BiggerPockets Money Podcast

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement? Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms. In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover The four steps anyone can take to reach retirement Why it’s okay to be a “late starter,” especially when it comes to retirement planning How to do a “backward budget” to quickly and easily see how much you’re spending Why you MUST look back on the financial “lessons” you’ve learned to build wealth now! Getting clear on your goals and what you want to achieve so you can reach retirement The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey! 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here 00:00 Intro 01:14 Late Start, Early Retirement 06:01 Before You Can Start 08:06 “Backwards” Budgeting 17:12 Make a Plan 28:26 Acknowledge Your “Lessons” 33:19 Stick Around! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate. The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful. Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY! In This Episode We Cover Deadly property management red flags and signs you should run from a property manager Why you never, EVER give your entire portfolio to a single property manager/property management company Simple questions to ask that immediately show if a property manager is legit Negotiating fees and why Scott is okay with paying a higher monthly rate Communication expectations and what a property manager should be sending you EVERY month The easiest way to find a great property manager wherever you invest 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Want to Self-Manage Your Rentals Instead? Grab the New Book, “Self-Managing Landlord” Ask Other Investors Your Property Management Questions on the BiggerPockets Forums Past Episodes Mentioned in Today’s Show: Real Estate Rookie 59 - Rookie First-Time Home Buyer Questions Answered by Scott and Mindy Real Estate Rookie 200 - Scott Trench’s 10-Step Checklist to Buy Your First Rental Property Real Estate Rookie 401 - Boost Your Cash Flow in 2024 with These “Self-Management” Tips BiggerPockets 513 - The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager Connect with Ashley on BiggerPockets Connect with Scott on BiggerPockets 00:00 Intro 01:20 Hiring the Property Manager 03:37 Things Start Going Wrong 06:12 Losing $40K! 09:32 Property Manager Red Flags 15:39 Questions You MUST Ask 23:34 Negotiating Fees 30:05 Asset Type Matters! 34:54 Communication Expectations 37:29 Vetting for Legitimacy 43:16 Find a GREAT Property Manager Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-536 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

What would it take for you to achieve financial freedom? Now, think about what it would take for you to achieve it for your family. Many of us have parents we’ve seen work day in and day out, providing for us when it meant putting their dreams on the back burner. But what if you could repay your parents for all they’ve done for you, helping them retire and ensuring they can truly live the life they love without worrying about money? That’s exactly what today’s guest did for her mother and herself. After her parents divorced when she was a teenager, Delyanne Barros began what seemed like a two-decade-long non-stop grind. Fearing what would happen to not only herself but her family if she didn’t provide, Delyanne chose to go to law school to not only help those in need but also bring home a steady paycheck that would support her and her mother. After realizing that the nine-to-five grind wasn’t what she thought, Delyanne began searching for a way to get into a better financial position. As a result, she found the debt-free and the FIRE movements. Now, only in her early forties, she’s already started a business that brings in millions, retired her mother, achieved financial freedom, and did it all just within six years of finding the FIRE movement. Her biggest tip for success: Take a calculated risk and bet on yourself! If you want to find FIRE like Delyanne did, don’t skip this one! In This Episode We Cover When it’s worth it to quit your “dream job” to start your own business and bet on yourself Supporting your family and retiring your parents BEFORE they’re sixty-five years old Why even lawyer salaries often can’t afford you the life you want to live Paying off huge student loan debt and why you SHOULD invest before you’re debt-free The importance of investing EVEN when the market is dropping fast and you’re feeling fear Why you DON’T have to be self-employed to achieve FIRE (but you DO need to take risks) 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder What Is the FIRE Movement? How to Calculate the Risks Before Investing The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street 00:00 Intro 01:10 Supporting Her Family as a Teen 07:34 Why Law School? 14:15 Finding FIRE and Switching Gears 21:50 Watching the Market Crash 27:37 Quitting Her High-Paid Job 35:35 Can W2 Workers Achieve FIRE? 39:19 Retiring Her Mom 41:44 Best FIRE Advice 42:54 Connect with Delyanne! 43:24 Take a Risk! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-535 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same! Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel. In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community! In This Episode We Cover How Emma became Coast FI by twenty-four and built a $99,000 net worth Creative ways to fund your college education and escape debt-free The real value of buying used cars from private owners (and where to find deals!) How to create a fun and fulfilling life you don’t want to retire from How to fast-track your fortune using the power of compound interest Making your money work harder for you after stockpiling cash 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings BiggerPockets Money Episode 323 – Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Learn More About EconoMe Conference 00:00 Intro 01:18 Working & Saving at 14! 07:32 Taking Control of Her Finances 10:52 Buying Used Cars 15:32 Creative Ways to Fund College 23:28 Learning to Invest 30:12 Joining the FI Community 37:48 $99K Net Worth at 24! 45:07 The Power of Coast FI Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

Are you working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too. From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning. Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk! Check out Jenny’s part one episode here! In This Episode We Cover Whether or not a verbal promise of inheritance will hold up in the future Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one When to update your will and why Jenny DOESN’T keep a set timeline Protecting your heirs from losing their inheritance to divorce What to do when you get an inheritance that brings you more headache than it’s worth Why communication is critical in estate planning and who you should estate plan with 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:28 Revocable vs. Irrevocable Trusts 02:29 The Estate Planning Timeline 05:35 Verbal Promises and Inheritance 10:21 When to Update Your Will 12:04 Protecting from Divorce 14:58 Who to Estate Plan WITH 18:23 The Downside of Inheritance 22:54 The “Napkin” Will 25:34 Make Your Estate Plan Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy! Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person. In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds! Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about! In This Episode We Cover Basic estate planning documents every person needs (regardless of age) What really happens in probate court (and why it’s NOT as scary as it sounds) Intestacy explained, and how to stop your assets from landing in the wrong hands How to make sorting out your estate as easy as possible for your loved ones 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich Grab Brian’s New Book, “Millionaire Mission” Money Guys Show BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW to Protect Your Heirs BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:27 Why You NEED an Estate Plan 07:52 Finding an Attorney & Probate 101 18:10 First Steps for Early Retirees 24:56 Getting Organized & Estate Planning Costs 37:00 Connect with Jenny! 37:29 Start Planning Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-532 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

If you follow these nine steps, you will reach financial independence. How do we know? Well, The Money Guy Show’s Brian Preston and Bo Hanson have tested it hundreds of times! Using this simple but extremely powerful “financial order of operations,” anyone from any background can achieve FIRE, even starting with nothing. From free money to becoming easily debt-free, building a solid financial foundation, and even paying off your mortgage early, Brian and Bo break down the exact route to financial freedom anyone can take. But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing, this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves. We’ll walk through the entire financial order of operations, from saving money to cover your deductibles to building an emergency reserve, paying off bad debt, and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission! In This Episode We Cover The nine-step "financial order of operations" that will lead you to financial independence Why building a $1,000 emergency fund is NOT enough and how much you really need Whether or not to pay off your “high-interest” debt depending on your age Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage The one investment account to max out before all the rest (it’s NOT your 401(k)!) The “hyper-accumulation” stage that will explode your wealth (IF you can reach it) 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich Grab Brian’s New Book, “Millionaire Mission” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-531 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

You DON’T have to spend your entire life chasing financial independence. Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice, today’s guest became a millionaire (and financially free) in just SIX years! Welcome back to the BiggerPockets Money podcast! After years of “drifting” through life and racking up bad debt, Erichad a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence—buying rental properties, fixing them up, and eventually flipping them for a huge profit. One “home run” deal catapulted him toward his FI goal and a $1 million net worth! If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investorsshould buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS), and how to get the maximum return on a few years of sacrifice! In This Episode We Cover How Eric became a millionaire and reached financial independence in SIX years Why buying “grandpa’s house” is a cheat code for building wealth How to start fixing and flipping houses (and turn a HUGE profit!) How to find “rare” real estate deals on the multiple listings service (MLS) Building your real estate portfolio by using your profits to buy MORE properties 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Grab Your Copy of “The Book on Flipping Houses” BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke BiggerPockets Money 481 - Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Connect with Eric on BiggerPockets 00:00 Intro 01:22Millionaire in 6 Years! 03:34 Buying “Grandpa’s House” 09:04 Eric’s BIG Turning Point 15:24 The Journey to $1 Million 19:08 The “Home Run” Rental 31:45 Moving to New Hampshire 33:13 How to Reach FI 36:13 Share Your Money Story! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-530 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Financial independence by the age of twenty-five?! Today’s guest started working and saving money at a very early age, which allowed him to buy the time and freedom to do the things he values most. Whether you’re twenty-five or fifty-five, applying some of these simple principles to your own life can propel you toward financial freedom! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Gabe Bult, a YouTuber, serial entrepreneur, and real estate investor who reached financial independence before his twenty-fifth birthday—all by subscribing to financial minimalism and frugal living. The only thing stopping him from retiring early? Sheer boredom! Instead, Gabe’s day typically involves precious time with his daughter, a few hours making YouTube videos, and an afternoon spent enjoying his favorite hobbies and interests. YOU can have this life, too, but not without a little sacrifice, education, and discipline. Fortunately, it only takes a few years of ferocious frugality to get ahead, save for the future, and become “set for life.” And in this episode, Gabe will show you how to do just that! You’ll learn how to save your first $25,000 (and what to do with it), live for free with the house hacking strategy, and start a business that allows you to earn more and work less! In This Episode We Cover How Gabe reached financial independence by the age of twenty-five “Financial minimalism” explained (and why it’s MUCH easier than you think!) How a few years of frugal living can fast-track your journey to FI Living for FREE with the house hacking investing strategy Starting a business that allows you to earn more and work less 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 468 - ‘Bar Rescue’ Host Jon Taffer on the “Secret Recipe” for a Successful Business Connect with Gabe on BiggerPockets 00:00 Intro 01:34 What Is Financial Minimalism? 04:38 A Day in the Life with FI 07:30 Gabe’s Money Journey 13:06 The Art of Entrepreneurship 16:30 House Hacking 101 24:34 Education & EXTREME Discipline 35:41 Connect with Gabe! 36:01 Become a Financial Minimalist! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-529 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]

Starting your first or next business? This episode is for you. Today, we’re bringing you everything you need to know about small business taxes for beginners. Whether you’re a solo entrepreneur, partner, landlord, house flipper, Airbnb host, or something in between, you MUST know about these tax laws before you start making money with your own business because if you get them wrong, you could be paying a MASSIVE penalty come tax time. You could save yourself thousands, or TENS of thousands, just by tuning in! Brandon Hall, CPA, runs a real-estate-focused tax and accounting firm for big and small real estate investors. But, even if you’re not investing in real estate, these tax tips also apply to YOU. In today’s episode, we threw dozens of hard-hitting tax questions at Brandon so you know what to do with your next side hustle or full-blown business. We’ll discuss whether you need an LLC, the real benefits of getting one, and which business entity (LLC, S-corp, C-corp, etc.) makes the most sense for your specific business and tax needs. Making money on your own but NOT paying quarterly taxes? This could cost you BIG, but thankfully, Brandon goes through exactly how much you could owe. And if you want to owe less to the IRS, we’ll give examples of tax deductions plus, which are NOT worth it and could put you at a BIG audit risk. Need a tax professional for your small business? Find one for free with BiggerPockets Tax and Financial Services Finder! In This Episode We Cover Self-employment and small business taxes for beginners Whether or not you need an LLC and why most real estate investors have this all wrong Estimated taxes and the MASSIVE penalty you’ll pay if you forget about this Tax deductions and the audit red flags that the IRS is looking for The different business entities you can start and which has the best tax benefits The three things you NEED to set up an LLC and the most critical one beginners forget “SALT” taxes and why those selling goods in different states could owe even more 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! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders How to Obtain Real Estate Professional Tax Status Hear Past Episodes with Brandon: BiggerPockets Real Estate 196 - LLCs, House Hacking, and Saving on Taxes with Brandon Hall BiggerPockets Real Estate 269 - How the New Tax Code Affects Your Real Estate Investments BiggerPockets Real Estate 934 - How to Pay Less Taxes by Buying Real Estate (1 Write-Off You’re Overlooking) On the Market 96 - The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of On the Market 165 - Year-End Tax Updates, New IRS Interest Rates, and URGENT News for LLCs On the Market 187 - 100% Bonus Depreciation Coming Back? (Do NOT File…Yet) Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-528 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]