BiggerPockets Money

Everyone wants to reach financial independence as soon as possible. But if you really want to get on the path to early FI, you’ve got to start making savvy money decisions TODAY. And we’ve got a few tips, tricks, and tools that will help you out!

Welcome back to the BiggerPockets Money podcast! In this episode, Mindy and Amanda Wolfe are fielding questions from the r/PersonalFinance subreddit and delivering their best money tips for scenarios that YOU could easily find yourself in. First, we get into 401(k) accounts and some of the different ways to transfer funds when you leave your employer. We also go over some of the different strategies for budgeting, investing, and saving money that will help you reach financial freedom early.

But that’s not all! If you live in an area with a competitive housing market, we discuss whether you should ever waive a home inspection to help sweeten your offer. We even talk about the idea of buying a house outright versus going the route of a traditional mortgage. Is a large car payment thwarting your path to financial freedom? Stay tuned for a few creative ways to get rid of that bad debt for good!

In This Episode We Cover

Tips and tricks to help you reach financial independence early

What to do with a 401(k) account from a previous employer

Buying your home outright versus getting a traditional mortgage

Whether you should ever waive your home inspection when buying a house

Creative ways to eliminate car debt (and save thousands in the process!)

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Find an Investor-Friendly Agent in Your Area

Find Investor-Friendly Lenders

The Millionaire Fast-Track: How to Hit Financial Freedom Before 30

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

Fidelity Investments

She Wolf of Wall Street Website

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-507

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After tremendous research, the “MoneyType” quiz was finally released. All you need to do is answer some basic questions, and in a matter of minutes, you’ll know your biggest financial strengths and burdens, the money traps you could fall into, and how to use your own money “gift” to make your life, and your loved ones’ lives, even better. But before you write off the MoneyType quiz as just another personality test, we can tell you from personal experience it’s shockingly accurate.

And there’s no one better to talk about the MoneyType process than the co-founder of HerMoney and co-creator of the MoneyType personality quiz, Jean Chatzky. Jean’s team tested the MoneyType process on hundreds of people, uncovering the core personality traits that could make you a producer, visionary, nurturer, independent, or connoisseur, and what to do once you know what MoneyType you are.

In today’s show, Mindy and Scott share their results from the quiz as Jean walks through each of these financial archetypes in detail. You’ll learn what strengths each archetype has, the financial pitfalls they easily fall into, the gifts they can use to empower themselves and others, and the financial pleasures each type lives for. Plus, you can take the MoneyType quiz completely for free here!

In This Episode We Cover

The five financial archetypes and the pros, cons, and pitfalls of each of them

Mindy and Scott’s most prominent MoneyType (and how it led them to financial success)

The “sabotage” points of each personality that could lead to HUGE financial problems

Using your MoneyType to set up financial “guardrails” in your life and protect against your personality’s downsides 

Using your MoneyType to understand your partner, family members, and friends more

Mindy’s two-percent MoneyType match that proves why it’s SO hard for her to spend money

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott on BiggePockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Find an Investor-Friendly Agent in Your Area

Find Investor-Friendly Lenders

Take the Free MoneyType Quiz

Understanding How Your Personal Money Story Shapes Your Financial Future w/Jean Chatzky

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-506

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Most financial advisors aren’t what they seem. They paint themselves as stewards of your financial security, carefully analyzing every investment they put your money into. But that’s far from the truth. Many financial advisors simply use you to make a quick buck, leaving you worse for wear when it comes to retirement. So, how do you find a financial advisor who will actually help you build wealth without filling their own pockets at your expense? We’re about to give you the roadmap to finding the perfect financial advisor.

We’re back with Jeremy Schneider, the bootstrapped founder who became an overnight millionaire thanks to a decade of tough decisions. This time, Jeremy shares about the world of financial advising, ranking the types of advisors from worst to best and sharing why that life insurance policy might be a BAD financial decision.

If you’re struggling to find financial advice from a neutral third party who truly wants the best for your finances, this is the episode to listen to. Jeremy talks about the two financial advisors to never trust, the costly difference between fee-based and fee-only advisors, the financial “meth” that could cost you in the long run, and exactly where to find a financial advisor that truly works for YOU. 

In This Episode We Cover

The four types of financial advisors and the two you MUST stay away from

Fee-based vs. fee-only financial advisors and why you CANNOT afford to mix these up

The “whole life insurance” scam that’s trapping many Americans with false financial promises

The sneaky commissions financial advisors make that you have no idea about

One place you can go to find trusted financial advisors with NO strings attached

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott on BiggePockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Find an Investor-Friendly Agent in Your Area

Find Investor-Friendly Lenders

Past Episodes Mentioned in Today’s Show:

Michael Kitces

A Purple Mom

Life Insurance (Joe Saul-Sehy)

Whole Life Insurance (The White Coat Investor)

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-505

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

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If you want to reach early retirement, especially in your thirties, you’ll need to take some big risks. Today’s guest turned down what would have been a dream salary to many people, choosing to work for himself while making close to a third as much as a job would have paid him. He put in the time and sweat, making just enough money to survive for over a decade, living as frugally as he could so he could roll everything back into his business. Then, overnight, he became a multimillionaire. And guess what? You can, too.

One day, at the age of thirty-four, Jeremy Schneider found himself $2,000,000 richer than he had been the day before. He had successfully sold a company he’d been building for a decade, making him, his family, and his employees wealthy in the process. Then, he did what every burnt-out founder does: travel the world, play volleyball and video games, and get some much-needed rest. But soon after, he decided to return to work, focusing on something much more important.

In this episode, Jeremy gives a masterclass on the right way to build your business, how to sell it for millions more than you were originally offered, and exactly what you should do with the money afterward to STAY financially free.

In This Episode We Cover

How to reach early retirement in your thirties by building (and selling) a business

When it makes sense to take a paycheck vs. bet on yourself 

How companies are bought and sold and the negotiations behind closed doors

The MASSIVE amount of taxes Jeremy had to pay after selling his business

What Jeremy did with his $2,000,000 payday that set him up for life

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott on BiggePockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Find an Investor-Friendly Agent in Your Area

Find Investor-Friendly Lenders

Past Episodes Mentioned in Today’s Show:

Michael Kitces

A Purple Mom

Life Insurance (Joe Saul-Sehy)

Whole Life Insurance (The White Coat Investor)

Lump Sum vs Dollar Cost Average Calculator

Grab the Book “Die with Zero”

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-504

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

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With solid tax planning, receiving an inheritance could provide an enormous boost on your journey to financial freedom. One misstep, on the other hand, and you could be lining Uncle Sam’s pockets. Fortunately, we’ve brought on a tax professional to help you keep as much of your newfound money as possible.

There are two certainties in life: death and taxes. In this episode of the BiggerPockets Money podcast, we’re combining them. Sean Mullaney, The FI Tax Guy, returns to the show to lend his expertise on inherited investment accounts. Whether you’re the spouse, child, or sibling of a loved one who has recently passed, you’ll need a plan for managing these financial assets. Otherwise, a huge inheritance “tax bomb” could be waiting for you down the line!

Sean discusses the four “buckets” of assets you can inherit and the steps you should take in each scenario. You’ll also learn about the “step-up in basis” exemption that allows you to dodge capital gains tax on certain accounts, as well as when you might need to take required minimum distributions (RMD)—even if you’re far from retirement. Grab your pen and paper as we get into the nitty-gritty of inheriting wealth.

In This Episode We Cover

How to pay less tax on your inherited investment accounts

The four “buckets” of financial assets you might inherit

Navigating the “ten-year rule” and preventing a HUGE tax bill

Dodging capital gains tax with the “step-up in basis” exemption

How to avoid early withdrawal penalties on spousal accounts

The “worst” account to leave for an heir (and what to do with it instead!)

How to pass a retirement account on to a spouse, child, or sibling

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott on BiggePockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Find a Tax Professional Today

Estate Planning, Wills, and What to Do NOW to Protect Your Heirs

The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

Hear Our Last Epiosde with Sean

Grab Your Copy of “Die With Zero”

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-503

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

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These personal finance apps, tools, products, and habits helped us reach financial independence, and they can do the same for you. If you’re on the road to FIRE or have finally made it to financial freedom, ANY of these tools can help you save, invest, and learn more along the way. But we’re not just sharing the FIRE toolkit we love; we’re also sharing the products we’re ditching, plus what we’re replacing them with for a brighter financial future!

If you’re already feeling lost with your financial New Year’s resolutions, worry not because these personal finance apps, tools, products, and habits are here to help! Mindy and Scott will walk through every tool they love, what they can live without, and what helped them reach financial independence. We’ll talk about budgeting and money management apps, goal-setting processes that’ll help you achieve even your wildest dreams, how to learn faster than ever, and the“life-changing” money products we would never replace.

If you’re in need of beefing up your arsenal of financial independence tools, this is the episode to tune into! Wondering where you can find links to all the products and services mentioned in today’s show? Just scroll down in the show notes! 

In This Episode We Cover

Why you may want to try spending MORE (yes, MORE) in 2024 if you’re in THIS position

Indispensable personal finance tools that helped us reach financial freedom 

Budgeting apps that we personally use to track our monthly spending

Mindy’s smart travel hack that’ll help you avoid productivity-killing jetlag

The one “journal” that changed Scott’s life forever (and where to find it)

How to learn faster than ever before and boost your reading speed significantly

The BIG investment Scott is ditching in 2024 and the “crash” on the horizon

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott on BiggePockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Tools and Products From The Show:

Monarch Money

Stessa

Venmo

Ally Bank

Charles Schwab

Audible

Kindle Unlimited

Living Your Best Year Ever Journal

Google Keep

Empower Personal Wealth

The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-502

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

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Do you have a cash flow problem? You’re not alone! Dan invests in real estate, has a great W2 job, and maxes out his investment accounts. He wants to hit financial independence by forty, but his lack of cash is making things difficult. Something’s got to give, and Mindy and Scott are here to help!

Welcome back to the BiggerPockets Money podcast! Dan has done an amazing job investing for the future and house hacking throughout his 20s. But now he’s got a MAJOR problem on his hands. Although he and his wife earn around $200,000 per year, they have little to no cash available. With real estate debt, hospital bills, and new baby expenses, Dan is starting to feel the pressure. That extra cash he was able to accumulate only a few years ago? It’s not so easy to find anymore.

In this episode, Mindy and Scott take a deep dive into Dan’s finances to help solve his cash flow problem. Should he follow his real estate dream and pause his retirement account contributions or pivot to a job that will increase his income by another $50,000 per year? Stay tuned to find out!

In This Episode We Cover

Savvy ways to increase your cash flow without taking on more debt

Dan’s house hacking strategy that covers a HUGE chunk of his mortgage

Using a home equity line of credit (HELOC) to buy real estate

How to ask for a raise (and when to pivot to a higher-paying job)

Investing in real estate versus building up your retirement accounts

How Dan plans to reach $10,000/month in “passive” income by the age of forty

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Intentionally Choosing the Path to Financial Independence with Financial Mechanic

Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life

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

Hear Dan on the “Real Estate Rookie” Podcast

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-501

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

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After 500 BiggerPockets Money episodes, we’ve learned a thing or two about financial independence. But, for this special episode, we wanted to find some of the best advice we’ve ever received on the show—advice that changed our lives as much as it did yours. So, we’ve lined up a few of our favorite clips from the past 500 episodes with top-tier guests like Codie Sanchez, Ramit Sethi, and more. If you’re a new listener of BiggerPockets Money, this is just a TASTE of what you’ll hear on future episodes.

We’ll touch on a “financial awakening” one of our past guests had, finding that many of us live a “broken” life without even realizing it. Then, a spending hack that lets you live in frugal luxury while slashing your expenses. We talk abouthow to escape your nine-to-five and buy a business that helps you achieve true financial freedom. Finally, the “worry-free number” you MUST calculate unless you want to experience zero joy from all the wealth you’ve built. Hard-hitting stuff, right?

Thanks for sticking around with us for 500 episodes of the BiggerPockets Money show. We could not have made this podcast happen without you, and we’re looking forward to hearing from and potentially even featuring YOU on an upcoming episode!

In This Episode We Cover

The “little choices” you’re making that’s blowing your budget every single month

Why living for the weekend is killing your bank account and financial future

How to live a frugally luxurious life by buying what you truly WANT

The ten steps to buying a “boring business” that’ll replace your income 

The “worry-free number” that removes the emotional weight of finances and lets you actually have fun with your money

What you can expect from the BiggerPockets Money podcast in 2024!

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Mindy on Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Money with Katie’s Middle-Class Myths and The Great Roth vs. 401K Debate

Liz Frugalwoods: Designing a Frugal But Luxurious FI Life by Age 32

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

Ramit Sethi's Money Advice for Couples: Live a Rich Life, Together

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-500

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

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Most people pursuing financial independence own businesses or have stable jobs, working as hard as they can to make any extra dollar, throwing their money into the stock market or real estate, and betting on the economy to take them to higher and higher levels of wealth. But what about those who AREN’T chasing every dollar or dedicating their lives to the pursuit of passive income? Can creatives, musicians, writers, or anyone wondering how to make money as an artist still find FIRE?

Today, we’re talking to Paco de Leon, business owner, musician, podcast host, and author of Finance for the People: Getting a Grip on Your Finances. Paco’s world involves working with other creatives who rarely speak or think about money, helping them link their creative work with cash flow so they can continue doing what they love while building wealth for the future.

Paco knows the system we live in isn’t perfect but recognizes that simply not participating isn’t an option. So, she serves as a voice for those who want to make a difference in the world, go against the grain, or care more about people than profit. In today’s episode, she’ll share the common money mistakes most creatives make that end up hurting them in the long run and why making money and building wealth is something ANYONE can accomplish, no matter your life’s passion!

In This Episode We Cover

Common money problems for creatives and how to build wealth without selling out

The two ways you’ll get rich and how you can “create” your own financial independence 

Why your good “idea” isn’t enough, and what you MUST do to make money off of it

Living in an imperfect world and the “dark side” of capitalism many people ignore

Why making money and making art are NOT mutually exclusive (and how to do both!)

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

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

Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire

What Playing in a Band Taught Me About Making Money

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-499

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

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Real estate investing is a popular path to financial freedom, but if you’re not careful, bad debt can get in the way. Before today’s guest could buy rental properties, she had to deal with the mountain of debt that stood between her and wealth. But thanks to aggressive saving and new money habits, she became debt-free in just TWO years!

Sarah King has been thrown several curveballs on her journey to financial independence. Just when she had managed to pay off $118,000 of debt and buy five properties, her marriage ended in a nasty divorce. Forced to liquidate her and her husband’s assets, Sarah was back at square one. Rather than giving up on her dream of reaching FIRE, she overcame her shaky financial situation and found creative ways to buy real estate. Within a few months, she was back on her feet, and today, she owns sixteen units across ten properties!

In this episode, Sarah offers some crucial advice for aspiring investors—including why you should get your financial house in order before buying properties, how to leverage your retirement accounts to buy more properties, and how to use private money (responsibly). You’ll even learn about house hacking—the real estate investing strategy Sarah uses to cover her mortgage payment each month!

In This Episode We Cover

How to reach financial freedom by investing in real estate

The three areas of your finances that will help you build wealth faster

How to pay off BAD debt as quickly as possible

Why you MUST get your financial house in order before buying properties

How to use private money to buy MORE real estate

Covering your mortgage payment with the house hacking strategy

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

Join BiggerPockets for FREE

Mindy on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

From Toxic-Marriage to Financially Independent Mom with 13 Units

How to Achieve Financial Freedom Through Real Estate in 4 Steps

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-498

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.