantial sum of money towards your rent or mortgage payment, but what if you could live mortgage-free? With ADU investments, it’s more than possible. Michael Russell used an ADU (accessory dwelling unit) to make an extra $1,400/month off of his pricey California home. Combined with a bit of house hacking, Michael was getting PAID to live in one of the nation’s most expensive states. And he did it all on an average salary! So, how do YOU use ADUs to lower your cost of living and turn your home into a cash-flowing investment? Today, Michael walks us through exactly how he did it, how much it cost, how long it took, and how much money he ended up making. With high interest rates, will the ADU investing strategy still work in today’s market? How hard is it to build an ADU? And what’s the one mistake Michael wishes he hadn’t made before he built his ADU? We’re answering all these questions in this episode and showing you how to slash your mortgage payment, even if you live in a costly housing market! In This Episode We Cover ADU investing explained and how much it costs to build an accessory dwelling unit Why more local and state governments WANT homeowners to build ADUs How to get paid to live (even in a high-cost-of-living area) with ADUs and house hacking The one mistake that cost Michael months of time (and rent) that you can’t afford to repeat Finding homes with ADU potential and the investor-friendly agent you NEED to spot these opportunities And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Work with Michael BiggerPockets Real Estate 356 - 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah BiggerPockets Real Estate 575 - Killer Cash Flow with This “Tenant-First” Section 8 Rental Strategy w/Joe Asamoah BiggerPockets Money 37 - Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke 00:00 Intro 01:19 Money Snapshot 04:17 Home Run House Hack  06:01 Smart Money Moves Early On 10:47 Surviving on $36K/Year  12:40 Building the ADU 22:12 How Long Did it Take? 24:55 ADU Investing with High Rates  33:37 Starting ADU Side Hustles 37:40 The Right Type of Agent  45:58 Connect with Michael!  46:59 The Housing Solution? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-550 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Is the FIRE movement dead? In 2024, more people are catching on to the huge downsides of pursuing financial independence, retire early. Strict frugality, massive sacrifice, working harder than ever…is it really worth it to retire decades before everyone else? If you’re internally screaming, “Yes! Of course it is!” you’re in good company. Today, we’re talking about why FIRE is NOT dead in 2024 but why most Americans won’t achieve it. It’s easy to claim that the FIRE movement is dead in 2024 when inflation has been high, savings rates are low, and there’s economic uncertainty all around. The problem? Almost all of that can be easily factored into your FIRE plan, and with some sacrifices, you could easily retire early in five, ten, or fifteen years. So, if FIRE is still possible, what must the average person do to achieve it? We’ll discuss the mindset shift you must undergo to reach financial independence, the sacrifices you must prepare for, and what we would have done differently on our own paths to FIRE. Achieving financial freedom doesn’t need to be an all-out grind with zero enjoyment. Even if you make minor money moves today, you could be retiring YEARS earlier than you thought possible! In This Episode We Cover An update on the FIRE movement and whether or not FIRE is possible in 2024 The 4% rule explained, and why it works EVEN during high inflation The sacrifice that most Americans will NEVER make to retire early  How to achieve FIRE even if you have an average income  The “grind” that gets you RICH and how to tell you’re on the right track for FIRE How frequently to check your investments/accounts (and whether it really matters) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 243 - Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke cFIREsim (FIRE Calculator) My Death March to Financial Independence Email mindy@biggerpockets.com for the “4% Rule” Article 00:00 Intro 04:19 Is the FIRE Movement Dead? 10:93 Do You Need a High Income? 16:36 Should Everyone Pursue FIRE? 24:44 How Average People Achieve FIRE 30:04 FIRE in 2024 35:54 Retiring Early During Inflation  38:38 You CAN Achieve FIRE Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-549 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Are we in a recession? Are we headed for a recession? No one knows for certain, but you can never be too prepared for an economic downturn. Are you saving money? Do you have a plan in the event you lose your job? In today’s episode, we’ll help prepare you for anything that might be thrown your way! Welcome back to the BiggerPockets Money podcast! Amidst economic uncertainty, there are two steps you must take to weather tough times: build an emergency fund and brace for a potential layoff. Today, Mindy and guest co-host Amanda Wolfe are bringing you their best money tips for getting through a recession. First, they’ll show you how to pad your emergency fund by saving hundreds on groceries each month, negotiating your bills, and eliminating unnecessary expenses from your budget. Believe it or not, it might even be time to cut back on aggressive debt paydown or extra 401(k) contributions! Next, they’ll help you with a potential job search. You’ll learn how to get your resume seen by more employers and determine your market pay rate. But that’s not all. Stick around until the end to learn why staying with your current company—regardless of whether your job is at risk—could cost you millions of dollars over your lifetime! In This Episode We Cover How to get your financial house in order before an economic decline Calculating how much money YOU need for an emergency fund How to slash your food bill by hundreds of dollars per month The BEST places to find money and bolster your savings How to start preparing for a new job today (before you lose it!) When to cut back on “extra” payments and retirement contributions Why staying at your current job might be costing you millions of dollars And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Try Amanda’s Free Emergency Fund Calculator Connect with Amanda on Instagram Enjoy Ebooks and Audiobooks with Libby Enjoy Ebooks and Audiobooks with Hoopla Check Out Market Pay Rates with Glassdoor See Mindy at BPCON2024 in Cancun! BiggerPockets Money - Episode 110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life 00:00 Intro 02:19 Building Your  11:31 Slashing Your Grocery Bill 17:22 Negotiating Bills & Auditing Purchases 27:56 The “No-Spend” Challenge 33:52 Preparing for a New Job 42:53 Send Us Your Money Tips! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-548 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You could be missing out on the chance to earn passive income from your home (and other rentals!) with a “no-brainer” money move. This investing strategy is picking up steam and could become one of the big trends in real estate this year. Today’s guest was one of the early adopters, and it carried him to FIRE by his late thirties! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with “That ADU Guy,” Derek Sherrell. Right before the 2008 housing market crash, Derek left his contracting job behind and returned to school to become a firefighter. Little did he know that this career move would provide the time, freedom, and connections to launch a full-blown side hustle alongside his W2 job. Before the age of forty, Derek became financially independent, with the ability to retire early, all thanks to this simple strategy. Since then, he has made it his life’s mission to inspire countless others to do the same! In this episode, we’re taking a deep dive into accessory dwelling units (ADUs). Tune in to learn why the combination of serial house hacking and some kind of “secret sauce” (in this case, ADUs) is perhaps the easiest path to FIRE. Derek will tell you everything you need to know about buying, building, and renting out ADUs—from financing these units to scaling your business! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover Accessory dwelling units (ADUs) explained (and how they create passive income) Why the modified serial house hacking strategy might be the easiest path to FIRE How to completely replace your W2 income with cash flow from ADUs How to easily (and affordably) convert a single-family home into a duplex Why ADU investing could be one of the biggest investing opportunities in 2024 How to get your spouse on board with your real estate investing strategy And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Check Out Derek’s Website Derek on BiggerPockets 00:00 Intro 02:31 Life with FI & Current Portfolio 06:06 Derek’s Money Journey 12:26 Changing Careers & Building Wealth 18:21 Buying the “Lucky” House 28:14 House Hacking with ADUs 37:20 3 ADU Investing Strategies 49:06 Derek’s BIG Mission 55:58 Connect with Derek! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-547 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The road to financial independence isn’t always linear, but stoicism might be the secret ingredient that keeps you on track. This ancient philosophy gets a bad rap, but with its framework as your financial “operating system,” you’ll be able to weather all kinds of storms! Welcome back to the BiggerPockets Money podcast! Today, Darius Foroux is a business owner, landlord, financial educator, and the author of eight books. But as a boy, he watched his family live paycheck to paycheck for many years. Vowing to one day become wealthy, Darius started saving every penny possible, only to find that practicing staunch frugality could only take him so far. After more than a decade of hard work and sacrifice, he had just $10,000 to his name and, after student loans, a negative net worth. But in 2015, Darius made a seismic mindset shift that propelled him to FI in just FIVE years! In this episode, Darius dispels the myth that stoicism is about suppressing emotions and lacking empathy. Instead, you’ll learn that its tenets revolve around creating balance, staying grounded, and changing how you respond to things beyond your control—virtues that are congruent with building wealth. But that’s not all. He will also show you how to increase your income, gain a “stoic edge,” and invest your money in 2024! In This Episode We Cover How Darius went from a low net worth to financial independence in FIVE years Why reaching FI is easier with stoicism as your “operating system” Why investing in yourself and learning new skills is the KEY to higher income The three steps for gaining a “stoic edge” that helps you build wealth faster The BEST way to start investing in the stock market in 2024 And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Grab Darius’ Latest Book, The Stoic Path to Wealth Connect with Amanda on Instagram 00:00 Intro 03:24 Darius’ Money Journey 11:16 Negative Net Worth & the “Aha!” Moment 22:25 Stoicism in Personal Finance 32:11 Building Wealth with Stoicism 41:36 How to Start Investing in 2024 47:04 Reaching FI & Retiring Like a Stoic 52:46 Connect with Darius! 53:19 Find Joy in the Journey! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-546 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Fat FI and generational wealth in THREE years?! How is that possible? The sooner you forge good money habits, the sooner YOU can achieve your FI goal. Today’s guest wanted to build wealth as soon as possible, and in this episode, he will share the secrets to his enormous (and rapid) success! Only a few years ago, Josh Janus was flipping sneakers he couldn’t afford and making DoorDash deliveries for a little cash. Today, he has a seven-figure income and an eight-figure real estate portfolio. Fat FI at the age of just twenty-three, Josh still has his entire life ahead of him and a significant net worth to deploy however he chooses. Will he continue to grind away as a real estate agent, working eighty-hour weeks and optimizing his time for even higherearnings? Or will he take his foot off the gas and enjoy some of the wealth he’s worked so hard to build? Now, you may be in a very different season of life than Josh. After a family, career, and maybe even a late start to your FI journey, this explosive wealth-building trajectory might not be in the cards. But even if you don’t aspire to build a $15 million multifamily portfolio or revitalize your hometown, a few years of extreme discipline and sacrifice will unlock all kinds of financial opportunities. Tune in to Josh’s incredible story and find out how! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover How Josh achieved financial independence in just THREE years (at twenty-three!) How to grow a seven-figure income as a real estate agent and investor Building a large real estate portfolio (starting with little to no money!) Increasing your income by evaluating your schedule for delegable tasks How practicing discipline and sacrifice can fast-track your journey to FI And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Scott and Kyle at BPCON2024 in Cancun! BiggerPockets Real Estate - Episode 749: From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!) with Josh Janus 00:00 Intro 02:03 Josh’s Money Snapshot 10:34 What’s the End Goal? 13:13 Flipping Sneakers to Learning Real Estate 25:12 Becoming an Agent & Leaving College 28:52 $600K in Year ONE?! 35:16 The Real Cost of Success 43:52 “Seasons” of Life 49:04 Connect with Josh! 50:04 Hustle for Your FI Goal! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-545 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Reaching financial independence and becoming a millionaire before the age of thirty?! While this path requires several years of ruthless saving, smart investing, and unwavering discipline, there’s no reason why YOU can’t enjoy financial freedom and attain the lifestyle you want! Shortly after graduating from college with over $50,000 in student loans, Franklin Zheng found himself working a grueling, eighty-hour-per-week factory job. Fortunately, it was also around this time that he discovered BiggerPocketsand decided to try his hand at real estate investing. He started attending local meetups, where he learned that simply getting in the same room with other investors presented all kinds of opportunities. It wasn’t long before Franklin had found his future investing partner, and in just FIVE years, he has built a cash-flowing real estate portfolio of thirty-eight units, as well as a business that has allowed him to leave his W2 job and travel the world! In this episode of the BiggerPockets Money podcast, you’ll get a glimpse of what it takes to achieve financial independence and amass a one-million-dollar net worth. Make no mistake—it’s not easy. Franklin will be the first to tell you that the last five years have been filled with all kinds of successes, challenges, and failures. But if he can do it, YOU can, too! In This Episode We Cover How Franklin reached financial independence by thirty in just FIVE years What you MUST know before investing in commercial real estate Fast-tracking your real estate journey through the power of local meetups How to start a real estate business that allows you to leave your W2 job The secret to forming successful real estate investing partnerships How to defer capital gains tax on your rental property with a 1031 exchange And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Connect with Franklin on BiggerPockets See Scott and Mindy at BPCON2024 in Cancun! Check Out the Top 100 Cash Flow Markets Find a Local Real Estate Meetup Find Answers to Your Real Estate Questions on the BiggerPockets Forums 00:00 Intro 01:10 The 80-Hour Factory Job 08:17 Real Estate Meetups & Partnerships 16:48 Renting to Attorneys 19:32 Selling the Office Building 23:07 “Unicorn” Rentals & 38 Units! 29:14 Starting the Lending Business 32:47 Leaving His W2 & Traveling the World 36:27 Put in the Work! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-544 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You dream of retiring early, but you’re stuck in the “middle-class trap.” You’ve built up a solid net worth, maybe own a rental property or two, and on paper, you look like you’re on track to make it rich. But in reality, you don’t feel that way. With all your wealth tied up in home equity or retirement accounts, your “early” retirement may have to be pushed to the traditional age of sixty-five. So, how do you free up some of this wealth so you can start accessing it today to retire early tomorrow? This is the question Emily and Justin are struggling to answer. They’ve gone from nothing to a substantial net worth—$1,500,000! With big dreams to travel internationally and retire from their jobs in twelve years, they’re wondering if they can still make it to early retirement AND if they can do so while enjoying life a little bit more today. Mindy and Scott offer some unconventional advice for the personal finance space, but it may help this couple feel more secure so they can start living today instead of waiting to finally retire in twelve years! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover The “middle-class trap” that stops even millionaires from retiring early Why you should NOT sacrifice everything now just to retire a few years earlier  What to do when you struggle to spend more, even on the things you love Paying off your primary residence early vs. keeping a low-interest mortgage (and what to do with the money instead!) Putting your pension into your net worth calculation (and how it can get you closer to FIRE!) Roth conversion ladders and the smart way to save significantly on taxes in retirement  And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest How to Access Retirement Funds Early How to Estimate Capital Expenses On a Rental Property See Mindy and Scott at BPCON2024 in Cancun! Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together 00:00 Intro 02:19 Frugal Beginnings  07:58 Big Retirement Goals  13:48 Financial Snapshot  14:50 Struggling to Spend Money? 24:18 Can We Retire in 12 Years? 36:45 A HUGE Extra Income Source  45:46 Loosen Up Your Budget! 52:13 Retire Even Earlier?  01:02:09 Emergency Reserves for Rental Properties  01:07:51 Don't Get Caught in The Trap! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-543 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Want a personalized financial independence plan that’ll get you closer to early retirement? Well, we’ve got just what you’re looking for! On this second annual “Financial Independence Day,” Mindy and Scott are sharing a new way to get you to financial freedom faster. With so many applications for our “Finance Friday” series, we decided to make a downloadable that allows you to do your own personal finance review AND build a faster path to FIRE! But before you start filling out your financial independence plan, listen to this episode. We review some common traps and pitfalls that have stopped our Finance Friday guests from achieving financial freedom. We’ll explain exactly what each net worth bracket should focus on, how to get through the saving and investing “grind” to FIRE, and the biggest mistake most people make that will STOP them from ever finding financial independence. Want to reach financial independence faster? Download the DIY Finance Friday document here, and if you want Mindy and Scott’s personalized suggestions, apply to be a Finance Friday guest!  In This Episode We Cover How to build your own plan for financial independence and reach early retirement faster Coming up with your financial snapshot to see a complete picture of your net worth The biggest opportunities to reach FIRE for different net worth brackets The “middle-class trap” that will stop you from retiring early (even if you’re wealthy) Getting through “the grind” and how to know you’re on the right path for FIRE Whether building wealth comes through a “process” or a “single event,” and how to combine both And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finde Apply to Be a Finance Friday Guest BiggerPockets Money 426 - The New Path to Financial Independence is HERE BiggerPockets Money 157 - The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple BiggerPockets Personal Finance Forum Review Mindy’s Budget See Mindy and Scott at BPCON2024 in Cancun! Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan 00:00 Intro 01:59 FIRE for DIYers 04:45 Your Financial Snapshot  15:25 Opportunities for FI 23:08 Avoiding the “Middle-Class Trap” 32:58 Getting Through The “Grind” 39:32 You NEED Both of These  44:24 Changing Your Path to FIRE  52:07 Happy FI Day! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-542 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Student loan debt can easily get in the way of financial independence, especially if there’s a high interest rate attached to your loans. But should you pay down this debt at the expense of investing for the future? There are several factors we’re going to explore in today’s episode! Lauren is a physician assistant with a stable W2 job, a house hack, and a side hustle that provides her with a little “fun” money each month. But as she and her partner work toward their goal of reaching FI in twenty years, they’ve got some money issues to work out—namely, how to tackle the $150,000 in student loans hanging over their heads. Should they pay down this debt, invest in real estate, or both? Should they put their retirement contributions on hold? One day, they hope to travel the world and enjoy their favorite pastime, kitesurfing! But should they fast-track this dream before planning for a family? Lauren is at a crossroads in her journey to FI, and in today’s episode, Scott and Mindy will provide her with an actionable blueprint she can use to achieve her financial goals, career aspirations, and dream lifestyle. Along the way, you’ll learn when to prioritize aggressive debt paydown, how to strike the perfect investment portfolio mix, and important things to consider before starting a family! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover When to pay down student loan debt rather than invest in real estate Why buying rental property today will leave you with more cash flow in retirement How to financially plan for weddings, honeymoons, children, and other BIG expenses Paying off your primary residence versus buying MORE rental properties How to improve asset allocation with a mix of rentals and retirement accounts And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Scott and Mindy at BPCON2024 in Cancun! BiggerPockets Money - Episode 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money - Episode 514: How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More! 00:00 Intro 01:25 Financial “Wellness” 07:01 Lauren’s Money Snapshot 15:51 MAJOR Career Decisions 22:15 FI in 20 Years (or Fewer!) 27:53 Paying Off $150K Student Loans 36:07 Weddings, Honeymoons, & Kids 44:55 Kitesurfing & Traveling the World! 57:39 Pay Down the Mortgage? 01:02:54 Enjoy Life AND Build Wealth! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-541 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Renting vs. buying a house: when it comes to FIRE, many people assume that you must own a home and preferably have it paid off to reach financial freedom. But is this really true? With renting so much cheaper than buying in 2024, would it be wiser to rent a place and send the savings to your investment accounts? Today, we’re tackling this topic and a few other heavy hitters as we give our takes on four of the hottest financial headlines. Kyle Mast, certified financial planner, joins Scott Trench to share FIRE-first thoughts on these not-so-easy-to-answer questions. First, we give our take on the ever-relevant renting vs. buying debate and ask whether things have changed since high mortgage rates have made buying a home much more expensive. Then, how do you manage savings and investments with interest rates so high—should you keep your money in a high-yield savings account or search for better opportunities even with savings yields so high? Think your nest egg is a little too light? We share the average 401(k) balance for those close to retirement and give our strategies to boost retirement savings before you leave full-time work. Finally, for those struggling to take care of elderly parents, our last headline is for you. We talk about the growing number of Americans physically, mentally, andfinancially caring for aging parents and how you can set yourself up in the best position possible to care for those in your life. In This Episode We Cover Buying vs. renting a house in 2024 and whether homeownership is required for FIRE The best housing investments you can make to propel your net worth and savings rate Saving and investing during higher interest rates and the type of “opportunities” you must be looking out for The shocking average 401(k) balance and what you can do to increase income in retirement How to ensure your children DON’T have to financially care for you in your old age And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finde Renting is Increasingly Cheaper Than Buying a Home How to manage retirement savings with interest rates remaining elevated This Is the Average 401(k) Balance for Ages 55 to 64 When Caring for Your Parents Comes at a Cost to Your Career See Scott at BPCON2024 in Cancun! Grab the Book, “First-Time Home Buyer” Hear Our Episodes with “Catching Up to FI”: BiggerPockets Money 537 - Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI BiggerPockets Money 538 - Late Start, Early Retirement: The Huge Advantages of Investing Later in Life 00:00 Intro 01:57 Renting vs. Buying a House 10:49 Best Home Purchase for FI? 13:35 Saving and Investing with High Rates 25:05 Average 401(k) Balance  33:02 Caring for Elderly Parents  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-540 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to retire early? You don’t have to wait until age sixty-five. With a few cash-flowing assets and smart money moves, you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible! Welcome back to the BiggerPockets Money podcast! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties. The only problem? He wants to retire at age fifty. In this episode, Mindy and expert investor David Greene from the BiggerPockets Real Estate podcast work together to get Derek on the fastest path to early retirement. If he plays his cards right—redeploying some of his “lazy” home equity, increasing his cash flow, and starting a profitable business or side hustle—he could reach FIRE in just seven years! Are you wary of today’s sky-high mortgage rates? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties. Finally, you’ll hear about the power of starting a business and reinvesting your profits! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover Creative money strategies that will fast-track your path to early retirement How to leverage your 401(k) retirement funds today without tax penalties Boosting your cash flow by converting properties into short-term rentals How to start a business with low money (and where to reinvest your profits!) How to (potentially) acquire valuable rental properties at a HUGE discount When you should hire someone to help manage your real estate portfolio And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder How to Access Retirement Funds Early Check Out J Money’s blog, “Budgets Are Sexy” Check Out Nick Loper’s podcast, “The Side Hustle Show” Hear David on the "BiggerPockets Real Estate" Podcast BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!) 00:00 Intro 01:45 $1.7M Net Worth! 10:20 Derek’s Money Snapshot 18:26 7 Years to FIRE 29:37 Moving “Lazy” Equity 39:42 Note Investing 101 48:45 Starting a Business Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-539 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you a late starter who wants to reach retirement (or early retirement)? Then we’ve got just what you need! We’re back with Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast as we share how to invest for retirement as a “late starter.” Did you know there are some serious advantages to investing later in life? Some of these advantages are so secret that even our hosts didn’t know about them! But today, we’re sharing them with you so you can achieve financial freedom on your terms! From top to bottom, we’re sharing everything you need to retire sooner—from the best retirement accounts to debating 401(k)s vs. Roth IRAs vs. HSAs and more! Worried about healthcare if you retire before you turn sixty-five? DO NOT put your retirement plans on pause because of this! With some smart healthcare saving and investing, you won’t have to worry about visits to the doctor’s office! But before you start investing, we need to get your spending in check. Bill shares how he went from paycheck to paycheck to exploding his savings rate by “downsizing” his spending, which makes reaching financial independence even easier! If you’re ready to retire, stick with us and follow these steps to a tee if you want to be financially free! Missed part one? Listen to it here! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover How much do you need to retire? Here’s the exact calculations we use The best retirement accounts to invest in that have substantial tax advantages Social Security and whether or not you can plan on receiving it when you retire  The “triple tax benefit” healthcare account that you’ll wish you knew about sooner How to “downsize” your life so you can invest more and retire faster  “Catch up” retirement investing and the investment accounts that late starters must take advantage of 401(k)s vs. Roth IRAs vs. HSAs: Which should you invest in first? And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here Catching Up to FI Podcast HSA – The Ultimate Retirement Account Open Social Security The Shockingly Simple Math Behind Early Retirement 00:00 Intro 01:19 Create a Simple Plan 04:58 How Much Do I Need to Retire? 09:18 What About Social Security?  16:27 Reducing Your Expenses 19:59 Healthcare and HSAs 33:28 Best “Catch Up” Investments  38:31 Roth vs. HSA vs. 401(k)  47:34 Investing Beyond Retirement Accounts  49:38 It’s NEVER Too Late!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-538 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement? Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms. In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover The four steps anyone can take to reach retirement  Why it’s okay to be a “late starter,” especially when it comes to retirement planning How to do a “backward budget” to quickly and easily see how much you’re spending  Why you MUST look back on the financial “lessons” you’ve learned to build wealth now! Getting clear on your goals and what you want to achieve so you can reach retirement The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey! And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here 00:00 Intro 01:14 Late Start, Early Retirement 06:01 Before You Can Start 08:06 “Backwards” Budgeting  17:12 Make a Plan  28:26 Acknowledge Your “Lessons”  33:19 Stick Around!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate. The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful. Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY! In This Episode We Cover Deadly property management red flags and signs you should run from a property manager Why you never, EVER give your entire portfolio to a single property manager/property management company Simple questions to ask that immediately show if a property manager is legit Negotiating fees and why Scott is okay with paying a higher monthly rate Communication expectations and what a property manager should be sending you EVERY month The easiest way to find a great property manager wherever you invest And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Want to Self-Manage Your Rentals Instead? Grab the New Book, “Self-Managing Landlord” Ask Other Investors Your Property Management Questions on the BiggerPockets Forums Past Episodes Mentioned in Today’s Show: Real Estate Rookie 59 - Rookie First-Time Home Buyer Questions Answered by Scott and Mindy Real Estate Rookie 200 - Scott Trench’s 10-Step Checklist to Buy Your First Rental Property Real Estate Rookie 401 - Boost Your Cash Flow in 2024 with These “Self-Management” Tips BiggerPockets 513 - The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager Connect with Ashley on BiggerPockets Connect with Scott on BiggerPockets 00:00 Intro 01:20 Hiring the Property Manager  03:37 Things Start Going Wrong  06:12 Losing $40K! 09:32 Property Manager Red Flags  15:39 Questions You MUST Ask 23:34 Negotiating Fees  30:05 Asset Type Matters!  34:54 Communication Expectations  37:29 Vetting for Legitimacy  43:16 Find a GREAT Property Manager  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-536 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

