BiggerPockets Money Podcast

Pet insurance probably isn’t a top priority for you right now. Your budget might have health, car, and home insurance, but pet insurance? Is it really worth the cost? Today we talk to David, an engineer and part-time wilderness trip guide, who was hit with an astonishing amount of vet bills after his beloved four-legged friend, Blaze, was diagnosed with Lymphoma. This unexpected bill damaged David and his wife’s investing plans, but not all hope is lost.If you have a dog, cat, rabbit, lizard, or other non-human friend (sorry, your kids don't count) living at home, this is an episode for you! We’ll get into the nitty-gritty of what happens when your pet has an unexpected medical diagnosis, leaving you with a mortgage-sized bill to pay every month. While many of us have animal companions that make our life whole, few realize the cost of paying for treatment when a life-threatening disease comes into play. You’ll hear about thepros and cons of pet insurance, whether or not it’s actually worth it, and the hard choices you may have to make when adopting or purchasing a pet.But it’s not all bones and hairballs in this episode. Our guest David also has some exciting news about a six-figure business he and his wife are building. With David’s wife itching to start taking this income stream to new heights, David is debating whether or not giving up one of their stable incomes is worth the hit to their retirement accounts. Thankfully, Mindy and Scott find a workaround to keep them in a FIRE-first position!In This Episode We CoverThe true cost of a sick pet and how to deal with six-figure vet billsPet insurance pros and cons and what to look for when choosing a policySerious side hustles and how to turn yours into a six-figure income streamKeeping your stable job vs. following your passion and starting a business Why reaching financial independence fast IS NOT for everyone (and what to do instead)Cash reserves and why keeping your expenses low will help you deal with medical emergencies 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 MomentTake a Trip with Blaze Adventure ToursPet Insurance Links:HealthypawsTrupanionMid-Atlantic Federal Credit Union HELOCsClick here to check the full show notes: https://www.biggerpockets.com/blog/money-417 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 replace your nine-to-five? You'll need to know how to buy a business. And while you may think that you need to be some high-level executive or business-building savant, the reality is that TONS of profitable businesses are selling for pennies on the dollar, just waiting for you to come in, scoop them up, and start making six (or even seven) figures without doing all the work. This is the EXACT strategy that Codie Sanchez used to leave her high-paid banking career to make millions running so-called “boring” businesses.Whether it’s a laundromat, landscaping service, or law firm, businesses are up for sale without you even knowing it. You DON’T need to be an industry expert to get in on any of these deals. Many of the businesses that Codie has bought have been outside of her core competency. She’s gotten so good at business-buying that Codie now helps other want-to-be entrepreneurs get out of their jobs and into businesses that’ll help them build wealth. Codie’s ten simple steps to business buying can help ANYONE buy, build, and profit from a “boring” business.Codie breaks down exactly why she left the big paychecks behind to start buying businesses, the repeatable steps to acquiring and growing a business, which business you should be looking for, and five to NEVER buy. You’ll also hear how she funds these business purchases and what to do AFTER buying a business that massively multiplies revenue and makes you millions!In This Episode We CoverThe “boring” businesses that can replace your salary and make you a millionaireHow to buy a business from start to finish and five business types you MUST avoid Jobs vs. businesses and how to ensure you buy cash flow, not another nine-to-fiveCodie’s buy box and EXACTLY what she looks for when acquiring a businessWhere to find funding for business purchases (and which sellers will offer you financing)Hiring, firing, and becoming the CEO of your first businessAnd 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 MomentHear Past BiggerPockets Episodes with Codie:The Cash-Flow Boosting Businesses that Savvy Real Estate Investors OwnThe MOST Profitable Skill to Learn (From a $200M+ VC Investor)How to Buy Yourself a 6-Figure Income Stream w/Tim DelaneyClick here to check the full show notes: https://www.biggerpockets.com/blog/money-416Interested 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

Retirement is always some far-off goal. When you’re older and much more wealthy, you can live the golden years of your life without a care in the world. The problem? None of us know how much time we have left, how healthy we’ll be as we age, and whether or not these years are the best we’ll ever get. So, why wait to retire in your sixties when it’s possible to retire in your twenties, thirties, forties, or fifties? If you had the choice to live your ideal life NOW, wouldn’t you choose to do so?On this Finance Friday episode, we talk to Sara, who had a recent wake-up call about waiting for retirement. While on a casual run, Sara suffered sudden cardiac arrest, prompting her to be put into a medically-induced coma. Without any signs of something like this happening, Sara started to ask whether or not she was living her life to the best of her ability and if waiting for retirement age was worth the risk.With six figures in student debt from her husband but solid salaries to support