BiggerPockets Money Podcast

Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job, which he uses to support his family, he also has 5 other streams of income on the side!From contract welding projects, to dropshipping, renting out his trailer, and even raising rabbits (seriously!), Cort has done almost everything under the sun to build up his assets. The main problem: some income streams are taking up too much time, while providing too little in return.This is a constant problem that entrepreneurs and FIRE members face, too many options! Mindy and Scott go through Cort Johnson's income, budget, expenses, and general finances to see where he should allocate his time for maximum return.This episode goes deep on the importance of scalable income and following your passions to develop side income streams that you enjoy. Cort dreams big about starting his own business, investing in multifamily property, and living financially free. As you’ll hear in this episode, he’s not far off!In This Episode We Cover How to focus on side income streams that are worth the time Budgeting and expense tracking so you spend less Calculating the value of your time (so you don’t waste it) Why you should “do what you know” if you’re going to start your own business Turning a large single family property into a multi family for house hacking  Why dropshipping is such a great side hustle for busy people And SO Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Check the full show notes here: https://www.biggerpockets.com/moneyshow160 Learn more about your ad choices. Visit megaphone.fm/adchoices

What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial picture. While it may seem scary at first, working together to solve financial problems and gravitating towards financial freedom can bring you closer together.That’s exactly what happened to Talaat and Tai McNeely from His and Her Money. Both were raised in frugal houses, but like many frugally-raised people, they split in financial directions. Tai was busy putting herself through college, debt free! On the other hand, Talaat went into the military and started spending his pay on consumer goods. The cars, the clothes, and everything in between.Tai later learned that Talaat had around $30,000 in consumer debt! So what did she do, walk away from him? Of course not! She worked with Talaat and put together a plan where they both could work hard to get out of debt.Shortly after, Talaat was debt free, so what did they do next? They bought their house, and came up with a plan to completely pay it off in 5 years (Yes, 5). Now Talaat and Tai run His and Her Money, helping other couples work together to reach their financial goals.Talaat and Tai have 7 key tips to staying happy and secure in a marriage where the finances are shared, and how to stray away from the “2-Income Trap”.In This Episode We Cover Why you should go over finances before getting married  The importance of inspiring your partner to have the right finance mentality  The importance of introspection when dealing with a partner’s money situations How to stray away from the “2-Income Trap” Whether or not you should combine finances in a marriage The pros/cons of paying off your home quickly The 7 key tips to creating a financially harmonious relationship And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Money Podcast 73 with Ramit BiggerPockets Money Podcast 127 with Ramit Check the full show notes here: https://www.biggerpockets.com/moneyshow159 Learn more about your ad choices. Visit megaphone.fm/adchoices

Happy New Year! With the first 2021 episode of Finance Fridays, we take a look at Wayne Loux’s investments, income streams, and overall finances. Wayne is like many of our listeners: working a W2 job, but also supporting himself and his family by having 1099 income from being a real estate agent. On top of that, Wayne has over 10 rental units, spread throughout different multifamily properties. He also has solid retirement savings and cash on hand.With all this income, Wayne wanted answers on whether or not he should lessen his time at his W2 job, take more cash out from equity in the multifamily properties he owns, and other common real estate investment questions.Scott and Mindy go through different strategies that can help Wayne grow his portfolio. From 1031 exchanges, to setting up self-directed IRAs, and cash-out refinancing to build an out of state portfolio. These are questions we hear from many investors on the BiggerPockets forums, so stay tuned because Scott and Mindy just might answer a question you’ve had!In This Episode We Cover How to value your time as a high-earning professional Putting family over work, even if it means stepping away from an income stream Which investments should you put money into when all your bills are being paid? SEP IRAs and Self-Directed IRAs Using 1031 exchanges to lower your tax burden when investing  Finding jobs that can scale your income (and leaving those that don’t) Whether you’re over or under leveraging your current portfolio  How to speak to your partner about big financial steps And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Calculator Check the full show notes here: https://www.biggerpockets.com/moneyshow158 Learn more about your ad choices. Visit megaphone.fm/adchoices

Calling all couples! You and your partner may be on the same page financially, or off in two different directions, regardless of where you’re at, it’s a great time to start having money dates!In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well!If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves. If you have a partner who may be a bit averse to the concept of a money date, have no fear, Mindy and Scott have perfected their plan for setting up a successful money date, and how to make it enjoyable when you’re in it.With the new year coming up very soon, this is the perfect time to plan a money date with your special someone, you won’t regret it!In This Episode We Cover What is a “money date” What to do before you suggest a money date to your partner How to make the money date successful and what topics to bring up Following up on your money date and setting up systems for success The importance of keeping your ideas simple in a money date How to present the idea to a partner who may not be too keen on finances  Why money dates help create healthier, happier relationships  And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Wheel of Life Worksheet Money Date Template Finance Review Guest Onboarding Check the full show notes here: https://www.biggerpockets.com/moneyshow157 Learn more about your ad choices. Visit megaphone.fm/adchoices

Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you!Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level!Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible.While most real estate investors champion loans and leveraging as much as possible, Richard thinks differently. He finds a position of strength by not overleveraging, owning rentals outright, and having a solid safety net to depend on. Richard now sits in a great position, early in life, with a lot ahead of him!In This Episode We Cover The importance of maxing out your retirement accounts when you’re young How to not only pay off your rental properties, but primary home sooner Why there is an advantage to not having too much leverage on your investments How to test out a property manager when long-distance investing Why you should set goals to be in a financial position of strength  Why you don’t need to be in a rush to invest right now And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Podcast 268 with Rich Carey Check the full show notes here: https://www.biggerpockets.com/moneyshow156 Learn more about your ad choices. Visit megaphone.fm/adchoices

Robert from Stop Ironing Shirts has had quite a lucrative career path. Starting out as a bank teller in college, he learnt that he really enjoyed math that had dollar signs attached to the numbers. From there, he launched his career forward, first as a commercial banker, and later becoming a well-paid top executive.While he had a great job and a partner who was also bringing in a solid paycheck every month, he slowly started to get tired of the corporate bureaucracy, politics, location dependency, and long hours.Robert has made some mistakes on his path to early retirement. He lost money on a few real` estate deals and he even bought a brand new car (gasp!). None of this stopped him from still living below his means, siphoning off a large portion of his income for investments, and capitalizing on special programs such as the 409a plan.Robert now lives life on his schedule. Whether that be spending copious amounts of time shopping at Costco or surfing at the beach, Robert has a life where he decides what he wants to do, everyday. Thankfully, it didn’t take him 30+ years of working to get there!In This Episode We Cover The importance of choosing a highly lucrative skill set How to fight lifestyle creep, even when you’re making serious money The real cost of a daily commute  How he recovered from real estate losses in 2009 (and after) The psychological difficulties many face when retiring early  What a 409a plan is (and how high-earners can take advantage of it) How much cash should be in reserves for financial independence  And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Money Podcast 153 with Bill Bengen BiggerPockets Money Podcast 120 with Michael Kitces BiggerPockets Money Podcast 136 with Doug Nordman Mr. Money Mustache The Non-Qualified Deferred Compensation Plan Check the full show notes here: https://www.biggerpockets.com/moneyshow155 Learn more about your ad choices. Visit megaphone.fm/adchoices

Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving.As a big spender in college, Allison didn’t see a real reason to save instead of spend. She would take herself on frequent trips to the mall to treat herself when she aced a test, or make herself feel better if she flunked one.It wasn’t until her first son was born that her and her husband realized they wouldn’t have enough in the budget to pay for childcare costs, and thus, the Inspired Budget was born!After a few years of limited spending and frequent budget analyzing, Allison and her Husband paid off over $110,000+ in debt and are now on their way to financial abundance.Allison talks about the importance of giving yourself spending, investing, and saving allowances and how you don’t need to sacrifice everything to become financially safe!In This Episode We Cover The importance of setting budgets early on in life (and keeping up with them) Changing the “how much do I have to spend” mindset into a “how much do I have to save” way of thinking Why you need to own your relationship with money How to have financial talks with your partner (even when it’s awkward) Why you need spending allowances so you can enjoy your money Why investing isn’t a linear path, but a rollercoaster (and why the dips don’t define you!) Refusing the mental trap of “I can’t be rich” while being at a low-income job And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Check the full show notes here: https://www.biggerpockets.com/moneyshow154 Learn more about your ad choices. Visit megaphone.fm/adchoices

Bill Bengen, renowned financial advisor and creator of the 4% rule, shares his insights on retirement planning and portfolio management. He explains how he devised the 4% rule and why it remains relevant today. The conversation highlights the impact of inflation and the psychological challenges retirees face during market downturns. Bengen also discusses the importance of strategic investment choices and diversification, while cautioning against the pitfalls of '1 more year syndrome'—a common retirement misstep.

To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level?Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts.Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog.Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey.In This Episode We Cover How to reach your retirement goals even if you start later in life Snowballing your debt so you can save more Changing your financial mindset to get where you need to be The 2 key ways to get your retirement savings up How catchup contribution accounts like the 457b plan can accelerate your investing Being intentional with your money while lining up your saving/investing with your values The importance of educating yourself and not relying entirely on others for financial advice And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Dave Ramsey BiggerPockets Money Podcast 18 with Mad Fientist Check the full show notes here: https://www.biggerpockets.com/moneyshow152 Learn more about your ad choices. Visit megaphone.fm/adchoices

You may know Tony J Robinson as the co-host of the Real Estate Rookie podcast, but you probably don’t know his backstory.As a single dad working his way through college and student debt, Tony knew that he needed to have a plan in place to pursue his goals and find financial freedom. He also knew he didn’t want to repeat the same real estate mistakes as his parents.He went from an engineering student, to owning a small tutoring business, to marketing, and finally landed a sweet gig at Tesla!After paying off debt, creating a healthy reserve fund, and divvying his money into over 20 different checking accounts (yes, 20+), he was able to reap the rewards of smart financial management and chase down freedom through real estate.If you’re trying to consolidate debt, find ways to make more money at a job, or leverage creative funding to finance your next deal, Tony has a solution to your problem.In This Episode We Cover How job jumping can accelerate your raises and income growth Why EVERY investor (and person in general) needs a healthy cash reserve The importance of talking to your children about finance Why being good at math doesn’t mean you’re great at financial management  How paying off debt can drive investment funding How to fight lifestyle/income creep so you can live below your means The strategy to leverage your stock portfolio for real estate funding Creating the “why” behind financial decisions And so much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Dave Ramsey's Envelope System Explained BiggerPockets Money Podcast 149 with Nick Groover BiggerPockets Money Podcast 112 with Natalie Kolodij Rookie Podcast 10 with Tony Robinson Rookie Podcast 37 with Tony Robinson Check the full show notes here: https://www.biggerpockets.com/moneyshow151 Learn more about your ad choices. Visit megaphone.fm/adchoices