BiggerPockets Money Podcast

Taking a sabbatical from work requires a few things: time, money, and the willpower to do some soul-searching. Most people think that they can’t take any more than two weeks of the year off work. They rack up excuses, blaming timing, too many projects, and everything in between. But what if taking a sabbatical, gap year, or any other type of long-ish break was the key to building wealth faster and being a happier, healthier you?Today’s guest Cindy, left a high-paid, stable job to take some much-needed time off. And after doing so, she’s urging you to do the same. Cindy, like most Americans, hasn’t taken time off since starting her working career. Besides the regular vacations and holidays, there never seemed like a good time for Cindy to take a break, recollect, and ask herself what she truly wanted. After taking a mini-sabbatical, she built up the courage to leave her job and hop off the grid for a bit.Surprisingly, Cindy’s net worth didn’t dwindle during her time off—it grew! This positive push from the markets and her newfound clarity allowed her to discover new passions, try self-employment, and later snag a much better job while continuing to work towards early retirement. If you’ve been debating taking some time off, this episode will give you all the tips you need to do so!In This Episode We CoverBuilding your list of “alternative careers” to widen your job possibilitiesBranching out far beyond your job title and doing more than what your degree is inHow to sample a sabbatical to see whether or not you could handle the real thingQuitting your job during turbulent times and how to temporarily prepare for life without workFunding life with a job and what to do before you quitPlanning out your passions so your sabbatical isn’t put to wasteHow employers look at applicants who just took a sabbatical (it’s not what you think!)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterDavid on BiggerPocketsDavid’s Site From Military to MillionaireListen 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 BudgetClick 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? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

We know financial freedom is possible for those in their 20s and 30s, just starting their careers, without children and serious financial obligations. But what about those getting started on their journey in their 40s and 50s? What about the stories of those who’ve had lifelong debt, went through a financially destructive divorce, or didn’t know early retirement was an option?Monica Scudieri, author of Grab Your Slice of Financial Independence, wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt, get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same.After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digging herself out of debt, building up a cash-flowing rental property portfolio, and financially optimizing her life in every way she could. Now, she’s financially free, coaching others on how they can do the same!In This Episode We CoverFinancial red flags to look out for when dating (and what to do if you spot them)Budgeting, tracking your expenses, and the smarter way to ensure you’re not overspending Having the “money conversation” with your partner or spouse before it’s too lateDownsizing and ignoring lifestyle creep even if your partner can’tBuilding a small rental property portfolio and the huge benefits of investing earlySide hustles and doing whatever you can to get out of consumer debtWhy the Honda Civic remains the FIRE movement’s vehicle of choiceAnd 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 BudgetClick here to check the full show notes: https://www.biggerpockets.com/blog/money-345Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Everything you’ve been hearing about social security is a lie. For years, mainstream media and many financial figureheads have said that social security is on a fast track to bankruptcy, with no money left over for Americans when they grow old. But what if we told you that wasn’t true? What if you knew that social security would be there for you when you retire, even if you’ve just started working? Today’s guest, national social security advisor and expert Jeremy Keil, explains the basics of social security and teaches you how to maximize your benefits.One of the biggest misconceptions about social security is that you have no control over it. The truth is, you control your social security more than the government does. How long you work, when you file, and how you educate yourself are all in your control. While these things may seem insignificant, they could all affect your social security by thousands. If you play your cards right, social security could be the biggest asset of your life.Jeremy makes a strong argument that social security is the cheapest insurance you might get. In fact, it’s too good of a deal. The original purpose of social security was to help impoverished elderly Americans, so people with a lower income get more from social security. But, that doesn’t mean you’ll be stuck with pennies if you have a higher income. Social security is the “deal of a lifetime” since it lasts your lifetime, grows with inflation, and has no commissions. Can you think of a better investment than that?In This Episode We CoverSocial security misconceptions and the truth about social security and whether or not it’s going bankruptThe history of social security and its original purpose for AmericansHow social security gets calculated and how the number of years you work can significantly affect your monthly social security paymentHow and when to file social security to maximize your retirement savingsSurvivors benefits, joint life expectancy, and how to file social security as a couple The break-even point and how to get “the eight percent guarantee” And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen 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 BudgetKeil Financial PartnersRetirement Revealed PodcastClick here to check the full show notes: https://www.biggerpockets.com/blog/money-344 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The 2022 housing market doesn’t make a whole lot of sense. At the start of the year, competition was fierce, with bidding wars on every home and lines out the door just to view an open house. Now, in quarter three of this year, interest rates have hit decade-long highs, buyers are more in control, and days on market are starting to creep back up. As a homeowner, investor, or renter, you need to know what's on the horizon so you can build wealth while others run for the hills.Joining us today are James Dainard, Jamil Damji, and Kathy Fettke, a gaggle of real estate veterans and the expert guests on BiggerPockets’ On the Market podcast. They’ve seen up markets, down markets, and confusing markets like today. As investors who touch almost all corners of the United States, with different areas of expertise, they bring the facts on what’s happening in today’s housing market.We talk about interest rate updates, when the “inventory crisis” will end, why demand has taken a nosedive, and whether or not it’s still a good time to buy real estate. We also talk about the state of the economy, inflation, and how the Federal Reserve may be working to put us into another recession. This up-to-date episode will give you everything you need to make smart buying or selling decisions in today’s housing market.In This Episode We CoverWhy interest rates are up and what it means for the housing marketWhether or not the Federal Reserve is trying to cause a real estate correctionWhen and where you can expect price drops and how long they’ll lastIs now still a good time to buy real estate (investments AND primary residences)Adjustable-rate mortgages (ARMs) and why they’re worthwhile in times like todayThe housing inventory crisis and how Millennial demand drove up pricesAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen 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 BudgetOn the Market PodcastRealWealth WebsiteJamil's InstagramJames InstagramInterested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial independence isn’t for everyone. That comes as a surprise for most of us within the personal finance community. Whether we like it or not, the “save, invest, and grind” until you can retire early lifestyle isn't a commonly accepted one. But what happens when your partner is the one who doesn’t agree? What steps can you take to help them see why early retirement is such a crucial piece of your life?This is just one of the topics we touch on with today’s guest, Mark. Mark is in a great position, and he’s already financially free. But, he doesn’t know what to do next, how to optimize his portfolio, and whether or not he’s making the right moves. With a blend of stocks, bonds, and real estate, Mark has a million-dollar diverse portfolio, but where can he tighten it up? And, if he’s able to do so, how does he get his wife on board?This episode serves as a reminder that even when all the hard work pays off, there is still a life to live. If you’ve spent years, or decades, grinding to finally reach a comfortable position in life, it’s necessary to know how to use that time once you have it. Do you keep stacking up investments so your children are ensured a comfortable life, or do you take some time for yourself, chase after your own dreams, and live a life you would love to live?In This Episode We CoverWhy cutting down your expenses remains one of the fastest ways to hit financial independence Recalculating your rental property profits and making sure your cash flow is correctTurnkey rentals and using them as a low-stress way to quickly build a profitable portfolio Selling off investments to pay for your lifestyle and the risk of doing soCombining finances as a couple and how to propose the idea to a not-so-convinced spouseDefining your goals and drafting your “vision” that’ll help you make the right steps to achieve ultimate freedom And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen 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 BudgetBiggerPockets FIRE Planning WorksheetThe Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a CoupleClick here to check the full show notes: https://www.biggerpockets.com/blog/money-342Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!  Learn more about your ad choices. Visit megaphone.fm/adchoices

Katie Gatti Tassin from Money with Katie had her “financial awakening” earlier than most. She saw the middle-class wealth trap of working, spending, and repeating for what it really was. This cash-gobbling cycle is one that many Americans fall into, but once you see the light, it’s hard not to almost automatically do better. And that’s what Katie did, trading twenty-dollar daily lunches and “hot girl expenses” for more saving, investing, and skyrocketing net worth.Through a few short years of self-education, Katie was able to more than double her income, build profitable side businesses, and have a master-like grip on her finances. She’s become an expert in retirement investing, passive income, and saving simply through reading blog posts, listening to podcasts, and starting something of her own. This, coming from someone who just a few years ago had less than $500 to their name.Katie walks through what spurred her “financial awakening” and how sharing the same thought process could activate your own. She also touches on financial myths that the middle class commonly falls into, the great Roth vs. 401(k)debate, and why lifestyle creep isn’t such a bad thing. She’s proof that you can turn your entire financial situation around in only a few short years, and if she could do it, why can’t you?In This Episode We CoverThe “financial awakening” that’ll have you saving more and spending lessFinancial “truths” that could destroy your wealth if you follow themSelf-education and the best personal finance podcasts and blogs and you should tune intoRetirement investing and whether it makes sense to invest pre-tax or post-taxStarting side hustles and job hopping to more than double your salaryThe bright side of lifestyle creep and using it as a reward for your hard workAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen 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 BudgetFinance Friday: I Want to Cash Out My 401k Early, ShouldMr. Money MustacheThe Shockingly Simple Math Behind Early RetirementsThe Money With Katie PodcastInterested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in-law suite brings in enough cash flow for many to pay off a sizable amount of their mortgage. One such investor is Allen, who turned his low-interest rate primary residence into a lucrative short-term rental in the Portland, Maine area.Allen is a vacation rental house hacker, leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move.With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you. Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose.In This Episode We CoverWhen is the right time to buy real estate and how high-interest rates hurt your chances of getting a good dealLimiting your monthly spending and taking advantage of earning a high incomeShort-term rental house hacking and using it to cover most of your living expensesStocks vs. real estate investing and when it’s the right time to choose one over the otherAggressive debt payoff and how to know whether an interest rate is too highCredit score tips and the factors that make yours go up and downAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen 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 BudgetAirbnbFinance Friday: Self-Employed Income and Short-Term Rental InvestingAre FIRE Naysayers Bad at Math? Yes. with Michael KitcesClick here to check the full show notes: https://www.biggerpockets.com/blog/money-340Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone knows that real estate agent commissions are hefty. Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollars really went. It’s not hard for a new agent in today’s world to lock in six-figures worth of real estate commissions within their first few years. But, not many agents, even uber-experienced ones, have been able to hit what Pat Hiban has.Pat was one of the first “billion-dollar” real estate agents. Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent!But how did Pat, a sociology major without any connection to real estate, reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors, you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today!In This Episode We CoverEverything you ever wanted to know about real estate agent commissions and broker splitsWhy so many new real estate agents fail during their first few yearsLeveraging out your work, hiring employees, and scaling a business instead of building a jobReal estate investing basics and the downsides of taking too much depreciationQuitting a lucrative career and the financial moves to make that ensure a successful transitionThe six steps to reaching seven figures for real estate agents (and any other entrepreneur!)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen 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 BudgetClick here to check the full show notes: https://www.biggerpockets.com/blog/money-339Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Student loan debt—the gift that keeps on giving with interest, stress, and the overwhelming feeling that you won’t be able to pay them off. The larger the loan, the heavier the weight on your shoulders, but in today’s episode, we go over how to start lightening your load. Focusing solely on your debt makes it seem like there's no way out, but financial freedom is always achievable. Today’s guests, James and Bianca, have $278,000 of student debt between them. This debt has followed them for a while, and their original payoff plan would last for another twenty-four years. Despite their debt, James and Bianca have a strong financial portfolio with ten cash-flowing rental units. They make over $17,000 a month with only $7,300 in expenses. Even with a strong financial foundation, these student loans have loomed over them and kept them from true financial freedom. Scott and Mindy introduce James and Bianca to ways they could pay off their debt in the next few years and completely shift their mindset on defeating six-figure debt. Instead of having a burden on their backs for another twenty-four years, they could get their time back and be debt-free sooner. After listening to this episode, there’s a good chance you could too!In This Episode We CoverLiving on less than half of your income and how to maximize your unused fundsIncome-based repayment plans and determining the best loan payoff plan for youReallocating your portfolio and finding creative ways to pay off your debt Time management and how to know when you should outsource or delegate tasksPreparing for a career shift and how to create a solid financial foundationGetting into a debt-free mindset and finding financial independence even fasterAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen 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 BudgetBiggerPockets FIRE Planning WorksheetStudent Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert FarringtonFinance Friday: Using Student Loan Forgiveness to Catapult FI w/ SammiePaying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle RenkeClick here to check the full show notes: https://www.biggerpockets.com/blog/money-338Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

College isn’t the only option after high school. In fact, it’s not even the best option. Typically, twenty-two-year-olds fresh out of college are launched into the workforce with a lot of debt and little life experience. So how do you enter the workforce debt-free with life experience? Join the military.Today’s guest, David Pere, is a financially free veteran with 100 rental units, all thanks to his time in the military. He enlisted fresh out of high school in 2008. While he did the usual “stupid young guy stuff” for a few years, once he read Rich Dad Poor Dad in 2015, he decided to get serious about financial freedom. After thirteen years of active duty, in 2021 he was honorably discharged with a net worth of a million dollars.The military offers various benefits, from the ability to learn trades to getting life experience to its financial advantages. As a service member, you are in an ideal position to become financially free. Your housing and food get paid for, and you have access to government-backed savings plans and loans. You also get tuition assistance for yourself and your family. With all the support and benefits the military provides, you can start building the life you always dreamed of straight out of high school. In This Episode We CoverWhy the military may be the best option straight out of high schoolThe various opportunities to start a career through the militaryThe GI Bill vs. tuition assistance and how to make sure you qualifyThe tangible and intangible skills you learn in the military and how they translate into the workforceThe VA Loan, qualifications, and how to get rich with it via house hacksThe TSP and the SDP and how to use them to grow your wealth fasterAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterDavid on BiggerPocketsDavid’s Site From Military to MillionaireListen 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 BudgetThe (Almost) Guaranteed Way to 31x Your InvestmentsDIY Your Way to FI with Tinian CrawfordClick here to check the full show notes: https://www.biggerpockets.com/blog/money-337Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices