BiggerPockets Money Podcast

The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats, trains horses, and buys rentals in cash. Before you get squeamish, this isn’t a show about flipping rats for profit. But, it is a show about horse training, unique investments, and how to ease off the gas when building wealth. Even if you’re far from your FI number, thinking about this concept will help you tremendously once you’ve retired.Alexis and Max have an interesting situation, and they aren’t your everyday workers. Both of them work out in the field, up against the elements, making some serious money to help train horses. Max was a self-taught trainer who built an impressive resume while only in his teenage years. He has a passion for finding, training, and flipping horses that will one day be champions. This is his life’s work and it’s allowed him to charge a pretty hefty price tag.But, the couple hasn’t just been investing in horses. They also have nine paid-off rental properties, subsidizing the entirety of their monthly spending. But, even with their high net worth, they’re struggling to feel comfortable with their financial situation. They’d like to buy a house of their own, take a break from work, and allow themselves more time freedom. But do they really need more money, or do they simply need to rethink their already solid situation?In This Episode We CoverFlipping horses and the astounding money this unique investment can makeRental property investing and why being debt-free isn’t such a bad thingSheltering business taxes so you can keep more income at the end of the yearWhen to use leverage to buy real estate vs. buying rentals in cashWhat to do with your “lazy money” even if you’ve already hit financial freedomGetting clear on your financial goals so you can work less and enjoy your wealthAnd 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 BudgetThe “Deathbed Toolkit” That Makes Building Wealth Much More EnjoyableFinance Friday: How to Avoid the “Middle Class Trap” When Building WealthHow to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle MastEpisode 200 Special: A Personal Finance Masterclass with Kyle MastXY Planning AdvisorInterested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!Click here to check the full show notes: https://www.biggerpockets.com/blog/money-326 Learn more about your ad choices. Visit megaphone.fm/adchoices

Buying a business may sound out of your element. Stocks are one thing, and real estate is another, but what about buying businesses? Isn’t business buying something reserved for large companies, wealthy entrepreneurs, or seriously experienced store owners? Funnily enough, the business of buying businesses may be one of the most overlooked, yet most profitable ways to make more money, work less, and retire richer. Don’t believe us? Just listen to Tim Delaney.Tim did not take the standard wealth-building route. He was making just over $2,000 per year while working in the Peace Corps after college. From there, he was hired on by other non-profits when the opportunity to buy a business fell into his lap. It didn’t require a ton of money, but it did require some sweat equity and a fair amount of time. While he didn’t end up taking the first opportunity that came his way, he did end up buying a business shortly after. And if you like hops-laden libations as much as Mindy and Scott, you’ll love hearing about Tim’s business.Tim invested in a local liquor store that had almost zero technological improvements. No point of sale system, no running inventory, and a cash register that was appropriate for the 1950s, not the 2010s. Tim saw an opportunity, and with the right upgrades, he was able to turn this into a full-fledged business with multiple employees, hundreds of thousands in profit, and the best part of all, a 10-hour per week work schedule for Tim. Today you’ll hear exactly how Tim did it, how much money it took, and how you can repeat the process.In This Episode We CoverLiving frugally even when making very little and how your savings can catapult your wealthHow to buy a business and what it takes to turn an outdated trade aroundWhat types of opportunities to look for when shopping for a business to buySBA loans, seller financing, and how to finance a small business with very little downHiring, firing, and how to keep a passionate staff paid and happy with workCommercial real estate investing and turning profits into propertyAnd 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 BudgetBusiness Analyzer SpreadsheetAlternative Investments: How to Determine Which Option(s) Are Right For YouClick here to check the full show notes: https://www.biggerpockets.com/blog/money-325Interested 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 is a millionaire? By definition, someone who has a million dollars or more in net worth. But what do you think of when we say “millionaire”? Are you picturing sports cars, expensive vacations, big houses? The reality is that most millionaires are people just like you and me, living in regular homes, still attending their jobs, and trying their hardest to budget. Being a millionaire doesn’t mean you’ve “made it,” but it does mean you’re on the fast track to building wealth.Gracie is a millionaire, but she doesn’t feel like it. When she discovered financial freedom, she set an impressive goal to hit millionaire status by the time she and her husband hit their mid-30s. They worked hard, were diligent savers, and ended up hitting that goal right on time, but it came with a lot less flexibility than they had hoped. While Gracie was able to quit her job, her husband wasn’t able to, and even as he brings in a great salary, the family still is close to breaking even every month on their budget.But Gracie isn’t doing anything wrong. She’s got a tame budget, regularly reviews her spending, and knows that something has to change if she wants to reach the life of financial freedom she had been promised. So what should she do, change her assets, completely revamp her budget, or move to a lower cost of living area to increase her monthly cash flow? Scott and Mindy give Gracie some good advice that will most likely apply to you, even if you’re not a millionaire yet.In This Episode We CoverCoast FI and using it as an alternative to traditional financial independenceBudgeting, expense tracking, and knowing where your monthly income is goingPivoting to part-time when trying to slowly leave a job you don’t love Increasing your “financial flexibility” without sacrificing a ton of timeBudgeting red flags and where most families fail in saving moneyWhether or not being heavy in retirement funds is a wise move in early retirement And 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, BiggerPocketsCoast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The FioneersCheck Out Mindy’s 2022 Live Spending Tracker and Budget3 Degrees, Debt Free, and “Coasting” to Financial IndependenceFinance Friday: How to Get to Early Retirement Even FasterInterested 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

Coast FI is an interesting concept. Unfortunately, to much of Mindy’s surprise, “coast FI” doesn’t mean having enough money to live by the coast. But, just like living down by the beach, the coast FI lifestyle is far more enjoyable than most. We constantly hear from online personal finance bloggers about how you need to save as much as you can, eat at home every night, and never take a vacation. While this does allow you to hit financial independence faster, it makes the journey a highly stressful one at worst and a barely bearable one at best.What about a different way to reach financial independence? What about still eating out and taking trips, all while working to retire early? This is the path that Jessica from The Fioneers has chosen to take. She and her husband learned about the financial independence movement while they were making just $30,000 per year combined. As their income grew, so did their savings rate. But, Jessica realized that the stress of climbing the corporate ladder wasn’t worth it when she ended up taking a six-month mental health break from her work.Jessica never ended up going back to work, but she did start working for herself. Now, she’s on the path to coast FI, or as she also likes to call it, “slow FI.” She still takes trips and lives comfortably, but she does so with full autonomy of her time and a plan to retire in her early 50s. She is living proof that you don’t need to burn yourself out to hit financial freedom, and you definitely don’t need to do so just to reach retirement.In This Episode We CoverCoast FI explained and how it’s a far more enjoyable alternative to standard financial independenceSaving and investing even while making a below-median income salary Resisting lifestyle creep and how to use pay raises to increase your net worthThe danger of going “too fast to FI” and how retiring too early can be a detrimentPart-time jobs, side hustles, and other ways that you can make more apart from your W2Spending money to “escape” and how quitting a stressful job could save you more moneyAnd 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 BudgetDavid on BiggerPocketsDavid’s Site From Military to MillionaireChange Your Money Mindset, Change Your Life with Vicki RobinInterested 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

Rental property cash flow is one of the most important metrics to calculate when analyzing real estate. Your cash flow not only helps you make a little extra money every month but also keeps your property afloat during months of heavy expenses or when large repairs need to take place. If you don’t do the correct cash flow calculations, you could find yourself with a cash-hemorrhaging property.This is why running (and re-running) your “true cash flow” number is so important. It’s also what Pam, today’s guest, might need to do to figure out which rentals to sell and which to keep in her portfolio. Pam owns nine rental properties, which is doubly impressive since she declared bankruptcy just a decade ago. She’s been able to rebuild a financial position that many would envy. And even though Pam and her husband make a great income, they’re struggling to figure out where it’s going every month.As six-figure earners, they’re barely breaking even on some months and overspending on others. Is Pam being too relaxed with some of her budget categories, or is there another cash flow leak coming from somewhere she isn’t looking? Scott and Mindy go through Pam’s current financial situation and quite quickly come up with a solution that could save her thousands every month.In This Episode We CoverHow to calculate “true cash flow” for your rental properties so you know what actually comes in every monthSelling vs. refinancing vs. holding and which choice to pick for which propertyWhy so many six-figure earners feel like they’re living paycheck to paycheck Capital expenditure (CapEx) costs and why every rental property investor must anticipate themClimbing out of bankruptcy and finding financial success after starting from zeroUsing private money lending to grow a rental portfolio quicklyAnd 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 BudgetFinance Friday: How to Get to Early Retirement Even FasterFinance Friday: Sell (Don’t Rent) Your Primary Residence When You Move OutInterested 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

Living paycheck to paycheck isn’t sustainable. But, if you’re in this position, you already know that. The stress of always worrying about bills, scrounging for money, and never really feeling security can eat away at you. This is how Anthony Michael felt, but surprisingly, he wasn’t making a small amount of money. He and his wife were making six figures, but only saving around $200/month. This was far less than Anthony was comfortable with, so he sat down, crunched the numbers, and started taking drastic actions.After he was able to increase his savings rate tenfold, he knew the extra money he was bringing in needed to be deployed. He started listening to The BiggerPockets Real Estate Podcast, read Rich Dad Poor Dad, and saw that house flipping could be his way to real estate riches. He found a partner, picked an area to invest in, and since then has madeflipping homes his top money-marker.Anthony’s story didn’t always go to plan. He had house flipping budget busters that forced him to use much of his emergency savings, a “partner” who ran off with thousands of dollars, and other fumbles along the way. But, all these mistakes lead to Anthony being in the position he is in today, and maybe you can avoid some of his pricey mistakes simply by hearing his story.In This Episode We CoverHow lowering your expenses is a faster way to save than increasing your incomeFlipping products online and choosing side hustles that can quickly bring in some cashHouse flipping and how (when done right) it can be a killer side hustle for new investorsThe “BRRRRbnb” short-term rental bringing in over $500 per night Real estate partnerships and what to look out for before you start sending moneyCredit card debt and how to use it the right way when investing in real estateAnd 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 BudgetDavid on BiggerPocketsDavid’s Site From Military to MillionaireAirbnbPropStreamMLSBonds: The Perfect Inflation Hedge (with One BIG Caveat)Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!Click here to check the full show notes: https://www.biggerpockets.com/blog/money-321 Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement strategies range from simple index fund investing all the way to full-on real estate development deals. What works for some investors won’t work for others. What’s most important to you is knowing what will or won’t work for your lifestyle. Some workers can easily do a couple of fix and flips on the side to generate income, while you may have a sixty-hour workweek, without a lot of free time to start investing in more intense asset classes.Chris feels just like this. As a working professional with a hectic schedule, he's concerned that he can’t participate in more “active” income-generating projects like real estate investing. He's been grinding for decades, making decent money but funneling much of it to pay off expensive student loan bills. When his wife sold her business, an unexpected windfall profit resulted, leaving the couple with more options than they thought.Now they want to “back into retirement” as easily as possible, while still making wealth-building moves. What’s the best option for them? Stocks, real estate, or focusing on work so they can build a large cash reserve? While Scott and Mindy can’t answer this question for him, Chris is presented with a few good options that’ll help him become a multimillionaire in only a few short years.In This Episode We CoverBuying and selling a business, plus some lucrative exit options for when you decide to sellShort-term rental investing and why big profits usually come with big-time commitmentsThe “perfect” retirement portfolio and how to build your assets around your lifestylePlanning for your child’s college and how to invest risk-free while taking tax-advantagesWhether to invest in pre or post-tax retirement accounts when you’re coming close to retirement ageSerious side hustles that’ll help you achieve the “four-week work year”And 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 BudgetFinance Friday: How to Get to Early Retirement Even FasterThe “Perfect” Investment Portfolio for Early Retirement w/Ask The Money CoachBonds: The Perfect Inflation Hedge (with One BIG Caveat)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

Your financial freedom journey won’t look like anyone else’s. It’s your future, your passion, and your life on the line when trying to hit financial independence. But what are we missing out on during the journey? Are we mindlessly walking towards a “money mirage” where everything in life is perfect and happiness is always abundant, simply because we have more money? Or, is the end of the financial independence journey far less satisfying than it’s hyped up to be?Doc G, from The Earn & Invest podcast, knows about regret. When he’s not recording episodes about residual income, he’s helping hospice patients who are months, weeks, or even days away from life’s end. He knows what it looks like when someone harbors regret about what they should have done. So many of our greatest regrets are caused by not knowing what we truly want to do. The question is, do you know what will actually make you happy?It’s okay if you can’t answer that question right away. In Doc G’s newest book Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, he gives a concoction of stories, exercises, and thought-provoking metaphors to help you not only reach FI but do so regret-free.In This Episode We CoverWhy stepping away from a high-paying career could make financial freedom easier for youFinding what you truly want out of life and how to do so before it’s too lateThe “mirage of money” that financial independence chasers can’t get enough ofWhy the “death march to FI” is rarely worth it and what to do if you’re on that pathThe “three brothers” story that will have you rethinking how you want to reach early retirement What hospice patients regretted most and their advice for those who are healthyAnd 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 BudgetLife After FIRE – Case Studies with Scott, Whitney Hansen, and Doc GEarn and Invest 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

The “semi-retired” lifestyle seems to go against everything early retirement chasers have been taught. For years, it’s been pushed into our brains that “retirement” is one stark event. You retire once, do what you want for the rest of time, and that’s that. But life doesn’t always go that way. Today’s guest Amanda has spent the past two decades raising children, working, and focusing on getting an advanced degree. Now, with extra money coming in she’s finally in the position to invest.Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts, saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it.Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement. In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life?In This Episode We CoverAfter-tax vs. pre-tax investment accounts and which to prioritize for early retirementPensions and whether or not they’re worth working at the same job forHSA vs. FSA investing and how to maximize your tax-advantaged healthcare accountsIndex fund investing and how to aggressively invest without making things complicatedThe four levers of financial independence and which to pull when you don’t have many assetsAnd 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 BudgetFinance Friday: How to Get to Early Retirement Even FasterInterested 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

Early retirement is something people in their forties and fifties do, right? It would seem almost impossible for someone to retire in their mid/late twenties or early thirties without a large inheritance or winning the lottery. Today you’ll meet the woman who did the impossible—Rachel “Money Honey” Richards. Her voice may sound familiar as not so long ago Rachel was a guest on The BiggerPockets Real Estate Podcast where she talked about retiring in just two years thanks to “aggressive” real estate investing.This time, Rachel talks about the more “passive” income streams she built over her twenties, allowing her and her husband to travel the world while making an enviable income, much of which requires little to no effort from Rachel. It’s not surprising that Rachel came from a finance-first background, working as a financial advisor immediately after college. She’s had multiple jobs in a variety of industries but knew running her own ship was where she was meant to be.Fast forward a few years and Rachel has a strong real estate portfolio, bestselling financial literacy books, an exclusive mastermind and coaching program, as well as courses to help women feel empowered by finances, not afraid. Rachel is the embodiment of putting your future self first, and you’ll probably do the same after hearing about how she got here.In This Episode We CoverUsing your age as a benefit and how to get around clients/customers judging you by your youthWhere to find the most cash-flowing real estate deals that no one else knows aboutLiving frugally as you make more money and resisting lifestyle creep at all costsThe multitude of passive income streams almost anyone can createSelling your rental properties in 2022 and why the “passive” landlord dream isn’t all it’s cracked up to beImposter syndrome and why self-doubt could be costing you tens of thousandsAnd 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 BudgetRetiring in 2 years Through “Aggressive” Rental Property Investing with Rachel RichardsMoneyHoney WebsiteDownload Rachel's "Passive Income Starter Kit"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