BiggerPockets Money Podcast

Becoming a millionaire by 30 is almost every 20-or-something-year-old’s dream. But what if you want to go even further? Instead of seven-figure net worth, what about an eight-figure net worth? Would this be enough to make your wildest dreams come true, or is planning for ultra-wealthy status a wasted pursuit, as most people could easily retire earlywith just a few million? The question we’re trying to ask is, how much is enough?It’s not Scott and Mindy asking this question, it’s today’s guest, Travis. You could call Travis an overachiever, although he doesn’t have the ego to fit that title. Travis has built close to a million dollars in net worth, with $10,000 of monthly passive income in just four years. He’s done this while working a full-time job and spending just $2,000 a month. If we could give a “You Did It, You Won the Money Show!” award, Travis would be first in line.But Travis is struggling to get his goals aligned with his portfolio. He set a lofty eight-figure goal for retirement, but with his rock-bottom spending rate, is this dollar figure even worth the work? Travis also wants to pose the stocks vs. real estate question, as he’s almost entirely invested in rental properties with very little left in retirement accounts or any stock accounts in general. So what is Travis’ next move? Quit the job, load up on stocks, or keep doing what he’s been doing?In This Episode We CoverUsing the BRRRR strategy to grow a large rental portfolio in very little time Hitting millionaire status by your thirties through smart spending and consistent investingWhen to quit your W2 and pursue entrepreneurial pursuits full-timeStocks vs. real estate and loading up your Roth, 401K, and other retirement accountsGoal setting and when to take a step back from building wealth CapEx calculations, cash reserves, and prepaying your mortgage 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 WorksheetReady to Retire: The Ultimate Pre-Retirement ChecklistCoast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The FioneersEpisode 200 Special: A Personal Finance Masterclass with Kyle MastClick here to check the full show notes: https://www.biggerpockets.com/blog/money-336Interested 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

What do timing the market and a circle have in common? There’s no point, literally and figuratively. Some people would like to have you think they’ve cracked the code and there’s some secret formula. There’s not. They may have been able to “time the market” once or twice, but they probably can’t repeat it multiple times. Being correct for the wrong reasons isn’t repeatable, and with the market being so arbitrary, timing it correctly for the right reasons is unlikely. Despite this, there’s still a way to have enormous success while realizing great returns in the stock market, and today’s guest, Jesse Cramer, explains that.In Jesse’s article, The Near-Zero Benefit from Timing the Market, he tells the story of three investors. All three investors have different experiences “timing” the market, and while they all have different outcomes, it’s not the outcome you’d expect. While you can’t time the market, time in the market can be just as lucrative. If you let your money compound interest over time, you’d be surprised at how much more you can earn by simply leaving your money alone.In This Episode We CoverTime in the market vs. timing of the market and which one wins over decadesThe unpredictability of the market and how to combat itAdvice for new investors on how to manage emotions while investingThe benefits of reinvesting your dividends and letting your investments compoundThe importance of self-education and how to use it as insurance when investingThe history of the stock market and its overall growthAnd 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 BudgetMile High FI Podcast1,500 Days to FreedomCoronavirus: Is It Time to Give Up on Financial Independence?The Near-Zero Benefit from Timing the MarketBestInterest BlogClick here to check the full show notes: https://www.biggerpockets.com/blog/money-335Interested 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

If someone told you that financial freedom could be achieved by traveling the world, you probably wouldn’t believe them. How can going on a work vacation to Europe make you richer? Surprisingly, doing this can help cut years off your retirement horizon, allowing you to save more, spend less, and invest for your future faster than ever before. Don’t believe it’s possible? Scott and Mindy prove the profits behind doing so in this Finance Friday episode!Today we’re talking to James, who is inches away from retirement. He has only a few years left before he can sail off into the sunset, but James wants to know how he can reach his goals even faster. He keeps his spending low, continuously invests, and has a remote work position, allowing him to work wherever he wants. He dreams of living in other areas of the United States but wants to ensure he has enough money to do so.His highest monthly cost? Housing! Like most Americans, a majority of James’ spending is for the roof over his head, but could geographic arbitrage turn his travel plans into a seriously profitable excursion? For those who are trying to hit FI, are close to FI, or simply want to spend more time enjoying life abroad, this episode is for you!In This Episode We CoverCalculating your FI number and getting to early retirement faster Defining your retirement goals and knowing what you want to do and where you want to beThe 4% rule and whether or not it holds up as stock values have taken a tumbleGeographic arbitrage and using it to reduce your largest monthly costCoast FI and why a more gradual retirement option may work for youThe five questions every investor should ask themselves when planning for retirementAnd 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 BudgetReady to Retire: The Ultimate Pre-Retirement ChecklistBiggerPockets FIRE Planning WorksheetCoast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The FioneersRamit Sethi’s Money Advice for Couples: Live a Rich Life, TogetherNetworthifyCfiresim SimulatorClick here to check the full show notes: https://www.biggerpockets.com/blog/money-334Interested 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

In the early retirement movement, becoming a millionaire is a crucial part of the financial path. While everyone has different spending habits, the first million will allow you to start pivoting so you can make choices for your enjoyment, not just for the sake of money. But when is it too late to start making these moves? Is there a certain point where early retirement, or retirement at all, is off the table? If you think so, listen to today’s episode with Courtney Robinson.Courtney was raised frugal, and unlike most, she never strayed off that path. Buying old cars, eating at home, and seeing matinee movies were the norm for her, but this began to get harder and harder as her family grew. Courtney was raising four children on her own, making only $15,000 per year, with multiple debts to pay off. But now, only ten years later, she’s a millionaire with equity, retirement investments, a large cash reserve, and multiple rental properties.How did she make the switch in the “late period” of her life? Courtney goes over the details that led her and her husbandout of bankruptcy, into investing, and eventually to millionaire status. By no means was this an easy or quick journey, but Courtney serves as living proof that even if you’re in your forties or fifties, you still have plenty of time to build a strong financial foundation, and maybe retire early!In This Episode We CoverEarly frugality and the long-term benefits of teaching your children to saveLiving off of $15,000 per year and how to intelligently increase your yearly income Bankruptcy, debt payoff, and differentiating the “needs” from the “wants” in your lifePaying off your mortgage and living for “free” in just a few years Calculating your FI number and making sure your investments match what you’ll needEmergency funds, cash reserves, and how much to keep in each accountAnd 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 BudgetDave Ramsey SolutionsEarly Retirement by 30 with $20K/Month in (Actually) Passive IncomeFinance Friday: How to Get to Early Retirement Even FasterClick here to check the full show notes: https://www.biggerpockets.com/blog/money-333Interested 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

Having shared finances, for most couples, is an automatic thing to do once married or after being together for many years. It seems natural to want to combine income, expenses, and investments all in one big pot. This was the norm for most couples over the past hundred years, but as technology has made individual accounts more defined, some couples are finding freedom in keeping their finances separate from their relationship.We thought we’d put this theory to the test by having Doug Cunnington and Carl Jensen, hosts of the Mile High FI podcast, on the show. Doug and his wife have separate finances, Carl (Mindy’s husband) has completely combined their cash flow, and David Pere (our trusted military millionaire) has walked the tightrope between combined and separate finances with his wife. But which couple is fairing the best?Unfortunately, we will not be having a couple vs. couple cage match?—but we will discuss the pros and cons of each strategy. Carl, David, and Doug all bring up interesting, and often emotional, arguments as to why they think their money-splitting strategy works best for their specific relationship. If you’re currently in a relationship, married, or about to be wed, this may be a crucial topic worth exploring before your spouse spends $50,000+ on an impulse Tesla order!In This Episode We CoverThree couples with three different ways of splitting finances How to combine monthly cash flow so that bills are paidThe bright side of prenuptial agreements and why every married couple should have oneRespecting your partner's money mindset by building a spouse-specific system for the two of youSaving for your child's college and whether or not higher education is worth it as college becomes increasingly optionalAdvice for couples who will (or already) combine their finances and investingAnd 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 BudgetMile High FI Podcast1,500 Days to FreedomWhy You’re (Probably) Wrong About PrenupsInterested 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

How would a six-figure side hustle change your financial picture? Think of the possibilities—being able to travel, becoming debt-free, or even buying your dream home. For most Americans, income is capped at what you make through a salary. There isn’t enough time, creativity, or energy left at the end of the day to make more. But, one specific subset of employees does have an upper hand that most people overlook—teachers. With a sizable summer break, teachers can make more than many others, even with their median incomes.Someone who took full advantage of this lucrative scheduling was Skyler. Skyler was raised in a very frugal household, resorting to food stamps and government subsidies at times. But Skyler was poised to turn a hard past into hard assets and later, financial freedom. He used financial aid to heavily discount his college tuition, rent-hacked (sometimes for free) into his mid-twenties, and thought of every decision as a return on investment.As he slowly whittled down the debt he had accumulated through school, real estate caught his eye. Skyler not only beganselling homes on the side as an agent but performing live in flips during the off-season of his teaching career. Thisskyrocketed his net worth, debt payoff schedule, and timeline to financial freedom. He’s made so many wise moves that Skyler will soon be saving eighty percent of his income all while living for free abroad!In This Episode We CoverTurning frugality into financial success through smart money-saving movesStudent loan payoff and using the “debt snowball method” to become debt-free fasterLive in flips and how to make six-figure, tax-free wealth through this lucrative side-hustleThe true price of adopting a child in the US and why it’s something worth saving up forMaking the most of your median-income job by building wealth in the backgroundGeographic arbitrage and living for free (and tax-free!) in other parts of the worldAnd 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 BudgetHow to Create Financial Security (From Scratch!) and Become “Set for Life”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

You’ve heard of money hacks before, but probably not like this. For the teenagers and parents of teenagers listening, this episode will give you everything you need to make yourself, or your child, financially successful, straight out of high school. Most parents think that a strong financial foundation is built through allowances, debit cards, and making their child get an after-school job. While none of that is bad advice, it doesn’t leave the teenager with a sense of financial security or knowledge of how to manage money.Thankfully, the Sheek Freak himself, Dan Sheeks, is back on the show to give his “ultimate teen money hack for parents.” This strategy has been built through years of teaching children how to manage and make money and is one of the easiest ways to get teens on the correct financial path. This isn’t an overcomplicated strategy, but it will take some buy-in from your teen. What they’ll get out of it is far more independence, responsibility, and the ability to save and invest for a better future.But Dan isn’t the only guest on today’s episode! We also have Carl Jensen and Claire Jensen joining us! Claire is fifteen years old, putting her in the perfect position to take ownership of her finances. She also asks some insightful questions your teen might ask when you try out this strategy. Thankfully, Claire is a fan of Dan's system, and she encourages all the parents (and teens) out there to try it too!In This Episode We CoverThe “ultimate teen money hack” every parent should try with their high-schoolerTeen debit cards, credit cards, and building up basic frugalityTeaching your teen to “pay yourself first” through strategic spending and investingLetting your child make mistakes now, so they don’t make life-long mistakes laterThe perfect age to implement this strategy and when it matters mostCommon questions your teen may ask and getting them excited about money managementAnd 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 BudgetMile High FI Podcast1,500 Days to FreedomEscaping The Rat Race Before Your First Job w/ Dan SheeksInterested 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

Wealth-building isn’t a pre-formulated path for most people. For those raised in poverty, the thought of financial stability seems like a far-out dream. Achieving financial independence or early retirement basically becomes an afterthought, or a fantasy only someone else could achieve. Without basic financial literacy and education, you could spend life aimlessly wandering without saving, investing, or thinking about a more promising financial future.But Amanda “She Wolfe of Wall Street” Wolfe did the opposite of that. Amanda was raised in extreme poverty, going long stretches of time without food, clean clothes, a shower, or school supplies. From a young age, she knew that most of her problems stemmed from a lack of money. The best way to solve that? Go to school, work hard, and make more money, so she could never feel poor again.But, when Amanda started bringing in a full-time income, her so-called “savings plan” went out the window. Set on not making the same mistakes as her parents, she revamped and reverse engineered her spending to match her savings and investing goals. She did this purely through DIY financial literacy and tenaciously asking questions. It paid off, and now she boasts a social media following of over 100,000, with two full-time incomes and a large reserve of retirement savings to boot!In This Episode We CoverEscaping childhood poverty through basic financial educationDIY financial literacy by asking questions others are too intimidated to401ks, Roth IRAs, HSAs, and other tax-advantaged investing accountsTweaking your “money mindset” to place yourself on the path to building wealthAmanda’s biggest financial mistake that, once corrected, increased her income two-foldBuilding your emergency reserves and using them to catapult your investmentsAnd 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, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetXY Planning AdvisorFidelity InvestmentsShe Wolf of Wall Street WebsiteClick here to check the full show notes: https://www.biggerpockets.com/blog/money-329Interested 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

For average investors, private money lending has been mentally squared away as “something mega-wealthy people do.” Most investors will write off lending money because they think they lack the experience or funds to do a successful deal. But what if we told you private money lending requires less money than you thought, that it’s almost completely passive, and that today’s high-interest-rate environment may be the perfect time to start?Alex Breshears and Beth Johnson are graciously coming in as our private money messiahs, teaching us all how easy (and lucrative) it is to be a private money lender. They’ve been lending for years, not only to supplement their real estate portfolios but often to outright replace them. Private money is far more passive and flexible than performing a flip or BRRRR yourself, and almost anyone (and yes, we mean anyone) can do it in one way or another. It’s such a good way to make more money that Alex and Beth wrote the new BiggerPockets book, Lend to Live, on this exact subject.But before you print off business cards that say “private money expert” under your name, listen to what Alex and Beth have to say. They drop some valuable gems on who should (and shouldn’t) be a private money lender, how to protect yourself when you lend, points, rates, and fees you can charge, and building a pool of borrowers you can trust. If you’re anything like Scott and Mindy, then there’s a good chance you’ll walk away from this episode far more interested in private money than before!In This Episode We CoverHow any investor can become a private money lender and build a pool of borrowersWhy 2022 presents an interesting opportunity for new private money lenders Points, rates, laws, and setting up your private money structureBuilding the perfect private money team that can protect you on any dealThe insane returns lenders get when doing different types of dealsBetting on the “jockey” vs. the "horse” when vetting a potential borrowerPrivate lending red flags that new lenders can easily fall prey toAnd 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, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetLoans Gone Wild: Turning a Private Loan Into a Profitable Flip After ForeclosurePrivate Money: What the Experts Warn Against Before You Lend (Or Borrow!)Click here to check the full show notes: https://www.biggerpockets.com/blog/money-328Interested 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

A stock market crash looks like bad news. The world is ending and everything is down. There won’t be any more profits to take…until the stock market gets back on track, which it always does. We’re not kidding—take a look at the past hundred years of total stock market performance and you’ll see something not-so-shocking. The stock market always finds a way to head back up, even after massive crashes like the great depression and great recession.You don't need to trust David and Mindy on this, instead, trust a stock investing expert like Brian Feroldi. Brian wrote the book on why the stock market always goes up, appropriately titled, Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren't. Brian uses this book to educate, inform, and enhance investors’ abilities to invest without stress, headache, or anxiety about future prices.In this episode, Brian demystifies the calculations behind investing in the stock market. From price to earnings ratios to company valuations, and why individual stock picking only makes sense if you’re the right type of person. He also hints at a “multimillion-dollar mistake” some investors are making when investing for retirement. Simply hearing his warning could save you millions of dollars in the future!In This Episode We CoverWhy stock market crashes shouldn’t scare the average investorWhat causes the stock market to go up in the long-term, even with short-term dipsPrice to earnings ratios explained and using them to value companies before you buyHow long you should hold stocks and why consistent trading could cost you more than you thinkThe 4% rule and how the gold standard of retirement calculations is holding up in 2022Avoiding the “multimillion-dollar mistake” many investors are makingAnd 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 BudgetWhy You’re (Probably) Wrong About PrenupsClick here to check the full show notes: https://www.biggerpockets.com/blog/money-327Interested 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