BiggerPockets Money

Financial fear is… a good thing!? Fear is an uncomfortable feeling we often try to ignore or suppress. But what if, like other emotions, it exists for a specific purpose? What if following it could help you avoid deathly decisions? Today’s guest is here to set the record straight on this very basic yet misunderstood human emotion we call fear.

Welcome back to the BiggerPockets Money podcast! In this episode, we’re speaking with leading personal finance expert and host of the So Money podcast, Farnoosh Torabi. Ahead of the release of her new book, A Healthy State of Panic, we discuss the emotion at its center—one that is so often intertwined with money: fear. There are all kinds of financial fears that cripple people today—the fear of a stock market crash, of losing their job in a recession, or of running out of money in retirement. Farnoosh is here to tell you that fear isn’t a bad thing. In fact, it’s often the catalyst for a brighter financial future.

If you struggle with a particular money-related fear, guess what? You’re in good company! We all deal with fear on some level—especially when our finances are involved. Tune in to hear Farnoosh talk about the nine most common“flavors” of fear that people face. She also discusses practical ways to leverage fear and gain wisdom in return. Finally, she talks about how working through fear can help you practice gratitude in your life!

In This Episode We Cover

Leveraging the fear in your life to glean new financial wisdom

The nine most common “flavors” of financial fear that hold people back

The importance of education in helping you process your financial fears

Confronting fear today to prevent financial loss in the future

How to live “fearlessly” with a healthy amount of fear in your life

Using fear to practice gratitude for what you have

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

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Mindy on BiggerPockets

Grab Scott’s Book, “Set for Life”

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Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan

Grab Your Copy of Farnoosh’s Latest Book, “A Healthy State of Panic”

“So Money” Podcast

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-447

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The FIRE community is notorious for chasing early retirement at all costs. Many search for creative ways to earn more money and spend less of it, only to end up hating the journey. If you’ve ever felt burnt out or discouraged on the road to FIRE, you’re in for a real treat with today’s episode!

Welcome back to the BiggerPockets Money podcast! Today, we’re joined by Mark Trautman from Mark’s Money Mind. Early on, Mark decided that he was going to live life on his own terms. So, he and his wife worked their way out of debt and adopted the motto, “Make some, save and invest, and live on the rest.” After maximizing their 401(k) contributions, investing their money in other retirement accounts, and diligently saving each month, Mark and his wife were able to retire by the time he reached age fifty.

We wish Mark’s story ended there. A few years later, however, his life was turned upside down after the death of his wife. While grieving the loss, Mark needed to adjust how he used his nest egg going forward. By implementing smart Roth conversion strategies and opening a “fun bucket” account, Mark was able to not only minimize his tax liabilitybut also find new ways to enjoy retirement. Stick around for a true masterclass on how to relish the journey to FIRE!

In This Episode We Cover

How to enjoy the journey toward financial independence and early retirement

The financial implications you face after the death of a spouse

Reducing your lifetime tax liability with Roth conversion strategies

The “fun bucket” strategy you NEED to implement in retirement

How to start teaching financial independence to your children TODAY

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

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Mindy on BiggerPockets

Grab Scott’s Book, “Set for Life”

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Podcast Talent Search!

Money Moment

Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders

Take Mark’s FREE 7-Week Financial Literacy Course

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-446

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Travel hacking allows you to see the world for less than you spend at home. That’s right. If you took your rent or mortgage payment in the US and traded it for traveling abroad, you could live off far less money and do far more than you do back in the States. But you’ll need to know how to work the system before you take off on your flight, or else you might come home happy and full but broke.

Matthew Kepnes, better known online as Nomadic Matt, made travel his full-time job, documenting how much he spent, saved, and enjoyed along the way. Matt has spent more time outside the US than most Americans will in their lives—and he has some secrets to share. Matt goes over EXACTLY how to start travel hacking, from credit cards to cheap activities, hostels, hotels, and horror stories you should try to avoid.

Matt also shares why so many Americans spend WAY too much money when they’re abroad and what you can do tomake your trip last FAR longer IF you follow a few essential tips. So, if you want to finally take the year off and wander around Europe, Southeast Asia, or Central America but don’t think you have the funds to do so, Matt is here to prove you wrong.

In This Episode We Cover

The most cost-effective way to travel and why you MUST “travel like you live”

Why smart spenders MUST get a travel rewards credit card NOW

Geographic arbitrage and the cheapest countries/areas to stay in for weeks (or months!)

Hostel horror stories and why it ISN’T all partying and bunk beds

Free activities you can do in ANY city and where to find them

Matt’s top travel websites and apps to find hotel and flight deals for cheap 

And So Much More!

Links from the Show

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Podcast Talent Search!

Money Moment

How to Earn Free Vacations With Travel Rewards Credit Cards

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-445

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Financial advisors are supposed to look after your money, but sometimes, their profits come first. We’ve had many questions about which type of financial advisors to use, which aren’t worth the fee, and whether you even need one in the first place. On this Finance Friday episode, Mindy and Scott are taking questions directly from listeners like you, and one of the top ones finally answers the question: what are these “fees” financial advisors are charging me!?

You’ve got money questions. Scott and Mindy have answers. In this episode, they’ll touch on topics like which type of financial advisor to hire, whether cashing out your 401(k) early is ever worth it, what to do when your bank messed up your interest rate, when (and when not) to use LLCs for real estate investing, and how to start investing in stocks when you’ve only got $1,000! 

Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or click here to submit your question on our next Q&A episode!

In This Episode We Cover

How to start investing in the stock market with $1,000 (or less!)

Rental property LLCs and why you’re probably wrong about “tax write-offs”

Financial advisor fees and the ONLY type of financial advisor we’d recommend

Cashing out your 401(k) early when you need to pay off credit card debt

Return on equity explained and signs it’s time to sell/refinance a property

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Scott's Instagram

Mindy on BiggerPockets

Grab Scott’s Book, “Set for Life”

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Register for an Upcoming InvestHER Event

Money Moment

Hear Our Last Q&A Episode

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

The Simple Path to Wealth (Book)

Work with a Fee-ONLY Financial Advisor

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-444

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A “wife-FI,” semi-retired finance blogger? It sounds like an exciting life, but what does it entail? Today’s guest didn’t arrive here overnight and doesn’t recommend it for everyone. What he does recommend, however, is identifying the type of financial independence you want and then working hard to achieve it!

Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with J Money, one of the pioneering finance bloggers who started his journey toward financial freedom back in 2007. After catching the personal finance bug, J decided to document his progress on his blog Budgets Are Sexy. After selling the blog to The Motley Fool and buying it back a few years later, J now blogs for fun, spends time with his three kids, and otherwise goes with the flow.

In this episode, J shares about the “wife-FI” lifestyle and how he invests his money for the long haul. He also opens up about his recent autoimmune disease diagnosis and how it affects his family’s finances today. As always, Scott and Mindy are here to tackle all kinds of financial topics—including the debate between renting and home ownership, paying off your home versus keeping a home loan, and how to invest amid a potential economic downturn!

In This Episode We Cover

A typical “day in the life” of a semi-retired finance blogger

The pros and cons of owning versus renting your home

When it makes sense to pay off your home or keep a mortgage

Where to invest your money in a shaky economy

Budgeting for monthly expenses and medical costs on one income

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Scott's Instagram

Mindy on BiggerPocket

Grab Scott’s Book, “Set for Life”

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Join The Real Estate InvestHER Community on Facebook

Money Moment

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

Budgets Really ARE Sexy! With J. Money

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-443

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Knowing how to budget is one thing. Knowing how to budget for a pricey pregnancy and future family is another. So, how do you smoothly go from a couple used to saving thousands of dollars every month to a family with a slew of new costs added to the budget? First, let’s look at what you’re making, what you’re keeping, and what you MUST have on hand to safely raise a family. 

We’ll be doing precisely that with today’s guest John. John and his wife make a sizable income and keep a strict budget with modest expenses. They’re saving a serious amount of money every month, but there’s one massive expense that’s about to be added to their budget. John and his wife have to go the surrogacy route for their first two children, and the price tag isn’t cheap.

With a six-figure cost PER successful surrogacy, John wants to know how to balance his budget with his high student loans about to kick back in. He also wants to invest but knows that could put his surrogacy savings at risk. Even if you’re not going the surrogacy route, this episode is CRUCIAL for any new parent—especially those that still want to achieve FI earlier in life!

In This Episode We Cover

Budgeting for your future family and how to make sure your savings stay risk-free

Surrogacy, expensive pregnancies, and unexpected costs you may have to pay

Student loan debt and how to plan for payments once the pause is over

The BEST savings account to stick your money into today

Active investing vs. passive investing and why rental properties aren’t for everyone

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Scott's Instagram

Mindy on BiggerPocket

Grab Scott’s Book, “Set for Life”

Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plans

Hear James on the “On the Market” Podcast

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Listen to The Real Estate InvestHER Show

Join The Real Estate InvestHER Community on Facebook

Register for an Upcoming InvestHER Event

Money Moment

Federal Student Loan Forgiveness Update: What Happens Now?

Budgeting for a Baby: The Costs EVERY New Parent Should Expect

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-442

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Foreclosure can be a sensitive topic. After the embarrassment of falling behind on payments, there’s the fear of losing your home and having no place to live. Rather than preying on someone who feels helpless, there are ways for investors to profit while also helping the distressed seller.

In this episode, we’re chatting with guest and long-time friend Laura Morby. As the daughter of a general contractorand a licensed agent by twenty-two years old, Laura was destined for a long career in real estate. Little did she know that her start as a hustling real estate agent would land her in the top 0.05% and help her become a full-time investor!

Foreclosure is an issue that resonates deeply with Laura, as her father was foreclosed on after the impact of the 2008 housing market crash. Her message to homeowners? Avoid the foreclosure auction at all costs. As for investors, don’t rush into a short sale! There are all kinds of creative financing solutions that can ingratiate you with the seller and help you reach a win-win deal. Join Laura, Scott, and guest host James Dainard as they discuss the biggest pain pointshomeowners face today, current foreclosure rates amid a looming recession, and how to properly vet a real estate agent before working together!

In This Episode We Cover

Creative financing options for homeowners facing foreclosure

How investors can provide a valuable service to distressed homeowners

The current foreclosure market and how investors are being affected

The most common pain points homeowners face in foreclosure

Costly pitfalls to avoid when selling a pre-foreclosed property

Four questions you MUST ask a real estate agent before working together

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Scott's Instagram

Grab Scott’s Book, “Set for Life”

Hear James on the “On the Market” Podcast

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Listen to The Real Estate InvestHER Show

Join The Real Estate InvestHER Community on Facebook

Register for an Upcoming InvestHER Event

Money Moment

How to Buy a Foreclosure: A Guide for Finding & Landing Foreclosed Deals

6 Tips on Investing in Foreclosures for First Timers

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-441

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As an investor, it’s easy to become fixated on cash flow, much like today’s guest at the start of his real estate journey. After realizing he was “house poor” with a mortgage payment larger than he could afford, Eric Garber stumbled upon house hacking. He rented out his basement and used the extra money to pay off his house early. With proof of concept for his newfound house hacking strategy and income from a stable W2 job, everything was going great.

Then Eric’s world came crashing down when his marriage ended and his employer froze his pension plan. Without a prenuptial agreement, his financial fate was left to the state court system. Losing more than half of the assets he had worked tirelessly to grow, Eric found himself back at square one. This time, he was going to do things differently. Rather than pouring his time, energy, and money into paying off his real estate and living off the cash flow, Eric realized the opportunity that could be had by accessing his equity and putting it to work—a revelation that will allow him to retire early, despite the curveballs life has thrown his way.

If you think getting a prenup is “planning for divorce,” you’ll want to hear what Eric has to share in this episode of the BiggerPockets Money podcast. Beyond offering practical financial tips you can put into practice before getting married, he talks about the paradigm shift that allowed him to unlock wealth. He also discusses the investing strategythat allows him to earn truly “passive” income—syndication deals!

In This Episode We Cover

Why you NEED a prenuptial agreement to protect your financial future

One of the most “passive” ways to invest in real estate

Weathering economic downturns by diversifying your investment portfolio

How to do your homework when analyzing a syndication deal

Key financial tips to consider before you get married

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Scott's Instagram

Mindy on BiggerPockets

Grab Scott’s Book, “Set for Life”

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Listen to The Real Estate InvestHER Show

Join The Real Estate InvestHER Community on Facebook

Register for an Upcoming InvestHER Event

Money Moment

Why You’re (Probably) Wrong About Prenups

ROE over ROI and Why Your “Cash Flow” Number Is Deceiving

Syndications: Everything You Need to Know BEFORE You Invest

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-440

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What should you do if you suspect financial infidelity from a partner? Money is a taboo subject in many marriages, and it doesn’t help that some spouses take a hands-off approach to personal finance. As you might imagine, this can quickly lead to one partner taking advantage of the other. Today’s guest is helping people save their nest eggs by uncovering and proving financial infidelity.

Welcome back to another episode of the BiggerPockets Money podcast! Today, we’re joined by Tracy Coenen, a veteran forensic accountant who investigates fraud, hidden money, and other money “shenanigans” in marriages. Most often, Tracy helps spouses navigate finances during a divorce when emotions are already running high and both parties feel overwhelmed.

Whether you need help unearthing hidden money or getting on the same page with your spouse, this episode is loaded with all kinds of helpful tips, tricks, and resources that will help you get a better handle on your finances. Join Tracy, Mindy, and guest host, Amanda Wolfe, as they discuss the biggest financial “red flags” in a marriage, things to include in a prenuptial agreement, and why the weekly money check-in is so important!

In This Episode We Cover

What to do if you suspect financial infidelity in your marriage

The “fraud snowball” and how to stop it in its tracks

How to uncover hidden money, secret accounts, and secret spending

Why you NEED to form the habit of discussing finances with your spouse

The importance of prenuptial agreements (and what you should include!)

Tips and resources to help you keep a closer eye on your finances

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Scott's Instagram

Amanda's Instagram

Amanda's Website

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Podcast Talent Search!

Listen to The Real Estate InvestHER Show

Join The Real Estate InvestHER Community on Facebook

Money Moment

Why You’re (Probably) Wrong About Prenups

Money Dates, Prenups, & Combining Finances

Visit Tracy’s Website for More Helpful Resources

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-439

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Only have $100 – $5,000 but want to know how to invest it wisely? No amount is too small to start building smart money habits today. While some asset classes may not be viable for you just yet, there are still all kinds of ways to invest with a modest amount of money. Making the most of what you have now can set you up for a bright financial future.

In this episode of the BiggerPockets Money podcast, Scott and Mindy have brought in reinforcements to discuss the best ways for beginners to invest a small amount of money—whether it’s $5,000 or as little as $100. With four unique perspectives on investing, you’ll find that there are several ways to make your money work harder for you. There is one common message, however: educate yourself and take action!

Not everyone has a large nest egg to throw around. In fact, most Americans live paycheck to paycheck. If you don’t have much money to spare, this is the episode for you. You’ll learn about the investing order of operations, different types of retirement accounts and how they work, and ways to purchase real estate with no money down!

In This Episode We Cover

The best ways to invest with $100, $500, $1,000, $2,500, or $5,000

How to buy real estate with ZERO money down

Different types of retirement accounts to add to your portfolio

Maximizing your 401(k) contributions for a HUGE return on investment

Leveraging debt to fast-track your investing journey

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Scott's Instagram

Amanda's Instagram

Grab Scott’s Book, “Set for Life”

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Listen to The Real Estate InvestHER Show

Join The Real Estate InvestHER Community on Facebook

Money Moment

Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan

Check Your USDA Loan Eligibility

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-438

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

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