BiggerPockets Money

A rental property portfolio can replace your job, give you ultimate financial freedom, and allow you to do what you want when you want. But building this massive passive income stream takes time, and if you stick with it, you’ll be rewarded plentifully like today’s guests, Jennifer and John. After starting with an “average” income, this couple was able to consistently buy cash-flowing rentals with the leftovers from their salaries. They compounded their cash flow to buy even more properties and now sit on around $8,000,000 in real estate.

With so much wealth, you’d expect Jennifer and John to be the jet-skiing, vacation-home-buying, luxury car-racing types; but they’re FAR from it. John is still working at his W2 job as Jennifer continues to run her business. They both keep their spending low and live a moderate lifestyle. But, the lack of time freedom and heavy hours of a full-time job is eating away at John. This couple needs to know how they can use their real estate portfolio to retire early.

To go through all the rates, rentals, construction costs, and cash-flow-number-crunching is investing expert James Dainard, who joins Scott on a resourceful episode for any real estate investor. James and Scott will review Jennifer and John’s entire portfolio, giving them suggestions on what to sell, keep, and buy instead. By the end of this episode, John and Jennifer have multiple options that could make them MILLIONS in just a few years’ time!

In This Episode We Cover

The “rate trap” that stops so many rental property investors from upgrading their portfolios

Investing in real estate on an “average” income and why it’s possible for everyone

Tapping into equity and the one metric that’ll tell you whether you should keep or sell your property 

Small multifamily vs. large multifamily and why bigger is usually better

ADUs (accessory dwelling units) and how to make instant equity by building one

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Find Investor-Friendly Lenders

Join BiggerPockets for FREE

Scott's Instagram

Connect with James BiggerPockets

Watch James on the “On The Market” YouTube Channel

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

Money Moment

How To Build A Real Estate Portfolio

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

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-427

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The Financial Independence, Retire Early movement (FIRE movement) is changing. More people are investing, making money, and working from anywhere in the world. Investing education and advice has become easier to access, and self-made millionaires have been created through simple frugality and smart spending. Compared to when the FIRE movement was born, now may be one of the best times in recent history to achieve financial independence. But there’s more than one path to choose from.

Happy Financial Independence Day! That’s right; we’re swapping hot dogs for home equity, fireworks for frugality, and a cold one for some cold hard cash because TODAY is a day to celebrate an accomplishment we all hope to achieve! In this special episode, Scott and Mindy fly solo, touching on the history of the FIRE movement, its most prominent figures, and lessons learned on the path to FI.

But that’s not all; tell your overspending Uncle to tune in as Scott and Mindy debate some of the most common complaints about the FIRE movement and prove that anyone, in almost any situation, can live life on their terms. So sit back, grab those chips you saved for tomorrow’s barbeque (no one will notice), and get your FIRE started!

In This Episode We Cover

The financial independence retire early movement (FIRE movement) explained 

The MULTIPLE paths to early retirement you can take (and which is right for you)

FIRE rules you MUST follow that can help ANYONE reach financial freedom

What to do once you achieve FIRE and planning for it when you’re on the path

Debating the FIRE critics and why you DON’T need to give up everything as you build wealth

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott'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!

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Bill Bengen (The Inventor of the 4% Rule)

From Homeless at 14 to Debt-Free Homeowner AFTER Prison Time with Jazmyn Gray

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

Mr. Money Mustache on Life After FI: The Truth About Retiring Early in Your 30s

Mr. Money Mustache

Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love with The Fioneers

Designing a Frugal But Luxurious FI Life by Age 32

Change Your Money Mindset, Change Your Life with Vicki Robin

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

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If you make the right money moves, financial freedom is only a few years away. You can’t spend your entire paycheck on travel, trips, high rent, or entertainment if you want to retire early and have true time freedom. Matt Amabilerealized this earlier than most. At twenty-two years old, Matt wasn’t making much at his job, and living in an expensive area didn’t help. His goal was simple: live for free so he could pocket most of his take-home pay. What happened was even better than he would have expected.

With one property purchase, Matt eliminated his rent expense and created a $1,600-a-month passive income stream. This first venture into real estate was challenging, to say the least. From shady contractors to fist fights in a four-unit, a renovation timeline that went much longer than expected, and lockdowns making even simple tasks impossible, Matt hoped the reward was worth the risk on his first property. Spoiler alert: it definitely was.

Now, financially free at twenty-six, Matt works when he wants, where he wants, making $6,000 per month in passive income. He did all this in just four years, starting with $10,000, making a median salary. If Matt can do it, with zero experience in real estate investing, what’s stopping you from doing the same?

In This Episode We Cover

The most underrated real estate strategy that helps you reach financial freedom FAST

The 203(k) loan explained and using it to make MASSIVE equity gains on a property

Sacrificing luxuries and keeping your expenses low so you can retire early 

Real estate partnerships and how to buy properties when you don’t have any money 

The “BRRRR on training wheels” that new real estate investors should try

Job hopping and how Matt tripled his salary in under five years

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Find Investor-Friendly Lenders

Join BiggerPockets for FREE

Scott's Instagram

Connect with James BiggerPockets

Watch James on the “On The Market” YouTube Channel

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

Money Moment

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-425

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Coast FI by 32 after racking up $20K in credit card debt only a few years earlier!? However unlikely this turn of events might seem, the truth is that any money story can be turned on its head with a little financial know-how and good money habits. And today’s guest is living proof!

Having accumulated $20K in credit card debt by the time she graduated from college, Yanely Espinal wasn’t exactly on the straight and narrow path toward financial freedom. But after reading Suze Orman’s Women & Money, Yanely was inspired to take control of her finances. Within 18 months, she had not only wiped out her debt entirely but also catapulted herself toward financial independence—a goal she would achieve before her 32nd birthday. Yanely has since made it her life mission to champion the financial literacy movement and push for financial education requirements in all states by 2030.

Whether you’re at a crossroads in your financial journey, waist-deep in consumer debt, or well on your way to FIRE, there’s something for everyone to take away from Yanely’s story. In this episode, she shares her game plan to getting out of debt, achieving coast FI, and the keys to improving financial literacy in schools. As always, our trusted hosts Mindy and Scott join the conversation to help demystify several money topics—from overcoming generational poverty to creating multiple income streams and more!

In This Episode We Cover

The dangers of high-interest credit card debt (and how to get rid of it!)

How to achieve coast FI as soon as possible and retire comfortably

Breaking the cycle of generational poverty in the United States

The THREE keys to improving financial literacy in schools

What YOU can do to help propel the financial education movement forward

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott'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 “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

From $50K in Debt to Financially Free in 2 Years w/ Lots of Ups & Downs

Compound Interest Calculator

Grab Your Copy of “Women & Money” by Suze Orman

Grab Your Copy of Yanely’s Latest Book, “Mind Your Money”

Track Your State’s Movement for Financial Education with the NGPF Bill Tracker

MissBeHelpful Website

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-424

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Is your W2 job causing you to burn out? You have dreams of achieving financial independence and retiring early, but the unrelenting demands of your nine-to-five job are causing you to work around the clock and miss precious moments with loved ones. If you’re feeling this way, you’re not alone!

Welcome back to another episode of the BiggerPockets Money podcast! Today’s guest, Amanda, has spent the last four years grinding toward an early retirement. Although the security of her husband’s reliable W2 income has allowed them to cover all of their expenses, invest in real estate, and grow their nest egg, they are quickly reaching a breaking point. As parents of four young children, they don’t want their busy work lives to keep them from what matters most. Is there a middle ground?

If your FIRE journey is causing you to burn the candle at both ends, this is an episode you won’t want to miss! Mindy and our guest co-host, Kyle Mast, share their perspectives on quitting your W2 job, finding work-life balance through real estate, and when it might be time to pump the brakes on your journey toward early retirement!

In This Episode We Cover

How to create work-life balance on your journey toward FIRE

Leaving the security of a W2 job for the flexibility of real estate

The challenges you might face when investing out of state

The pros and cons of short-term, mid-term, and long-term rentals (and how to choose!)

Using your market’s short-term rental comps to raise or lower your Airbnb rates

When to sell an investment property rather than holding on to it

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Mindy on BiggerPockets

Kyle’s Website

Clarity Financial

Kyle’s Twitter

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

Money Moment

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

Hear Our Last Finance Friday Episode with Joe

Find Short-Term Rental Comps with AirDNA

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-423

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Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility.

Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty. Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away, a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account.

If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero, the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track!

In This Episode We Cover

How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s

Lifestyle creep and why a high income is dangerous for most Americans

How to reverse your “spend first, save last” mindset and start investing for your future

The “wake-up call” that caused Becky and Bill to change their financial mindset 

Whether or not it’s ever “too late” to retire (and what to do if you’re there)

Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s

Why you should NEVER buy a boat 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott'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 “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment 

Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-422

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One of the best ways to boost your earning potential is with multiple income streams. With only so much time to dedicate to each stream, however, how do you maximize your total income without burning out? Today’s guest, Joe, is no stranger to the time constraints that come with managing multiple streams of income. With THREE promising income streams, he’s got his hands full!

At 22, Joe launched an online coaching business that earned almost $30K per month at its peak. Unfortunately, working 90–100 hours each week quickly took its toll on Joe, his relationships, and his overall well-being. Unsure of how to juggle his online business, nine-to-five, and latest endeavor—investing in real estate—Joe now finds himself at a crossroads. Which avenues should he pursue going forward? Which income streams offer the highest earning potential? Which options afford him the most schedule flexibility?

In this episode of the BiggerPockets Money podcast, you’ll get a full breakdown of Joe’s monthly income and expenses, as well as a glimpse of some of his long-term financial goals—including how he plans to revamp his online business, make real estate his next side hustle, and retire early. With help from Mindy and guest co-host Kyle Mast, Joe weighs the pros and cons of each income stream and gets a clearer vision of how to optimize his total income going forward!

In This Episode We Cover

Maximizing your earning potential without sacrificing work-life balance

How to avoid burnout when scaling a profitable side hustle

The importance of time management when you have multiple income streams

What you need to know before you start investing in real estate

How to use other income streams to fund your real estate investments

What it really takes to retire early in your 40s 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Mindy on BiggerPockets

Kyle’s Website

Clarity Financial

Kyle’s Twitter

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

Money Moment

Financial Freedom Through Multiple Streams of Income

Building 61 Passive Streams of Income with Pat Hiban

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-421

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Turning a man cave into a “money cave” Airbnb making thousands of extra dollars a month? It doesn’t get more house-hackable than this! Ron Curtis was able to pick up his first home in a pricey area for only a few thousand dollars. But how he funded his “money cave” is even more impressive. Within just hours, Ron was able to get $20K to renovate and rehab his basement unit, turning a few thousand dollars into two fully-furnished units and a house hack that pays his mortgage for him. Want to hear how he did it? Tune in!

Ron is a serial entrepreneur. If it makes money, Ron has tried it. From renting cars on Turo to managing Airbnbs, starting his own credit repair and financial coaching consultancy, and turning his primary residence into a cash-flowing short-term rental, Ron isn’t messing around. He does all this while still having a typical W2 job, allowing him to save almost all the income he collects so that he can invest even faster. But, just five years ago, Ron was in a different financial state.

After blowing five figures on travel, trips, and going out, Ron took a step back and looked at all the credit card debthe racked up. Thanks to a helpful coworker, he was able to pay it off without succumbing to twenty-plus percent interest rates. Ron used this same strategy to help his friends pay off their debt and eventually start coaching. Now, running multiple cash-flowing businesses, Ron has side hustles that outpace most people’s nine-to-five. So how does he do it all with just twenty-four hours in the day? He’ll share his secrets in this episode!

In This Episode We Cover

The two easiest ways to escape credit card debt (and which one Ron recommends)

Low money down real estate loans and the mortgage programs you MUST know about

Starting your side hustles and the true cost of building a business

Short-term rental house hacking and turning spare space into extra cash

Outsourcing and delegating using VAs (virtual assistants) so you DON’T have to work for your business

Business credit cards and using yours to buy assets that will make you richer

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

Connect with James 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!

Money Moment

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

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-420

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Side income streams are your way out of breaking even every month. If you’re like most Americans and find your savings stagnating, without much room for growth, it might be time to look at opportunities outside your nine-to-five. This is exactly what today’s guest, Liz, did by becoming a real estate agent and growing her seasonal business. But, Liz is in one of the northernmost states, where winters are harsh and home sales halt once the snow falls.

Liz wants to grow her real estate agent side income into a full-blown business, but how can she do so when half of the year is too cold to show houses? If you have seasonal income or an infrequent side hustle to help pay your bills, this is an episode for you! Mindy and Scott will walk through how Liz, or any other entrepreneur, can use the sunny season to grow their businesses to new heights, strengthen their savings, and invest the rest so early retirement isn’t just some far-off dream.

Liz also needs to know where her money is best put to use. With a serious cash cushion, she’s debating whether or not having a large amount of cash is worth the financial stability or if investing it for passive income is a better option. With her own primary residence coming close to closing, what should Liz do with her hard-earned cash?

In This Episode We Cover

How to turn a seasonal income stream into a full-time business that pays your yearly salary

What to do when you’re breaking even every month (EVEN with low expenses)

Becoming a real estate agent and how to find leads in untraditional ways

Cash reserves and where to invest your money when you have too much

REITs (real estate investment trusts) vs. index funds and which makes more passive income

When to pay off debt vs. keeping cash in a high-yield savings account

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott'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 “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Fire by 45

Investment Plan

Grab “6 Steps to 7 Figures”

Read More About REITs

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-419

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An online side hustle that replaces your $100K salary in year one!? It sounds like an impossible feat, but today’s guest was able to achieve this by launching an unusual ecommerce business—allowing his wife to quit her job and stay at home with their kids full-time!

Welcome back to another episode of the BiggerPockets Money podcast! Today, we’re chatting with Steve Chou, a serial entrepreneur, ecommerce influencer, and founder of MyWifeQuitHerJob.com. When Steve’s wife became pregnant with their first child, he was faced with the challenge of finding a side hustle that could replace his wife’s 9-5 income. Of course, living in Silicon Valley isn’t cheap, and replacing a $100K salary is much easier said than done. Despite these hurdles, Steve was able to turn one brilliant idea into a profitable business that has managed to grow every year since 2007.

If you’ve always wanted to start your own side hustle but are unsure where to begin, this episode is for aspiring entrepreneurs like you! Tune in to hear Steve share about the humble beginnings of his handkerchief side hustle, how to find ecommerce success in 2023, and achieving financial freedom without burning out. As always, Mindy and Scott bring their own financial expertise to the table and deliver some timely wisdom!

In This Episode We Cover

Why you NEED a side hustle to make life-changing money

How to launch a successful ecommerce business in 2023

Building a business with the goal of replacing your 9-5 salary

Staying relevant, outlasting AI, and achieving longevity in your business

How to arrive at “enough” so that you enjoy financial freedom without burning out

The best ways to protect your business against intellectual property (IP) theft

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE

Mindy on BiggerPockets

Scott'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 “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets

Money Moment

Grab Your Copy of “Set for Life: An All-Out Approach to Early Financial Freedom

The Most Profitable Skill to Learn (From a $200M+ VC Investor)

Pre-order The Family First Entrepreneur and Get $690 in FREE Bonuses

Learn How to Start a Thriving Ecommerce Business

Bumblebee Linens

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-418

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