BiggerPockets Money Podcast

Switching jobs is a HUGE career decision that impacts not only your finances but also your schedule, quality of life, and more. When is changing jobs the right move, and what are the different factors at play? Today, our hosts will show you what to do when faced with such a big decision! Welcome back to the BiggerPockets Money podcast! In this […]

If you haven’t started your retirement planning yet, you’re not out of luck. Whether you’re in your twenties, thirties, forties, fifties, or sixties, there’s still time to get enough into your accounts so you can walk away from work and live life on your schedule. So, even if you’re starting late, fret not because today, we’ll walk through everything you need to know to get your retirement planning in gear! To help, The Motley Fool’s Robert Brokamp is joining us on the show! Robert, like many of us, started looking into investing when he was too broke to afford what he needed. Afterresearching index funds, compound interest, and basic investing, Robert thought, “Why isn’t everyone taught this?” This question inevitably led him to become a CFP (certified financial planner), join The Motley Fool, run the popular “Rule Your Retirement” service, and contribute to the Motley Fool Money podcast. Robert has been helping people reach their retirement goals for decades, and today, he’s here to help you do the same. This money masterclass will go through all aspects of retirement planning, from 401(k) contributions to individual stock vs. index fund investing, when annuities and bonds make sense for your portfolio, the future of social security, and why you may want to start spending MORE money before you retire. In This Episode We Cover Retirement planning 101 and how to get on track even if you haven’t started investing The good, bad, and ugly 401(k)s and how to know which one YOUR company has Individual stock investing vs. index funds for a faster-growing retirement portfolio Inflation-adjusted investments, annuities, and when buying bonds makes sense The BIGGEST regret retirees have once they’re able to leave work The EXACT portfolio Mindy and Scott would build for an ample retirement 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! Money Moment Bill Bengen (4% Rule) FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement by Mark Trautman Learn More from Robert The Motley Fool The Motley Fool Money Podcast Rule Your Retirement Extraordinary Popular Delusions and The Madness of Crowds Immediate Annuities J.P. Morgan’s Guide to Retirement Open Social Security Retirement Planning Module TIPS Watch TreasuryDirect Click here to check the full show notes: https://www.biggerpockets.com/blog/money-466 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

When people hear the term “passive income,” their minds usually flash to real estate investing. But, taking on real estate debt may not be the best option for you—especially if you have a high-risk financial portfolio. Instead, you might be better off starting a side hustle that brings in extra dough without huge startup costs or a massive time commitment! Kayla is a healthcare sales professional who has just bought her first property—a beautiful townhouse that she plans to house hack with a couple of friends. Although she was able to get a loan with a low interest rate from a private lender, there are several risks involved that keep Kayla awake at night. With a hard deadline to refinance the mortgage in five years and a potential recession looming, Kayla must reassess her five-year plan and determine the most viable path to financial freedom. Fortunately, Scott and Mindy are here to help her out! If you’re feeling a little uneasy about 2024’s recession risk, you won’t want to miss out on the many nuggets of wisdom shared in this episode. You’ll learn the best ways to offset a high-risk portfolio, the importance of building your cash position in case of emergency, and how to supplement your W2 salary with REAL passive income! In This Episode We Cover How to offset high levels of risk in your financial portfolio Supplementing your W2 earnings with passive income opportunities Side hustle ideas you can start with a few hundred dollars (or less!) How to get a low-interest mortgage in today’s housing market Subsidizing your mortgage payment by house hacking The emergency fund you NEED on hand for a worst-case scenario 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! Money Moment How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Choosing Side Hustles (& Happiness!) Over Full-Time Employment Making Money From a Legitimate Side Hustle With Mark Wills More Money in Less Time: How to Start a Profitable Side Hustle Click here to check the full show notes: https://www.biggerpockets.com/blog/money-465 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