their low-cost-of-living lifestyle, Sara wants to know how she can transition to part-time work while still saving and investing for early retirement. Thanks to smart decisions Sara has made, she’s in a phenomenal position to take her foot off the gas, but how can she do so without sacrificing her future?In This Episode We CoverStudent loans and whether to pay off debt or invest for early retirementSwitching from full-time work to part-time hours while keeping benefits and saving your sanityPlanning your “ideal life” and why waiting until traditional retirement age could be a big mistakeCash reserves and how much you should have when planning to leave a full-time salaryBuilding your investment plan based on what you (and your partner) really want out of lifeAnd 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 MomentScott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment PlanHow to Retire Early (From Someone Who Did at Age 27)Should You Pay Off Debt or Invest?Click here to check the full show notes: https://www.biggerpockets.com/blog/money-415Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Wish you had a few money hacks to help with things like getting out of debt, finding the right assets to invest in, and growing your nest egg? The average person may not even know where to start! Today’s guest is using her platform to help simplify money concepts and improve financial literacy at a time when it is sorely lacking.Welcome back to another edition of the BiggerPockets Money podcast! Today, we’re joined by Nicole Lapin, founder of the Money News Network, host of Money Rehab with Nicole Lapin, and author of multiple New York Times and Wall Street Journal bestselling books, including Rich Bitch, Boss Bitch, Miss Independent, and Becoming Super Woman. Born into a first-generation American family, Nicole lacked financial literacy early on in life and was easily intimidated by financial concepts. Only after learning the language of money was she able to take control of her finances and pay off the consumer debt she had accumulated.In this episode, Nicole spills some of the top money hacks she has learned over the past 20 years. Wherever you are in your financial journey—whether it’s neck-deep in consumer debt or well on your way towards achieving financial independence and retiring early—you won’t want to miss what Mindy, Scott, and Nicole have to share about investing in today’s climate, assessing your risk tolerance, and making the most out of your money!In This Episode We CoverMoney hacks for investing and rehabbing your personal financesTwo methods of getting out (and staying out) of consumer debtHow to create a “spending” plan using the “three E’s”Living below your means to fast-track your journey towards financial freedomHow to assess your risk tolerance and find the right assets to invest inAn alternative to financial independence, retire early (that could allow you to “retire” even sooner!)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 MomentThe Pillars of FI: Designing the Life You Want12 Things to Give Up to Become Debt-Free This YearClick here to check the full show notes: https://www.biggerpockets.com/blog/money-414Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Early retirement is possible for almost anyone, no matter where you start or how much you make. If you can sacrifice and save more than you spend, there’s a good chance you could retire years or even decades earlier than the rest. In fact,you can retire early on a median income salary without any retirement savings to start with…but you’ll need to do one crucial thing. As you’ll see from today’s guests, David and Danielle, one smart purchase may have set them up for life!We’re back with another Finance Friday, where we talk to David and Danielle, two median-income earners trying to figure out the right path to early retirement. After Danielle’s sales-based burnout, the couple has been surviving with just one income, cutting it close every month. But, with a return to work on the calendar for Danielle, the chances of financial freedom are looking bright. But where do they go from here?With David and Danielle’s real estate dreams, Scott and Mindy come up with a handful of ways that this couple could use their primary residence to bolster their chances of early retirement and allow them to save a significant amount of money every month. So if you feel like you’re starting over on the path to FIRE and don’t know which move is right, this is an episode for you!In This Episode We CoverHow to use your home to retire early and start investingGrocery shopping, food bills, and how to stop eating your money every monthLegal fees and accounting for lawyer bills during an ongoing dispute House hacking and living for free while renting out spare spaceAssumable loans and upgrading your property when you have LOTS of equityAnd 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 MomentHouse Hacking: A Beginners Guide to Living for FreeGrocery Shopping Got a Hold on Your Wallet? Check Out These Episodes: Cutting Your Grocery Bill in HalfThe Most Efficient Path to Financial FreedomFood Spending Eating Away at Your FI Plans? Here’s How to Eat for CheapSlash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty MealsClick here to check the full show notes: https://www.biggerpockets.com/blog/money-413Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

