BiggerPockets Money

Buying a business? Maybe you’ve thought about it before. You could own a laundromat, self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom. And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know.

Elliott Holland, an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price. Elliot’s team specializes in business due diligence, making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes.

So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued, which loans you can use to buy a business, why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom, but take a wrong turn, and you could lose millions (we’ll share that story, too!).

In This Episode We Cover

How to buy a “boring business” that will lead you to financial freedom

How businesses are valued and why you MUST understand “EBITDA”

Tricky ways that business owners inflate their numbers to sell to you for more

Who should (and definitely shouldn’t) be buying small businesses 

Three things you MUST look at before you make a bid on a business

The wrong move that lost one business owner over $2,000,000 when buying a business

And So Much More!

Links from the Show

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Codie Sanchez: These “Boring Businesses” Will Make You Rich

Leila and Alex Hormozi’s Unbelievably Simple Investing Advice

Sites to Buy Businesses:

Acquire

BizBuySell

Flippa

QuietLight

Elliot’s Resources From Today’s Episode:

LOI Template

12 Public Stories of Failed Due Diligence

Success Stories

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-517

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Want to know how to get rich but fear it could be too late? Perhaps you’ve got responsibilities, bills to pay, and a family to feed. How can you possibly get ahead? Jaspreet Singh’s message is clear: you can still build wealth, but you’re going to have to be intentional with your money, just like every other rich person. There are no shortcuts! 

Today, Jaspreet is a serial entrepreneur, real estate investor, licensed attorney, and host of The Minority Mindset Show. But growing up, his parents wanted him to become a doctor. Despite the immense pressure to fulfill their wishes, Jaspreet found himself gravitating toward entrepreneurship. He started several businesses throughout adolescence and young adulthood—from playing drums at weddings and planning college parties to building ecommerce stores. He lost a TON of money along the way, but taking these risks early on paid off. Eventually, he discovered his true passion, financial education, and built an enormous online business by teaching others how to master personal finance.

America’s capitalist financial system benefits those who are willing to “play the game.” In this episode, Jaspreet shares how fostering a “minority mindset” unlocks the ability to use this country’s tax code, banks, debt, and other systems to your advantage. The catch? It’s a hard, long road. Jaspreet recommends drastic lifestyle changes, such as ruthless frugality, a “decade of sacrifice,” and the 75/15/10 rule. Make no mistake—it’s not going to be easy. But years from now, you’ll be thankful you stuck to this tried-and-true wealth-building philosophy!

In This Episode We Cover

How to foster a healthy relationship with your money

The three phases of wealth (and how to handle money in each stage)

How risk tolerance varies in different stages of wealth building

Why a “decade of sacrifice” is the foundation for long-term wealth

What you MUST do to thrive in America’s financial system

How to be “intentional” with your finances using the 75/15/10 rule

Pre-tax versus post-tax investment accounts and avoiding risk in retirement

And So Much More!

Links from the Show

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Finance Review Guest Onboarding

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How to Get Rich Slowly and Retire Early Than Most with a Modest Portfolio

How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap

Subscribe to the Market Briefs Newsletter

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-516

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Want to know how to get out of debt for good? It’s not as easy as it sounds! The more you chip away at that number, the harder it becomes to resist frivolous spending. But by fostering a healthy money mindset, building credit, and using credit cards the right way, you can stay out of the red!

Welcome back to the BiggerPockets Money podcast! Ashley is a business owner and rental property investor who is well on her way to financial independence. But only a few years ago, she had racked up tens of thousands of dollars in debt on not one, not two, but THREE occasions. In this episode, she shares why she struggled to break free from the snare of consumer debt and why a drastic mindset shift was needed to climb out of a $150,000 hole.

Ashley also takes a deep dive into credit history and touches on each of the five factors that impact your credit score. Along the way, she offers several personal finance tips that will help you pay off debt and raise your score—such as “tiering down” from credit cards you no longer use, increasing your credit age with one simple hack, and striking the perfect mix of credit accounts. Finally, how important is credit? Is it a trap to avoid or a necessary evil that can help propel you toward financial freedom? Stick around to find out!

In This Episode We Cover

How Ashley paid off over $150,000 of debt in just a few years

Why sixty-five percent of your credit score is within YOUR control

Common methods of paying down debt and which one to use

When to keep your old credit cards open (and when to close them instead!)

The credit card “hack” you can use to make your credit age appear longer

Revolving credit versus installment loans (and why you should have both)

And So Much More!

Links from the Show

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Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Finance Review Guest Onboarding

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Podcast Talent Search!

Find an Investor-Friendly Agent in Your Area

Find Investor-Friendly Lenders

How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More! w/Eli Facenda

The Secret to Saving More, Spending Less, and a Perfect Credit Score

How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!)

How to Pull Yourself Out of Car, Student, or Credit Card Debt

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Want to know how to travel for FREE in 2024 and 2025? We’re about to introduce you to the magical world of travel hacking. Never heard of it before? You’re about to have your mind blown. Travel hacking is one of the best ways to turn your everyday spending into free trips, hotel stays, business-class flights, and more. And if you’ve ever wondered how to get into those fancy airport lounges or snag yourself a lie-flat seat next time you’re headed across the Atlantic, this is the episode for you!

Eli Facenda, a travel hacking expert, joins us on this episode to share the beginner's guide to traveling for free. Eli is so good at travel hacking that he started his own consulting agency to help business owners turn their regular expenses into first-class travel wherever they go in the world. Today, he’s sharing his favorite travel credit cards, tips to fly for FREE for the next four years, the biggest credit card point mistakes, and beginner wins to get you your next trip for free.

We’ll also touch on the unbelievable rewards you can get from travel hacking, such as $1,000+/night hotel rooms for free or even a visit to Richard Branson’s private island, ALL through credit card points. Say goodbye to flying coach; these credit card tips will upgrade not only your wallet but your entire trip!

In This Episode We Cover

The best beginner credit cards to start earning points TODAY

How to travel for FREE for the next four years with Southwest’s “Companion Pass”

Why you should NEVER take cash back for your credit card points (do THIS instead)

The most bang-for-buck points transfers that’ll get you exceptional hotel stays for free

Biggest beginner mistakes that’ll cost you when trying to travel hack

How to fly to Europe in business class THIS YEAR with just 50,000 points

And So Much More!

Links from the Show

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Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Finance Review Guest Onboarding

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Mindy on BiggerPockets

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Cards Mentioned in Today’s Show:

Amex Gold

Amex Platinum

Barclays American

Capital One Venture X

Chase Freedom

Chase Sapphire Preferred

Citi American

Costco Card

Hilton Aspire

Southwest Credit Cards

Resources Mentioned in Today’s Show:

AwardWallet

CardPointers

LoungeBuddy

Max Miles Points

One Mile at a Time

TripIt

Upgraded Points

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-514

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Please be advised: this podcast episode contains discussions about sensitive topics, including suicide, which may be distressing for some listeners. If you are experiencing thoughts of suicide or emotional distress, help is available. You can contact the National Suicide Prevention Lifeline by dialing 988 to connect directly with trained counselors who can provide support and assistance 24/7.

____

Could you be ensnared in an elaborate Ponzi scheme? According to today’s guest, cases of financial fraud are MUCH more common than the average investor suspects. Tune in to learn how to protect your nest egg rather than leave your financial future in the hands of untrustworthy people!

Welcome back to the BiggerPockets Money podcast! Today, we’re sitting down with investment fraudster turned anti-fraud advocate, James Brandolino. In 2003, James set out to start his own hedge fund, pooling over three million dollars from friends and family. But one “down” month was the catalyst for eight years of fraudulent activity—a Ponzi scheme that included lying to investors, mailing false statements, and pulling money from the fund to keep the lights on. When the guilt became too much to bear, James turned himself in and has since committed his life to warning investors about the real threat of fraud.

In this episode, James shares his whole story—from starting his fund to serving six years in prison. He talks about common “red flags” to look out for when investing and the importance of due diligence when something seems off. Of course, fraud is prevalent in the real estate investing space as well. Stick around for tips on avoiding real estate scams and how to vet a syndication partner before entrusting them with your money!

In This Episode We Cover

How this former fraudster built a $3.8 million Ponzi scheme

How to prevent investment fraud from happening to YOU

The most common fraud “red flags” to watch out for

How to properly vet someone before entrusting them with your money

Investment fraud in real estate syndications (and how to avoid scams!)

Using your own network to help uncover fraudulent activity

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Finance Review Guest Onboarding

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Mindy on BiggerPockets

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Podcast Talent Search!

Find an Investor-Friendly Agent in Your Area

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Click here to check the full show notes: https://www.biggerpockets.com/blog/money-513

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Has the job market finally flipped? Throughout most of the pandemic, it seemed that any and every worker was a hot commodity. Job-hopping was the new norm as businesses outbid each other to get the best talent. Now, thanks to rising interest rates, a slower economy, and a return to the office, it seems that employees don’t have the same negotiating power they did just a couple of years ago, and the new jobs numbers are showing this.

Welcome to a new type of format on the BiggerPockets Money podcast—a headlines show! We’re taking some of the top news stories from the world of personal finance and the overall economy and giving you our takes so you can make better money decisions. First, a strong jobs report comes in, but unemployment still rises as Americans find it harder and harder to get the job they want. Are employers back in control after years of workers owning the market?

Then, we’ll touch on the latest inflation numbers and why costs are rising even as work becomes less available. Student loan borrowers receive a huge win as getting their debt discharged during bankruptcy becomes even easier. This could cause significant ripple effects for which degrees become financeable in the future! Finally, a 529 plan update that now gives parents a HUGE reason to invest in their child’s future education.

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-512

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Could one side hustle help you pay rent, save money to invest in real estate, or reach financial independence? Today’s guest picked up the perfect hobby that combines his background in art and love for home décor. The best part? It allows him to make extra money each month!

Welcome back to the BiggerPockets Money podcast! Because Kyle William earns a modest salary in an expensive city, there’s no room for new furniture and décor in his budget. However, he has found a way to not only fully furnish his apartment without paying top dollar but also turn this passion into a profitable side hustle. In his spare time, he scours the web for items that people no longer value, uses his artistic eye and do-it-yourself (DIY) skills to restore them to peak condition, and then flips them online for a hefty profit!

Could you turn your own passion into a money-making side hustle, too? Whether you’re interested in flipping furnitureor another hobby altogether, tune in as Kyle shares where to find unwanted items, the best DIY skills for beginners, and how to cash in on your hard work!

In This Episode We Cover

The DIY side hustle Kyle uses to cover his rent (and improve his home!)

How to start your own furniture flipping side hustle

The best places to find valuable used items that can be recycled

Beginner do-it-yourself (DIY) skills that YOU can learn today

Kyle’s best home decorating hacks for thrifty creatives

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Finance Review Guest Onboarding

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Mindy on BiggerPockets

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Find an Investor-Friendly Agent in Your Area

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Make an Extra $100/Day with These Work-From-Home Side Hustles

How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-511

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Morgan Housel’s ground-breaking book, The Psychology of Money, changed how many Americans thought about saving, spending, and investing. Through a collection of financial lessons, Morgan opened up new thought patterns for many of us, showcasing that getting rich isn’t as complicated as you might think, but staying rich can be the actual challenge. Now, this personal finance powerhouse is back with a new book, Same as Ever.

In Same as Ever, Morgan doubles down on what has, and most likely always will, work in the personal finance world. By showcasing some of the most commonly repeated financial events of the past, we can better shape our understanding of what will happen in the future and use history to our advantage to build even bigger wealth, enjoy our lives even more, and not repeat our past mistakes.

But this episode goes much deeper than that. We talk about why so many Americans will die without building wealth, why people are afraid to invest, when to spend your wealth once you’ve built it, and exactly how Morgan invests his own money. Plus, why getting rich isn’t your biggest concern—staying rich is.

In This Episode We Cover

Why Morgan thinks you MUST be a “reasonable optimist” to get and stay rich 

Exactly how Morgan spends, saves, and invests his own money 

The real reason why most Americans will die without ever building wealth 

The “competition” which is always looking to take your success from you 

How to STOP being afraid of investing and start putting your future first

When to spend your wealth and why dying with riches isn’t the real goal

Financial regrets and mistakes of Morgan’s past, and advice for ANY investor

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

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Finance Review Guest Onboarding

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Mindy on BiggerPockets

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Podcast Talent Search!

The Simple Path to Wealth—Index Funds Explained with JL Collins

How to Get Rich Without Investing in Real Estate

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-510

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If you want to make money online in 2024, good news: it’s easier than ever! Just ask today’s guest, who had to bootstrap his online business before you could launch a business with little to no startup costs. If you have an entrepreneurial spirit and need a little inspiration to get your next business idea rolling, this episode is for you!

Welcome back to the BiggerPockets Money podcast! Today, we’re joined by serial entrepreneur Omar Zenhom from The $100 MBA Show. For many years, Omar worked as a full-time educator while nurturing his fledgling businesseson the side. Naturally, many of them didn’t work out. But rather than letting these failures deter him from entrepreneurship, Omar applied each new lesson to his next business venture. Eventually, he struck gold with WebinarNinja, a software company he scaled to 30,000 users before selling his business and enjoying the spoils.

Want to achieve financial freedom without being reliant on your W2 job? Stick around to learn the ins and outs of building a business from the ground up—saving money to get started, leveraging your network to scale the business, and ultimately, selling your company for a huge profit!

In This Episode We Cover

How Omar built, scaled, and SOLD a multimillion-dollar SaaS (software as a service) company

How to start your own online business from square one

Why teaching is the ultimate skill you NEED to develop for business

The pros and cons of bootstrapping versus raising capital

Leveraging your network to help grow and scale your company

Preparing to sell your business (and how to exit successfully!)

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Finance Review Guest Onboarding

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Mindy on BiggerPockets

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Podcast Talent Search!

The Digital Nomad’s Guide to High-Income Skills and Making Money Online

Humphrey Yang: How to Save $100, Quit Your Job, and Build a Business

How I Turned My Tiny Side Hustle into a Multi-Million Dollar Business

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-509

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Can you really be a one-income family in 2024? Not if you don’t know how to budget! To achieve her money goalswhile living on a single middle-class income, Emy knew she had to take control of her finances and seize any opportunity to save money. Single or married, you’ll learn to do the same in this episode!

Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with budgeting coach Emy Lee, who was able to achieve her lifelong dream of being a stay-at-home mom by cleaning up her family’s finances. Of course, this was no easy feat. Growing up, Emy was taught very little about personal finance. It was only after shifting her mindset, creating a budget, and building smart money habits that she was able to make raising a family on one income a reality.

In this episode, Emy shares some of her top budgeting tips—from saving money on groceries to avoiding common spending triggers. You’ll also learn about the 50/30/20 rule that makes budgeting easy, the “spendfluencing” problem to be mindful of when scrolling through social media, and the budgeting hack people with irregular income can use to keep their finances in order!

In This Episode We Cover

How Emy raises a family on a single middle-class income

Lowering your grocery bill each month with simple shopping hacks

The “carryover” fund that people with variable income MUST have

How to avoid “spendfluencing” pitfalls on social media

The most common spending triggers (and how to combat them!)

Creating a realistic budget for your family using the 50/30/20 rule

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Finance Review Guest Onboarding

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Podcast Talent Search!

Money Moment

Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals

Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-508

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