BiggerPockets Money Podcast

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Apr 21, 2023

00:55:09

Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice?

On this Finance Friday, we talk to Patrick, who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate, as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about.

But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies, HELOCs (home equity lines of credit), car loans, and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family!

In This Episode We Cover

Student loan debt and what you MUST do to become debt-free

Whole life insurance policies and whether they’re worth the high monthly premiums

The true cost of college and what to know BEFORE you finance your degree

Rental property headaches and when real estate investing may NOT be the right move

Ditching dual income to become a stay-at-home parent and who is in the position to do so

Reaching financial freedom as a new parent and the sacrifices you MUST make to retire early

And So Much More!

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The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple

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Money Moment

Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought

Is 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 Cooper

Should You Pay Down Student Debt or Start Investing?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-403

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Apr 17, 2023

00:42:41

Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor, you need top-notch tax advice if you hope to reap the best tax savings when filing—legally, of course. And that’s exactly what we’ve got for you today!

Welcome back to another episode of the BiggerPockets Money podcast. Ahead of this year’s tax deadline, we’ve brought in reinforcements to answer all of your burning tax questions. Today’s guests are Kyle Mast, fee-only certified financial planner (CFP) and real estate investor, and Natalie Kolodij, real estate tax strategist and IRS enrolled agent. In this episode, they use their collective tax expertise and perspectives to tackle a handful of key topics.

Ever wondered whether there are different tax benefits when buying a property in cash rather than via a traditional home loan? If you’re in a partnership on a short-term rental property, how do you claim depreciation? What is a cost segregation study, and when should you do one instead of taking depreciation deductions over the normal timeline? As always, our trusted host Mindy chimes in with some important nuggets to help make your journey toward financial freedom that much easier (while owing less to Uncle Sam)!

In This Episode We Cover

Tax benefits of buying a property in cash versus getting a loan

The “2-out-of-5-year” rule that allows you to avoid HUGE capital gains taxes

How to claim depreciation deductions in an investing partnership

The pros and cons of cost segregation studies and normal depreciation deductions

Why you NEED to hire a real estate tax strategist (and how to find one!)

How to set up your business entity for the best real estate tax savings

And So Much More!

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Connect with Mindy on BiggerPockets

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Get Tax Professional Recommendations from Other Investors

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Money Moment

The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of

Year-End Tax Tips and How to Owe Even Less in 2023

2023 Real Estate Taxes: Write-Offs, Loopholes, and How to Pay Less Next Year

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-402

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Apr 14, 2023

00:58:23

How important are beneficiary designations? What happens if you die without a will? What are intestate succession laws? Death is a subject that most people want to avoid, especially when it intersects with finances. Unfortunately, these are necessary questions to ask, as your legacy is at stake, and taking just a few hours to plan could save your family thousands of hours after you pass.

When guest and long-time friend Renee received the call that her husband of nine years had passed unexpectedly, she was left to deal with not only her own grief but also the financial implications of her husband’s death. While the two had discussed death and finances on multiple occasions, little did they know that a common financial error would create a logistical nightmare—one that would lead to ongoing legal battles and fractured relationships.

In today’s episode, Renee joins us to tell her story and stress the importance of planning for the unexpected. We cover things like beneficiary designations, wills, living trusts, and intestate succession laws. Renee also shares the three steps you MUST take to avoid having a post-passing financial nightmare. As always, our hosts Mindy and Scott are here to share some invaluable advice you won’t want to miss!

In This Episode We Cover

How a few hours of end-of-life planning could save your next of kin thousands of hours

Why beneficiary designations are king for all financial assets

Intestate succession laws and what happens when you die without a will

When others may have a legal claim to assets over a spouse

How relationships are impacted by the financial implications of your passing

The three steps you MUST take to get your assets in order before you die

And So Much More!

Links from the Show

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Getting Financially “Naked” with Your Significant Other — With Erin Lowry from Broke Millennial (Episode #24)

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Estate Planning, Wills, and What to Do NOW to Protect Your Heirs w/Jordan Klint (Episode #395)

Get Your Family Emergency Binder

The Easiest Way to Create a Will

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-401

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Apr 10, 2023

00:55:13

Being able to retire early is a blessing and a curse. When you first start working a job, all you can think of is escaping your everyday responsibilities. The mind-numbing tasks, the early mornings, late nights, horrible bosses—it all adds up. But, you then find the “financial independence, retire early movement (FIRE),” and almost overnight, you decide that your future will be dedicated to setting yourself financially free. You develop skills that help you make more at your job, feeding into bigger, better investments. And as a result, you end up being in a better position, at a more respectable job, earning more than you thought possible, and enjoying the challenge of everyday work.

This is precisely what happened to your hosts, Mindy Jensen and Scott Trench. Both started at jobs they didn’t love, wanting to be financially free. Through hard work and skill-building, Mindy and Scott were brought together, prompting them to start the BiggerPockets Money Podcast and build a company they both love. Now financially free, Mindy and Scott refuse to retire early for a good reason.