HGTV’s Heather and Tarek El Moussa have built an empire that any entrepreneur would be jealous of. They’ve collectively flipped over a thousand homes, started syndications with tens of millions of dollars invested, have a TV show that rakes in money for them to flip more houses, AND they do it all while raising a family. And while they’ve created the life they’ve always dreamed of, some unintended side effects have recently emerged that make things less-than-glamorous. We’ll touch on the recent “drama” in today’s episode, but before we do, Heather and Tarek break down precisely what they did to build the business they own today. And if you’ve ever thought of flipping houses before, Tarek gives invaluable advice on finding deals, hiring (and firing) contractors, why he’s spending more money than EVER before on renovations, and how you too can build a multi-million dollar house flipping business. But that’s not all. After a recent slew of negative press, Tarek finally breaks the silence on a recent deal gone wrong and gives the story none of the news outlets would share on how he’s handling a barrage of tenant complaints, online harassment, and even death threats. In This Episode We Cover How the El Moussas flipped over one THOUSAND homes across California Finding house flipping deals and how to see the “potential” in a hideous home Wholesaling real estate and why Tarek was forced to stop flipping Why Tarek sees “rough times” ahead and how YOU must pivot if you invest On-air “drama,” how much of it is real and raw, and the effects it has on Heather and Tarek Tarek’s recent deal gone wrong and how he’s doing everything he can to make it right 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” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Hear Tarek on the “BiggerPockets Real Estate” Podcast Flipping Houses: How to Get Started and Everything You Should Know Click here to check the full show notes: https://www.biggerpockets.com/blog/money-464 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Teaching your kids about money is one of the most CRUCIAL parts of parenting. So why do so many Americans completely neglect financial literacy for kids? Is it too awkward of a subject? Do parents feel like they don’t even grasp personal finances themselves? What happens if YOUR kid goes into the world with zero money mastery? If you have children, grandchildren, nieces, nephews, or loved ones with kids, THIS is what you MUST teach them. Instead of Mindy and Scott telling you what they taught their kids, Katie Trautman comes on the show to share what her FIRE father taught her about money. You may recognize Katie’s name; her father, Mark, was on the show just a few months ago. Mark was able to retire at age fifty, get Katie through college debt-free, and travel to his heart’s desire. He taught Katie some crucial personal finance lessons many of us never learned. From saving to spending, investing, retirement accounts, and more, Katie goes through some of the top lessons her father taught her about finances before she left the house. Katie is about to start her first full-time job, and with a healthy emergency reserve, full retirement accounts, and the right money mindset, she’ll show you how she plans to retire earlier than her father even though she JUST started working. In This Episode We Cover Financial lessons you MUST teach your children before it’s too late How to fund your child’s college through tax-advantaged investing accounts Allowances and how to entice your child to save more than they spend The “20%” rule that Katie has ALWAYS followed to set herself up for financial success Why your kids SHOULD know how much money you make, save, and spend The one thing Katie wishes she could change about growing up in a FI family 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! Money Moment FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement with Mark Trautman Tracy Coenen (Forensic Accountant) Part 1 Tracy Coenen (Forensic Accountant) Part 2 5 Ways to Teach Your Kids About Finance & Investing Click here to check the full show notes: https://www.biggerpockets.com/blog/money-463 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Want to reach FIRE long before you’re sixty-five? If you make a decent income, invest diligently, and watch your spending, you STILL could fall into the “trap” most FIRE-chasers find themselves in. By making one BIG mistake, you could be accidentally forcing yourself to work for years or decades longer to finally retire, even if you’ve reached your FIRE number! What “trap” are we referring to, and how do you ensure you’ll hit FIRE on your schedule? Stick around to find out! Today, we talk to Chris, who works in medical sales and makes an income anyone would be happy to have. He lives in a high-cost-of-living area with a million-dollar home, expensive property and state taxes, and high expenses. But he still saves a solid amount of income every month. What’s he doing with his extra cash? Investing in index funds, generously donating, and…saving to buy into a franchise? This franchise investment could make Chris millions, but there are a few red flags that Mindy and Scott can’t ignore. With a substantial initial investment and a partnership that could be tested at any point, Chris wants to know the best place to deploy his ample capital. Does he go head-first into the franchise, stick with index funds, or build robust retirement accounts? And with a FIRE timeline of ten years or less, how does he ensure he'll have enough money to support his lifestyle? In This Episode We Cover The common FIRE “trap” that could force you to work for far longer at your job Investing in retirement vs. after-tax brokerage accounts and which to focus on for FIRE How to access retirement funds even earlier if you decide to retire early Investing in a franchise and what you MUST know before you put your money into one The perfect FIRE portfolio and how to allocate your investments to support your early retirement lifestyle Building/buying your forever home and when to put it off to invest 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! Money Moment Accessing Retirement Funds Before Age 59½ with The Mad Fientist Franchises 101: How to Find, Fund, and Profit from Owning a Franchise How to Access Retirement Funds Early Click here to check the full show notes: https://www.biggerpockets.com/blog/money-462 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

You want to retire, but you’ve got credit debt, auto loans, and student loans. It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way? Seth Godwin was fired from his job while holding $30,000 in credit card debt. He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free, increase his credit score by hundreds of points, and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans, realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away. Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards—but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you, how to escape credit card debt confidently, what to do now that student loans are resuming, and why you SHOULDN’T trade in your old car. In This Episode We Cover The common auto loan scams that trick you into spending FAR more than you should Why you should NEVER trade in a “negative equity” car to upgrade The best car makes to buy (and two that rarely break down) How to crawl yourself out of credit card debt and come out with a 700/800 credit score How much money Seth makes on TikTok every month (it’s WILD!) Student loan resumption and whether college is worth the increase in salary 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! Money Moment Is College Worth It (Part1) Is College Worth It (Part 2) Liz Frugalwoods Tinian Crawford Side Hustle Resources: Side Hustle Nation Budgets Are Sexy Click here to check the full show notes: https://www.biggerpockets.com/blog/money-461 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Will the housing market crash? If you’re like most Americans, the economy is starting to feel a bit unsettling. But, with so many homeowners locked into low mortgage rates or owning their homes outright, is there even a possibility of a housing crash, regardless of whether a recession does happen? The answer isn’t as straightforward as most people think, and if you don’t know the facts, you could get caught off guard. Mindy and Scott are back to answer YOUR money questions. This time, we’re taking questions from our Facebook Group, and MANY have to do with mortgage rates, home sales, and a potential crash. First, we answer what could cause a housing market crash in the near future. Then, a listener asks whether or not they should sell their home to pay off credit card debt. An investor wants to know if paying off their mortgage early beats the stock market, and a divorcee seeks to sell her home because of “bad juju.” The problem? She’s got a killer mortgage rate. Finally, we’ll debate stocks vs. real estate as the best path to FIRE! 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 Could the housing market crash? And if so, which areas will be most affected? Crazy credit card debt and whether selling your home is worth being debt-free Should you stay in a house you hate just because you have a low rate? When leaving your business to go back to a W2 makes sense Paying off your mortgage early vs. investing in stocks when rates are sky-high The fastest path to financial freedom and whether stocks vs. real estate gets you there sooner 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! Money Moment Money and Relationships: How to Have “The Talk” Before It’s Too Late w/Vivian Tu Seriously—Why Hasn’t the Housing Market Crashed Yet? Should You Pay Off Your Mortgage Early or Invest? I Will Teach You To Be Rich Episode 80 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-460 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

Marriage and money are known for mixing like oil and water, but a little financial knowledge will allow you to navigate these sensitive issues with confidence. Today’s guest is an expert on this front and is here to equip you with some future-saving finance tips! Welcome back to the BiggerPockets Money podcast! In this episode, we’re joined by Tracy Coenen, a forensic accountant who specializes in unearthing money shenanigans in marriages. On most days, Tracy works closely with spouses who suspect financial infidelity or that their partner is making financial arrangements in preparation for a divorce. This is a vulnerable position for any partner to be in, but with Tracy in their corner, they can better handle their finances and weather the storm. Whether you’re single, preparing for marriage, or filing for divorce, this episode is loaded with all kinds of personal finance tips that will help you protect your financial future. Tracy shares why it’s critical for all couples to draft up prenuptial agreements before getting married, the biggest warning signs of financial infidelity in a partner, and when you might need to hire a forensic accountant to assist with your marital money problems. Stay tuned until the very end to hear about some of the wildest cases Tracy has worked on over the years! In This Episode We Cover Common marriage and money-related stressors that contribute to divorce When to hire a forensic accountant for your marital money issues The biggest warning signs of financial infidelity or divorce planning Why you and your partner NEED a prenuptial agreement before getting married Keeping legal costs under control during the divorce process How a couple’s finances and assets are typically divided in a divorce 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! Money Moment What Out for These Financial Infidelity “Red Flags” in Your Marriage w/ Tracy Coenen Why You’re (Probably) Wrong About Prenups w/ Aaron Thomas Money and Relationships: How to Have “The Talk” Before It’s Too Late w/ Vivian Tu Getting Financially “Naked” with Your Significant Other w/ Erin Lowry Connect with Tracy and Get $100 Off Your Divorce Money Guide Click here to check the full show notes: https://www.biggerpockets.com/blog/money-459 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

What if one part-time side hustle could replace your entire income? Even better, what if you could keep your full-time job and spend a few hours a week making thousands extra a month, raking in cash, and reaching financial freedomfaster? If you’re today’s guest, Ryan, then this is the situation you find yourself in. Don’t know which super lucrative side hustle we’re talking about? Stick around because you may have never thought of it before. Ryan works full-time as a registered nurse in one of the most expensive areas of the country, Northern California. He’s made some ingenious money moves that allowed him to quadruple his income in just four years and live close to free every month in his own house. But, with a baby on the way, Ryan’s lucrative house hacking lifestyle may be coming to a close, and he’s debating what to do next. Should he pay off student loans, buy another home for his new family, stay in his current property, or expand his successful side hustle? The good thing is that any of these moves could make Ryan richer, but he’ll be strapped for time with a sixty-hour-per-week working schedule and a newborn requiring constant attention. So, what’s the best money move to make for his future family? And should he go all-in on this wild side hustle that could make him even more than his job? In This Episode We Cover Ryan’s unbelievably profitable side hustle that almost anyone can start NOW House hacking 101 and how to live-mortgage free every month When paying off debt DOESN’T make sense (and what you should do with the money instead) Investing in real estate vs. your side hustle and why mortgage rates have changed the game Buying businesses from retiring baby boomers and the HUGE opportunities out there How Ryan quadrupled his salary in just four years (without burning out!) 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! Money Moment Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire Leila and Alex Hormozi’s Unbelievably Simple Investing Advice Codie Sanchez: These “Boring Businesses” Will Make You Rich How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles Passive Income, Aggressive Retirement Click here to check the full show notes: https://www.biggerpockets.com/blog/money-458 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]