BiggerPockets Money Podcast

The road to early retirement isn’t easy. Once you become dead-set on finding financial freedom, your entire world turns upside down. For many of us, this means spending as little as possible, ditching takeout, saying goodbye to expensive events, and becoming a frugal hermit in our own financially-focused worlds. But, this can lead to serious burnout since a life without fun is a hard life to live. Today, we talk to Sam, who’s feeling his own type of frugal fatigue.Sam was blindsided by a sudden divorce, separating him from his daughter and prompting him to restart his career. He went the unconventional route, getting his pilot’s license and slowly building up his income. But, switching from stay-at-home dad to breadwinner in an instant left a mental mark on Sam. As a result, he’s kept an extremely lean budget, even as his income has grown into six figures. He’s doing a phenomenal job on the path to early retirement, but with time freedom in sight, Sam is still struggling to live life in the present moment instead of always focusing on the future.In this Finance Friday episode, Mindy and Scott walk through paying off unconventional student debt, building a financial runway, the difference between being frugal and cheap, and whether house hacking vs. renting is the right move in this housing market. They’ll also chat over employee stock purchase programs and investing for early retirement, all while making dozens of pilot puns along the way!In This Episode We CoverInvesting for early retirement and what to focus on to hit financial freedomBeing frugal vs. cheap and whether your FIRE obsession is making life harderStudent loan debt and when selling investments makes senseHouse hacking and using extra space in your home to make more moneyBuilding your “financial runway” and when it’s time to reallocate your investment portfolioEmployee stock purchase programs and the GUARANTEED profit you’ll makeAnd 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!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentScott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment PlanWhy You Don’t Need to Sacrifice Everything to Hit Financial FreedomHow to Get to Early Retirement Even FasterClick here to check the full show notes: https://www.biggerpockets.com/blog/money-406Interested 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

Healthy meals that taste great AND save you money? Surely, you can’t have all three! Today’s guest would beg to differ. After deciding roughly six years ago to embrace a healthy lifestyle, she made it her personal mission to find clean recipes that were equally affordable and flavorful. Today, she saves roughly $150 - $200 on her grocery bill each week!Welcome to a special bonus episode of the BiggerPockets Money podcast. Today, our hosts Mindy and Scott pick the brain of Jenn Lueke, a food blogger who teaches people how to curb their monthly food spend and prepare healthy, craveable dishes that keep food exciting.Have you always wanted to improve your diet without breaking the bank or spending countless hours in the kitchen? Do you wish that healthy choices tasted a little better? Tune in as Jenn talks about how she plans and preps all of her meals ahead of time, sticks to a tight grocery budget even amidst inflation or an economic downturn, and keeps all of her food organized in a one-bedroom apartment. You’ll even learn about her top budget-saving foods, go-to one-pan recipes, and favorite places to shop!In This Episode We CoverHow to save on your grocery bill ($150 or more!) each weekThe best ways to optimize food storage with limited spaceFinding easy, cheap, and healthy recipes that become household staplesHow to plan and prep meals for HUGE time savingsWhen to buy organic produce instead of conventionalShopping seasonally to take advantage of lower prices (and fresher produce!)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEScott'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!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentInterested 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

The formula to build wealth isn’t complicated. Most American millionaires have figured it out, and you might have as well. It’s safe to say that almost every wealthy American has followed these three steps that lead to a life of riches. If you follow the same path, you, too, can end up with financial independence, early retirement, and generational wealththat will propel your family forward. But, even though these steps are simple, most Americans can’t or won’t follow them.Joining us in the fight to help every American reach financial freedom are Brian Preston and Bo Hanson from The Money Guy Show. Brian and Bo both boast numerous financial acronyms after their names. As licensed financial professionals (CPAs, CFPs, PFSs, CFAs), it’s fair to say that they know their way around a portfolio. They’ve been helping their clients and podcast listeners build wealth no matter what stage of life they’re in. And their newest study on millionaires has illuminated some surprising takeaways.In today’s show, Brian and Bo break down EXACTLY what millionaires are doing that average Americans aren’t, the three core principles you MUST follow to build wealth, diversification vs. concentration, and whether or not real estate should be a part of your portfolio. So whether you just got your first job, are nearing retirement, or hover somewhere in between, Brian and Bo give actionable advice you can take away to not only build wealth but keep it for generations to come! In This Episode We CoverThe three core principles you MUST follow to build wealth and become a millionaireSelf-made riches and the surprising facts about starting from SCRATCH How to protect your generational wealth after you’ve made itWhy those that reach financial independence rarely choose to retire earlyDiversification and whether your business, home, or stock portfolio owns too much of your wealthThe right way to invest in real estate for early retirement (and when it’s TOO risky)Rising interest rates and how this will affect those pursuing financial independenceAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEScott's InstagramMindy on 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!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentListen to “The Money Guy Show”Download the Financial Order of OperationsWork with Brian and BoClick here to check the full show notes: https://www.biggerpockets.com/blog/money-404Interested 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

Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice?On this Finance Friday, we talk to Patrick, who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate, as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about.But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies, HELOCs (home equity lines of credit), car loans, and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family!In This Episode We CoverStudent loan debt and what you MUST do to become debt-free Whole life insurance policies and whether they’re worth the high monthly premiumsThe true cost of college and what to know BEFORE you finance your degreeRental property headaches and when real estate investing may NOT be the right moveDitching dual income to become a stay-at-home parent and who is in the position to do soReaching financial freedom as a new parent and the sacrifices you MUST make to retire earlyAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEScott's InstagramMindy on 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!Subscribe to The “On The Market” YouTube ChannelListen 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 CoupleFinance Friday: How to Become Debt-Free 20 Years Faster Than You ThoughtIs College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston CooperShould You Pay Down Student Debt or Start Investing?Click here to check the full show notes: https://www.biggerpockets.com/blog/money-403Interested 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

Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor, you need top-notch tax advice if you hope to reap the best tax savings when filing—legally, of course. And that’s exactly what we’ve got for you today!Welcome back to another episode of the BiggerPockets Money podcast. Ahead of this year’s tax deadline, we’ve brought in reinforcements to answer all of your burning tax questions. Today’s guests are Kyle Mast, fee-only certified financial planner (CFP) and real estate investor, and Natalie Kolodij, real estate tax strategist and IRS enrolled agent. In this episode, they use their collective tax expertise and perspectives to tackle a handful of key topics.Ever wondered whether there are different tax benefits when buying a property in cash rather than via a traditional home loan? If you’re in a partnership on a short-term rental property, how do you claim depreciation? What is a cost segregation study, and when should you do one instead of taking depreciation deductions over the normal timeline? As always, our trusted host Mindy chimes in with some important nuggets to help make your journey toward financial freedom that much easier (while owing less to Uncle Sam)!In This Episode We CoverTax benefits of buying a property in cash versus getting a loanThe “2-out-of-5-year” rule that allows you to avoid HUGE capital gains taxesHow to claim depreciation deductions in an investing partnershipThe pros and cons of cost segregation studies and normal depreciation deductionsWhy you NEED to hire a real estate tax strategist (and how to find one!)How to set up your business entity for the best real estate tax savingsAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingConnect with Mindy on BiggerPocketsMindy's TwitterKyle’s WebsiteClarity FinancialKyle’s TwitterListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentGet Tax Professional Recommendations from Other InvestorsThe Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard OfYear-End Tax Tips and How to Owe Even Less in 20232023 Real Estate Taxes: Write-Offs, Loopholes, and How to Pay Less Next YearClick here to check the full show notes: https://www.biggerpockets.com/blog/money-402Interested 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

How important are beneficiary designations? What happens if you die without a will? What are intestate succession laws? Death is a subject that most people want to avoid, especially when it intersects with finances. Unfortunately, these are necessary questions to ask, as your legacy is at stake, and taking just a few hours to plan could save your family thousands of hours after you pass.When guest and long-time friend Renee received the call that her husband of nine years had passed unexpectedly, she was left to deal with not only her own grief but also the financial implications of her husband’s death. While the two had discussed death and finances on multiple occasions, little did they know that a common financial error would create a logistical nightmare—one that would lead to ongoing legal battles and fractured relationships.In today’s episode, Renee joins us to tell her story and stress the importance of planning for the unexpected. We cover things like beneficiary designations, wills, living trusts, and intestate succession laws. Renee also shares the three steps you MUST take to avoid having a post-passing financial nightmare. As always, our hosts Mindy and Scott are here to share some invaluable advice you won’t want to miss!In This Episode We CoverHow a few hours of end-of-life planning could save your next of kin thousands of hoursWhy beneficiary designations are king for all financial assetsIntestate succession laws and what happens when you die without a willWhen others may have a legal claim to assets over a spouseHow relationships are impacted by the financial implications of your passingThe three steps you MUST take to get your assets in order before you dieAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsGetting Financially “Naked” with Your Significant Other — With Erin Lowry from Broke Millennial (Episode #24)Estate Planning, Wills, and What to Do NOW to Protect Your Heirs w/Jordan Klint (Episode #395)Get Your Family Emergency BinderThe Easiest Way to Create a WillClick here to check the full show notes: https://www.biggerpockets.com/blog/money-401Interested 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

Being able to retire early is a blessing and a curse. When you first start working a job, all you can think of is escaping your everyday responsibilities. The mind-numbing tasks, the early mornings, late nights, horrible bosses—it all adds up. But, you then find the “financial independence, retire early movement (FIRE),” and almost overnight, you decide that your future will be dedicated to setting yourself financially free. You develop skills that help you make more at your job, feeding into bigger, better investments. And as a result, you end up being in a better position, at a more respectable job, earning more than you thought possible, and enjoying the challenge of everyday work.This is precisely what happened to your hosts, Mindy Jensen and Scott Trench. Both started at jobs they didn’t love, wanting to be financially free. Through hard work and skill-building, Mindy and Scott were brought together, prompting them to start the BiggerPockets Money Podcast and build a company they both love. Now financially free, Mindy and Scott refuse to retire early for a good reason.In this special four-hundredth episode, Mindy and Scott share their money stories, how they found the FIRE movement, what they did with their money, and why they choose to work, even though they don’t have to. If you want to know the real reason behind Scott and Mindy’s skyrocketing success, stick around because their stories are much more repeatable than you may think.In This Episode We CoverThe origins of the BiggerPockets Money Podcast and how risky investing prompted a powerful podcastThe index fund vs. individual stock-picking debate and why Mindy started to shift her portfolioHow Mindy and Scott found the FIRE movement and how they both quickly reached financial independenceBecoming a CEO and why Scott’s “don’t ask for a raise” philosophy paid off BIG timeChoosing to work instead of retiring early and why a meaningful livelihood beats a relaxing early retirementThe simple but profound moves Scott made to triple his net worth in just a few yearsAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy'sConnect with JamesListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentMr. Money Mustache's article1,500 DaysBreaking the Taboo of Talking About Money with Friends, Family, and BossesHow to Change Your Financial Life with a Money “Reset”Margin Loans: Low-Interest Lending or Risky Rates?Mindy's First Episode: Jump Starting Your Early FI Plans by Live-in FlippingScott’s First Episode: An All-Out Approach to Financial Independence at an Early AgeClick here to check the full show notes: https://www.biggerpockets.com/blog/money-400Interested 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

Want to retire early in your 30s? Early retirement may be closer than you think. With smart money moves, intelligent investments, and the ability to save more than you spend, you could trade forty-hour work weeks for full days with your family. But, before you do, you’ll need to set yourself up with some killer cash flow, so your assets can pay for your lifestyle while you sit back and enjoy ultimate time freedom.This is exactly what Jenny Bayless did over the past ten years. After college, Jenny was able to score a well-paying job but realized only a few months in that the “work for forty years, retire at sixty-five” plan wasn’t worth the grind. So, shestarted aggressively saving, doing whatever she could to get into her first property. From there, she stumbled upon the BRRRR strategy of real estate investing, allowing her to recycle her cash to buy more properties in far less time than it took to save up for a down payment.In this episode, Jenny explains precisely how this method led her to financial freedom, what FIRE-chasers in 2023 can do to retire even earlier, and why EVERYONE should have a financial exit plan, no matter how much they love their work. Jenny’s repeatable system to financial freedom through real estate isn’t as complicated as you might think, and she gives three crucial tips that, when followed, will lead to FIRE even faster!In This Episode We CoverHow to retire in ten years (or less!) by using the BRRRR investing methodLeaving your W2 and how to know it’s the right time to walk away from a paycheckThree tips ANYONE can follow to hit financial freedom faster “Failing forward” and why those that make mistakes are the ones who get aheadCash-out refinances and how to recycle your down payment funds to buy more propertyLife after FIRE and why you’re still allowed to make money even when retired earlyAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramConnect with JamesListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentMeet Scott and James at BPCon2023Grab The Book on “Investing in Real Estate with No (and Low) Money Down”Click here to check the full show notes: https://www.biggerpockets.com/blog/money-399Interested 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

For so long, early retirement has been THE goal of those chasing financial independence. Can you imagine waking up with unlimited time, not having to work, and reporting to no one but yourself? Now imagine that day in and day out. Before long, the luster of never working gets to you, and that's because if you've achieved financial independence, the regular type of "retirement" just won't work. But what if you could restart your career, do something you REALLY cared about, or build your dream business?Jill Schlesinger, author of The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life, has redefined what FIRE should mean. Instead of financial independence, retire early, she's opting for financial independence, new endeavor. Now, those skills you've been building for decades can be put to good use, working how much you want, for who you want, and doing what you want.But what if you're not at financial independence yet? What if you're stuck feeling miserable in a job, slogging your way to retirement? Jill suggests performing a "money reset." Through a five-step system, you'll see where you stand financially, what's important to you, and how to change your life entirely so you can stop doing what you must and start doing what you love. Whether you're retired, retired early, on the path to FI, or don't know where to start, Jill's money thoughts will rock your financial world.In This Episode We CoverWhy you (probably) AREN'T pursuing your dreams, and whether money is REALLY the issueResetting your career and why it's a smart move to make MULTIPLE times in lifeThe FINE alternative to the FIRE movement, and why working after early retirement is a blessing, not a curseThe 'Fabulous Five" that will give you an overall picture of your financial health and money wealth How to perform a "money reset" no matter what stage you're at in life (or how much money you have)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterHenry's BiggerPockets ProfileHenry's InstagramListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!On The MarketSubscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetMoney MomentClick here to check the full show notes: https://www.biggerpockets.com/blog/money-398Interested 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

Financial freedom allows you to do what you want, when you want, and with who you want. But it’s not just for lounging in hammocks or jet-setting around the world. When tragedy strikes, a sudden loss occurs, and you need time to spend with your family, friends, and loved ones, financial freedom becomes the bedrock of what helps you recover. This is why the option to retire early is so crucial for the everyday American; you never know when you’ll need to take some time for yourself.Jordan Klint, former guest on episode sixty-three, achieved financial freedom at a surprisingly young age, with five children to boot! His time freedom and ability to live on his terms was an added bonus the last time we talked to him, but now, we understand that it was necessary for Jordan to keep sane during the past year. Jordan’s family went through a significant tragedy, resulting in the loss of not one but multiple relatives all at once. This was an incredibly hard time for Jordan and his family but has allowed him to reflect on what FIRE-chasers need to do to ensure their families are protected when they pass.While this episode does bring up some difficult points, it’s full of extremely useful tips that Jordan used to get his family’s finances together. We get into estate planning, why you need a will, life insurance, car insurance, and the “emergency binder” that EVERYONE should have. Don’t wait until the unexpected happens. If you’re building wealth, you NEED to put these plans in place. In This Episode We CoverEstate planning 101 and why trusts, wills, and other documents can protect your family’s wealth Self-care, mental health, and why investing in your friends is so importantLife insurance and why buying a policy is crucial for family members who rely on youFinancial planners and how to use their expertise to help you structure an after-passing planEarly retirement and how Jordan was able to take time to recover and rechargeJordan’s post-retirement portfolio and how he’s spending his days after reaching financial freedomAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetMoney MomentHear Our Last Episode with JordanEverything You Need to Know BEFORE You Invest in SyndicationsGrab the “Emergency Binder”Click here to check the full show notes: https://www.biggerpockets.com/blog/money-397Interested 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