BiggerPockets Money Podcast

Cryptocurrency is dead in the mind of most investors. What started as an awe-inspiring investment reaching massive multiples in just months, quickly became a subject of contention within the investing community. Some moretraditional investors called cryptocurrency an outright fraud, while others claimed it was the final puzzle piece in the battle for a stable fiat currency. Now, with many crypto prices down, is there any reason to invest?

For long-time listeners of the BiggerPockets Money Podcast, you’ll know that hosts Scott and Mindy don’t have a terribly favorable view of cryptocurrency. Not because they think it’s illegitimate, but because of its massive volatility that has borderline bankrupted many inexperienced investors. We wanted a deeper insight into why cryptocurrency could be worth investing in, so we brought Laura Shin onto the show.

Laura is host of the Unchained podcast, where she updates the crypto community on the latest news stories, price action, and more. Laura is an agnostic crypto investor with a level-headed view of the benefits and risks of investing in this volatile asset. She gives us a masterclass on the current state of cryptocurrency, the history of Bitcoin, why assets like Ethereum may be more valuable, and why exchanges like FTX are not to be trusted.

In This Episode We Cover

The history of cryptocurrency and how Bitcoin started a worldwide craze

Ethereum vs. Bitcoin and why “ultra-sound” money could beat the rest

The “crypto winter” and whether or not now is a buying opportunity for investors

Money crypto vs. tech crypto and why there may be more than one coin left standing

FTX, fraud, and how crypto exchanges can lose your coins, and the best way to protect yourself

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Finance Friday: First Down Market? Here’s How to Stop Stressing

Unchained podcast

Bitcoin: Investing Fad or Final Bullet to Fiat Currency?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-375

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Private equity is a term often left undefined. Ask most people if they’ve heard of private equity, and they’ll say yes. But ask them to explain what it is or how it works, and most Americans will struggle to come up with even a sentence. The industry of private equity investing is shrouded in mystery, but it probably shouldn’t be. If you know what private equity is and how to invest in it, you could take home passive income that beats the stock market and real estate investing with none of the headaches or short-term panic of either.

This simple-to-understand but constantly overcomplicated industry could make you better returns, with far less work, investing in businesses you already know and trust. This is precisely what Sachin Khajuria’s book, Two and Twenty: How the Masters of Private Equity Always Win, is all about. As a former partner at one of the world’s largest alternative asset firms with over two decades of experience, Sachin can explain the ins and outs of private equity better than anyone.

Sachin will demystify the often shadowy world of private equity in this episode. He explains why it’s such a lucrative business and how it’s coming close to matching the same firepower as the public markets many of us invest in. With potential returns far higher than traditional assets, Sachin makes a strong case for why you should be looking into private equity now before the masses find out about it and flood the market.

In This Episode We Cover

Private equity explained and the simple yet highly profitable business model behind it

The two and twenty rule and why private equity firms are designed to maximize your money

Private equity returns and whether or not the high profits are worth the long time horizon

The “unloved” businesses that have seen massive growth thanks to private equity

Rising interest rates and how this could affect the value of private equity investments

The businesses you already buy from that are owned by private equity

How to find and invest in private equity even if you’re not a mega-millionaire

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-374

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Mastering personal finance is one of the most important things anyone can do. If you know where your money is coming from, where it’s going, and how to make more of it, you can retire comfortably, retire early, or have less financial anxiety at the end of the day. But, the world of personal finance can be complicated for beginners. With so many spreadsheets, calculators, money methods, and mistakes to avoid, where does someone just getting started go to understand the basics?

We brought Scott and Mindy, our two masters of money, on for a solo show where they walk through some of the top tips in personal finance. They’ll touch on budgeting, saving, and expense tracking so you can know the ins and outs of your finances with far less effort than ever before. You’ll also hear about the different methods for paying off debt, good debt vs. bad debt explained, and the right way to think about interest rates. Finally, Scott and Mindy will go over investments, when the right time to invest is, how to prioritize what to invest in, and when you’re ready to invest in real estate.

No matter where you’re at on the personal finance spectrum, investing or not, debt-free or full of debt, this episode can help you prioritize the dollars and cents in your life so you can reach financial freedom faster. And if you still don’t know where to start, stick around, as this episode is chock full of links to debt payoff methods, investment plans, budgeting examples, and more to help you on your journey!

In This Episode We Cover

Personal expenses vs. business expenses and why you should never mix the two

Expenses explained and what does (and definitely does NOT) count in your budget

The two skills every investor or business owner needs to succeed

The different ways to pay off debt and how to know whether your interest rate is too high

Good debt vs. bad debt and why many investors are choosing to hold on to low-interest loans

The right and wrong way to use a HELOC (home equity line of credit) when investing in real estate

How to prioritize your investments and building a personalized investment plan that will help you build wealth

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Finance Friday: My Home Renovation Put Me in a HELOC Hole

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

Finance Friday: Got Extra Cash? Here’s the Investment Plan for You

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

Rookie Podcast Episode 200: Scott Trench’s 10-Step Checklist to Buy Your First Rental Property

Rookie Readiness Checklist

Scott Trench's Investment Investment Philosophy Worksheet

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-373

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Want to buy a business? If so, you’ll need franchises explained. At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesses are up for sale that have proven track records and could put profits into your pocket faster than starting your own business. But first, you’ll need to make sure you’re ready to own and run a franchise, as it’s not always the passive income stream investors believe it to be.

When done right, franchises offer an almost irresistible offer to young entrepreneurs or those trying to escape the corporate ladder. You can trade in your soul-sucking nine-to-five, receive top-tier support and training, and get paid a salary, all while your business grows in the background. But before you start window shopping for which hair salon, water restoration, or pool cleaning business you want to own, you’ll need to talk to someone like Greg Mohr, author of Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth. 

Greg acts as a franchise consultant, helping match potential franchisees to a parent company that works best for their schedule, goals, and income-earning potential. You may think you know how a franchise works, what type you’d like to buy, and how much money you would make, but Greg’s in-depth, multiple-decade-long knowledge may tell you otherwise. So, if you want to run a business but don’t know where to start, Greg may be the perfect person to turn to.

In This Episode We Cover

The history of franchises and why buying a business often beats building one

The true profits of running a franchise and how much an owner can expect to make

How much franchise consultants cost (much less than you’d think), and why you need one

Most common franchise mistakes to avoid and why you should never look at JUST the franchise fee

Funding a franchise and how to use retirement accounts, HELOCs, and more to buy businesses

Business partnerships and who should join forces to buy a franchise together

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

The Benefits of Franchising vs. Starting a Business from Scratch

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-372

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Asking for Bitcoin explained is like asking how a rocket works; it's a little complex. A digital currency is valued at a certain amount of dollars (or euros, yen, etc.) and is used to pay for goods or exchange for other currencies. That makes sense. But things can get complicated as we go deeper into Bitcoin and the blockchain. There's no need to get overwhelmed; we brought Saifedean Ammous, economist and author of The Bitcoin Standard, onto the show to explain.

Saifedean, like many investors, was skeptical of Bitcoin at first. He thought it was merely a fad that would pass away in a few years. But, after researching the history of money, the rise and fall of fiat currencies, and the standard that Bitcoin was built on, Saifedean changed his tone. Now, he's a huge proponent of this new "digital gold" and has spent years of his life warning others of fiat currency's faults and the opportunity behind Bitcoin itself.

In today's episode, Saifedean explains what Bitcoin is, how it works, why the blockchain is needed, and why saving money isn't enough in today's fiat inflationary environment. You'll also hear why "hard money" like Bitcoin beats "easy money" like the American dollar and why the latest cryptocurrency crash isn't as bad as mainstream economists think. So if you've thought of snagging a bit of Bitcoin, this is the best place to start.

In This Episode We Cover

The history of money, fiat currencies, why rare, hard money is always the most safe

The dangers of easy money, debasing currency, and the fallacy of required inflation

How Bitcoin solves the fiat problem and why it can never be inflated or over-printed

The blockchain explained and why it works for Bitcoin and not other applications like real estate

Cryptocurrency's latest crash and why fluctuating Bitcoin prices are more typical than they seem

Whether to bet on businesses, real estate, Bitcoin, or all three when investing

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-371

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars, today’s guest Chris expanded his pressure washing, Christmas light-hanging, gutter-cleaning operation into a profitable business with multiple employees and a stacked schedule. But, as Chris has started to expand, he’s seen his personal profits decline, so should he outsource less so he can keep more of the revenue he’s working hard to bring in?

Welcome back to another Finance Friday episode, where we talk to Chris, a twenty-six-year-old entrepreneur learning to navigate profits, payroll, customer acquisition, and more in his pressure washing business. Chris found an interesting niche to serve; older communities in his home state of California. He’s been able to build a brand, grow his business, and have a Rolodex full of repeat clients, but he still doesn’t know the best way to scale. Not only that, Chris also started investing in real estate, with a cash-flowing house hack allowing him to eliminate his housing costs.

Chris wants to know the best way to expand his business while still retaining his high margins, what type of healthcareplan he should be on now that he’s twenty-six, when he should look to buy another house hack, and how to keep investing. Chris is on a bright path already, but with a few tweaks, he could be financially free in only a few more years!

In This Episode We Cover

How to build a business that will gross six figures even if you have no entrepreneurial experience

Payroll, employees, and how to outsource more of your work so you can focus on expanding

Turning a service-based business into a profitable, repeatable empire

House hacking explained and using it to reduce your cost of living significantly

Healthcare for entrepreneurs and why the HSA is the “ultimate retirement account”

Growing your business so you can reach financial freedom even faster

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Finance Friday: Tips to Build a House Hack STACK in Your 20s

Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl

The House Hacking Strategy with Craig Curelop

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-370

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Multi-level marketing companies (MLMs) operate in secrecy. They don’t want you to know where the products are coming from, how they’re being sold, who’s making a profit, and how the business works. They only want you to buy. Buy this starter kit, host that party, convince your friends and join the cult—sorry, the “club.” Operating in darkness is how these pyramid schemes build their membership count, branch into new cities, and keep average Americans in debtbut still chasing an empty dream.

So how did MLMs even come to be, and if they’re so blatantly nefarious, why hasn’t the government permanently shut them down? To answer these questions and many more, we brought on Jenner Furst, director of LuLaRich, the documentary that exposes the multi-billion dollar MLM empire, LuLaRoe. Jenner has worked tirelessly to uncover how these entities exist, what causes them to become so cult-like, and how unassuming Americans can fall prey to their money-making traps.

We also talk about the hierarchy of pyramid schemes, the culture inside of one, and the uneven pay structure that falsely tricks new members into believing they can strike it rich. You’ll learn about the history of MLMs, the so-called “Amway Rules,” and how snake oil salespeople have used social media to grow their empires to even greater heights.

In This Episode We Cover

The history of pyramid schemes and MLMs and how they become popularized in America

MLMs vs. pyramid schemes and the loose differences between these two types of businesses

The cult-like culture that exists inside an MLM and the blatant red flags that stick out

The false pay structure of MLMs and how they artificially promise returns that are impossible to achieve

How social media and live posts caused the MLM fire to grow even faster

How pyramid schemes play to people’s fears and desperations to get them to join

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-369

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Lynne Twist’s The Soul of Money sparked a conversation we needed to have. It didn’t make people think “how do I make more money,” instead it asked, “what world am I making with the money I have?” For decades, Lynne has beenfundraising for charities and causes around the globe. From ending world hunger to fighting for the climate, she’s made sure that her dollars are best put to use, helping the most people she can with the money she makes.

Lynne’s rock-solid financial sense came from an unusual background. Her mother was raised well-off, but her family’s wealth came crashing down when they were forced to flee the home abroad they had made for themselves. Then, when Lynne’s father died, her mother became increasingly frugal, but for a good reason. Lynne’s mother wanted to use her money to give, not get, making every cent count in the budget. Later in life, Lynne and her husband lost a massive portion of their wealth, forcing her to ask the question—why pursue riches in the first place?

On today’s show, we have a lively discussion on the toxic money culture that has enveloped American society, why financial independence is worth pursuing, and what those with much can do to help those with so little. Lynne’s take on wealth-building opens up a refreshing debate among early retirees and forces you to ask “why” instead of “how” when it comes to making money. Tune in, and be sure to check out Lynne’s new book, Living a Committed Life! 

 

In This Episode We Cover

The “soul” of money and the scarcity belief that is causing society’s financial anxiety 

When is “enough” and how making less but giving more makes you richer

The importance of self-sufficiency and why chasing financial freedom is always a worthwhile goal

Learning to forgive yourself for money mistakes and why losing wealth isn’t always a bad thing

Fighting world hunger and how Lynne is using her voice to tackle huge global issues

Lynne’s brand new book, Living a Committed Life! 

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

The Soul of Money

Pacha Mama Alliance

The Hunger Project

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-368

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who could have assumed otherwise from someone like Parker? He’s a financial analyst who made an intelligent move from expensive Boston to sunny Tampato house hack for the first time with one of his best friends. He’s making some impressive moves at a young age, but he still has questions about what to do next.

Although Parker is thankful for buying the house hack, he doesn’t know what he should do after he moves out. Does he sell the property, keep it as a rental, transfer it into an LLC, or go back to renting as he saves up enough money for the next house hack? He also has some very pressing capital expenditures on his mind, like a new roof, HVAC, and other large system replacements that could cost him and his house-hacking partner tens of thousands out of pocket. These replacements won’t be cheap, but they could help improve the property before he potentially sells.

And like most FIRE-minded twenty-something-year-olds, Parker needs to know where the highest ROI for him is. Does he continue to save up to buy another house hack, or should he be contributing to his tax-advantaged Roth, HSA, and 401(k) accounts? Plus, with such an unbelievably lucrative side hustle like couch flipping, how much time should he put into building this income-replacing revenue stream? Parker is on a great path, but with guidance from Mindy and Scott, he could reach financial independence even faster!

In This Episode We Cover

House hacking explained and the benefits of building a house hack stack early on

When to transfer an investment property into an LLC (and whether it’s even worth it)

How to calculate cash flow on an investment property to ensure you’re turning a profit

The “shotgun” clause every investor should sign when partnering on a deal

Couch flipping and how this side hustle can make you thousands every month

Capital expenditures and how to estimate your costs for big future repairs

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-367

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Financial independence means something different to everyone. For some, it means having enough to not worry about being laid off. For others, it could mean making more money to buy a yacht, but for Ali and Josh (TheFICouple), financial independence means more time together, growing a family, and a community that helps others reach their highest potential. Just four years ago, Ali and Josh were strapped with six figures worth of debt, living paycheck to paycheck, struggling to survive. Now, they’re financially independent, working their jobs just two days a week, and spending the rest of the time building a better life for their future child.

Ali and Josh are tenacious savers and investors, but they weren’t always like this. They were used to spending everything they made, scared to look at their bank accounts, and hoping that the future would somehow become brighter. Once they took the financial blinders off, Ali and Josh saw that the only way to build their ideal life was to deal with their financial hardships head-on. From there, they house hacked, heavily invested, paid off debt, and began publicly posting their wins, and losses, on social media under the @TheFiCouple handle.

They’ve gone from surviving to thriving, and this episode hints at just a portion of what Ali and Josh are building. With a baby on the way, they’ve become even more aggressive with growing their online brand, their real estate portfolio, and their investment accounts. If you want to repeat the four-year path to FI like Ali and Josh, tune in!

In This Episode We Cover

Paying off over six figures of student debt and the beauty behind taking small steps

Seller financing real estate and using it to buy properties without the big banks 

Quitting full-time work and still saving over eighty percent of your income

Growing your online brand and building a community that’ll push you to new heights

Why building a massive real estate portfolio isn’t what it’s all cracked up to be

Tips for those that are still in debt or just starting in their investing journey

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Subscribe to The “On The Market” YouTube Channel

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

Check Out Mindy’s 2022 Live Spending Tracker and Budget

Amanda's Instagram

She Wolf of Wall Street Website

From Fired to FI Couple in 2 Years with Josh and Ali

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-366

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!