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BiggerPockets Money Podcast
81 minutes | Jun 14, 2021
205: From $50k in Debt to Financially Free in 2 Years w/ Lots of Ups & Downs
There are lots of twists and turns throughout every investor's journey, but maybe not as many as Zeona McIntyre’s. Growing up with the words of Suze Orman in her ear, Zeona knew that there were a few things she had to do, like max out her Roth IRA every year. It wasn’t until Zeona was talking to a friend who told her about Airbnb arbitrage that she realized a future in real estate investing may be the most successful.Before there were many short-term rental laws, people would Airbnb out of their own rented apartment, often without the landlord’s permission. Before you go off on Zeona in the comments, know that she does not do this anymore, and a few of her landlords were surprisingly okay with the plan. Since then, she has purchased 11 doors that she rents out, both to short and long-term tenants. You’ll hear how Zeona used private funding, an unfortunately-fortune life insurance payment, and many other creative methods to get her to financial independence in just 2 years!In This Episode We CoverAirbnb arbitraging and why it was so popular in the early days of short-term rentalsPaying off student debt but feeling like you’re not “moving the needle”Why it’s so important to consume financial information at the beginning of your careerDealing with the death of a loved one, and finding ways to honor their memoryCOVID’s impact on Airbnb and the short-term market in generalAnd So Much More!
73 minutes | Jun 11, 2021
204: Finance Friday: Single Mom Making 20% ROI on Detroit Rentals
We all know someone who hustles. Maybe it’s your sibling or your friend, or maybe you’re the hustler in your group. Those who hustle to make more money seem to always find new ways to bring in more cash, and that’s exactly what today’s guest, Alicia, is doing. Alicia jokes that she has 2-4 jobs, because in the day she’s working 65 hours a week at a media company, but is also a “saloon girl” and professional singer on the side. How many moms do you know that can ride a mechanical bull? Well, Alicia can!Alicia recently purchased a rental property in Detroit that is giving her a 20% return! This is far higher than most real estate investors anticipate, and for her, it’s a blessing on her path to hitting passive FI. She was able to buy this rental in cash with a 401(k) loan, but with some taxes looming on the horizon, Alicia is asking whether or not paying off the debt or buying another property is the best move to hit her financial freedom goals.In This Episode We Cover401(k) loans and when (or when not) they’re appropriate to use for investment purposesGetting 20% ROI with section 8 tenants in DetroitWhy side income streams are important for any new or established investorHow live in flips still provide great returns even in a hot marketKnowing which debts to pay off slowly and which debts to get rid of fastAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterGrowing Your 401k vs. Liquidating It to Invest in Real EstateIs a Live In Flip Right for You? Here’s How to TellFeline Good Social ClubCheck the full show notes here: https://www.biggerpockets.com/moneyshow204
83 minutes | Jun 7, 2021
203: 14 Kids, One Income, and STILL Retiring 10 Years Early
What’s your excuse for not hitting financial freedom? Maybe you work at a low paying job, maybe you only have one income for your household, or maybe you’re caring for a few kids, limiting the income you can save and invest. Prepare to have your excuses obliterated, because today we’re talking to Rob and Sam, who raised their 14 children on one income alone. And we aren’t talking about a $500k per year income, we’re talking about a median income!Rob and Sam always wanted a big family, and luckily, they were raised in frugal households, allowing them to save every penny, shop the deals, and have a budget. While Sam was at home raising the children, Rob was out working and slowly paying off their house early, without Sam’s knowledge. One day, Rob told Sam that the house was paid off, which came as a huge surprise to her!He had also been maxing out their Roth IRAs, his 401(k), and their HSAs. Rob was doing all this while comfortably raising 14 children. How is that even possible? Well, you can learn all about their tips, tricks, and budgeting tactics by buying their new book: A Catholic Guide to Spending Less and Living More: Advice from a Debt-Free Family of 16! In This Episode We CoverSetting up budgeting, expense tracking, and being deliberate with your spendingMaxing out your 401(k) match, your Roth IRA, and your HSABeing frugal so you have more money to spend on the important thingsFixing up a foreclosed house to save money when shopping for a homeGetting out of debt so you can tackle bigger (good) debtsBecoming intentional with your spending, saving, and investingRaising a family of 16 with a single incomeAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterMad FientistCheck the full show notes here: https://www.biggerpockets.com/moneyshow203
58 minutes | Jun 4, 2021
202: Finance Friday: How Should I Plan Ahead to Leave College Debt-Free?