What would it take for you to achieve financial freedom? Now, think about what it would take for you to achieve it for your family. Many of us have parents we’ve seen work day in and day out, providing for us when it meant putting their dreams on the back burner. But what if you could repay your parents for all they’ve done for you, helping them retire and ensuring they can truly live the life they love without worrying about money? That’s exactly what today’s guest did for her mother and herself. After her parents divorced when she was a teenager, Delyanne Barros began what seemed like a two-decade-long non-stop grind. Fearing what would happen to not only herself but her family if she didn’t provide, Delyanne chose to go to law school to not only help those in need but also bring home a steady paycheck that would support her and her mother. After realizing that the nine-to-five grind wasn’t what she thought, Delyanne began searching for a way to get into a better financial position. As a result, she found the debt-free and the FIRE movements. Now, only in her early forties, she’s already started a business that brings in millions, retired her mother, achieved financial freedom, and did it all just within six years of finding the FIRE movement. Her biggest tip for success: Take a calculated risk and bet on yourself! If you want to find FIRE like Delyanne did, don’t skip this one! In This Episode We Cover When it’s worth it to quit your “dream job” to start your own business and bet on yourself Supporting your family and retiring your parents BEFORE they’re sixty-five years old Why even lawyer salaries often can’t afford you the life you want to live Paying off huge student loan debt and why you SHOULD invest before you’re debt-free The importance of investing EVEN when the market is dropping fast and you’re feeling fear Why you DON’T have to be self-employed to achieve FIRE (but you DO need to take risks) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder What Is the FIRE Movement? How to Calculate the Risks Before Investing The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street 00:00 Intro 01:10 Supporting Her Family as a Teen  07:34 Why Law School?  14:15 Finding FIRE and Switching Gears  21:50 Watching the Market Crash 27:37 Quitting Her High-Paid Job  35:35 Can W2 Workers Achieve FIRE? 39:19 Retiring Her Mom  41:44 Best FIRE Advice 42:54 Connect with Delyanne! 43:24 Take a Risk!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-535 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same! Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel. In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community! In This Episode We Cover How Emma became Coast FI by twenty-four and built a $99,000 net worth Creative ways to fund your college education and escape debt-free The real value of buying used cars from private owners (and where to find deals!) How to create a fun and fulfilling life you don’t want to retire from How to fast-track your fortune using the power of compound interest Making your money work harder for you after stockpiling cash And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings BiggerPockets Money Episode 323 – Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Learn More About EconoMe Conference 00:00 Intro 01:18 Working & Saving at 14! 07:32 Taking Control of Her Finances 10:52 Buying Used Cars 15:32 Creative Ways to Fund College 23:28 Learning to Invest 30:12 Joining the FI Community 37:48 $99K Net Worth at 24! 45:07 The Power of Coast FI Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too. From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning.  Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk!  Check out Jenny’s part one episode here!  In This Episode We Cover Whether or not a verbal promise of inheritance will hold up in the future  Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one When to update your will and why Jenny DOESN’T keep a set timeline  Protecting your heirs from losing their inheritance to divorce  What to do when you get an inheritance that brings you more headache than it’s worth  Why communication is critical in estate planning and who you should estate plan with  And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:28 Revocable vs. Irrevocable Trusts 02:29 The Estate Planning Timeline 05:35 Verbal Promises and Inheritance  10:21 When to Update Your Will 12:04 Protecting from Divorce  14:58 Who to Estate Plan WITH 18:23 The Downside of Inheritance  22:54 The “Napkin” Will 25:34 Make Your Estate Plan Today!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy! Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person. In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds! Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about! In This Episode We Cover Basic estate planning documents every person needs (regardless of age) What really happens in probate court (and why it’s NOT as scary as it sounds) Intestacy explained, and how to stop your assets from landing in the wrong hands How to make sorting out your estate as easy as possible for your loved ones And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW to Protect Your Heirs BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:27 Why You NEED an Estate Plan 07:52 Finding an Attorney & Probate 101 18:10 First Steps for Early Retirees 24:56 Getting Organized & Estate Planning Costs 37:00 Connect with Jenny! 37:29 Start Planning Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-532 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you follow these nine steps, you will reach financial independence. How do we know? Well, The Money Guy Show’s Brian Preston and Bo Hanson have tested it hundreds of times! Using this simple but extremely powerful “financial order of operations,” anyone from any background can achieve FIRE, even starting with nothing. From free money to becoming easily debt-free, building a solid financial foundation, and even paying off your mortgage early, Brian and Bo break down the exact route to financial freedom anyone can take. But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing, this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves.  We’ll walk through the entire financial order of operations, from saving money to cover your deductibles to building an emergency reserve, paying off bad debt, and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission!  In This Episode We Cover The nine-step "financial order of operations" that will lead you to financial independence Why building a $1,000 emergency fund is NOT enough and how much you really need Whether or not to pay off your “high-interest” debt depending on your age  Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage  The one investment account to max out before all the rest (it’s NOT your 401(k)!)  The “hyper-accumulation” stage that will explode your wealth (IF you can reach it) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich Grab Brian’s New Book, “Millionaire Mission” 00:00 Intro 01:38 Financial "Mutants" Among Us 02:52 The Financial Order of Operations  05:54 Cover Your HIGHEST Deductible  07:38 Get Your Employer Match 09:49 Build an Emergency Reserve  11:11 Paying Off "High-Interest" Debt 22:23 DON'T Invest in Real Estate? 28:34 "Hyper-Accumulation" of Wealth 36:47 Prepay Future Expenses  38:22 Pay Off LOW-Interest Debt 46:11 Grab the New Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-531 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You DON’T have to spend your entire life chasing financial independence. Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice, today’s guest became a millionaire (and financially free) in just SIX years! Welcome back to the BiggerPockets Money podcast! After years of “drifting” through life and racking up bad debt, Erichad a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence—buying rental properties, fixing them up, and eventually flipping them for a huge profit. One “home run” deal catapulted him toward his FI goal and a $1 million net worth! If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investorsshould buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS), and how to get the maximum return on a few years of sacrifice! In This Episode We Cover How Eric became a millionaire and reached financial independence in SIX years Why buying “grandpa’s house” is a cheat code for building wealth How to start fixing and flipping houses (and turn a HUGE profit!) How to find “rare” real estate deals on the multiple listings service (MLS) Building your real estate portfolio by using your profits to buy MORE properties And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Grab Your Copy of “The Book on Flipping Houses” BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke BiggerPockets Money 481 - Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Connect with Eric on BiggerPockets 00:00 Intro 01:22Millionaire in 6 Years! 03:34 Buying “Grandpa’s House” 09:04 Eric’s BIG Turning Point 15:24 The Journey to $1 Million 19:08 The “Home Run” Rental 31:45 Moving to New Hampshire 33:13 How to Reach FI 36:13 Share Your Money Story! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-530 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial independence by the age of twenty-five?! Today’s guest started working and saving money at a very early age, which allowed him to buy the time and freedom to do the things he values most. Whether you’re twenty-five or fifty-five, applying some of these simple principles to your own life can propel you toward financial freedom! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Gabe Bult, a YouTuber, serial entrepreneur, and real estate investor who reached financial independence before his twenty-fifth birthday—all by subscribing to financial minimalism and frugal living. The only thing stopping him from retiring early? Sheer boredom! Instead, Gabe’s day typically involves precious time with his daughter, a few hours making YouTube videos, and an afternoon spent enjoying his favorite hobbies and interests. YOU can have this life, too, but not without a little sacrifice, education, and discipline. Fortunately, it only takes a few years of ferocious frugality to get ahead, save for the future, and become “set for life.” And in this episode, Gabe will show you how to do just that! You’ll learn how to save your first $25,000 (and what to do with it), live for free with the house hacking strategy, and start a business that allows you to earn more and work less! In This Episode We Cover How Gabe reached financial independence by the age of twenty-five “Financial minimalism” explained (and why it’s MUCH easier than you think!) How a few years of frugal living can fast-track your journey to FI Living for FREE with the house hacking investing strategy Starting a business that allows you to earn more and work less And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 468 - ‘Bar Rescue’ Host Jon Taffer on the “Secret Recipe” for a Successful Business Connect with Gabe on BiggerPockets 00:00 Intro 01:34 What Is Financial Minimalism? 04:38 A Day in the Life with FI 07:30 Gabe’s Money Journey 13:06 The Art of Entrepreneurship 16:30 House Hacking 101 24:34 Education & EXTREME Discipline 35:41 Connect with Gabe! 36:01 Become a Financial Minimalist! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-529 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Starting your first or next business? This episode is for you. Today, we’re bringing you everything you need to know about small business taxes for beginners. Whether you’re a solo entrepreneur, partner, landlord, house flipper, Airbnb host, or something in between, you MUST know about these tax laws before you start making money with your own business because if you get them wrong, you could be paying a MASSIVE penalty come tax time. You could save yourself thousands, or TENS of thousands, just by tuning in! Brandon Hall, CPA, runs a real-estate-focused tax and accounting firm for big and small real estate investors. But, even if you’re not investing in real estate, these tax tips also apply to YOU. In today’s episode, we threw dozens of hard-hitting tax questions at Brandon so you know what to do with your next side hustle or full-blown business. We’ll discuss whether you need an LLC, the real benefits of getting one, and which business entity (LLC, S-corp, C-corp, etc.) makes the most sense for your specific business and tax needs. Making money on your own but NOT paying quarterly taxes? This could cost you BIG, but thankfully, Brandon goes through exactly how much you could owe. And if you want to owe less to the IRS, we’ll give examples of tax deductions plus, which are NOT worth it and could put you at a BIG audit risk. Need a tax professional for your small business? Find one for free with BiggerPockets Tax and Financial Services Finder!  In This Episode We Cover Self-employment and small business taxes for beginners  Whether or not you need an LLC and why most real estate investors have this all wrong Estimated taxes and the MASSIVE penalty you’ll pay if you forget about this Tax deductions and the audit red flags that the IRS is looking for The different business entities you can start and which has the best tax benefits  The three things you NEED to set up an LLC and the most critical one beginners forget “SALT” taxes and why those selling goods in different states could owe even more And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How to Obtain Real Estate Professional Tax Status Hear Past Episodes with Brandon: BiggerPockets Real Estate 196 - LLCs, House Hacking, and Saving on Taxes with Brandon Hall BiggerPockets Real Estate 269 - How the New Tax Code Affects Your Real Estate Investments BiggerPockets Real Estate 934 - How to Pay Less Taxes by Buying Real Estate (1 Write-Off You’re Overlooking) On the Market 96 - The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of On the Market 165 - Year-End Tax Updates, New IRS Interest Rates, and URGENT News for LLCs On the Market 187 - 100% Bonus Depreciation Coming Back? (Do NOT File…Yet) 00:00 Intro 01:42 Do You Need an LLC? 02:01 Different Business Entities 09:29 3 Steps to Set Up an LLC 16:49 KEY Dates to Know  19:14 Estimated Taxes 25:48 The “SALT” Taxes 31:56 Tax Deductions and Audit Red Flags 44:22 Claiming Passive Losses  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-528 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Think it’s too late for early retirement? Do you feel like just because you’re in your late thirties, forties, or fifties, FIRE doesn’t make sense for you? Well, think again because today’s guest defied the odds by retiring over fifteen years early, all while raising her daughter on her own and without a six-figure salary to sail her swiftly to a million-dollar net worth. Plus, she did all of it with no investing experience. If Jackie Cummings Koski can do it, so can you! Jackie grew up in a single-parent household. Her father worked hard to support her and her five siblings. This instilled a strong work ethic in Jackie and made her realize that running towards hard things, not away from them, was the true path to success. She figured out college on her own and, shortly after, landed a corporate job that took her far away from the small town she grew up in. She got married and had her daughter, but then everything changed. Jackie was getting divorced, forcing her to rely on herself fully for her financial future. In true Jackie fashion, she took this as a challenge and began educating herself as best as she could. Through smart saving, spending, and life-changing investing decisions, Jackie built her wealth in record time, reaching financial independence just ten years after finding the FIRE movement—all without any advantages! In This Episode We Cover How to reach financial independence without a high salary, inheritance, or advantages Stock investing 101 and how intentional investing can explode your net worth Why you must max out THESE investment accounts to be richer in retirement How Jackie spends just $40,000 per year owning her own home and raising her daughter Why you DON’T have to follow all the traditional FIRE rules to retire early And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Money Podcast 154 - Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More Email Mindy for the Full 4% Rule Article! Money Podcast 344 - Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Resources Mentioned in This Episode: Better Investing Root of Good Mr. Money Mustache Mad Fientist 1500 Days 00:00 Intro 01:14 FIRE at 49! 02:50 Making Money in Retirement  06:11 Early Years, College, and Getting Divorced  11:21 Working Her Way Through College 15:06 Getting Hired After College 15:50 Starting to Learn About Stocks 20:02 Finding the FIRE Movement 26:54 Spending and Saving 36:01 Jackie's Podcast and New Book! 38:20 Connect with Jackie! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-527 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Personal finance doesn’t have to be complicated. Saving, investing, and retiring early shouldn’t be a stumbling path to wealth, but many Americans feel this way. So, to clear up some of the money misconceptions, we’re doing personal finance for beginners FAQ episode, where we take some of the most common money questions and answer them for you so you can start building wealth and get closer to financial independence! Many of these questions come directly from the BiggerPockets Money Facebook page, where you can ask your money questions 24/7! First, we answer, “How many bank accounts should you have?” and walk through exactly how we split up our money. If you’re looking to start building wealth, we touch on the numerous ways to invest in real estate, from basic beginner investing strategies to purely passive income-generating expert tactics. How much money do YOU need to retire? With the 4% rule, you can calculate it in seconds! We’ll explain this common money metric early retirees love to use and whether or not it still works in 2024. If you’re close to early retirement, should you start selling your investments to fund your financial freedom? We’ll share why most early retirees never need to sell their stocks, and speaking of stocks, we’ll also get into how to pick stocks and when to sell them! In This Episode We Cover The beginner money questions that you must have answers to if you want to build wealth How many bank accounts do you REALLY need, and Scott’s 3-account-setup Beginner and expert strategies to start investing in real estate (even with little money) The 4% rule explained, and how much money you actually need to retire How to pick stocks and whether or not index fund investing is a smarter move to make Withdrawing money from your accounts when you finally reach financial freedom  And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Grab Your Copy “The House Hacking Strategy” Past Episodes Mentioned in Today’s Show: BiggerPockets Real Estate 136 - Shawn Holsapple BiggerPockets Money 35 - Craig Curelop BiggerPockets Money 120 - Michael Kitces BiggerPockets Money 151 - Tony J Robinson BiggerPockets Money 153 - Bill Bengen Forbes: What Is The 4% Rule For Retirement Withdrawals? Secret IRS Rule 72(t)! | Eric Cooper Shares Early Withdrawal Hack! 00:00 Intro 01:14 How Many Bank Accounts?  07:04 Ways to Invest in Real Estate  16:25 The 4% Rule Explained 23:36 Selling Investments to Retire Early? 30:28 How to Pick Stocks  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-526 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Cryptocurrency enthusiasts can’t fathom why Bitcoin will fail. If you tell them that you’re not investing in Bitcoin or other cryptos, they look at you like an uneducated investor, a sheep following the crowd without thinking for yourself. The promise of Bitcoin is so great that you’d have to be an outright fool to deny it, and anyone who refutes the future golden age of a decentralized society is simply mistaken and is only coping with the oncoming collapse of fiat currency and Western civilization. The problem with that theory? None of it is grounded in reality. Today, BiggerPockets CEO Scott Trench is going to prove it. After years of research on Bitcoin, the blockchain, and cryptocurrency as a whole, Scott has come to a simple conclusion: Bitcoin isn’t worth it. In fact, Bitcoin may be worth, unsurprisingly, nothing! But before all you Bitcoin maximalists come out of the woodwork, claiming we’re forever bullish on index funds and real estate, hear out Scott’s argument. Scott will explain the case for Bitcoin and why its end goal is actually quite altruistic. However, five fatal flaws will stop Bitcoin from ever becoming a world reserve currency or replacing fiat money. Besides its fatal flaws, Bitcoin isn’t a foolproof cryptocurrency by any means, and we’ll prove it! Finally, Scott gives his Bitcoin price prediction and his recommendation if you do want to hold some Satoshis. In This Episode We Cover The rational investor’s case against Bitcoin and why it’s NOT an investment The reasons why Bitcoin could change society for the better (but probably won’t) Five fatal flaws of Bitcoin that will stop it from ever taking over fiat currency How adopting Bitcoin could lead to a crashing economy with no growth The blockchain’s big problems and proof that the world isn’t ready to adopt cryptocurrency Scott’s long-term Bitcoin price prediction that will shock Bitcoin maximalists And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 371 - Bitcoin: Investing Fad or Final Bullet to Fiat Currency? w/Saifedean Ammous Everyone’s Talking About Cryptocurrencies. Should You Invest? 4 Reasons Cryptocurrencies & Blockchain Technology Are Poised to Transform Real Estate 00:00 Intro 02:16 The Case FOR Bitcoin  09:51 5 Fatal Flaws of Bitcoin 14:29 Bitcoin is NOT a Perfect Crypto  21:46 The Blockchain’s Big Problems 26:58 Bitcoin Price Prediction  28:48 What if Bitcoin DOES Take Over? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-525 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to be a millionaire or build a business that brings in seven figures? Want generational wealth and to be debt-free? Want to know that you have enough money to take big risks while still keeping your bank account safe? If so, you need to start thinking like the rich to begin building wealth the same way they do. “That may be easy for you to say, you host the BiggerPockets Money Podcast!” Well, don’t take it from us; take it from Marc Russell. Marc grew up without advantages. He was in foster care for as long as he could remember, bouncing from house to house until finally, at age thirteen, he was adopted by parents with a strong, valuable work ethic. When Marc went to college, he had no money to pay for it, so he fought tooth and nail with the financial aid office to find scholarships, loans, or anything that could help him graduate. He was even kicked out of school once over not being able to pay a $900 fee! But this taught Marc how the system worked and eventually led to him landing a job at every FIRE chaser’s favorite place, Vanguard! Once Marc started helping the rich manage their money, he looked in the mirror and asked, “Why aren’t I doing these things?” Thus, he began imitating the investing tactics of the rich, budgeting for financial freedom, and investing everything he could, even if it meant a slower path to being debt-free. Now, Marc runs BetterWallet, helping everyday people start building generational wealth, no matter their circumstances. In This Episode We Cover How to copy the rich so you can build wealth no matter your upbringing Student debt, side hustles, and how to make it through college with little money Why you MUST save a large emergency reserve before you start working for yourself Investing vs. paying off debt and why the unconventional choice may be the best one Budgeting for your business and ensuring you have enough money before leaving your W2 And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 329 - From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street BiggerPockets Money 485 - How to Start Thinking, Acting, and Investing Like the Rich w/Vivian Tu Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-524 Learn more about your ad choices. Visit megaphone.fm/adchoices