In this special four-hundredth episode, Mindy and Scott share their money stories, how they found the FIRE movement, what they did with their money, and why they choose to work, even though they don’t have to. If you want to know the real reason behind Scott and Mindy’s skyrocketing success, stick around because their stories are much more repeatable than you may think.

In This Episode We Cover

The origins of the BiggerPockets Money Podcast and how risky investing prompted a powerful podcast

The index fund vs. individual stock-picking debate and why Mindy started to shift her portfolio

How Mindy and Scott found the FIRE movement and how they both quickly reached financial independence

Becoming a CEO and why Scott’s “don’t ask for a raise” philosophy paid off BIG time

Choosing to work instead of retiring early and why a meaningful livelihood beats a relaxing early retirement

The simple but profound moves Scott made to triple his net worth in just a few years

And So Much More!

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Mindy's

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Mr. Money Mustache's article

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Money Moment

1,500 Days

Breaking the Taboo of Talking About Money with Friends, Family, and Bosses

How to Change Your Financial Life with a Money “Reset”

Margin Loans: Low-Interest Lending or Risky Rates?

Mindy's First Episode: Jump Starting Your Early FI Plans by Live-in Flipping

Scott’s First Episode: An All-Out Approach to Financial Independence at an Early Age

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-400

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Apr 07, 2023

00:52:24

Want to retire early in your 30s? Early retirement may be closer than you think. With smart money moves, intelligent investments, and the ability to save more than you spend, you could trade forty-hour work weeks for full days with your family. But, before you do, you’ll need to set yourself up with some killer cash flow, so your assets can pay for your lifestyle while you sit back and enjoy ultimate time freedom.

This is exactly what Jenny Bayless did over the past ten years. After college, Jenny was able to score a well-paying job but realized only a few months in that the “work for forty years, retire at sixty-five” plan wasn’t worth the grind. So, shestarted aggressively saving, doing whatever she could to get into her first property. From there, she stumbled upon the BRRRR strategy of real estate investing, allowing her to recycle her cash to buy more properties in far less time than it took to save up for a down payment.

In this episode, Jenny explains precisely how this method led her to financial freedom, what FIRE-chasers in 2023 can do to retire even earlier, and why EVERYONE should have a financial exit plan, no matter how much they love their work. Jenny’s repeatable system to financial freedom through real estate isn’t as complicated as you might think, and she gives three crucial tips that, when followed, will lead to FIRE even faster!

In This Episode We Cover

How to retire in ten years (or less!) by using the BRRRR investing method

Leaving your W2 and how to know it’s the right time to walk away from a paycheck

Three tips ANYONE can follow to hit financial freedom faster

“Failing forward” and why those that make mistakes are the ones who get ahead

Cash-out refinances and how to recycle your down payment funds to buy more property

Life after FIRE and why you’re still allowed to make money even when retired early

And So Much More!

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Connect with James

Meet Scott and James at BPCon2023

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Money Moment

Grab The Book on “Investing in Real Estate with No (and Low) Money Down”

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-399

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Apr 03, 2023

00:58:09

For so long, early retirement has been THE goal of those chasing financial independence. Can you imagine waking up with unlimited time, not having to work, and reporting to no one but yourself? Now imagine that day in and day out. Before long, the luster of never working gets to you, and that's because if you've achieved financial independence, the regular type of "retirement" just won't work. But what if you could restart your career, do something you REALLY cared about, or build your dream business?

Jill Schlesinger, author of The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life, has redefined what FIRE should mean. Instead of financial independence, retire early, she's opting for financial independence, new endeavor. Now, those skills you've been building for decades can be put to good use, working how much you want, for who you want, and doing what you want.

But what if you're not at financial independence yet? What if you're stuck feeling miserable in a job, slogging your way to retirement? Jill suggests performing a "money reset." Through a five-step system, you'll see where you stand financially, what's important to you, and how to change your life entirely so you can stop doing what you must and start doing what you love. Whether you're retired, retired early, on the path to FI, or don't know where to start, Jill's money thoughts will rock your financial world.

In This Episode We Cover

Why you (probably) AREN'T pursuing your dreams, and whether money is REALLY the issue

Resetting your career and why it's a smart move to make MULTIPLE times in life

The FINE alternative to the FIRE movement, and why working after early retirement is a blessing, not a curse

The 'Fabulous Five" that will give you an overall picture of your financial health and money wealth

How to perform a "money reset" no matter what stage you're at in life (or how much money you have)

And So Much More!

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Henry's BiggerPockets Profile

Henry's Instagram

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On The Market

Check Out Mindy’s 2022 Live Spending Tracker and Budget

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Money Moment

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-398

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Mar 31, 2023

00:47:09

Financial freedom allows you to do what you want, when you want, and with who you want. But it’s not just for lounging in hammocks or jet-setting around the world. When tragedy strikes, a sudden loss occurs, and you need time to spend with your family, friends, and loved ones, financial freedom becomes the bedrock of what helps you recover. This is why the option to retire early is so crucial for the everyday American; you never know when you’ll need to take some time for yourself.

Jordan Klint, former guest on episode sixty-three, achieved financial freedom at a surprisingly young age, with five children to boot! His time freedom and ability to live on his terms was an added bonus the last time we talked to him, but now, we understand that it was necessary for Jordan to keep sane during the past year. Jordan’s family went through a significant tragedy, resulting in the loss of not one but multiple relatives all at once. This was an incredibly hard time for Jordan and his family but has allowed him to reflect on what FIRE-chasers need to do to ensure their families are protected when they pass.

While this episode does bring up some difficult points, it’s full of extremely useful tips that Jordan used to get his family’s finances together. We get into estate planning, why you need a will, life insurance, car insurance, and the “emergency binder” that EVERYONE should have. Don’t wait until the unexpected happens. If you’re building wealth, you NEED to put these plans in place.

In This Episode We Cover

Estate planning 101 and why trusts, wills, and other documents can protect your family’s wealth

Self-care, mental health, and why investing in your friends is so important

Life insurance and why buying a policy is crucial for family members who rely on you

Financial planners and how to use their expertise to help you structure an after-passing plan

Early retirement and how Jordan was able to take time to recover and recharge

Jordan’s post-retirement portfolio and how he’s spending his days after reaching financial freedom

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Hear Our Last Episode with Jordan

Everything You Need to Know BEFORE You Invest in Syndications

Grab the “Emergency Binder”

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-397

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Mar 27, 2023

00:57:30

You want to retire early, but odds are, you think that you can’t. Whether it’s a high-stress job, a business that requires your full attention, or just the belief that you MUST be working, most Americans don’t think they can regain their time freedom. But most people don’t know about “lifestyle investing.” Instead of trying to be the wealthiest investor with the biggest house, fastest car, and most money in the bank, lifestyle investing asks, “what do you TRULY need to be financially free?”

And there’s no one better to answer this question than Justin Donald, author of The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom. Justin redefined what it means to be rich by focusing on time, not money, as the most important metric. He went from working as a stressed-out business owner to having complete time and financial freedom simply by putting the lifestyle he wanted before everything else. And he has a lot to teach those of us that have yet to hit financial independence.

Today, Justin will define some of his cash flow commandments, explain why passive income is the most essential investment you can make, and detail how to start living a proactive, not reactive, lifestyle. No matter where you’re at financially, this shift in understanding will help you build the life you love, WITHOUT creating more tasks for yourself to take care of!

In This Episode We Cover

Lifestyle investing explained, and why time freedom is far more important than money

How to find out whether you run your business or your business runs you

The ten commandments of passive cash flow and where to find it

Real estate investing and other income streams EVERYONE should know about

Diversification vs. concentration and which builds wealth faster

De-risking your investments and how to get money out of any deal your enter

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Jamil's Profile

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

12 Ways To Make Passive Income From Real Estate Investing

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-396

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Mar 24, 2023

00:55:55

Want to hit FIRE? You’ll need a smart side hustle. We’re talking about income-doubling, cash-printing, serious side businesses that will allow you to leave your job and grow a substantial income stream, so you can invest the rest andreach the early retirement you’ve dreamed of. And for today’s guest, Alex, this is exactly the goal. Alex left college and went straight into the corporate world, only to realize that her potential wasn’t being met and there were alternative income goldmines that she could be chasing.

So, she got her real estate license as a side hustle, helping buyers and sellers get into and out of homes. Her commissions boosted her income to unforeseen amounts, and now, Alex is sitting on a stack of cash that could help launch her to financial independence. But, even now, with a better job and a serious side hustle, Alex wants to venture deeper into the entrepreneurial realm. The next big dream? Becoming a financial coach for those that want to be in her position.

But, before she starts, Alex needs help figuring out what to do with the savings account she’s been diligently growing. Should she use it to put twenty percent down on a house hack that would limit her living expenses? Or, is there a savvier, more creative way to finance her next property that could put Alex in a FAR better position? If you’re trying to hit FI before, after, or at forty-five, this episode is one you can’t afford to miss!

In This Episode We Cover

Starting your side hustle and boosting your income by turning extra time into money

Creative financing and how to buy your first property at a rock-bottom mortgage rate

How to know if you have too much cash (and what to do with it)

HSAs, IRAs, 401ks, and other retirement accounts you should be throwing cash at

Becoming a real estate agent and whether or not it’s worth it for the commission checks

Designing the perfect portfolio for early retirement (even if you’re just getting started)

House hacking and how to use your primary residence to generate passive income

And So Much More!

Links from the Show

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