Most 21-year-olds aren’t thinking about Roth IRAs, early retirement, house hacking, or graduating college debt-free. But today’s guest, Anthony, is! Anthony is currently a student in community college, preparing to transfer to a four-year college next year. He has a paid-off car, no credit card debt, and makes around $2,000 a month, with $800 or so as extra income each month.Anthony is wondering where the best place to put his extra income is. Should he invest in his Roth or should he save up money for college costs? Alternatively, he could house hack which could cash flow him through college and allow him to leave with a degree and a profitable rental property. Scott and Mindy walk through the multiple different options Anthony has and push him to see what he can achieve within the next few years to put him on a path towards financial independence! In This Episode We CoverPlanning for retirement at a very early ageMaxing out your Roth IRA and 401(k) match every year you canPaying off credit card debt and car loans Finding side income streams like driving for Uber House hacking during college and leaving with a cash-flowing rental Keeping your spending habits low (especially as you’re starting out)And So Much More!
74 minutes | May 31, 2021
201: Don’t Delay Your Wealth by Being Scared of “Good Debt” w/ Jake Simon
How do you think about debt? Most of us would shudder to think of having high-interest consumer debt in our lives, and for good reason. Consumer debt can lead to a detrimental financial future and tons of wasted money on interest. But what about good debt? Debt to buy rental properties or help an aspiring business. How do you feel about that debt?Today we’re joined by FI chaser, and friend of Mindy, Jake Simon. Jake was raised in a frugal household. He learned to spend less than he made, shop the bargains, work hard, and NOT go into debt. Jake had been investing money every month in his 401(k), and after that, began putting the extra money he had into a bank account. After listening to The Mad Fientist (he’s been on our show before too), Jake knew that there was a much better place his money could be stored.With the relocation of his job every few years, Jake became more and more interested in real estate, prompting him to start doing live-in-flips! After maxing out retirement accounts, selling his flips for heavy profits, and still having a large savings rate every month, he decided to conquer his fear of debt, and use debt to buy rental properties!In This Episode We CoverThe difference between good debt and bad debt Storing your money in a long-term investment, as opposed to keeping it in cashWhy live-in-flips are not only practical but profitable tooUnderstanding your profit margins and buying deals that are worth it for youBuying your children a “rental property college fund”Who should (and shouldn’t) be doing their own rehab workAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterBiggerPockets Money Podcast 35 with Craig CurelopMad FientistChooseFICheck the full show notes here: https://www.biggerpockets.com/moneyshow201
89 minutes | May 28, 2021
200: Episode 200 Special: A Personal Finance Masterclass with Kyle Mast
We love when guests come back on the show, especially when that guest is Kyle Mast. You may have heard him back on episodes 41 & 84, but now he’s here to celebrate our 200th episode with us! Scott and Mindy have come up with their own questions to ask Kyle ranging from retirement accounts, to asset allocation, to the future of cryptocurrency, and more.If you’re worried about retirement, Kyle has you covered. We go over some great topics like whether you should choose a traditional 401(k) or a Roth 401(k). From there, we talk about whether a pre-tax account or a post-tax account makes the most sense, based on your income, tax bracket, job security, and more. We’ll also touch on HSA (health savings accounts) which are a fan favorite as well as a tried-and-true winner for almost anyone who qualifies for one.Post-retirement is another topic that rarely gets discussed on the show (since we’re all so focused on getting wealthy, not deploying that wealth). If you’re worried about hitting required minimum distributions soon, you may have the ability to save hundreds of thousands of dollars in the long run with some tips from Kyle. We’ll also talk about diversifying your accounts now so you can be nicely positioned upon retirement.Lastly, we talk about inflation, rising house prices, tech stocks, and (Mindy’s favorite, of course) cryptocurrency. All of these are incredibly relevant right now and it’s great to hear from someone as neutral as Kyle on the pros and cons of each.In This Episode We CoverTraditional 401(k)s vs. Roth 401(k)s and the tax implications of bothLooking at your retirement accounts from a long or short term positionTaking the 401(k) match whenever a company allows you toRequired minimum distributions and the 4% ruleSolo 401(k)s and and retirement accounts for entrepreneurs Cryptocurrency, stocks, real estate, and precious metal allocationAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterBiggerPockets Money Podcast 41BiggerPockets Money Podcast 84BiggerPockets Money Podcast 118Mad FientistBiggerPockets Money Podcast 120 with Michael KitcesNerd's Eye ViewCheck the full show notes here: https://www.biggerpockets.com/moneyshow200
65 minutes | May 24, 2021
199: Is It Worth $500,000+ In Student Debt for Higher Paying Careers?