Is a six-figure salary enough to achieve FIRE? If you’re working towards financial independence, you know that any extra money at the end of the month can help propel you to your goals faster, but with inflation eating away most, if not all, of your paycheck, what do you do? If you want to reach early retirement, do you need a massive salary to save you from the high cost of rent, food, gas, and other everyday essentials? Or, can you easily retire with a $100K/year incomeif you make the right moves? Let’s find out! Today, Scott and Kyle are reviewing some of the hottest headlines in the world of personal finance and giving you their honest opinions. First, we talk about whether or not a six-figure salary is enough to achieve the “American Dream,” and if it isn’t, what YOU can do to make the most of that money. Then, we venture to a debate that everyone has an opinion on: should you withdraw from your retirement reserves to buy your first primary residence? Is this a smart money loophole or a move that could cost you in the long run? How much do you need to retire? According to Americans, the figure is close to $1.5M, but is this actually how much a smart saver or spender would need? Plus, we talk about the one generation on a surprisingly great track to wealth in retirement (it’s NOT the boomers!). Finally, are you fed up with guilt tipping? Don’t want to pay an extra quarter of your bill every time you go out to eat? Join the club because we’re discussing how tipping is getting out of control. In This Episode We Cover Whether or not a $100K/year income is enough to achieve the “American Dream” Using retirement funds to pay for your primary residence (when NOT to do this) How much Americans need to retire, and ways to retire with even less The one real estate investment ANY young American should be making today Why younger generations are on track to retire rich and achieve FIRE Tipping culture and what percentage we press when the payment screen turns around And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Grab the Personal Finance Classic, “Rich Dad Poor Dad” BiggerPockets Money Podcast 344 - Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Articles from This Episode: $100K/Year Withdrawing from Retirement How Much to Retire Gen Z’s House Hacking Guilt Tipping Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-523 Learn more about your ad choices. Visit megaphone.fm/adchoices

Moving is hard. But could relocating to a low-cost-of-living area help you lead a more fulfilling life and achieve financial freedom? As today’s guest came to find out, the benefits of living in an affordable area often outweigh the glitz and glamor of a big city! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Allison Irby Vu, a financial planner who made a huge cross-country move in pursuit of a better financial future. With roots planted in Washington, D.C., Allison hadn’t considered moving until she stumbled across a program that offered her $10,000 to relocate to Tulsa, Oklahoma! Little did she know that this MAJOR life change would not only improve her financial situation but also allow her to spend more time with her son and tight-knit community. In this episode, you’ll hear all about Allison’s journey from her hometown to Tulsa. She shares how she went from living paycheck to paycheck (despite earning close to six figures!) to having an abundance of time and money for the things she values most. Allison also highlights the pros and cons of living in an area like Tulsa and how remote workers can plan their next big move! In This Episode We Cover How to reach financial freedom by moving to a low-cost-of-living area Getting PAID to move to a more affordable city (and how to qualify!) How to pay off large amounts of debt as quickly as possible Creating a budget that allows you to spend money on the things you value How to take FULL advantage of your remote job (and live anywhere in the world!) The biggest pros and cons of moving to an area like Tulsa, Oklahoma And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money 11 – Designing a Frugal But Luxurious FI Life by Age 32 BiggerPockets Money 500 – FIRE Advice from Codie Sanchez, Ramit Sethi, Money with Katie, and More! Learn More About the Tulsa Remote Program Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-522 Learn more about your ad choices. Visit megaphone.fm/adchoices

Could real estate investing help you reach financial freedom much sooner than you thought possible? Today’s guest had his world turned upside down by one tragic incident, but he was able to quit his W2 job, pivot to real estate, and fast-track his journey to FIRE! Today, we’re chatting with technology instructor turned full-time real estate investor Keith Nugent. After a skydiving accident rendered him unable to perform his previous job duties, Keith knew he needed a new path to financial independence. Fortunately, he discovered real estate at the perfect time. Taking advantage of the fallout from the 2008 housing market crash, Keith started loading up on rental properties—often buying them for pennies on the dollar. In just twelve years, he had not only achieved his goal of thirty cash-flowing units by 2020 but also added an additionalten units to his portfolio! Thanks to real estate, Keith now has a career that fully accommodates his disability and will allow him to retire early. In the meantime, he enjoys his newfound financial freedom by traveling the world and spending time with his FIRE-bound friends. In this episode, Keith offers practical tips on how to start investing in real estate—from choosing your market to buying your first rental property and more! In This Episode We Cover How Keith became a full-time real estate investor after a tragic skydiving accident How to replace your W2 income and achieve financial freedom with real estate Why time in the market is MORE important than timing the market How to determine how much cash flow you need to support your retirement Why you NEED an estate plan and how to decide who inherits your assets And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Money Podcast 330 - The Ultimate Teen Money Hack for Parents Money Podcast 397 - Estate Planning, Wills, & What to Do NOW to Protect Your Heirs Grab Your “Family Emergency Binder” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-521 Learn more about your ad choices. Visit megaphone.fm/adchoices

The best side hustles can put some extra cash in your pocket, help you leave your W2 job, or even launch you toward FIRE. If you’re looking to make money in ways other than real estate investing, you don’t want to miss this side hustle special! Nick Loper, founder of Side Hustle Nation and host of The Side Hustle Show, has been building businesses since he was a teenager. From lucrative digital assets to service-based ventures, Nick has done it all, and today, he’s bringing some fresh ideas for you to try. As you’re about to learn, these fledgling businesses come in all shapes and sizes. Some take years to nurture before you reap any reward for effort, while others allow you to start earning immediately. In any case, you need to choose one you’re interested in and stick with it if you want to see results! In this episode of the BiggerPockets Money podcast, Nick dives into some of his favorite side hustles—many of which you can start TODAY with little to no money and minimal time. You’ll learn whether it’s still possible to build amoney-making blog in 2024, as well as how to make extra income by renting out assets like inflatables, hot tubs, and vending machines! In This Episode We Cover Nick’s favorite low-money side hustle ideas (not named real estate!) How to turn your own side business into a money-making machine Creative ways to earn royalties from YOUR original works or ideas How to build a digital asset that generates income for years to come Why you MUST follow the “rule of one hundred” with every new side hustle The non-digital assets you can rent out for a HUGE profit And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Finance Friday: Pay Off Debt, Invest in Real Estate, or…Buy Vending Machines? Make an Extra $100/Day with These Work-From-Home Side Hustles Hear Nick on “The Side Hustle Show” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-520 Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to avoid capital gains on your next home sale? If you tune in, you may dodge a quarter-of-a-million-dollar bullet (or more!). What about investing in one of the most tax-advantaged accounts that almost EVERYONE should have but most people don’t? What do you do when a family member asks to borrow money from you but has a bad track record with keeping their personal finances together? We’re getting into it all and more on this finance FAQ with Amanda and Scott! We get a ton of personal finance questions through the BiggerPockets Forums and our Facebook Page, so we decided to round up some of the most common ones and answer them for you. First, we’re talking about how to dodge capital gains tax when selling your home. Then, a concerned listener asks whether they should take out a loan on a family member’s behalf. A high-income earner wants to know whether renting or buying is their best bet, and we share whether paying off your mortgage early is a mistake! Got a medical expense coming up, or just want to boost your retirement investing? We’ll answer whether an HSA (health savings account) beats an FSA (flexible spending account)—but make sure you get this one right. If you invest in one of these accounts the wrong way, you’ll be throwing money away. Finally, a debt-free chaser asks whether they should use their emergency reserves to pay off debt or keep slowly slogging away with the snowball method. In This Episode We Cover How to avoid capital gains tax when selling your primary residence HSAs (health savings accounts) vs. FSAs (flexible spending accounts) Whether or not to use your emergency fund to pay off credit card debt  Why you may want to reconsider loaning a family member money  Whether to buy or rent in today’s housing market (EVEN with low money down) Pay off your mortgage early or invest the rest of your money? And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Fidelity Investments She Wolf of Wall Street Website Emergency Fund: How Much Do You Really Need in 2024? How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) Renting a Home Is Financially Better Than Buying—Wait, What?! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-519 Learn more about your ad choices. Visit megaphone.fm/adchoices

Whether you know it or not, “shrinkflation” is costing you. You’re paying more for less, as manufacturers boast record profits. Your paycheck is getting eaten away faster and faster every month, but you’re left with the same amount of stuff. How did this happen, and when is it going to stop? Phil Lempert, AKA the “SupermarketGuru,” has been analyzing consumer behavior, marketing trends, and the retail landscape for over two decades. Now, he’s sharing thetricks manufacturers use to get you to spend more while expecting less. Shrinkflation has become such a severe problem that even the president of the United States has recently mentioned its damaging effects on the American household. Phil gives us the inside scoop on why prices are rising while sizes shrink, how retailers are actually fighting back to get customers the savings they deserve, and which products are seeing the most shrinkflation today. Phil also shares his top tips to beat shrinkflation and save more money every month, how to show the companies that you WON’T put up with their price gouging games, easy ways to identify shrinkflation, and the supermarket chains that give you the best bang for your buck. If you’re tired of seeing your grocery bill inflate while your bank account shrinks, this is an episode you cannot miss! In This Episode We Cover Shrinkflation explained, and how manufacturers are taking advantage of Americans Products that are seeing the most shrinkflation and which items to avoid Why America’s need for “choice” is making shrinkflation even worse The grocery stores and brands that are the best for budget-conscious shoppers How to identify shrinkflation and the sneaky tricks manufacturers play to get you to spend more for less How to take action against shrinkflation and tell brands to STOP ripping you off! And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners Persuasion Secrets and Predatory Practices Businesses Use on YOU Supermarket Savings Tips: How to Avoid Shrinkflation as Some Companies Give Consumers Less Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-518 Learn more about your ad choices. Visit megaphone.fm/adchoices

Buying a business? Maybe you’ve thought about it before. You could own a laundromat, self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom. And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know. Elliott Holland, an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price. Elliot’s team specializes in business due diligence, making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes. So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued, which loans you can use to buy a business, why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom, but take a wrong turn, and you could lose millions (we’ll share that story, too!). In This Episode We Cover How to buy a “boring business” that will lead you to financial freedom How businesses are valued and why you MUST understand “EBITDA” Tricky ways that business owners inflate their numbers to sell to you for more Who should (and definitely shouldn’t) be buying small businesses  Three things you MUST look at before you make a bid on a business The wrong move that lost one business owner over $2,000,000 when buying a business And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Codie Sanchez: These “Boring Businesses” Will Make You Rich Leila and Alex Hormozi’s Unbelievably Simple Investing Advice Sites to Buy Businesses: Acquire BizBuySell Flippa QuietLight Elliot’s Resources From Today’s Episode: LOI Template 12 Public Stories of Failed Due Diligence Success Stories Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-517 Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to get rich but fear it could be too late? Perhaps you’ve got responsibilities, bills to pay, and a family to feed. How can you possibly get ahead? Jaspreet Singh’s message is clear: you can still build wealth, but you’re going to have to be intentional with your money, just like every other rich person. There are no shortcuts!  Today, Jaspreet is a serial entrepreneur, real estate investor, licensed attorney, and host of The Minority Mindset Show. But growing up, his parents wanted him to become a doctor. Despite the immense pressure to fulfill their wishes, Jaspreet found himself gravitating toward entrepreneurship. He started several businesses throughout adolescence and young adulthood—from playing drums at weddings and planning college parties to building ecommerce stores. He lost a TON of money along the way, but taking these risks early on paid off. Eventually, he discovered his true passion, financial education, and built an enormous online business by teaching others how to master personal finance. America’s capitalist financial system benefits those who are willing to “play the game.” In this episode, Jaspreet shares how fostering a “minority mindset” unlocks the ability to use this country’s tax code, banks, debt, and other systems to your advantage. The catch? It’s a hard, long road. Jaspreet recommends drastic lifestyle changes, such as ruthless frugality, a “decade of sacrifice,” and the 75/15/10 rule. Make no mistake—it’s not going to be easy. But years from now, you’ll be thankful you stuck to this tried-and-true wealth-building philosophy! In This Episode We Cover How to foster a healthy relationship with your money The three phases of wealth (and how to handle money in each stage) How risk tolerance varies in different stages of wealth building Why a “decade of sacrifice” is the foundation for long-term wealth What you MUST do to thrive in America’s financial system How to be “intentional” with your finances using the 75/15/10 rule Pre-tax versus post-tax investment accounts and avoiding risk in retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How to Get Rich Slowly and Retire Early Than Most with a Modest Portfolio How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap Subscribe to the Market Briefs Newsletter Click here to check the full show notes: https://www.biggerpockets.com/blog/money-516   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to get out of debt for good? It’s not as easy as it sounds! The more you chip away at that number, the harder it becomes to resist frivolous spending. But by fostering a healthy money mindset, building credit, and using credit cards the right way, you can stay out of the red! Welcome back to the BiggerPockets Money podcast! Ashley is a business owner and rental property investor who is well on her way to financial independence. But only a few years ago, she had racked up tens of thousands of dollars in debt on not one, not two, but THREE occasions. In this episode, she shares why she struggled to break free from the snare of consumer debt and why a drastic mindset shift was needed to climb out of a $150,000 hole. Ashley also takes a deep dive into credit history and touches on each of the five factors that impact your credit score. Along the way, she offers several personal finance tips that will help you pay off debt and raise your score—such as “tiering down” from credit cards you no longer use, increasing your credit age with one simple hack, and striking the perfect mix of credit accounts. Finally, how important is credit? Is it a trap to avoid or a necessary evil that can help propel you toward financial freedom? Stick around to find out! In This Episode We Cover How Ashley paid off over $150,000 of debt in just a few years Why sixty-five percent of your credit score is within YOUR control Common methods of paying down debt and which one to use When to keep your old credit cards open (and when to close them instead!) The credit card “hack” you can use to make your credit age appear longer Revolving credit versus installment loans (and why you should have both) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More! w/Eli Facenda The Secret to Saving More, Spending Less, and a Perfect Credit Score How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) How to Pull Yourself Out of Car, Student, or Credit Card Debt Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to travel for FREE in 2024 and 2025? We’re about to introduce you to the magical world of travel hacking. Never heard of it before? You’re about to have your mind blown. Travel hacking is one of the best ways to turn your everyday spending into free trips, hotel stays, business-class flights, and more. And if you’ve ever wondered how to get into those fancy airport lounges or snag yourself a lie-flat seat next time you’re headed across the Atlantic, this is the episode for you! Eli Facenda, a travel hacking expert, joins us on this episode to share the beginner's guide to traveling for free. Eli is so good at travel hacking that he started his own consulting agency to help business owners turn their regular expenses into first-class travel wherever they go in the world. Today, he’s sharing his favorite travel credit cards, tips to fly for FREE for the next four years, the biggest credit card point mistakes, and beginner wins to get you your next trip for free. We’ll also touch on the unbelievable rewards you can get from travel hacking, such as $1,000+/night hotel rooms for free or even a visit to Richard Branson’s private island, ALL through credit card points. Say goodbye to flying coach; these credit card tips will upgrade not only your wallet but your entire trip! In This Episode We Cover The best beginner credit cards to start earning points TODAY How to travel for FREE for the next four years with Southwest’s “Companion Pass” Why you should NEVER take cash back for your credit card points (do THIS instead) The most bang-for-buck points transfers that’ll get you exceptional hotel stays for free Biggest beginner mistakes that’ll cost you when trying to travel hack How to fly to Europe in business class THIS YEAR with just 50,000 points And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Cards Mentioned in Today’s Show: Amex Gold Amex Platinum Barclays American Capital One Venture X Chase Freedom Chase Sapphire Preferred Citi American Costco Card Hilton Aspire Southwest Credit Cards Resources Mentioned in Today’s Show: AwardWallet CardPointers LoungeBuddy Max Miles Points One Mile at a Time TripIt Upgraded Points Click here to check the full show notes: https://www.biggerpockets.com/blog/money-514   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Please be advised: this podcast episode contains discussions about sensitive topics, including suicide, which may be distressing for some listeners. If you are experiencing thoughts of suicide or emotional distress, help is available. You can contact the National Suicide Prevention Lifeline by dialing 988 to connect directly with trained counselors who can provide support and assistance 24/7. ____ Could you be ensnared in an elaborate Ponzi scheme? According to today’s guest, cases of financial fraud are MUCH more common than the average investor suspects. Tune in to learn how to protect your nest egg rather than leave your financial future in the hands of untrustworthy people! Welcome back to the BiggerPockets Money podcast! Today, we’re sitting down with investment fraudster turned anti-fraud advocate, James Brandolino. In 2003, James set out to start his own hedge fund, pooling over three million dollars from friends and family. But one “down” month was the catalyst for eight years of fraudulent activity—a Ponzi scheme that included lying to investors, mailing false statements, and pulling money from the fund to keep the lights on. When the guilt became too much to bear, James turned himself in and has since committed his life to warning investors about the real threat of fraud. In this episode, James shares his whole story—from starting his fund to serving six years in prison. He talks about common “red flags” to look out for when investing and the importance of due diligence when something seems off. Of course, fraud is prevalent in the real estate investing space as well. Stick around for tips on avoiding real estate scams and how to vet a syndication partner before entrusting them with your money! In This Episode We Cover How this former fraudster built a $3.8 million Ponzi scheme How to prevent investment fraud from happening to YOU The most common fraud “red flags” to watch out for How to properly vet someone before entrusting them with your money Investment fraud in real estate syndications (and how to avoid scams!) Using your own network to help uncover fraudulent activity And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Click here to check the full show notes: https://www.biggerpockets.com/blog/money-513   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Has the job market finally flipped? Throughout most of the pandemic, it seemed that any and every worker was a hot commodity. Job-hopping was the new norm as businesses outbid each other to get the best talent. Now, thanks to rising interest rates, a slower economy, and a return to the office, it seems that employees don’t have the same negotiating power they did just a couple of years ago, and the new jobs numbers are showing this. Welcome to a new type of format on the BiggerPockets Money podcast—a headlines show! We’re taking some of the top news stories from the world of personal finance and the overall economy and giving you our takes so you can make better money decisions. First, a strong jobs report comes in, but unemployment still rises as Americans find it harder and harder to get the job they want. Are employers back in control after years of workers owning the market? Then, we’ll touch on the latest inflation numbers and why costs are rising even as work becomes less available. Student loan borrowers receive a huge win as getting their debt discharged during bankruptcy becomes even easier. This could cause significant ripple effects for which degrees become financeable in the future! Finally, a 529 plan update that now gives parents a HUGE reason to invest in their child’s future education. Click here to check the full show notes: https://www.biggerpockets.com/blog/money-512   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Could one side hustle help you pay rent, save money to invest in real estate, or reach financial independence? Today’s guest picked up the perfect hobby that combines his background in art and love for home décor. The best part? It allows him to make extra money each month! Welcome back to the BiggerPockets Money podcast! Because Kyle William earns a modest salary in an expensive city, there’s no room for new furniture and décor in his budget. However, he has found a way to not only fully furnish his apartment without paying top dollar but also turn this passion into a profitable side hustle. In his spare time, he scours the web for items that people no longer value, uses his artistic eye and do-it-yourself (DIY) skills to restore them to peak condition, and then flips them online for a hefty profit! Could you turn your own passion into a money-making side hustle, too? Whether you’re interested in flipping furnitureor another hobby altogether, tune in as Kyle shares where to find unwanted items, the best DIY skills for beginners, and how to cash in on your hard work! In This Episode We Cover The DIY side hustle Kyle uses to cover his rent (and improve his home!) How to start your own furniture flipping side hustle The best places to find valuable used items that can be recycled Beginner do-it-yourself (DIY) skills that YOU can learn today Kyle’s best home decorating hacks for thrifty creatives And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Make an Extra $100/Day with These Work-From-Home Side Hustles How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Click here to check the full show notes: https://www.biggerpockets.com/blog/money-511   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Morgan Housel’s ground-breaking book, The Psychology of Money, changed how many Americans thought about saving, spending, and investing. Through a collection of financial lessons, Morgan opened up new thought patterns for many of us, showcasing that getting rich isn’t as complicated as you might think, but staying rich can be the actual challenge. Now, this personal finance powerhouse is back with a new book, Same as Ever. In Same as Ever, Morgan doubles down on what has, and most likely always will, work in the personal finance world. By showcasing some of the most commonly repeated financial events of the past, we can better shape our understanding of what will happen in the future and use history to our advantage to build even bigger wealth, enjoy our lives even more, and not repeat our past mistakes. But this episode goes much deeper than that. We talk about why so many Americans will die without building wealth, why people are afraid to invest, when to spend your wealth once you’ve built it, and exactly how Morgan invests his own money. Plus, why getting rich isn’t your biggest concern—staying rich is. In This Episode We Cover Why Morgan thinks you MUST be a “reasonable optimist” to get and stay rich  Exactly how Morgan spends, saves, and invests his own money  The real reason why most Americans will die without ever building wealth  The “competition” which is always looking to take your success from you  How to STOP being afraid of investing and start putting your future first When to spend your wealth and why dying with riches isn’t the real goal Financial regrets and mistakes of Morgan’s past, and advice for ANY investor And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Simple Path to Wealth—Index Funds Explained with JL Collins How to Get Rich Without Investing in Real Estate Click here to check the full show notes: https://www.biggerpockets.com/blog/money-510   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want to make money online in 2024, good news: it’s easier than ever! Just ask today’s guest, who had to bootstrap his online business before you could launch a business with little to no startup costs. If you have an entrepreneurial spirit and need a little inspiration to get your next business idea rolling, this episode is for you! Welcome back to the BiggerPockets Money podcast! Today, we’re joined by serial entrepreneur Omar Zenhom from The $100 MBA Show. For many years, Omar worked as a full-time educator while nurturing his fledgling businesseson the side. Naturally, many of them didn’t work out. But rather than letting these failures deter him from entrepreneurship, Omar applied each new lesson to his next business venture. Eventually, he struck gold with WebinarNinja, a software company he scaled to 30,000 users before selling his business and enjoying the spoils. Want to achieve financial freedom without being reliant on your W2 job? Stick around to learn the ins and outs of building a business from the ground up—saving money to get started, leveraging your network to scale the business, and ultimately, selling your company for a huge profit! In This Episode We Cover How Omar built, scaled, and SOLD a multimillion-dollar SaaS (software as a service) company How to start your own online business from square one Why teaching is the ultimate skill you NEED to develop for business The pros and cons of bootstrapping versus raising capital Leveraging your network to help grow and scale your company Preparing to sell your business (and how to exit successfully!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! The Digital Nomad’s Guide to High-Income Skills and Making Money Online Humphrey Yang: How to Save $100, Quit Your Job, and Build a Business How I Turned My Tiny Side Hustle into a Multi-Million Dollar Business Click here to check the full show notes: https://www.biggerpockets.com/blog/money-509   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Can you really be a one-income family in 2024? Not if you don’t know how to budget! To achieve her money goalswhile living on a single middle-class income, Emy knew she had to take control of her finances and seize any opportunity to save money. Single or married, you’ll learn to do the same in this episode! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with budgeting coach Emy Lee, who was able to achieve her lifelong dream of being a stay-at-home mom by cleaning up her family’s finances. Of course, this was no easy feat. Growing up, Emy was taught very little about personal finance. It was only after shifting her mindset, creating a budget, and building smart money habits that she was able to make raising a family on one income a reality. In this episode, Emy shares some of her top budgeting tips—from saving money on groceries to avoiding common spending triggers. You’ll also learn about the 50/30/20 rule that makes budgeting easy, the “spendfluencing” problem to be mindful of when scrolling through social media, and the budgeting hack people with irregular income can use to keep their finances in order! In This Episode We Cover How Emy raises a family on a single middle-class income Lowering your grocery bill each month with simple shopping hacks The “carryover” fund that people with variable income MUST have How to avoid “spendfluencing” pitfalls on social media The most common spending triggers (and how to combat them!) Creating a realistic budget for your family using the 50/30/20 rule And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Click here to check the full show notes: https://www.biggerpockets.com/blog/money-508   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone wants to reach financial independence as soon as possible. But if you really want to get on the path to early FI, you’ve got to start making savvy money decisions TODAY. And we’ve got a few tips, tricks, and tools that will help you out! Welcome back to the BiggerPockets Money podcast! In this episode, Mindy and Amanda Wolfe are fielding questions from the r/PersonalFinance subreddit and delivering their best money tips for scenarios that YOU could easily find yourself in. First, we get into 401(k) accounts and some of the different ways to transfer funds when you leave your employer. We also go over some of the different strategies for budgeting, investing, and saving money that will help you reach financial freedom early. But that’s not all! If you live in an area with a competitive housing market, we discuss whether you should ever waive a home inspection to help sweeten your offer. We even talk about the idea of buying a house outright versus going the route of a traditional mortgage. Is a large car payment thwarting your path to financial freedom? Stay tuned for a few creative ways to get rid of that bad debt for good! In This Episode We Cover Tips and tricks to help you reach financial independence early What to do with a 401(k) account from a previous employer Buying your home outright versus getting a traditional mortgage Whether you should ever waive your home inspection when buying a house Creative ways to eliminate car debt (and save thousands in the process!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders The Millionaire Fast-Track: How to Hit Financial Freedom Before 30 How to Pull Yourself Out of Car, Student, or Credit Card Debt Fidelity Investments She Wolf of Wall Street Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-507   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

After tremendous research, the “MoneyType” quiz was finally released. All you need to do is answer some basic questions, and in a matter of minutes, you’ll know your biggest financial strengths and burdens, the money traps you could fall into, and how to use your own money “gift” to make your life, and your loved ones’ lives, even better. But before you write off the MoneyType quiz as just another personality test, we can tell you from personal experience it’s shockingly accurate. And there’s no one better to talk about the MoneyType process than the co-founder of HerMoney and co-creator of the MoneyType personality quiz, Jean Chatzky. Jean’s team tested the MoneyType process on hundreds of people, uncovering the core personality traits that could make you a producer, visionary, nurturer, independent, or connoisseur, and what to do once you know what MoneyType you are. In today’s show, Mindy and Scott share their results from the quiz as Jean walks through each of these financial archetypes in detail. You’ll learn what strengths each archetype has, the financial pitfalls they easily fall into, the gifts they can use to empower themselves and others, and the financial pleasures each type lives for. Plus, you can take the MoneyType quiz completely for free here! In This Episode We Cover The five financial archetypes and the pros, cons, and pitfalls of each of them Mindy and Scott’s most prominent MoneyType (and how it led them to financial success) The “sabotage” points of each personality that could lead to HUGE financial problems Using your MoneyType to set up financial “guardrails” in your life and protect against your personality’s downsides  Using your MoneyType to understand your partner, family members, and friends more Mindy’s two-percent MoneyType match that proves why it’s SO hard for her to spend money And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Take the Free MoneyType Quiz Understanding How Your Personal Money Story Shapes Your Financial Future w/Jean Chatzky Click here to check the full show notes: https://www.biggerpockets.com/blog/money-506   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Most financial advisors aren’t what they seem. They paint themselves as stewards of your financial security, carefully analyzing every investment they put your money into. But that’s far from the truth. Many financial advisors simply use you to make a quick buck, leaving you worse for wear when it comes to retirement. So, how do you find a financial advisor who will actually help you build wealth without filling their own pockets at your expense? We’re about to give you the roadmap to finding the perfect financial advisor. We’re back with Jeremy Schneider, the bootstrapped founder who became an overnight millionaire thanks to a decade of tough decisions. This time, Jeremy shares about the world of financial advising, ranking the types of advisors from worst to best and sharing why that life insurance policy might be a BAD financial decision. If you’re struggling to find financial advice from a neutral third party who truly wants the best for your finances, this is the episode to listen to. Jeremy talks about the two financial advisors to never trust, the costly difference between fee-based and fee-only advisors, the financial “meth” that could cost you in the long run, and exactly where to find a financial advisor that truly works for YOU.  In This Episode We Cover The four types of financial advisors and the two you MUST stay away from Fee-based vs. fee-only financial advisors and why you CANNOT afford to mix these up The “whole life insurance” scam that’s trapping many Americans with false financial promises The sneaky commissions financial advisors make that you have no idea about One place you can go to find trusted financial advisors with NO strings attached And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Past Episodes Mentioned in Today’s Show: Michael Kitces A Purple Mom Life Insurance (Joe Saul-Sehy) Whole Life Insurance (The White Coat Investor) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-505   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want to reach early retirement, especially in your thirties, you’ll need to take some big risks. Today’s guest turned down what would have been a dream salary to many people, choosing to work for himself while making close to a third as much as a job would have paid him. He put in the time and sweat, making just enough money to survive for over a decade, living as frugally as he could so he could roll everything back into his business. Then, overnight, he became a multimillionaire. And guess what? You can, too. One day, at the age of thirty-four, Jeremy Schneider found himself $2,000,000 richer than he had been the day before. He had successfully sold a company he’d been building for a decade, making him, his family, and his employees wealthy in the process. Then, he did what every burnt-out founder does: travel the world, play volleyball and video games, and get some much-needed rest. But soon after, he decided to return to work, focusing on something much more important. In this episode, Jeremy gives a masterclass on the right way to build your business, how to sell it for millions more than you were originally offered, and exactly what you should do with the money afterward to STAY financially free. In This Episode We Cover How to reach early retirement in your thirties by building (and selling) a business When it makes sense to take a paycheck vs. bet on yourself  How companies are bought and sold and the negotiations behind closed doors The MASSIVE amount of taxes Jeremy had to pay after selling his business What Jeremy did with his $2,000,000 payday that set him up for life And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Past Episodes Mentioned in Today’s Show: Michael Kitces A Purple Mom Life Insurance (Joe Saul-Sehy) Whole Life Insurance (The White Coat Investor) Lump Sum vs Dollar Cost Average Calculator Grab the Book “Die with Zero” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-504   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

With solid tax planning, receiving an inheritance could provide an enormous boost on your journey to financial freedom. One misstep, on the other hand, and you could be lining Uncle Sam’s pockets. Fortunately, we’ve brought on a tax professional to help you keep as much of your newfound money as possible. There are two certainties in life: death and taxes. In this episode of the BiggerPockets Money podcast, we’re combining them. Sean Mullaney, The FI Tax Guy, returns to the show to lend his expertise on inherited investment accounts. Whether you’re the spouse, child, or sibling of a loved one who has recently passed, you’ll need a plan for managing these financial assets. Otherwise, a huge inheritance “tax bomb” could be waiting for you down the line! Sean discusses the four “buckets” of assets you can inherit and the steps you should take in each scenario. You’ll also learn about the “step-up in basis” exemption that allows you to dodge capital gains tax on certain accounts, as well as when you might need to take required minimum distributions (RMD)—even if you’re far from retirement. Grab your pen and paper as we get into the nitty-gritty of inheriting wealth. In This Episode We Cover How to pay less tax on your inherited investment accounts The four “buckets” of financial assets you might inherit Navigating the “ten-year rule” and preventing a HUGE tax bill Dodging capital gains tax with the “step-up in basis” exemption How to avoid early withdrawal penalties on spousal accounts The “worst” account to leave for an heir (and what to do with it instead!) How to pass a retirement account on to a spouse, child, or sibling And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find a Tax Professional Today Estate Planning, Wills, and What to Do NOW to Protect Your Heirs The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future Hear Our Last Epiosde with Sean Grab Your Copy of “Die With Zero” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-503   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

These personal finance apps, tools, products, and habits helped us reach financial independence, and they can do the same for you. If you’re on the road to FIRE or have finally made it to financial freedom, ANY of these tools can help you save, invest, and learn more along the way. But we’re not just sharing the FIRE toolkit we love; we’re also sharing the products we’re ditching, plus what we’re replacing them with for a brighter financial future! If you’re already feeling lost with your financial New Year’s resolutions, worry not because these personal finance apps, tools, products, and habits are here to help! Mindy and Scott will walk through every tool they love, what they can live without, and what helped them reach financial independence. We’ll talk about budgeting and money management apps, goal-setting processes that’ll help you achieve even your wildest dreams, how to learn faster than ever, and the“life-changing” money products we would never replace. If you’re in need of beefing up your arsenal of financial independence tools, this is the episode to tune into! Wondering where you can find links to all the products and services mentioned in today’s show? Just scroll down in the show notes!  In This Episode We Cover Why you may want to try spending MORE (yes, MORE) in 2024 if you’re in THIS position Indispensable personal finance tools that helped us reach financial freedom  Budgeting apps that we personally use to track our monthly spending Mindy’s smart travel hack that’ll help you avoid productivity-killing jetlag The one “journal” that changed Scott’s life forever (and where to find it) How to learn faster than ever before and boost your reading speed significantly The BIG investment Scott is ditching in 2024 and the “crash” on the horizon And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Tools and Products From The Show: Monarch Money Stessa Venmo Ally Bank Charles Schwab Audible Kindle Unlimited Living Your Best Year Ever Journal Google Keep Empower Personal Wealth The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-502   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you have a cash flow problem? You’re not alone! Dan invests in real estate, has a great W2 job, and maxes out his investment accounts. He wants to hit financial independence by forty, but his lack of cash is making things difficult. Something’s got to give, and Mindy and Scott are here to help! Welcome back to the BiggerPockets Money podcast! Dan has done an amazing job investing for the future and house hacking throughout his 20s. But now he’s got a MAJOR problem on his hands. Although he and his wife earn around $200,000 per year, they have little to no cash available. With real estate debt, hospital bills, and new baby expenses, Dan is starting to feel the pressure. That extra cash he was able to accumulate only a few years ago? It’s not so easy to find anymore. In this episode, Mindy and Scott take a deep dive into Dan’s finances to help solve his cash flow problem. Should he follow his real estate dream and pause his retirement account contributions or pivot to a job that will increase his income by another $50,000 per year? Stay tuned to find out! In This Episode We Cover Savvy ways to increase your cash flow without taking on more debt Dan’s house hacking strategy that covers a HUGE chunk of his mortgage Using a home equity line of credit (HELOC) to buy real estate How to ask for a raise (and when to pivot to a higher-paying job) Investing in real estate versus building up your retirement accounts How Dan plans to reach $10,000/month in “passive” income by the age of forty And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Intentionally Choosing the Path to Financial Independence with Financial Mechanic Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life Breaking the Taboo of Talking About Money with Friends, Family, and Bosses Hear Dan on the “Real Estate Rookie” Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-501   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

After 500 BiggerPockets Money episodes, we’ve learned a thing or two about financial independence. But, for this special episode, we wanted to find some of the best advice we’ve ever received on the show—advice that changed our lives as much as it did yours. So, we’ve lined up a few of our favorite clips from the past 500 episodes with top-tier guests like Codie Sanchez, Ramit Sethi, and more. If you’re a new listener of BiggerPockets Money, this is just a TASTE of what you’ll hear on future episodes. We’ll touch on a “financial awakening” one of our past guests had, finding that many of us live a “broken” life without even realizing it. Then, a spending hack that lets you live in frugal luxury while slashing your expenses. We talk abouthow to escape your nine-to-five and buy a business that helps you achieve true financial freedom. Finally, the “worry-free number” you MUST calculate unless you want to experience zero joy from all the wealth you’ve built. Hard-hitting stuff, right? Thanks for sticking around with us for 500 episodes of the BiggerPockets Money show. We could not have made this podcast happen without you, and we’re looking forward to hearing from and potentially even featuring YOU on an upcoming episode! In This Episode We Cover The “little choices” you’re making that’s blowing your budget every single month Why living for the weekend is killing your bank account and financial future How to live a frugally luxurious life by buying what you truly WANT The ten steps to buying a “boring business” that’ll replace your income  The “worry-free number” that removes the emotional weight of finances and lets you actually have fun with your money What you can expect from the BiggerPockets Money podcast in 2024! And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Mindy on Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Money with Katie’s Middle-Class Myths and The Great Roth vs. 401K Debate Liz Frugalwoods: Designing a Frugal But Luxurious FI Life by Age 32 Codie Sanchez: These “Boring Businesses” Will Make You Rich Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together Click here to check the full show notes: https://www.biggerpockets.com/blog/money-500   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Most people pursuing financial independence own businesses or have stable jobs, working as hard as they can to make any extra dollar, throwing their money into the stock market or real estate, and betting on the economy to take them to higher and higher levels of wealth. But what about those who AREN’T chasing every dollar or dedicating their lives to the pursuit of passive income? Can creatives, musicians, writers, or anyone wondering how to make money as an artist still find FIRE? Today, we’re talking to Paco de Leon, business owner, musician, podcast host, and author of Finance for the People: Getting a Grip on Your Finances. Paco’s world involves working with other creatives who rarely speak or think about money, helping them link their creative work with cash flow so they can continue doing what they love while building wealth for the future. Paco knows the system we live in isn’t perfect but recognizes that simply not participating isn’t an option. So, she serves as a voice for those who want to make a difference in the world, go against the grain, or care more about people than profit. In today’s episode, she’ll share the common money mistakes most creatives make that end up hurting them in the long run and why making money and building wealth is something ANYONE can accomplish, no matter your life’s passion! In This Episode We Cover Common money problems for creatives and how to build wealth without selling out The two ways you’ll get rich and how you can “create” your own financial independence  Why your good “idea” isn’t enough, and what you MUST do to make money off of it Living in an imperfect world and the “dark side” of capitalism many people ignore Why making money and making art are NOT mutually exclusive (and how to do both!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Codie Sanchez: These “Boring Businesses” Will Make You Rich Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire What Playing in a Band Taught Me About Making Money Click here to check the full show notes: https://www.biggerpockets.com/blog/money-499   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investing is a popular path to financial freedom, but if you’re not careful, bad debt can get in the way. Before today’s guest could buy rental properties, she had to deal with the mountain of debt that stood between her and wealth. But thanks to aggressive saving and new money habits, she became debt-free in just TWO years! Sarah King has been thrown several curveballs on her journey to financial independence. Just when she had managed to pay off $118,000 of debt and buy five properties, her marriage ended in a nasty divorce. Forced to liquidate her and her husband’s assets, Sarah was back at square one. Rather than giving up on her dream of reaching FIRE, she overcame her shaky financial situation and found creative ways to buy real estate. Within a few months, she was back on her feet, and today, she owns sixteen units across ten properties! In this episode, Sarah offers some crucial advice for aspiring investors—including why you should get your financial house in order before buying properties, how to leverage your retirement accounts to buy more properties, and how to use private money (responsibly). You’ll even learn about house hacking—the real estate investing strategy Sarah uses to cover her mortgage payment each month! In This Episode We Cover How to reach financial freedom by investing in real estate The three areas of your finances that will help you build wealth faster How to pay off BAD debt as quickly as possible Why you MUST get your financial house in order before buying properties How to use private money to buy MORE real estate Covering your mortgage payment with the house hacking strategy And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment From Toxic-Marriage to Financially Independent Mom with 13 Units How to Achieve Financial Freedom Through Real Estate in 4 Steps Click here to check the full show notes: https://www.biggerpockets.com/blog/money-498   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

By the time you finish this episode, you’ll be ten thousand dollars richer. Just read this testimonial from a recent BiggerPockets Money listener, “I’m so rich now, I have no idea what to spend all my money on. And all it took was listening to this episode.” But act fast because, in five minutes, this episode WON’T be available anymore. None of the above is true. But you probably caught on to a few of the psychological tricks many marketers use to push you into purchasing, even when you’re not ready to. And with so much mentoring, online course-selling, guru-ing, and get-rich-quick promising, it’s hard NOT to fall into these traps. How do you know who actually wants to help you and who’s just waiting to grab onto your wallet? Tarzan Kay has spent years using persuasion-first business tactics to prompt potential customers into purchasing, building a seven-figure income stream in the process. It wasn’t until she realized that these tactics did more harm than help that she decided to burn down the business she had built. Now, she’s sharing all the persuasion secrets marketers are using on YOU and teaching you how to build a business the better way. In This Episode We Cover The “principles of persuasion” businesses use to trick you into buying Common predatory practices online gurus and mentors commonly use HUGE red flags to watch out for before you buy ANY online course How to ensure your business NEVER tricks potential customers into buying  Vetting your own clients and customers BEFORE they have the chance to pay you And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Warning: Why You Shouldn’t Buy What the Gurus Are Selling Click here to check the full show notes: https://www.biggerpockets.com/blog/money-497   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want to reach financial freedom, knowing how to save money is crucial. Today, Mindy and Kyle deliver some special tips that will help you save on housing, food, travel, and other common money categories in 2024! In this final episode of our four-part money tips series, we’re looking to help you improve your quality of life while saving money. Do you pay a premium to live in an expensive city that you don’t have time to explore? Perhaps it’s time to pack up and move to an area with a lower cost of living. Instead, scratch your itch to see the world by using credit cards to travel for FREE! Is your monthly grocery bill getting out of control? Choose a cheaper store, take advantage of sales, or do “mini” shops that help you eliminate waste. Finally, do you spend a fortune on things like eating out or going to the spa? Learn how you can recreate these experiences at home for a fraction of the cost!   In This Episode We Cover How to save money on groceries with savvy food budget tips Why you should consider moving to an area with a lower cost of living Creating “at-home” experiences that put money back in your pocket How to improve your quality of life with small but effective upgrades Building the healthy habit of charitable giving (and how to plan your donations!) Choosing a FIRE goal that gives you “enough” money to support your lifestyle Traveling for FREE by racking up credit card rewards And So Much More!   Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Part 1 of Our 24 Money Tips for 2024 Check Out Part 2 of Our 24 Money Tips for 2024 Check Out Part 3 of Our 24 Money Tips for 2024 Ramit Sethi Revisited: Spend Like Your Life Depends on It Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Learn How to Travel for FREE Click here to check the full show notes: https://www.biggerpockets.com/blog/money-496   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Learning high-income skills can help you make money online—and a LOT of it! Just ask today’s guest, who worked not one but SEVEN internships to develop professional skills that would help her launch several successful online businesses down the road! Welcome back to the BiggerPockets Money podcast! Jo Franco is an entrepreneur, YouTuber, podcast host, and digital nomad with multiple income streams. Born to undocumented immigrants, Jo didn’t have much growing up other than her family and a chance to pursue the American Dream, but what she lacked in money and resources, she made up for in pure work ethic. Throughout her teens and twenties, Jo worked all kinds of jobs, side hustles, gigs, and internships that allowed her to save money and even travel the world for FREE. Since then, Jo has had her own Netflix show, built a successful YouTube channel, and launched her own journaling company. In this episode, she shares exactly how she made all of this happen, the keys to her success, and important money management tips for entrepreneurs. She also talks about the biggest mistake she has made in her career to date: hiring the wrong people! In This Episode We Cover The high-income skills you NEED to become a successful entrepreneur How to become a digital nomad (and travel the world for FREE) Reducing your financial risk by keeping your expenses down The true value of unpaid internships (and how to make the most of them!) Crucial money management tips for all entrepreneurs How to save money WITHOUT the consistency of a W2 paycheck How to get the highest return on your investment in people And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Our 24 Money Tips for 2024: Part 1 Part 2 Part 3 Part 4 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-495   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com   Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to learn how to buy a house in 2024? Whether you have outstanding credit or your score could use a little work, there are different ways to buy. In this episode, we’ll lay out your best options and provide actionable steps you can take to boost your credit score in the meantime! Welcome back to the BiggerPockets Money podcast! Today, Mindy and Kyle are fielding some of your biggest money questions. Beyond buying a home, you’ll learn how to use your home equity to fund your new business idea. Have you run into some “extra” cash recently? We share investing strategies that will allow you to “hack” tax brackets and position yourself to retire early. This year, it’s crucial that you get on the same page with your partner, financially. Mindy and Kyle talk about the tough but essential “meetings” you should be having about your budget. Finally, is there ever a time when it makes sense to buy a depreciating asset like a brand-new car? Our hosts’ answer might surprise you! If you want Mindy and Kyle to answer a money question, you can submit a question here or post it in the Money Facebook Group! In This Episode We Cover How to buy a house in 2024 with less-than-perfect credit What you MUST know before entering a home equity agreement The BEST ways to fund your new business idea How to buy a brand-new car and stay on track for FIRE How to invest “extra” money and “hack” your tax bracket to owe less The finance “meetings” you NEED to have with your partner And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment When to Buy New vs. Used and is That Car Repair Worth the Cash The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Playing with FIRE (Financial Independence, Retire Early) with Scott Rieckens Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together Grab Your Copy of “Playing with FIRE” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-494   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Looking to be a better investor in 2024? A few simple adjustments could help your money work much harder for you this year, and our hosts are here to lend a hand! In part three of our four-part money tips series to kick off 2024, Mindy and Kyle offer some top-notch advice on how to invest your money this year. You’ll learn about the importance of tracking your finances year-round, savvy retirement planning, and, if you’re a real estate investor, putting some of your “lazy” equity to better use! Beyond investing, our hosts provide several money hacks that will help you chip away at your expenses this year—whether it’s taking advantage of autopay or annual-pay discounts or pivoting to a low-cost phone plan. Finally, they discuss how spending money can actually propel you toward your FIRE goal! In This Episode We Cover How to be a better investor in 2024 and beyond Finding the perfect method to track your finances year-round Paying a fraction of your current phone bill by switching to a cheaper plan Saving money on bills with autopay and annual pay options How to spend money, enjoy your life, and still save BIG Getting the highest retirement account benefit by planning contributions Making your money work harder by optimizing your investment portfolio Reinvesting the “lazy” equity in your real estate portfolio And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Part 1 of Our 24 Money Tips for 2024 Check Out Part 2 of Our 24 Money Tips for 2024 Ramit Sethi Revisited: Spend Like Your Life Depends on It Find a Discount Phone Plan: Mint Mobile Visible Click here to check the full show notes: https://www.biggerpockets.com/blog/money-493   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone tells you you’ll need millions to retire, let alone retire early. You hear it all over mainstream financial media, “You need FIVE million dollars” or “Three million dollars is enough, but you have to be frugal!” Even having half a million dollars in investments seems like a lofty goal for most Americans. Are these financial “experts” just out of touch with the everyday person? And if so, is there a way to retire with less than a million dollars? Surprisingly, yes! Wes Moss, certified financial planner, money educator, and author of the best-selling book You Can Retire Sooner Than You Think, is here to show you that retirement isn’t that far away. Through some simple calculations, Wes enlightens us on how many Americans are already in the position to retire and why you don’t need many millions to live a comfortable post-work life. But that’s just the tip of this financial education iceberg. We get into a much deeper discussion with Wes about what a happy retirement really looks like and the key signs that you’ll live a satisfying retirement life. There are two main factors to a happy retirement, and if you haven’t been paying attention to them, you can almost guarantee you WON’T enjoy financial freedom when you achieve it. So, if you want a happier, healthier, wealthier, and longer retirement, stick around! In This Episode We Cover The two most crucial factors of having a happy retirement (it’s NOT money) Why you DON’T need to be a millionaire to retire or retire early The wave of “unretired” and why those over fifty-five are going back into the workforce Why eighty percent of Americans DON’T like their job and how this is hurting retirement investing The multiple streams of income you need to retire on your terms Social security, pensions, and other retirement income many Americans forget about in their calculations And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More! Motley Fool: The Retirement Planning Roadmap: 401(k)s, Real Estate, Bonds & More Michael Kitces: Does the 4% Rule Hold During 2022’s Stock Market Crash? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-492   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you dream of hitting financial independence before the age of fifty, forty, or even thirty? In this episode, we’re joined by two of the SheeksFreaks community’s finest—a pair of scrappy entrepreneurs who decided to skip collegeand pursue a much faster path to financial freedom. First up, we chat with Adrian Zapata, a twenty-two-year-old serial entrepreneur who now owns multiple thriving seasonal businesses. During the spring, summer, and fall months, Adrian delivers lawn care and tree trimming servicesto the locals of San Antonio, Texas. But, once the holiday season rolls around, that’s when the real cash cow takes over: a Christmas lights installation business that brings in a whopping $115,000 in only two months! Next, Javier Leyva shares how he was able to achieve financial independence by just twenty-six years old despite his underprivileged upbringing. After performing his own cost-benefit analysis, Javier determined that getting a traditional bachelor’s degree wasn’t the right path for him. Instead, he joined the workforce and took actionable steps toward FI—doubling down on saving money, finding a higher-paying job, and increasing his income with the house hacking strategy! In This Episode We Cover Two unique ways to achieve financial independence before the age of 30 How to boost your income with the house hacking strategy The HUGE revenue potential of building a seasonal business The case for SKIPPING college and choosing the straight path to FI Why you NEED to plug into a personal finance community (and stay accountable!) Why financial education—NOT a college degree—is the key to financial freedom And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment 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 20 Year-Old Minimum Wage Marine with $850K in Real Estate Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Hear Our Last Episode with the SheeksFreaks Success Stories Join the SheeksFreaks Community Click here to check the full show notes: https://www.biggerpockets.com/blog/money-491   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

With a few money tips for 2024, you could take your savings to a new level this year. From investment fees to utilities, there are all kinds of everyday expenses that you might not have thought to slash! Welcome back to the BiggerPockets Money podcast! In part two of our money tips series, Mindy and Kyle go over some of the best and easiest ways to save money. If you haven’t shopped around for insurance in the last year, chances are you’re paying too much! We talk about how finding a broker can help you out in a big way. We also recommend several home upgrades—such as installing LED bulbs, adding insulation to your attic, and investing in low-flow showerheads—that could help you save a fortune on your energy bill. You’ll find out that even something as simple as stashing your tax refund in a savings account could make a huge difference! In This Episode We Cover How to find out if you’re spending too much on investment fees The energy-efficient home upgrades you NEED to make in 2024 How to save a fortune on your electric bill by insulating your attic The SMART way to use your tax refund this year Why you NEED to shop for insurance every six months (and find a broker!) Protecting your family’s financial future before you pass away And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Part 1 of Our 24 Money Tips for 2024 How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future Organize Your Family’s Most Important Information with the Family Emergency Binder Click here to check the full show notes: https://www.biggerpockets.com/blog/money-490   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You probably already know who Humphrey Yang is, and even if you don’t, there’s a good chance you’ve seen one of his YouTube, TikTok, or Instagram videos. A few years ago, Humphrey’s internet presence was almost non-existent. He was living off savings, trying to find a business that would hit traction, until one day, he started posting financial content online. Within thirty days, he had a six-figure follower count. But this wasn’t by luck or accident; it was by design. Humphrey knew that to start any successful business, it would take testing—a lot of testing. So, he set out to test content that not many other people were making, showing anyone and everyone on the internet what not to buy, the best ways to invest, and how they, too, could become wealthy, or at least not end up broke. But Humphrey was ONLY able to do this after saving up a significant amount of money from past jobs, going extremely frugal, and realizing that he needed to do whatever it took to work for himself. And if you’re struggling to find your path and feel like being an entrepreneur is what you’re meant to do, Humphrey can help! In this episode, he’ll show you EXACTLY how he “tested” his way to wealth, made financial and entrepreneurial “hypotheses,” and grew an online following to over a million people in just a few years. In This Episode We Cover The benefits of extreme frugality and how to save six figures on an average salary Starting your own business and how to “test" whether it’ll stick Going viral online in only a month and how to find your niche with customers/viewers Why you MUST fail at multiple businesses before you find success Using your “unfair” advantage to get ahead in whatever industry you’re in And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab Your Copy of “Set for Life” Starting Successful Businesses with NO Industry Experience 10 Tips For Leaving Your 9-5 and Adjusting to Life as an Entrepreneur The #1 Wealth Killer No One Talks About Click here to check the full show notes: https://www.biggerpockets.com/blog/money-489   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we’re going to show you how to pay off credit card debt FAST. It isn’t glamorous, and it won’t be easy, but if you can do it, an entire world of wealth-building, opportunity, and financial freedom awaits. So, if you’ve gotthousands in credit card and consumer debt and are tired of feeling shackled to failing finances, get ready to take some notes—this is what it takes to become debt-free!  Brittney Reynolds found herself like many Americans: out of money, maxed out on credit cards, living well above her means, and having no financial independence. She was going on vacations she couldn’t afford, renting in a high-cost-of-living area, seeing her debt climb with every swipe, but realizing too late how much of a problem it was. By the time Brittney faced reality, her credit card debt had ballooned to $36,000. But, instead of ignoring it, she made some drastic life changes. Now, only a few months into her debt payoff journey, Brittney has already paid off $12,000 in credit card debt, with plans to be entirely debt-free by the start of the summer. How will she pay off such a massive amount of debt in under a year? Stick around to hear her strategy; if you’re in a situation like her, you too could be debt-free faster than you think! In This Episode We Cover How to pay off credit card debt FAST, no matter how big your balance is Building wealth as a complete beginner and how to invest when starting from zero The simple ways that we overspend without even realizing it  How not having enough savings can leave you vulnerable in life One move that will help Brittney pay off her debt in record time  Whether to invest, save, do both, or neither while paying off debt And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How to Pay Down Bad Debt—Fast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-488   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you’re after the best money tips for 2024, we’ve got you covered! Every dollar counts when it comes to improving your finances, and our hosts are offering some invaluable end-of-year advice to help you do just that. In part one of this four-part series, Mindy and Kyle will help you prepare for 2024 with money reviews, money dates, and home improvement project planning. Of course, your credit score plays a key role in your financial journey, so we will show you how to keep an eye on it and view your latest credit report for free. Do you have unnecessary subscriptions that eat away at your bank account balance each month? We have a tool that allows you to cancel them automatically. Finally, does someone OWE you money? You’ve got to try the secret hack we use to find and claim free money each year! In This Episode We Cover The end-of-year money review you MUST have in 2024 Why you NEED to plan regular money dates with your partner Saving money when planning home improvement projects The secret tool we use to cancel unwanted subscriptions (without doing a thing!) Keeping your credit in check with free credit reports How to claim the FREE money you’re owed (but didn’t know about!) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple All the Money Hacks We WISH We Had Known About Check Your Credit Report for FREE: FreeCreditReport.com AnnualCreditReport.com Get Expiring Debit Cards for Your Subscriptions with Privacy Click here to check the full show notes: https://www.biggerpockets.com/blog/money-487   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

JL Collins is one of the most respected authors in the financial independence community. His book, The Simple Path to Wealth, became the FIRE movement bible, giving clear, concise, easy-to-follow, and often unbelievably simple advice on achieving financial independence and retiring early. One of the most striking lessons from the book? You DON’T need to be rich to retire early or build wealth. Whether you make $40K or $400K per year, you can start building your financial freedom TODAY. Since its publication, The Simple Path to Wealth has inspired millions of people to find financial freedom, and many who have achieved financial independence or are well on their way have been in contact with JL. In his new book “Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence?And How to Join Them,” JL shares stories of the rich, poor, and even bankrupt readers who were able to turn their lives around and find financial freedom, no matter their circumstance. So, if you’ve been telling yourself that you CAN’T retire early because of a low paycheck, dire financial situation, or expensive lifestyle, think again. In this episode, JL will show you EXACTLY why YOU can be rich IF you follow some simple steps on the path to financial independence! In This Episode We Cover The simple, repeatable path to wealth that ANYONE can follow to become rich How to achieve your huge retirement goals even when starting from zero Why financial independence is NOT just for the rich and already wealthy The lifestyle “trap” that will stop you from ever achieving FIRE The problem with the 4% rule and why you CANNOT trust it for a happy retirement How to build wealth when everything (and we mean EVERYTHING) goes wrong And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Hear Our Past Episodes with JL Episode 20 Episode 116 Episode 285 Learn More from JL How Has The 4% Rule Held Up Since The Tech Bubble And The 2008 Financial Crisis? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-486   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone wants to know how to get rich. And here’s the truth: getting rich might be much easier than you think. While most people would assume the wealthy grind their way to success, this isn’t always the case. In fact, rich people are FAR lazier than you think, and we’re not saying that in a bad way. Rich people make money while they sleep, so they don’t HAVE to work harder every day. Want to know how you can do the same? Vivian Tu, AKA “Your Rich BFF,” will show you how! Vivian grew up with super-saver immigrant parents who taught her the value of money. When she went off to college, she realized a whole new world of wealth existed—this was only multiplied when she became a Wall Street trader. Vivian saw the fancy suits, the designer bags, and the jewel-studded bracelets and realized that these “rich” people were doing something most people didn’t know about. After her friends and coworkers wouldn’t stop asking her for financial advice, she decided to take her knowledge to the masses. In her new book, “Rich AF: The Winning Money Mindset That Will Change Your Life,” Vivian details what the rich do that you (probably) don’t. These habits of the wealthy can change your life and upgrade you from the position you’re in now. In today’s episode, we talk about the tools you can use to get rich, why you’re playing real-life Monopoly all wrong, and how rich people think to build wealth even when they’re not working. In This Episode We Cover Habits of the rich that most Americans have no idea about Why you need to STOP saving money and start doing this instead Financial literacy for all and how to start learning the money game even if you think it’s too late Asking for raises, job hopping, and how to start getting paid what you deserve The ONE place you should put your cash that could be making you extra money every month And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Hear Our Last Interview with Vivian on Money and Relationships 5 Habits of the Wealthy That Helped Them Get Rich Click here to check the full show notes: https://www.biggerpockets.com/blog/money-485   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Ho ho ho! We hope you had a holly, jolly, frugal, and festive holiday season. With the BiggerPockets elves off tinkering to make even greater shows for next year, we bring you one of our FAVORITE episodes for an encore! In this show, you'll hear about two VERY late starters who were able to reach retirement right on time! If you think it's too late to retire, think again! ______ Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have anegative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility. Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty. Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away, a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account. If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero, the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track! In This Episode We Cover How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s Lifestyle creep and why a high income is dangerous for most Americans How to reverse your “spend first, save last” mindset and start investing for your future The “wake-up call” that caused Becky and Bill to change their financial mindset Whether or not it’s ever “too late” to retire (and what to do if you’re there) Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s Why you should NEVER buy a boat  And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab Scott’s Book, “Set for Life” Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-484   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

At twenty-nine years old, Andy Johnson had achieved lean FIRE. He had enough to survive but not enough to make his future family comfortably financially free. All he needed to do was work a little longer, make a bit more money, and intensely invest. That plan went out the window when Andy woke up one day, unable to return to work. The high levels of stress and constant demand from clients got to him. He quit his high-paying job with no plan. Over the next year, Andy did something incredible. Even without a steady paycheck, he built a massive real estate portfolio in just ten months, bolstered his family’s investments, and now, a few years later, in his mid-thirties, hasachieved true financial independence. How did he do it in such a short amount of time WITHOUT a job? His method is one only the savviest of investors would have thought of. In this episode, you’ll hear how Andy bought twenty-one rental properties in under a year, paid just $1,500 in taxes on a $200,000 gain, and was able to move to a more expensive area, retire part-time (by choice), and reach ultimate financial freedom. If you’re stressed at your job and looking for a way out while keeping your investments and bank account intact, this episode is for you! In This Episode We Cover Quitting your job with NO plan and how to ensure you always have the ability to walk away How Andy bought over twenty rental units in just ten months  Avoiding capital gains tax and how to legally lower your taxes DRAMATICALLY Using real estate leverage to get rich and the right way to analyze a rental property Long-distance real estate investing and how to get connected to the best agents, property managers, and contractors in the area The “part-time jobs” Andy is taking up in retirement (even though he doesn’t have to) And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Turning 9-to-5 Burnout into 24 Doors (in a Year and a Half!) What to Do Before You Quit the High-Pay & Benefits of Corporate World Physician on FIRE’s Tax Loss Harvesting Blogs: Top 5 Tax Loss Harvesting Tips Tax Loss Harvesting with Vanguard Click here to check the full show notes: https://www.biggerpockets.com/blog/money-483   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

How do you turn a TINY side hustle into a full-on income stream? Even more, how do you make your side hustle a multimillion-dollar business that employs dozens of people and gives you the financial freedom to do what YOU’RE passionate about? Today, we chat with Mari Llewelyn, founder of Bloom Nutrition, about her incredible journey of weight loss, financial literacy, starting a side hustle, and growing a HUGE business. Mari’s entrepreneurial journey started long before she decided to make supplements. One day, she woke up and realized she had hit rock bottom. She was the heaviest she had ever been, had no money to her name, zero autonomy, and close-to-no willpower to pick herself back up. After growing tired of relying on her parents for money in college, she decided to get a job at the front desk of a gym. She was making money, and things were starting to improve, but there was one big hurdle left: the weight. In this episode, Mari talks about her incredible journey to losing ninety pounds, how she started selling five-dollar workout programsfor extra cash, and her explosive social media growth that allowed her to build a multimillion-dollar business before age thirty!   In This Episode We Cover Building money skills after being raised in a household where finances are “taboo”  How to pick yourself up when you’ve hit “rock bottom” financially and emotionally Turning your social media followers into loyal customers when you start a business Starting tiny side hustles and the EASY way Mari made her first self-employed dollars Paid ads, marketing your product, and the one thing that helped Mari’s business explode Developing products and how to know you’ve made something that customers will love  And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Building a Massively Profitable Business Around Your Passions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-482   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Most people know that investing in real estate is one of the best ways to reach financial independence, but very few ever take action. Once today’s guest discovered the potential of real estate, however, it became his obsession. Despite starting out on a low military salary, he built a million-dollar net worth in just THREE YEARS! In this episode, we’re catching up with entrepreneur, investor, and repeat guest Jabbar Adesada. Since we last spoke with Jabbar, he has only doubled down on his real estate dream and journey to financial freedom—dabbling in several different investing strategies and teaming up with a partner to get more deals done. Today, Jabbar owns a slew of short-term rentals and long-term rentals, has completed several BRRRR projects (Buy, Rehab, Rent, Refinance, Repeat), and has more than a dozen construction projects in the works. If you want to reach your FIRE goal as soon as possible, tune in to hear how Jabbar used real estate to expedite his journey. He shares how he was able to save up for a down payment with a low income, get his first home loan with almost no credit history, and rapidly increase his income! In This Episode We Cover Reaching financial independence by investing in real estate How Jabbar built a million-dollar net worth in only THREE years Combining multiple real estate investing strategies within your portfolio How to choose the perfect real estate market to invest in Finding a partner and building out your real estate network And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab Your Copy of “First to a Million” by Dan Cheeks 20-Year-Old Minimum Wage Marine with $850k in Real Estate Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings Click here to check the full show notes: https://www.biggerpockets.com/blog/money-481   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

This eighteen and twenty-two year old are on track to reach financial freedom by the age of thirty. And if you think that you can’t make big money moves because you don’t have the experience, resources, or income to build wealth, think again. These two young adults are on the path to making millions in their lifetime, and if you’re in your late teens or twenties or have children or grandchildren who are, THIS is the episode to watch. First, we talk to Gloria Stonelake, an eighteen-year-old who runs a social media marketing agency on track to bring in six figures in income a year. She’s still technically a high school student but spends almost all her time working on her business, learning leadership, and getting leads for her clients. She ditched the traditional route of getting a diploma, a degree, and THEN a job and skipped right to the money-making part. She has some incredible advice for ANYONE who wants to start their own business, no matter your age! Next, Ben Carver joins us to talk about his high school house-flipping side hustle, how he became a real estate agent before getting his college degree, and the newest house hack he’s set to buy at just twenty-two years old! By thirty, both Ben and Gloria should be financially free, and if you want to hit FIRE in your 30s, 40s, 50s, or 60s, these wunderkinds are two to watch! In This Episode We Cover How to build a six-figure business, no matter your age or experience level Why ditching the college degree may be a smart move for entrepreneurial teens and twenty-year-olds Why your financial background does NOT determine whether or not you’ll hit FIRE Entrepreneurial tips to take and challenges you must prepare for to succeed How to live for free and start building a real estate portfolio EARLY in life The one piece of advice Mindy and Scott wish they could give their younger selves And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Make an Extra $100/Day with These Work-From-Home Side Hustles Is It Time to Give Up on Financial Independence? (Mad Fientist) Join the Sheeks Freaks Click here to check the full show notes: https://www.biggerpockets.com/blog/money-480   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices