BiggerPockets Money Podcast

A rental property portfolio can replace your job, give you ultimate financial freedom, and allow you to do what you want when you want. But building this massive passive income stream takes time, and if you stick with it, you’ll be rewarded plentifully like today’s guests, Jennifer and John. After starting with an “average” income, this couple was able to consistently buy cash-flowing rentals with the leftovers from their salaries. They compounded their cash flow to buy even more properties and now sit on around $8,000,000 in real estate.With so much wealth, you’d expect Jennifer and John to be the jet-skiing, vacation-home-buying, luxury car-racing types; but they’re FAR from it. John is still working at his W2 job as Jennifer continues to run her business. They both keep their spending low and live a moderate lifestyle. But, the lack of time freedom and heavy hours of a full-time job is eating away at John. This couple needs to know how they can use their real estate portfolio to retire early.To go through all the rates, rentals, construction costs, and cash-flow-number-crunching is investing expert James Dainard, who joins Scott on a resourceful episode for any real estate investor. James and Scott will review Jennifer and John’s entire portfolio, giving them suggestions on what to sell, keep, and buy instead. By the end of this episode, John and Jennifer have multiple options that could make them MILLIONS in just a few years’ time!In This Episode We CoverThe “rate trap” that stops so many rental property investors from upgrading their portfoliosInvesting in real estate on an “average” income and why it’s possible for everyoneTapping into equity and the one metric that’ll tell you whether you should keep or sell your property Small multifamily vs. large multifamily and why bigger is usually betterADUs (accessory dwelling units) and how to make instant equity by building oneAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingFind Investor-Friendly LendersJoin BiggerPockets for FREEScott's InstagramConnect with James BiggerPocketsWatch James on the “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Money MomentHow To Build A Real Estate PortfolioROE over ROI and Why Your “Cash Flow” Number is DeceivingClick here to check the full show notes: https://www.biggerpockets.com/blog/money-427 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

The Financial Independence, Retire Early movement (FIRE movement) is changing. More people are investing, making money, and working from anywhere in the world. Investing education and advice has become easier to access, and self-made millionaires have been created through simple frugality and smart spending. Compared to when the FIRE movement was born, now may be one of the best times in recent history to achieve financial independence. But there’s more than one path to choose from.Happy Financial Independence Day! That’s right; we’re swapping hot dogs for home equity, fireworks for frugality, and a cold one for some cold hard cash because TODAY is a day to celebrate an accomplishment we all hope to achieve! In this special episode, Scott and Mindy fly solo, touching on the history of the FIRE movement, its most prominent figures, and lessons learned on the path to FI.But that’s not all; tell your overspending Uncle to tune in as Scott and Mindy debate some of the most common complaints about the FIRE movement and prove that anyone, in almost any situation, can live life on their terms. So sit back, grab those chips you saved for tomorrow’s barbeque (no one will notice), and get your FIRE started!In This Episode We CoverThe financial independence retire early movement (FIRE movement) explained The MULTIPLE paths to early retirement you can take (and which is right for you)FIRE rules you MUST follow that can help ANYONE reach financial freedomWhat to do once you achieve FIRE and planning for it when you’re on the pathDebating the FIRE critics and why you DON’T need to give up everything as you build wealthAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott's InstagramGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Check Out Mindy’s 2022 Live Spending Tracker and BudgetBill Bengen (The Inventor of the 4% Rule)From Homeless at 14 to Debt-Free Homeowner AFTER Prison Time with Jazmyn GrayHow to Change Your Financial Life with a Money “Reset” with Jill SchlesingeMr. Money Mustache on Life After FI: The Truth About Retiring Early in Your 30sMr. Money MustacheCoast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love with The FioneersDesigning a Frugal But Luxurious FI Life by Age 32Change Your Money Mindset, Change Your Life with Vicki RobinClick here to check the full show notes: https://www.biggerpockets.com/blog/money- 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 make the right money moves, financial freedom is only a few years away. You can’t spend your entire paycheck on travel, trips, high rent, or entertainment if you want to retire early and have true time freedom. Matt Amabilerealized this earlier than most. At twenty-two years old, Matt wasn’t making much at his job, and living in an expensive area didn’t help. His goal was simple: live for free so he could pocket most of his take-home pay. What happened was even better than he would have expected.With one property purchase, Matt eliminated his rent expense and created a $1,600-a-month passive income stream. This first venture into real estate was challenging, to say the least. From shady contractors to fist fights in a four-unit, a renovation timeline that went much longer than expected, and lockdowns making even simple tasks impossible, Matt hoped the reward was worth the risk on his first property. Spoiler alert: it definitely was.Now, financially free at twenty-six, Matt works when he wants, where he wants, making $6,000 per month in passive income. He did all this in just four years, starting with $10,000, making a median salary. If Matt can do it, with zero experience in real estate investing, what’s stopping you from doing the same?In This Episode We CoverThe most underrated real estate strategy that helps you reach financial freedom FASTThe 203(k) loan explained and using it to make MASSIVE equity gains on a propertySacrificing luxuries and keeping your expenses low so you can retire early Real estate partnerships and how to buy properties when you don’t have any money The “BRRRR on training wheels” that new real estate investors should tryJob hopping and how Matt tripled his salary in under five yearsAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingFind Investor-Friendly LendersJoin BiggerPockets for FREEScott's InstagramConnect with James BiggerPocketsWatch James on the “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Money MomentClick here to check the full show notes: https://www.biggerpockets.com/blog/money-425 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

Coast FI by 32 after racking up $20K in credit card debt only a few years earlier!? However unlikely this turn of events might seem, the truth is that any money story can be turned on its head with a little financial know-how and good money habits. And today’s guest is living proof!Having accumulated $20K in credit card debt by the time she graduated from college, Yanely Espinal wasn’t exactly on the straight and narrow path toward financial freedom. But after reading Suze Orman’s Women & Money, Yanely was inspired to take control of her finances. Within 18 months, she had not only wiped out her debt entirely but also catapulted herself toward financial independence—a goal she would achieve before her 32nd birthday. Yanely has since made it her life mission to champion the financial literacy movement and push for financial education requirements in all states by 2030.Whether you’re at a crossroads in your financial journey, waist-deep in consumer debt, or well on your way to FIRE, there’s something for everyone to take away from Yanely’s story. In this episode, she shares her game plan to getting out of debt, achieving coast FI, and the keys to improving financial literacy in schools. As always, our trusted hosts Mindy and Scott join the conversation to help demystify several money topics—from overcoming generational poverty to creating multiple income streams and more!In This Episode We CoverThe dangers of high-interest credit card debt (and how to get rid of it!)How to achieve coast FI as soon as possible and retire comfortablyBreaking the cycle of generational poverty in the United StatesThe THREE keys to improving financial literacy in schoolsWhat YOU can do to help propel the financial education movement forwardAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott's InstagramGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentFrom $50K in Debt to Financially Free in 2 Years w/ Lots of Ups & DownsCompound Interest CalculatorGrab Your Copy of “Women & Money” by Suze OrmanGrab Your Copy of Yanely’s Latest Book, “Mind Your Money”Track Your State’s Movement for Financial Education with the NGPF Bill TrackerMissBeHelpful WebsiteClick here to check the full show notes: https://www.biggerpockets.com/blog/money-424 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

Is your W2 job causing you to burn out? You have dreams of achieving financial independence and retiring early, but the unrelenting demands of your nine-to-five job are causing you to work around the clock and miss precious moments with loved ones. If you’re feeling this way, you’re not alone!Welcome back to another episode of the BiggerPockets Money podcast! Today’s guest, Amanda, has spent the last four years grinding toward an early retirement. Although the security of her husband’s reliable W2 income has allowed them to cover all of their expenses, invest in real estate, and grow their nest egg, they are quickly reaching a breaking point. As parents of four young children, they don’t want their busy work lives to keep them from what matters most. Is there a middle ground?If your FIRE journey is causing you to burn the candle at both ends, this is an episode you won’t want to miss! Mindy and our guest co-host, Kyle Mast, share their perspectives on quitting your W2 job, finding work-life balance through real estate, and when it might be time to pump the brakes on your journey toward early retirement!In This Episode We CoverHow to create work-life balance on your journey toward FIRELeaving the security of a W2 job for the flexibility of real estateThe challenges you might face when investing out of stateThe pros and cons of short-term, mid-term, and long-term rentals (and how to choose!)Using your market’s short-term rental comps to raise or lower your Airbnb ratesWhen to sell an investment property rather than holding on to itAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsKyle’s WebsiteClarity FinancialKyle’s TwitterGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentThe Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a CoupleHear Our Last Finance Friday Episode with JoeFind Short-Term Rental Comps with AirDNAClick here to check the full show notes: https://www.biggerpockets.com/blog/money-423 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

Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative 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 CoverHow to go from broke in your 50s to millionaire (or multimillionaire) in your 60sLifestyle creep and why a high income is dangerous for most AmericansHow to reverse your “spend first, save last” mindset and start investing for your futureThe “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 60sWhy you should NEVER buy a boat And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott's InstagramGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney Moment Rethink Social Security: Myths, Benefits, and Clearing Up MisconceptionsClick here to check the full show notes: https://www.biggerpockets.com/blog/money-422 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

One of the best ways to boost your earning potential is with multiple income streams. With only so much time to dedicate to each stream, however, how do you maximize your total income without burning out? Today’s guest, Joe, is no stranger to the time constraints that come with managing multiple streams of income. With THREE promising income streams, he’s got his hands full!At 22, Joe launched an online coaching business that earned almost $30K per month at its peak. Unfortunately, working 90–100 hours each week quickly took its toll on Joe, his relationships, and his overall well-being. Unsure of how to juggle his online business, nine-to-five, and latest endeavor—investing in real estate—Joe now finds himself at a crossroads. Which avenues should he pursue going forward? Which income streams offer the highest earning potential? Which options afford him the most schedule flexibility?In this episode of the BiggerPockets Money podcast, you’ll get a full breakdown of Joe’s monthly income and expenses, as well as a glimpse of some of his long-term financial goals—including how he plans to revamp his online business, make real estate his next side hustle, and retire early. With help from Mindy and guest co-host Kyle Mast, Joe weighs the pros and cons of each income stream and gets a clearer vision of how to optimize his total income going forward!In This Episode We CoverMaximizing your earning potential without sacrificing work-life balanceHow to avoid burnout when scaling a profitable side hustleThe importance of time management when you have multiple income streamsWhat you need to know before you start investing in real estateHow to use other income streams to fund your real estate investmentsWhat it really takes to retire early in your 40s And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsKyle’s WebsiteClarity FinancialKyle’s TwitterGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentFinancial Freedom Through Multiple Streams of IncomeBuilding 61 Passive Streams of Income with Pat HibanClick here to check the full show notes: https://www.biggerpockets.com/blog/money-421 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

Turning a man cave into a “money cave” Airbnb making thousands of extra dollars a month? It doesn’t get more house-hackable than this! Ron Curtis was able to pick up his first home in a pricey area for only a few thousand dollars. But how he funded his “money cave” is even more impressive. Within just hours, Ron was able to get $20K to renovate and rehab his basement unit, turning a few thousand dollars into two fully-furnished units and a house hack that pays his mortgage for him. Want to hear how he did it? Tune in!Ron is a serial entrepreneur. If it makes money, Ron has tried it. From renting cars on Turo to managing Airbnbs, starting his own credit repair and financial coaching consultancy, and turning his primary residence into a cash-flowing short-term rental, Ron isn’t messing around. He does all this while still having a typical W2 job, allowing him to save almost all the income he collects so that he can invest even faster. But, just five years ago, Ron was in a different financial state.After blowing five figures on travel, trips, and going out, Ron took a step back and looked at all the credit card debthe racked up. Thanks to a helpful coworker, he was able to pay it off without succumbing to twenty-plus percent interest rates. Ron used this same strategy to help his friends pay off their debt and eventually start coaching. Now, running multiple cash-flowing businesses, Ron has side hustles that outpace most people’s nine-to-five. So how does he do it all with just twenty-four hours in the day? He’ll share his secrets in this episode!In This Episode We CoverThe two easiest ways to escape credit card debt (and which one Ron recommends)Low money down real estate loans and the mortgage programs you MUST know aboutStarting your side hustles and the true cost of building a businessShort-term rental house hacking and turning spare space into extra cashOutsourcing and delegating using VAs (virtual assistants) so you DON’T have to work for your businessBusiness credit cards and using yours to buy assets that will make you richerAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEScott's InstagramConnect with James BiggerPocketsGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Money MomentListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsClick here to check the full show notes: https://www.biggerpockets.com/blog/money-420 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

Side income streams are your way out of breaking even every month. If you’re like most Americans and find your savings stagnating, without much room for growth, it might be time to look at opportunities outside your nine-to-five. This is exactly what today’s guest, Liz, did by becoming a real estate agent and growing her seasonal business. But, Liz is in one of the northernmost states, where winters are harsh and home sales halt once the snow falls.Liz wants to grow her real estate agent side income into a full-blown business, but how can she do so when half of the year is too cold to show houses? If you have seasonal income or an infrequent side hustle to help pay your bills, this is an episode for you! Mindy and Scott will walk through how Liz, or any other entrepreneur, can use the sunny season to grow their businesses to new heights, strengthen their savings, and invest the rest so early retirement isn’t just some far-off dream.Liz also needs to know where her money is best put to use. With a serious cash cushion, she’s debating whether or not having a large amount of cash is worth the financial stability or if investing it for passive income is a better option. With her own primary residence coming close to closing, what should Liz do with her hard-earned cash?In This Episode We CoverHow to turn a seasonal income stream into a full-time business that pays your yearly salaryWhat to do when you’re breaking even every month (EVEN with low expenses)Becoming a real estate agent and how to find leads in untraditional waysCash reserves and where to invest your money when you have too muchREITs (real estate investment trusts) vs. index funds and which makes more passive incomeWhen to pay off debt vs. keeping cash in a high-yield savings accountAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott's InstagramGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsFire by 45Investment PlanGrab “6 Steps to 7 Figures”Read More About REITsClick here to check the full show notes: https://www.biggerpockets.com/blog/money-419 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

An online side hustle that replaces your $100K salary in year one!? It sounds like an impossible feat, but today’s guest was able to achieve this by launching an unusual ecommerce business—allowing his wife to quit her job and stay at home with their kids full-time!Welcome back to another episode of the BiggerPockets Money podcast! Today, we’re chatting with Steve Chou, a serial entrepreneur, ecommerce influencer, and founder of MyWifeQuitHerJob.com. When Steve’s wife became pregnant with their first child, he was faced with the challenge of finding a side hustle that could replace his wife’s 9-5 income. Of course, living in Silicon Valley isn’t cheap, and replacing a $100K salary is much easier said than done. Despite these hurdles, Steve was able to turn one brilliant idea into a profitable business that has managed to grow every year since 2007.If you’ve always wanted to start your own side hustle but are unsure where to begin, this episode is for aspiring entrepreneurs like you! Tune in to hear Steve share about the humble beginnings of his handkerchief side hustle, how to find ecommerce success in 2023, and achieving financial freedom without burning out. As always, Mindy and Scott bring their own financial expertise to the table and deliver some timely wisdom!In This Episode We CoverWhy you NEED a side hustle to make life-changing moneyHow to launch a successful ecommerce business in 2023Building a business with the goal of replacing your 9-5 salaryStaying relevant, outlasting AI, and achieving longevity in your businessHow to arrive at “enough” so that you enjoy financial freedom without burning outThe best ways to protect your business against intellectual property (IP) theftAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott's InstagramGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentGrab Your Copy of “Set for Life: An All-Out Approach to Early Financial FreedomThe Most Profitable Skill to Learn (From a $200M+ VC Investor)Pre-order The Family First Entrepreneur and Get $690 in FREE BonusesLearn How to Start a Thriving Ecommerce BusinessBumblebee LinensClick here to check the full show notes: https://www.biggerpockets.com/blog/money-418 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