While the job of a full-time content creator might seem glamorous from the outside looking in, make no mistake—there’s plenty of work involved, and it’s not always easy to get your business off the ground. Our next guest spent years building up her content creation platform while continuing to work her nine-to-five tech job before she made her first six figures!Welcome back to another episode of the BiggerPockets Money podcast! Today, Scott and Amanda are joined by Gabrielle Judge, a content creator and emerging thought leader for the Gen Z workforce. Gabrielle is helping to usher in the next phase of work-life balance with “quiet quitting”—an oft-misunderstood concept that has less to do with being lazy and much more to do with assessing your return on investment (ROI) at work and creating space for your other goals and passions.Whether you’re interested in content creation or tired of working for “the man,” you won’t want to miss out on all that Gabrielle has to share. She offers a handful of top tips on how to cultivate a side hustle so that it one day becomes a full-time job—including credit card stacking to access a large line of credit for new business ventures, becoming a hard money lender, and using Chat GPT to help you leave your current job and land your next one faster!In This Episode We CoverThe real meaning of “quiet quitting” and how to set boundaries at workGrowing a side hustle and turning it into your full-time jobViewing yourself as a business and evaluating your ROI at workCredit card stacking to access a large, unsecured line of creditHow to become a bank for someone else through hard money lendingLeveraging Chat GPT to streamline the job application process and get a bigger paycheckAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEAmanda's InstagramScott'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!The Real Estate Rookie PodcastListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsShe Wolf of Wall Street Website10 Tips For Leaving Your 9-5 and Adjusting to Life as an EntrepreneurHow to Start a Profitable Side HustleStart Credit Card Stacking with Fund&GrowClick here to check the full show notes: https://www.biggerpockets.com/blog/money-411Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

A debt-free homeowner with an emergency fund and a keen eye for personal finance? A few years ago, Jazmyn Gray wouldn’t have dreamed that’s how her life turned out. From a young age, Jazmyn was thrown into drug addiction, homelessness, a life of crime, and later, prison time. She was a teenage mother whose silver lining was running a successful business until she was robbed, abused, and pushed into relapsing. But that’s not Jazmyn’s whole story.Through some entrepreneurial pursuits behind bars and putting her finances first, Jazmyn has had an almost unbelievable path to recovery. Even after her time in prison, Jazmyn was forced to pay restitution and other debts she had piled up before her incarceration. However, through a chance meeting with none other than our own Scott Trench, Jazmyn was given the master plan she needed to rebuild her financial position, even when the odds were stacked against her.Now, in a completely different position than she was in just a few years ago, Jazmyn is ready to tell her whole story, not only to provide hope to those that need it but give actionable steps to improving your financial life. You’ll hear how she built a six-figure business within a few months, how she recently bought a house with a record low interest rate, the debt snowball method she used to become debt-free faster than most Americans, and how she’s using her rough road to help others build their own wealth.In This Episode We CoverHitting financial rock bottom and starting your journey when you have nothingBuilding a six-figure business and what caused Jazmyn to give up hersHomelessness, drug addiction, and fighting to survive as a teenagerThe “debt snowball” method Jazmyn used to pay off her debt in record time Buying your first home and how to do so only a few years after being dead brokeJazmyn’s easily-repeatable advice for ANYONE starting their financial journey 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!The Real Estate Rookie PodcastListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentFrom Extreme Poverty to DIY Wealth and 2 Full-Time Incomes12 Things to Give Up to Become Debt-Free This YearGet Involved with CrossPurposeClick here to check the full show notes: https://www.biggerpockets.com/blog/money-410Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

As a first-time home buyer, you may be struggling to make a move. And who can blame you? In 2023, with high mortgage rates and stiff competition, more and more would-be home buyers are staying put as renters—but this could be a big mistake. Even Jay Papasan, executive at Keller Williams and bestselling author, wishes he made his first home purchase faster.It wasn’t until Jay was thirty that he finally pulled the trigger on purchasing a property. He had just moved to Austin, Texas, and bought the worst property in the best neighborhood he could find. Now, a good twenty years later, this property alone has made Jay close to a million dollars, and he thinks today’s homebuyers could be in the same position. So, how do you build wealth when buying your first property?In this episode, Jay walks through what first-time home buyers should be looking for when scouting out houses, the telltale signs of a great (and not-so-great) real estate agent, simple improvements you can make to increase property value dramatically, and what to do with today’s high mortgage rates. Jay also includes a little-known way to lower your mortgage rate on your next home, so you can pay less and profit more when you move out!In This Episode We CoverWhy you should NEVER sell your first home (and what you should do instead)How to lower your mortgage rate WITHOUT increasing your cost to closeSigns of a great agent and the MOST important trait they must haveEasy improvements that will shoot up your home’s value Tracking your net worth and why you MUST know your personal profit and lossHousing horror stories and whether or not your agent needs to tell you about the ghost haunting your kitchen 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!The Real Estate Rookie PodcastListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentGrab the First-Time Home Buyer Book Bundle and Use Code “BPKELLER” at CheckoutPutting Yourself in the Best Financial Position as a First Time Home BuyerBig Goals? Here’s How to Get Your Spouse or Partner on BoardBecoming a Millionaire Real Estate InvestorHow to Manage Your Time Like a MillionaireClick here to check the full show notes: https://www.biggerpockets.com/blog/money-409Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Early retirement is the holy grail of financial freedom. With a large enough nest egg, you no longer have to work, giving you the time to spend with your family and friends or do whatever you want. The problem? Hitting financial independence is much easier than most FIRE-chasers think, and achieving their biggest goal comes with unintended consequences. The fact of the matter is, retiring early is a hard choice, and it’s NOT as simple as walking away from your job.Today, we talk to Phil, who’s bringing in a large salary and doing a job he loves but wants to take more time off work to be around his growing family. Phil has reached financial freedom. He has plenty of money in his retirement accounts, a short-term rental property portfolio paying him a median-income salary, and lots of cash on hand in case he runs out. He’s also got a job that makes him a stellar salary and has the flexibility to allow him to increase or decrease his shifts as he sees fit.Phil has done it. He’s found financial freedom and built a fortress of assets to hold up his lifestyle for the rest of his life.But, the idea of walking away from work is stopping him from taking the time off that he needs. With such high pay and work that gives him meaning, how can Phil slowly start stepping away from work without sacrificing his identityor ability to help others? This is a struggle for many who have hit financial independence, and you, too, may face the same dilemma in the not-so-distant future!In This Episode We CoverBuilding multiple income streams so you can reach financial freedom fasterGiving up the high-pay of a skilled job to spend more time with your familyWhen to pay off your properties and whether living mortgage-free is worth itTransitioning out of a career and why stepping away from work is more complicated than it seemsBuilding your ideal post-FI life (even if that means working!)The “middle-class trap” and why over-investing in retirement could be a mistakeAnd 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!The Real Estate Rookie PodcastListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentMr. Money Mustache on Life After FI: The Truth About Retiring EarlyHow to Avoid the “Middle Class Trap” When Building WealthThe “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc GGrab Your Copy of “Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free LifeClick here to check the full show notes: https://www.biggerpockets.com/blog/money-408Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices

Think it might be too late for you to enjoy the spoils of real estate investing? Well, you’d be wrong! Regardless of age, background, or financial circumstances, it’s never too late to switch careers and become a real estate investor. Just ask today’s guest!In this edition of the BiggerPockets Money podcast, we’re joined by Evan Miller, who was a bright-eyed, bushy-tailed US Air Force cadet when he first took an interest in real estate. It wasn’t long before his childhood dream of becoming a pilot was ousted by the entrepreneurial pull of building his own real estate empire. Although his journey included a stint in intelligence and a pit stop as a certified financial planner, Evan has managed to create a portfolio of eight properties over the last eight years.In today’s episode, Evan shares his entire story from start to finish, including his frugal upbringing, his time at the academy, and his journey towards becoming a full-time real estate investor. As always, our trusted hosts Mindy and Scott are along for the ride. Tune in as we demystify a handful of money-related topics—qualifying for real estate professional status (REPS) and its enormous tax benefits, finding exclusive deals through assumable loans, and flipping houses for a profit—even in a bad housing market!In This Episode We CoverHow to seamlessly transition from your current vocation to a career in real estateThe value of frontloading depreciation when building your real estate portfolioAssumable loans and how to find HUGE deals in military marketsHow to flip houses at a profit in a volatile housing marketReal estate professional status (REPS) tax benefits (and how to qualify!)The opportunities that come from surrounding yourself with other real estate investorsAnd 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!The Real Estate Rookie PodcastListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentEpisode 217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-TimeGrab “The Book on Investing in Real Estate with No (and Low) Money DownTax Day Q&A: Live CPAs Help YOU Owe Less To the IRSYear-End Tax Tips and How to Owe Even Less in 2023Try the BiggerPockets Calculators:MortgagesRental CalculatorRental EstimatorClick here to check the full show notes: https://www.biggerpockets.com/blog/money-407Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoices