BiggerPockets Money Podcast

If you want to invest in real estate, you’ll need a few things: a property, an income source, and some cash. If you’ve got all three, you should be able to finance your way to owning a rental property, but this becomes a little more challenging when you’re someone with fluctuating income. Entrepreneurs, especially those without a consistent client base or consistent schedules, have a seriously hard time tracking, budgeting, and saving their income which changes every other month.Chelsea and Wade feel this way as well. They’re both entrepreneurs, but, as a filmmaker, Wade has far more fluid income than Chelsea does. Some months Wade will bring in tens of thousands, while other months, nothing. Chelsea can subsidize the household budget with her more regular income, but even then, the couple needs to keep a strong safety reserve to ensure they’re never going too over budget without their bank account being refilled.Thankfully, Chelsea and Wade are very good at managing their money and may actually have too much of it. They’relooking to dive into real estate investing to start building a path to financial freedom. With a serious amount of safety reserves, they’re thinking of buying a short-term rental as their first investment property. But, does their inconsistent income threaten their vacation rental plans?In This Episode We CoverHow to manage emergency funds and safety reserves when self-employedRetirement accounts vs. rental property investing and which is best for early FISaving for your child’s college and why a 529 plan may limit your child’s future choicesSelf-employed health insurance and whether or not getting a job is worth the lucrative benefitsThe most important metric to look at when investing in short-term rental properties Whether or not your cash position is too conservative for your investing goalsAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply 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 Find Free Money to Finance Your Education & Avoid Extensive Student DebtIs 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 Cooper529 Plan Rules - Nerdwallet article Learn more about your ad choices. Visit megaphone.fm/adchoices

Before you quit your job, you will need to prepare yourself not just financially, but mentally. If you’re thinking of leaving your W2, and you're not at retirement age just yet, odds are you have a side hustle or even an entire small business. As the side hustle begins to grow, you may be torn between spending time at your job and putting in the hours to scale your business.This is doubly true if you’re like Daniella Flores from I Like to Dabble, who is at a high-paying, fully-remote job with a solid share of benefits. Before she decided to scale down her full-time work, she had to come up with an action plan that would allow her to slowly slip away from corporate life, so she can avoid the instant shock of being an overnight entrepreneur.Daniella has some helpful tips for anyone who thinks their time at a job is close to the end. She has spent the last year or so planning for the departure, so when she leaves her job, she doesn’t need to search for a new one! Now, she can spend more of her time writing, designing, and building something that will truly set her up for long-term financial (and time) freedom.In This Episode We CoverThe importance of having a side hustle (especially when you’ve been working for a while)Job hopping and negotiating more than just salary at your new or current jobPrioritizing yourself in your company and the downside of saying “yes” too oftenBuilding a stable reserve fund so you can quit with confidenceSelf-Directed 401k and other retirement options that self-employed individuals haveSelf-employed health insurance and how to keep your benefits as you step away from full-time workAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterConnect with DavidApply 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, BiggerPocketsI Like to Dabble Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s a strange time for student debt. On one hand, many college graduates are electing not to pay their student loans while they sit in forbearance. On the other, some debtors are choosing to take advantage of the zero-percent interest period as a way for them to pay down their loans faster. While neither of those choices is inherently wrong, they may also not be right. Today’s guest, Colton, finds himself in this position with a good $300,000 worth of student debt.This number encompasses both Colton and his wife’s student loan payments. A good portion of their loans can be forgiven over twenty years, so which loan balance should he handle first? Thankfully, with Colton’s sizable take-home pay, he has options that many wouldn’t think of. Scott and Mindy debate on whether or not paying off debt early, waiting for forgiveness, or investing instead would be the best course of action for Colton.Regardless of whether you have student debt, a car loan, a medical loan, or any other type of timely payment due soon, this is a calculation worth performing. Scott and Mindy also take a look at Colton’s diversified portfolio of assets, arguing that diversification could be leading him down a long path to FI, instead of helping him gain financial footing.In This Episode We CoverHow over-diversification can set you back from reaching your financial goalsWhy the “grind to FI” doesn’t have to destroy the life you loveReal estate investing as a hedge against large amounts of personal debtStudent loan forbearance and forgiveness, plus when to start paying back your loansPrivate mortgage insurance and the multiple options you have to get rid of itLive in flip tips and how to keep your sanity while renovating your primary residence And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply 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 BudgetStudent Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert FarringtonFinance Friday: Using Student Loan Forgiveness to Catapult FI w/ Sammie Learn more about your ad choices. Visit megaphone.fm/adchoices

You may have seen mortgage tips posted throughout the forums or in the BiggerPockets Money Facebook Group, but rarely do you get preapproval tips straight from a lender themselves. As the housing market stays hot and interest rates continue to rise, it may seem harder and harder to get approved for the amount, or the interest rate, that you want. Now, instead of guessing what you can do to increase your financeability, you can get answers directly from the source!Joining us today is Jon Lallande, former mortgage lender, now real estate investor. Jon has helped close tens of millions of dollars in mortgages and has funded homes across the US. He’s on today to help us separate the wheat from the lending chaff so you can have a smoother preapproval process. Jon touches on the different types of lenders, how to increase your credit score before you apply for a loan, getting around lender “overlays”, and how tax deductions can be dangerous for self-employed professionals.No matter your qualification query, Jon probably has an answer to it. Listening to this episode may just give you the steps you need to finally lock down that first deal, primary residence, or next investment property!In This Episode We CoverThe easiest way to make yourself “attractive” to a lender Lender overlays and how to get around them so you can get preapprovedThe easiest way to raise your credit score so you can get the best loan possibleThe upside of PMI (private mortgage insurance) and how to purchase properties with low money downWhy many investors put themselves in mortgage fraud territory and how you can stay out of itHow to get a mortgage as a self-employed individual and when NOT to take deductionsAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterApply 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, BiggerPocketsFinance Friday: Building Your Financial Runway Even with Irregular Income w/ Eric DunnFinance Friday: Should You Pay Off Your Mortgage Early or Invest?Ginnie Mae WebsiteCredit Karma Learn more about your ad choices. Visit megaphone.fm/adchoices

Almost every age group wants to know how to retire in ten years. Whether you’re in your teens, your mid-thirties, or your mid-fifties, retirement can seem like an eternity away. Those who retire early and find financial freedom tend to do so through a combination of smart investing, early saving, and a tenacity for budgeting (without giving up everything they love). But what if you don’t have time on your side? What if you’re still paying off debt? Is it still possible to retire?Thankfully for today’s guest Rik, and all you listeners at home, we can safely say that retirement is in reach, even if you feel like you’re a little off track. Rik has three degrees and as a result, is strapped with some moderate student debt. He wants to retire in five to ten years and realizes that it will take some work to get him in that position. Thankfully, he has some hands-on real estate investing experience—owning a duplex and performing a live in flip on his primary residence.Rik is more than willing to get his hands dirty in his pursuit of early retirement, whether that means doing remodels himself, limiting his booze budget, or simply living a little leaner. With some smart investments under his belt, he’s been able to set himself up in a good position to take on more projects, have smarter debt, and keep more cash. But, Rik will need to take care of a few things first before he can continue building this retirement runway that’s already underway.In This Episode We CoverStudent loan debt forgiveness and how to pay off your debt in the smartest way possibleHouse hacking, live in flipping, and turning your home into a cash-flowing machine or equity checkBuilding a strong cash position/safety reserve and having the funds to invest fasterHELOCs (home equity lines of credit) and using them to pay off renovationsWhether to rent or sell a property in these high-interest timesBuilding a retirement nest egg that allows you to travel, take time off of work, and creatively investAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelMintMobile.comAmazon PrimeListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetRookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?Finance Friday: How to Avoid the “Middle Class Trap” When Building WealthFinance Friday: How Do I Get Out Of This Cash Flow Crisis? Learn more about your ad choices. Visit megaphone.fm/adchoices

Asking for a prenup (prenuptial agreement) can be an exceedingly scary ask. To your partner, a prenup may seem like a way of telling them that you’re planning for a future divorce. But, in reality, it could be the thing that secretly saves your marriage. The everyday American knows very little about the prenuptial agreement and has gotten most of their information from movies, reality TV shows, and hearsay from friends and relatives. We wanted to know the truth about prenups, so we invited attorney Aaron Thomas on the podcast.Aaron Thomas has a wide range of experience in family law, divorce law, and anything that comes from legally joining (or separating) a couple. He knows how difficult divorce cases can be and saw the same mistakes repeated by couples. The lack of communication over finances, minimal planning (if any at all), and wishful thinking led to more and more couples seeking separation shortly after marriage.Now, Aaron and his team work with couples to form strong prenuptial and postnuptial agreements so that they have a rock-solid financial foundation to stand on when dealing with the daily joys and struggles of marriage. Aaron argues that the prenup may be the most important step in mitigating a divorce and that the protection of a prenup goes far beyond wealth. If you never thought about getting a prenup or postnup before, you definitely will after this episode!In This Episode We CoverPrenuptial and postnuptial agreements explained and what they protectAdded stipulations in a prenup that most couples don’t know aboutThe optimal way to combine finances as a couple and how to split uneven paychecksHow to bring up a prenup or postnup to a partner who’s feeling averse to oneThe cost of divorce vs. a prenup and why you DON’T want to leave a legal separation up to state lawsWhich couples shouldn’t look into signing a prenuptial or postnuptial agreementAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterApply 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 BudgetATL Aaron Thomas LawBiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin LowryPrenups.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You’ve heard of middle-class money traps before. Like spending your whole paycheck on rent, not paying yourself first, and the sneaky seduction of obsessive eating out. Today, we’re talking about a far less known type of middle-class trap, the type that keeps your wealth growing but limits the amount of “freedom” you feel in the process. Oftentimes, savers can find themselves in a position with a big cash surplus but hold tight to it to feel “safe” instead of feeling flexible.Today’s guest, April, falls into this category. She’s done a phenomenal job at building a millionaire life, keeping large cash savings, and diligently investing in retirement accounts. She’s in a favorable position, but it’s not the position she wants to stay in. April wants to feel a true sense of financial flexibility, with the option to leave her job or decrease the amount of time she spends working. But, to do this, she’ll have to confront her limited “cash scarcity” mindset and chase other investing options.Scott and Mindy guide April on exactly how to do this, walking through various types of investment options that she (and you at home) can use to maximize a lifestyle for freedom, not just wealth. Even a financial powerhouse like Mindy struggles with these same issues, and you might too once you hit millionaire status!In This Episode We CoverWhether or not you’re overinvesting in retirement accounts (and how to find out if you are)Converting from a scarcity mindset to money abundant mindset to truly take worthwhile risksInvesting in passive income streams like rental properties, syndications, and dividend stocksHow much to keep in your cash position and when to start investing your excess capitalHELOCs (home equity lines of credit) and how they can combat a low-cash positionWhether or not to pay off your mortgage early (or your car loan!)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply 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 Money Podcast 243: Ramit Sethi's Money Advice for Couples: Live a Rich Life, TogetherBiggerPockets Money Podcast 260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)BiggerPockets Money Podcast 18: Accessing Retirement Funds Before Age 59½ with The Mad Fientist Learn more about your ad choices. Visit megaphone.fm/adchoices

Budget meals, cheap eats, and deliciously discounted recipes are all in this episode of the BiggerPockets Money Podcast. As many of you financial freedom chasers know, one of the biggest monthly expenses on your budget tends to be food costs. Whether that be going out or grocery shopping to feed yourself, your spouse, your kids, and anyone else in your family— eating well isn’t cheap…or so most people think.Beth Moncel is here to tell you that the preconceived notion of good food = expensive food, isn’t exactly right. Beth started her blog, Budget Bytes, over a decade ago during the great recession, when many families struggled to put food on the table. With a degree in nutrition, Beth knew that she could scientifically design recipes that not only filled up her family but helped her do so on a budget.If you’re constantly going over your food budget, this is the episode to listen to. Beth gives a masterclass on food budget savers vs. sinkers, pantry staples and go-to recipes, meal planning, eating out, and whether or not you should shop on an empty stomach. Prepare to upgrade your dinner time while keeping more cash in your pocket!In This Episode We CoverCommon mistakes budgeters make when trying to plan weekly meals The biggest budget busters you’ll find in your local grocery store and what to buy insteadBeth’s go-to recipes that also act as pantry clean-out meals for less food wasteMeal planning and how to start with simple, filling recipes you won’t get tired ofShopping without coupons and why the best ingredients are often the cheapestCalculating the exact cost of your meals and tweaking recipes for frugal shoppersAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterApply 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 Money Podcast 251 with Preston CooperFlipp.com WebsiteBudgetBytes.comConnect with David Learn more about your ad choices. Visit megaphone.fm/adchoices

Stock market crashes aren’t common, but when they happen, they often catch you by surprise. Thankfully, we’re not in the middle of a stock market crash, but this current correction or “dip” we’re riding has got some early retirement and FIRE chasers feeling a little anxious. Carl and Mindy Jensen, real estate and index fund investors, have seen a twenty-five percent drop in their portfolio just over the past six months alone. What effect does that have on their future financial plans?Welcome back to this month’s episode of Carl and Mindy’s Spending Summary, where we finally get to see an under budget month! Thanks to some family frugality, Carl and Mindy were able to shop pretty light this April, even while going over budget on some essentials like groceries and medical expenses. This may be the last under budget month for a bit as some upcoming trips may prop up their expenses as we roll into summer.Carl and Mindy have also been keeping an eye on the stock market and how its performance is affecting their portfolio and future retirement plans. When Carl decided to step away from work five years ago, he had the tailwinds of a strong stock market at his back. But, with recent drops in stock valuation, it begs the question: would Carl still be able to retire early if the market conditions mirrored today?In This Episode We CoverThe budgeting and expense tracking “slog” that helps you spend less and keep more Expensive summer trips and how to account for future travel in your monthly budgetThe Nasdaq’s rough month and what to do when stock indexes start to fallThe 4% rule and how rough market conditions could hurt your early retirement plansWhether or not you should still retire during a market crash/correction And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply 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, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and BudgetHear Our Interview with 4% Rule Creator, Bill BengenMichael Kitces’ Interview on FIRE and the 4% RuleThe “Mile High FI” Podcast1,500 Days to FreedomConnect with Carl on BiggerPockets Learn more about your ad choices. Visit megaphone.fm/adchoices

The idea of college comes with a lot of questions—but there is one question that isn't usually asked: is college worth the cost? Most would say yes, but the honest answer is sometimes. Today’s guest, Robert Farrington, the College Investor, answers college questions in a detailed manner to help you make profitable decisions on your higher education choices.Robert goes over how to look at college as a business decision rather than a necessity. A deciding factor in any college decision should be profitability. Is going to college going to make you more valuable in your field? Will the salary you make post-grad outweigh the student loans you took out? What financial resources are available to you to minimize debt and out-of-pocket expenses? How can you leave college debt-free? When you start asking the right questions, each decision gets easier. And in today’s episode, Robert gives you the right questions to ask. He also goes over different ways to pay for college, including FAFSA, grants, and scholarships, and how each of them work. College requires a lot of informed choices, and this episode contains the knowledge to equip you to make those choices. In This Episode We CoverLooking at college as a business decision and determining whether a college education is financially worth it for you (or your child) How to finance college through loans, grants, financial aid, and scholarships 529 plans explained and why it's an ideal way to save for college Saving yourself by using the “Yes Model” to save for college FAFSA vs. scholarships and how to apply for both Cutting your college expenses in half with government-sponsored programs And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterApply 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, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and BudgetHere's What I Wish Someone Told Me Before I Racked Up $180,000 In Student Loan DebtHow To Pay For CollegeHow To Save For CollegeUltimate Guide To Military And VA Education BenefitsTaxable ScholarshipsCheck the full show notes here: https://www.biggerpockets.com/blog/money-297 Learn more about your ad choices. Visit megaphone.fm/adchoices