The average American takes a long time to pay off debt, especially student loan debt. These amounts can vary, some people have a few thousand in student loan debt, others have tens of thousands, but what about $521,741 in student debt? Would you be able to pay off over half a million dollars in student loans, all while trying to buy a house and regularly invest? This is exactly what Ty from Debt Ascent did, and he did it quite successfully.Ty is an engineer and his wife is a dentist, so they both are in high-income careers with advanced degrees. Ty makes the argument that their degrees are a good investment, as they’ve been able to make $400,000+ as a couple, years after finishing school. This is a very high income, and with smart money management (as you’ll hear in the show), the high debt can be easily argued as being worth it.You’ll also hear from Ty on the importance of tracking your spending (something both Mindy and Scott have been fans of for a long, long time). Tracking the spending for Ty and his wife made it simple and easy for them to live off of one income alone, while dedicating the other income completely towards paying off debt and setting up other income streams.As of now, they are debt-free, with another $500,000+ in assets! Talk about financial efficiency! In This Episode We CoverWhen student debt is (and isn’t) worth it for a future careerWhy it’s harder for lower-income households to pay off debtThe importance of tracking your spending (via YNAB or manual tracking)Paying for your future self, your current self, and your past selfStaying away from the “two-income trap” And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterMr. Money MustacheYNABBiggerPockets Money Podcast 106 with Megan GormanBiggerPockets Money Podcast 20 with JL CollinsDebt Ascent Net Worth Check the full show notes here: https://www.biggerpockets.com/moneyshow199
74 minutes | May 21, 2021
198: Finance Friday: Are You Spending Too Much Time on Low-Pay Jobs?
Many of you know that Mindy loves live-in-flips, and although she can definitely swing a hammer, she doesn’t have the skills of a finish carpenter, but today’s guests, Serafina & Darrin, do! Serafina and Darrin were both working at non-profits, but over the last year have transitioned to running their own business named Carlucci Woodworking. Serafina takes care of the bookkeeping while Darrin takes care of the carpentry. They’re a dynamic duo!All this is happening while they are trying to build their dream home out in the country. If you’ve ever custom-built a house you’ll know how time-intensive and (often) expensive it can be. Serafina & Darrin want to know whether or not Darrin’s high hourly rate would be better served doing jobs, as opposed to working on their own home.With dreams of sailing around the world with their children, hitting a not too far away FI number, and living in their countryside getaway, they’ll need to focus on optimizing their business, getting connections, and keeping up with their investing! In This Episode We CoverThe pros and cons of leaving your job for self-employmentHow to optimize your business so you’re working billable hours whenever possibleRoth IRAs, traditional IRAs, and pensions Setting up your emergency reserve so you always feel financially secureUsing your business in creative ways (to make more money!)Knowing the ARV of a new construction (even if it’s custom)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterMad FientistEtsyYelpHomeAdvisorHSA – The Ultimate Retirement AccountRoth Conversion LaddersCheck the full show notes here: https://www.biggerpockets.com/moneyshow198
74 minutes | May 17, 2021
197: 4 Children, a Lower Income, and STILL Hitting Financial Independence
There are a lot of excuses we hear from people as to why they can’t reach financial independence. They needed that new car, they needed that nicer apartment, they needed the expensive vacations. Often, this is what we hear from people making a high income, unlike today’s guest, non-profit worker Nate Forbes.Nate knew that he liked working jobs that tended to pay less, and with the support of his wife, he stayed at them. When his wife was ready to be a stay-at-home mom, Nate took a job with more pay but was by no means a high-income position. Even with Nate being the only breadwinner for the family, he and his wife were able to max out their retirement accounts, buy rental properties, and start doing BRRRRs.Since Nate was raised with strong frugality and not much of a consumer mindset, he’s used to living below his means, but his story of wealth accumulation is truly inspiring. From selling vintage clothing to living in a collective household, to hunting down an early 90s Honda Civic to get 50mpg on long commutes, Nate has done almost everything he can to live a life he loves all while reaching “coast” FI!In This Episode We CoverThe importance of early financial education for young childrenLiving below your means and striving to invest every year you canKeeping the job you love and finding ways to make more money on the sideMaxing out your Roth and other retirement accountsBRRRR investing and doing live-in flipsRealizing that life isn’t about math, and leverage may not be necessary for successAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterFuel EconomyDave RamseyMr. Money MustacheMad FientistCheck the full show notes here: https://www.biggerpockets.com/moneyshow197
91 minutes | May 14, 2021
196: Finance Friday: Debt-Free, Great Pensions, But Will it Be Enough?
Getting out of debt can be very empowering, which is exactly how Azar and Jeffrey felt when they paid off $83,000 of debt in under 3 years! They thought it may be the best time to start investing in real estate, but with a surprise baby on the way, they need to be sure they’re prioritizing stability over growth. Since they’re in such a great position, they should be able to do both!Azar works as a school nurse bringing in a respectable salary, while Jeffrey gets disability payments. Both have pensions and retirement accounts, but they want something more than just those retirement options. For them, real estate seems like the next step. They’ve taken out a HELOC (home equity line of credit) in order to buy their next property, but need advice on whether or not it’s a smart move to stockpile cash for the new baby or go ahead with the real estate purchase.In This Episode We CoverGetting yourself out of high consumer debt Refinancing so you can take advantage of far lower interest ratesHow much should you have in an emergency fund for a family of five?The potential benefits of paying off your primary residence before buying rentalsWhy HELOCs should be used for short term debt onlyAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterCheck the full show notes here: https://www.biggerpockets.com/moneyshow196
60 minutes | May 10, 2021
195: 3 Degrees, Debt Free, and “Coasting” to Financial Independence
Student loans can often drag people into debt, especially when chasing more than one degree. But here’s an unusual story: Brenda Olmost, PhD student, nurse practitioner, and member of the FIRE community is graduating with NO debt. Amazing right? Brenda has worked her tail off over the past decade getting scholarships, living below her means, and working whenever she can so she graduates her program with no debt.Not only has Brenda done a fantastic job making extra income, she’s been investing on the side! She has a growing 401(k), a maxed out Roth IRA, and 2 rental properties. At 31, she’s in a phenomenal position to reach financial independence. Lucky for her, she loves her career, so even if she does hit her FI number, she’ll still be bringing in the dough to pursue more and more investment opportunities.If you want to hear more from Brenda, you can check out her podcast, Minority Millennial Money where she talks about budgeting, investing, saving, career, and relationships!In This Episode We CoverStaying off the hedonic treadmill and living below your meansPursuing high demand, high-income careersGetting scholarships and working on the side to pay for schoolWhy you SHOULDN’T buy that new car you wantHitting “Coast FI” in your early 30sUsing your extra income to invest, buy rental properties, and saveAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterBiggerPockets Money Podcast 169BiggerPockets Money Podcast 81BiggerPockets Money Podcast 24Check the full show notes here: https://www.biggerpockets.com/moneyshow195
79 minutes | May 7, 2021
194: Finance Friday: Will I Still Be Able to Hit Retirement At 60?
It’s a common concern among many Americans on whether or not they can retire on a timeline they feel comfortable with. In this episode, we talk to Deb, who’s having some of those same concerns. She has over $100,000 in assets (not including the house) and wants to be sure that she can provide a great life for her children all while saving more and more for retirement.Deb has read so many money and financial independence forums about mid twenty year olds with six-figure incomes and five-figure savings per month. Many people read about these stories and feel like they can’t compare, but if you’re in Deb’s situation, you’re already doing well with retirement savings! It can be dangerous to compare your journey to others who’s backstory you don’t know. That’s why we encourage everyone to save, invest, and spend at a rate that works for their goals!In This Episode We CoverFinding side-income sources and business that will help you with retirement savingsKeeping an expense tracker and budget so you know exactly what you’re spendingHaving a sizeable emergency fund so you’re never in a bad positionGiving every dollar a purpose in your budgetSetting up your children with Roth IRAs so they can start investing soonerAnd So Much More!
89 minutes | May 3, 2021
193: Building a Business After Homelessness, Addiction, and Debt
Part of the mission of the BiggerPockets Money Show is to share journeys from all walks of life. Our guests show that no matter where you’re at, you can reach financial freedom and enjoy your life on your terms. Today’s guest, T Christopher Colton, is a shining example of pulling yourself out of the depths and into the light.Chris never liked school, and was spanked all throughout elementary and middle school for failing to pay attention in class. He was told he needed to go to college, but didn’t have the passion for higher learning that other classmates did. He ran away from home multiple times, ended up being homeless, and addicted to drugs. He had stints as a car salesman, before going into carpentry.With the help of his wife, Chris was able to get off the streets and live a stable life with his full time income. But, he wanted more. He became an electrician apprentice and started doing side work to help pay off the $100,000+ debt he had accumulated. Thankfully, he found out about financial independence through Dave Ramsey, putting him on a path to reject consumer debt, go hard on retirement accounts, and bring in more income.In This Episode We CoverThe financial danger of buying a new car, and the costs that come with itSelling everything to get out of debt fastMoving states and reducing costs of living dramatically401(k)s, IRAs, and Roth IRAs for retirementStarting a side business and having your W2 pay for your everyday expensesGetting your children on a path to success with early financial independenceAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterWECA ApprenticeshipCarMaxThe Ramsey ShowCheck the full show notes here: https://www.biggerpockets.com/moneyshow193
68 minutes | Apr 30, 2021
192: I Make Great Money - Why Do I Feel So Broke? Finance Friday
In many of our lives, we make a decent salary, we try to save and invest, but we still feel bogged down by debt. How is it possible to feel “broke” while making a great salary? That is the question that Tiara, today’s guest, is asking. Tiara works as a park ranger in Texas, but wants to take a break in the next few years to go on a big travelling holiday.This is a great idea! She’s worked very hard, managed to get some assets under her name, and needs a break. But before she can go out and explore the world, she needs to take care of some high-interest credit card debt eating away at her bank account and her financial sanity. Tiara is also sitting on a rental property that has appreciated since she bought it. This rental property used to be her primary residence, so she still has some emotional ties to it, but with her current needs growing greater than her need to hang on to a negative cash-flowing rental, it may be time to sell the house.
62 minutes | Apr 26, 2021
191: It’s Not Your Money, It’s Your Future Self’s Money with Angela Rozmyn
Many of us have had the benefit of growing up in households where our parents taught us about money, saving, and investing. Angela Rozmyn was raised in one of these households, and when she wanted something like a bunk bed, her parents got her to work so she could split the cost of it. Clearly this has helped her even to this day as she pursues financial independence and runs the Facebook Group “Women’s Personal Finance (Women On Fire)”.Before she was on her financially independent journey, she had to get rid of her student debt. She did so by working two jobs before getting into a full-time position and paying off small amounts of the loan as quickly as possible. She paid off $24,000 in student loans in less than 4 years, a huge accomplishment! One of the biggest factors that pushed her to pay off her loan so early was when she calculated how much she was paying in interest on a daily basis. This lit a fire under her to become debt-free.Now, Angela writes on her own blog Tread Lightly, Retire Early where she shares her money journey, mistakes, and tricks to hitting financial freedom. Angela prides herself on having such a strong community and blog position in a niche that tends to be led mostly by men.In This Episode We CoverInstilling a money mentality in children at a young agePaying off your student loans as fast as you canHaving separate accounts when married/in a long-term relationship Maxing out your IRAs and doing as much as you can for your future selfHouse-hacking and finding a roommate that benefits your lifeAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterThe Millionaire EducatorOne Frugal GirlStudent Loan CalculatorRetire by 40BiggerPockets Money Podcast 161 with Mad FientistBiggerPockets Money Podcast 187 with Tiffany AlicheBiggerPockets Money Podcast 124 with Millionaire EducatorBiggerPockets Money Podcast 13 with TanjaCheck the full show notes here: https://www.biggerpockets.com/moneyshow191
61 minutes | Apr 23, 2021
190: Why You Should Always Have Side-Income: Finance Friday with Rachael
Side businesses can be a fantastic way to boost your savings and investing rates, especially if you’re making a low salary! Rachael works in the insurance industry and is keen on getting a promotion soon, due to her recently acquired license. She loves her work and wants to stay with her company as long as she can, but she also wants to increase her income so she can save more for her retirement, her college funds, and pay off some student debt.Rachael has always been an artist and uses this talent to grow her small businesses. She hosts “painting parties” where she leads a group of people through painting a beautiful picture. She also has some designs that she sells over printing websites so people can buy them as mugs, mousepads, tee-shirts, and more.She does have a few things to cut out of her life, such as a very expensive mobile phone bill for her and her sons, as well as a love for eating out. Mindy and Scott’s advice is to start tracking expenses as soon as possible and get rid of her delivery app membership right away!In This Episode We CoverWhy side-income streams are so important when building wealthCombining or keeping finances separate when in a marriageWhy you shouldn’t liquidate your retirement savings before a divorceCutting down eating out and making it easier to eat at homeSaving on mobile service by going with a prepaid serviceAnd So Much More!
67 minutes | Apr 19, 2021
189: Revenge Spending: How It’s Sabotaging Your Financial Relationship
Getting a finance degree doesn’t make you a great investor or saver, that’s what Teri Slater, personal finance coach found to be true after completing her degree. From a relatively early stage, Teri had already racked up student loan debt, a car loan, and credit card debt. She pulled herself out of debt and felt accomplished, but after she got married and bought her first house, she found herself back in debt. About $200k in debt!Teri and her (then) husband had high incomes, a nice home, children, and a couple of dogs. From the outside, it looked like they were doing phenomenally, but inside the home, Teri and her husband were barely scraping by with enough money to pay the mortgage every month. They had credit card debt, a car loan, a truck loan, business loans, and a HELOC (home equity line of credit) against the house. They were completely surrounded by debt. They decided to attend Financial Peace University sessions and take the baby steps to get out of debt. Teri still felt embarrassed at the end of the meetings and was hesitant to disclose how they were doing financially. It took her and her husband years to get out of hundreds of thousands in debt, but as of 2018, Teri is debt free! Now she puts a generous amount towards her after-tax and pre-tax retirement accounts, and helps teach others how they too can be on a path to financial freedom.Teri knows first hand how hard it can be to talk through financial situations with your partner. She goes through some tactics to get your partner on the same page as you and create clear goals, all without revenge spending! In This Episode We CoverStaying out of debt when you go to college Diagnosing the behavioral issues around debt Getting out of debt and staying out of debt Keeping up the momentum when you’re paying off large amounts of debt How to stop “revenge spending” when you feel it coming onAnd So Much More!Check the full show notes here: https://www.biggerpockets.com/moneyshow189
58 minutes | Apr 16, 2021
188: Finance Friday: Is A Master's Degree Worth The Pay Raise?
Being strapped with student debt isn’t easy. It creates a whole new obstacle to hitting financial freedom, but it can be mitigated. So does it make sense to invest on the side and pay the regular monthly payments on student debt, or go all-in and pay off huge chunks of student debt at once? Today’s guest, Robyn, has this exact question (which many of you may have as well). Robyn lives in the Bay Area, one of the most notoriously expensive housing markets on the planet. That being said, she is paying very low rent, under $700 a month, split with her partner. Robyn has student loans and a small car loan, but wants to go back to school to get her master’s degree so she can hit her career goals. There would be a pay raise after she got her master’s and she loves her job, so she’s keen on staying in her sector for awhile.Scott and Mindy go through a few examples where it may be best for Robyn to go more heavy on investing, instead of paying off the student loan aggressively. This is especially true now that the government has given the option of 0% interest payments on student loans for many students (including Robyn) until at least the last quarter of 2021. So what makes more sense, get rid of debt or go in on investing?In This Episode We CoverKeeping a large savings rate every month for unexpected expenses Finishing school faster so you walk away with less debtKnowing your student loan and other debt interest rates Weighing investing against paying off student loans quicker Having a side-income so you can maximize saving whenever possibleAnd So Much More!
88 minutes | Apr 12, 2021
187: Tiffany Aliche's 10 Financial Components to Become 'Financially Whole'
Tiffany Aliche is back for her third appearance on the BiggerPockets Money Show! We’ve talked to her about how to teach your children about money and climbing out from financial rock bottom, now we talk to her about making millions!If you haven’t heard from Tiffany before, we’ll catch you up on her backstory. Tiffany was doing well with money up until her mid-twenties, then she hit a few snags, and even got scammed out of $35,000 from who she calls “Jack the Thief”. She was living with her parents in her thirties and had a lower net worth at thirty than she did a sixteen. This is what she refers to as hitting her financial rock bottom.Thankfully, she had some friends who helped pull her out of her financial shame. She then went on to work hard, started putting away money in savings and investments, and now she’s running businesses making 7-figures, every month! That is no small accomplishment, but Tiffany doesn’t want to go small, she wants to go BIG! Big retirement accounts, big businesses, and big dreams!Tiffany’s current goal is to hit $10,000,000 in retirement savings by fifty, but thinks she may be able to do so before she turns forty-five. This is all accomplished through creating big visions, setting the pace for the rest of her financial life, prioritizing tasks in her life, and farming out her profitable skill sets. Tiffany’s friends say that everything she touches turns to gold, but Tiffany says “I only touch gold!” You can get Tiffany’s new book Get Good with Money today! In This Episode We CoverGoing from financial disaster to ‘Budgetnista’ in a few yearsEmbracing your humble beginnings and thinking of them as preparation for bigger thingsFarming your profitable skill sets where obvious and latent skills are foundPrioritizing your daily tasks and your life as a wholeInvesting your wealth AND retirementAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterCheck the full show notes here: https://www.biggerpockets.com/moneyshow187
65 minutes | Apr 9, 2021
186: Finance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie
Today we talk to Sammie, a physician assistant out of the San Francisco Bay Area. Sammie makes a great income, around $140,000 a year, but is strapped with a very big $160,000 student loan debt. The good news? She’s eligible for public service loan forgiveness within only a few years, all she needs to do is continue paying her loan payments while keeping her job, and the debt will be wiped away!This is fantastic for Sammie, because she wants to start investing more into assets so she can hit financial independence within the next decade.This should be more than possible seeing as she used to be spending a lot on her rent in San Francisco, but decided to move back home with her parents two years ago to not only help them, but save money.Sammie has some options to work more hours at her job, invest more aggressively, or buy some rental properties. She has a good amount in cash savings and would be comfortable looking into rentals starting next year. She also has a $200,000+ investment portfolio, so not only does she have a positive net worth, when her student loans get forgiven, she’ll be sitting on a lot of money she’ll be able to play with!In This Episode We CoverPublic service loan forgiveness for student loansMoving back home in order to save money on rent Creating more streams of income to hit FI faster and so you can retire more comfortablyChoosing to stay at your job even if you’ve hit your FI number Investing in your 401(k), Roth IRA, and Traditional IRAKeeping monthly expenses as low as possible on your road to retirementAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterBiggerPockets Money Podcast 22 with Travis HornsbyStatus Post Adulting PodcastReal Estate Agent DirectoryBiggerPockets Money Podcast 118BiggerPockets Money Podcast 84 with Kyle MastBiggerPockets Membership Benefits & CostBiggerPockets BookstoreCheck the full show notes here: https://www.biggerpockets.com/moneyshow186
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