373: The Money Show’s Guide to Personal Finance for Beginners
BiggerPockets Money Podcast
Introduction
Nindi Jensen: Financial freedom is attainable for everyone, no matter when or where you're starting. Scott Trench: Being good with spreadsheets is a formula for success. The contents of this podcaster informational in nature and are not legal or tax advice.
Mastering personal finance is one of the most important things anyone can do. If you know where your money is coming from, where it’s going, and how to make more of it, you can retire comfortably, retire early, or have less financial anxiety at the end of the day. But, the world of personal finance can be complicated for beginners. With so many spreadsheets, calculators, money methods, and mistakes to avoid, where does someone just getting started go to understand the basics?
We brought Scott and Mindy, our two masters of money, on for a solo show where they walk through some of the top tips in personal finance. They’ll touch on budgeting, saving, and expense tracking so you can know the ins and outs of your finances with far less effort than ever before. You’ll also hear about the different methods for paying off debt, good debt vs. bad debt explained, and the right way to think about interest rates. Finally, Scott and Mindy will go over investments, when the right time to invest is, how to prioritize what to invest in, and when you’re ready to invest in real estate.
No matter where you’re at on the personal finance spectrum, investing or not, debt-free or full of debt, this episode can help you prioritize the dollars and cents in your life so you can reach financial freedom faster. And if you still don’t know where to start, stick around, as this episode is chock full of links to debt payoff methods, investment plans, budgeting examples, and more to help you on your journey!
In This Episode We Cover
Personal expenses vs. business expenses and why you should never mix the two
Expenses explained and what does (and definitely does NOT) count in your budget
The two skills every investor or business owner needs to succeed
The different ways to pay off debt and how to know whether your interest rate is too high
Good debt vs. bad debt and why many investors are choosing to hold on to low-interest loans
The right and wrong way to use a HELOC (home equity line of credit) when investing in real estate
How to prioritize your investments and building a personalized investment plan that will help you build wealth
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Finance Friday: My Home Renovation Put Me in a HELOC Hole
The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
Finance Friday: Got Extra Cash? Here’s the Investment Plan for You
Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan
Rookie Podcast Episode 200: Scott Trench’s 10-Step Checklist to Buy Your First Rental Property
Scott Trench's Investment Investment Philosophy Worksheet
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-373
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