BiggerPockets Money Podcast

Early retirement was a goal for today’s guest, Antoinette Munroe, the moment she started making money. Her money journey started in second grade when she sold her Halloween candy for extra cash. By high school, she graduated to selling a wide variety of different things and even started her own distribution network with her cousins at their respective schools. 

By the time she got to college, her main focus was staying out of trouble, avoiding debt and saving. It wasn’t until her last semester of grad school that she had to take out loans. After graduation, her priorities shifted, and she got a job to pay off her debt. Starting with her first check at her new job, she laid out her budget ABCs. Her ABCs follow a simple principle; automation, balance, and consistency. And after two years, she paid off her $27,000 debt! 

In 2015 she decided to start looking for a home, and by the end of 2015, she purchased one. She did a complete rehab on the house while also adding an addition in hopes of getting rid of her expenses to achieve her ultimate goal of not having to work. She put the finished addition on Airbnb, and it now cash flows and pays her expenses. After she realizing the power of real estate investing to build net worth and generate wealth, she did this three more times and now owns four cash-flowing properties. She is now retired and lives the free life of leisure she always envisioned for herself. 

In This Episode We Cover

The importance of saving money and the freedom that comes with it 

How to make an efficient and realistic budget & how to stick with it 

The Budgeting ABCs & how to simplify your budget (and your life!)

Creative financing and using it to buy deals when you don’t have the cash 

How to create and maintain a cash-flowing asset 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

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 the full show notes here: https://www.biggerpockets.com/blog/money-295

Index funds and rental properties are at opposite ends of the investing spectrum. On one side, you have highly diversified, almost entirely passive index funds. On the other, you have cash-flowing, yet far more hands-on, rental properties. Both of these beloved types of investments belong in (almost) every investor's portfolio, but how much should you have of one or the other?

Today’s guest Cecilia has built a strong net worth while keeping her income high and expenses low. She bought at the bottom of the market in Southern California, so while home prices rise all around her, she’s sitting comfortably with her rock-bottom mortgage payment. Thanks to all the housing expense-related savings, Cecilia has been able to dump a lot of her extra cash into the stock market. But, she’s longing for a more travel-focused life, where she can take sabbaticals in any corner of the world she chooses.

Part of her plan to wealth-gaining greatness is buying a short-term rental in a city she loves, so she can still vacation on the cheap. In order to do this though, she may need to sell off some of her investments or swap her strategy entirely for cash-flowing rental properties in cheaper parts of the United States. Which path will set Cecilia on a fast track to FI?

In This Episode We Cover

How much to have in your safety reserves and what to do when you have too much cash

Index funds vs. rental properties and when to focus on which asset 

Long-term rentals vs. short-term rentals and the cash flow that comes from both

Building the perfect investment plan that will coast you to the life you love

Automating your business and spending less time on repeatable tasks 

Whether or not early mortgage payoff is a good idea in low-interest times 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

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 the full show notes here: https://www.biggerpockets.com/blog/money-294

A master’s degree shows quite simply that you’re a master (at least to some extent) in a certain subject. For decades, getting a master’s degree has been seen as a financially savvy move to open you up to higher pay, better job opportunities, and golden networking connections. But times have changed, and as more students see college as an inferior option to working, it begs the question: is a graduate degree worth the price?

You can’t know the answer unless you compile tens of thousands of pieces of data. Thankfully, we didn’t have to do that, we just invited Preston Cooper on the show to explain the research he and his team at FREOPP did. You may recognize Preston from his previous episode on the BiggerPockets Money Podcast where he mapped out which undergraduate degrees were worth it. Now, he’s back to show which master’s degrees have the highest (and lowest) ROI.

You’ll hear Preston answer questions like when is the right time to go back to school, which master’s degrees are fatal for financial freedom, and how students should go about choosing a degree or a combination of degrees. So, whether you’re pondering going back to school to get a degree in underwater basket weaving, horse training, or law, Preston has the data to help you make that decision! 

In This Episode We Cover

Why different schools can have dramatically different degree ROIs

The best (and worst) master’s degrees to pursue 

How degree combinations can help you make more money in a related career 

When is the right time to pursue a graduate degree (after college or after working)?

The common misconception about MBAs and why most graduate business degrees aren’t worth the cost

The future cost of college tuition as admission rates drop and inflation continues to rise 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

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 

Hear Our Previous Interview with Preston on Episode 251

Check Out Preston’s Grad Degree and Bachelor Degree Study:

More FREOPP Higher Education Resources 

FREOPP

Is A Master’s Degree Worth The Pay Raise?

Connect with Dave on BiggerPockets

Check the full show notes here: https://www.biggerpockets.com/blog/money-293

Financial independence is not a new concept to Carl and Mindy Jensen. For as long as they’ve been together, Carl and Mindy have been open and upfront about their financial situations. When they learned about the FIRE movement, they knew they had an all-time goal to hit. Fortunately for them, they hit it earlier than they needed, but has their current spending forced them to recalculate what it takes to hit financial freedom?

Welcome back to Carl and Mindy's Spending Summary, or as we’re naming it this month, March Money Madness. Carl and Mindy had a few big-ticket items on this month’s expense tracker, namely things like a lovely trip to Seattle and a brand new couch (Mindy bought something new!?). As the months fly by, Mindy has noticed an “over budget” trend, forcing her to either recalculate her FI number or get back into budget mode.

If you’ve gone over budget like Mindy this month, don’t fret! Tracking your expenses and keeping up to date on your budget will still help you achieve the goals you’ve set for yourself. Just be extra mindful in April! 

In This Episode We Cover

Frugal vacations vs. relaxing retreats and how to plan for added travel spending

Gas prices, utility bills, and using solar to lower your cost of living 

The benefits of budgeting and how expense tracking keeps you frugal

Having “money respect” for your partner when sharing finances 

Accounting for big “one-time” purchases like furniture or trips 

How to save money on next month’s grocery bill (look in your pantry!) 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Check the full show notes here: https://www.biggerpockets.com/blog/money-292

eBay flipping isn’t something new. You’ve probably bought something on eBay that was sold by a reseller. Maybe a type of makeup you liked got discontinued. Maybe your favorite pair of jeans from a nationwide chain suddenly disappeared. For eBay resellers like today's guest, Tom Brickman (The Frugal Gay), it’s all about finding the products that people love but can’t get a hold of anymore.

Tom is a master of frugality. Raised by a real estate investor, he knew what cash flow could do to a nine-to-five worker's life. So, at age twenty-one, Tom cashed in some company stock to buy his first multifamily. He inadvertently house hacked and was living in his own place for a whopping $138 per month! From there, he moved from his native Ohio to Texas where he got a full-time job, built his eBay flipping business, and never stopped reinvesting into rentals.

As a side-hustle addict, Tom shares numerous stories about how he made (and lost) large sums of money by reselling on eBay. He even bought an entire house on eBay at auction, which came with bullet holes included. Talk about a deal! Now, retired well before sixty-five, Tom lives a life he loves with his partner, thanks to financial frugality! 

In This Episode We Cover

Why frugality at a young age can compound into massive wealth-building benefits 

ESPP and reinvesting your paycheck so you can use investments to buy cash flow

What makes a great eBay flipping product and how to find the best deals around 

Commercial real estate investing and rehabbing properties for enormous equity gains 

Buying homes at auction online and why you shouldn’t solely trust the zip code a house is in

Paying off credit card debt quickly through hard work and smart money management 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

5 Frugality Myths Americans Believe That Would Make Ben Franklin Cry

A Beginners Guide to Hack Your Housing and Live for Free

How to Pay Down Bad Debt—Fast!

Check the full show notes here: https://www.biggerpockets.com/blog/money-291

Renting vs. buying a home, debt payoff, and the best investments of 2022 are just a few of the topics discussed in this week’s Finance FAQs. That’s right, we’re here with a new segment where Scott and Mindy take your questions directly from the BiggerPockets Money Facebook group and give answers so you can make smarter investing, saving, and life-changing decisions.

In this episode, we get into questions from a range of different financial situations. We have questions about debt payoff schedules, whether to sell stocks and invest in real estate, why “safe” investing may not be smart investing, and what to do when three-quarters of a million dollars are given to you. Scott and Mindy not only answer these questions the best they can, but they also give the “why” behind the financial decision so you can be better equipped when situations like this come up in your own life!

If you want to ask a question or give us feedback about this new format, you can do so on the BiggerPockets Money Facebook Group or leave a comment on the BiggerPockets Money YouTube channel. We’ll try and round up the most commonly asked questions so Scott and Mindy can keep the wealth-building wisdom coming! 

In This Episode We Cover

The safest investment vehicle in 2022 (and why safest doesn’t always mean best)

Whether to pay off student loans or invest in retirement and real estate 

Which debt to pay off first so you can coast to debt-free freedom

Renting vs. buying in today’s hot housing market and how to decide for yourself 

Funding home renovation projects (even when contractor costs are high!) 

House hacking and using it to lower your expenses, grow net worth, and build financial runway 

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Follow Along Mindy’s Live Budget Tracking

BiggerPockets Money Podcast 35 with Craig Curelop (House Hacking)

BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans)

Does It Make More Sense to Rent or Buy in Today’s Real Estate Market?

A Beginners Guide to Hack Your Housing and Live for Free

Pay Off Debt or Invest?

Check the full show notes here: https://www.biggerpockets.com/blog/money-290

Real estate and early retirement go hand in hand. Most people think that it’ll take years (or decades) to build up enough cash flow to simply break even on your monthly expenses (lean FI). Those people probably aren’t thinking as big as today’s guest, Hugh Carnahan, who retired in only three years thanks to speed, diligence, and a courageous amount of risk-taking.

You’d probably assume that to retire in three years, Hugh had to be a very financially adept person. Well, you’d be 100% wrong! Hugh struggled for years with his finances and committed almost every cash flow cardinal sin in the book. He made great income, saved almost none of it, then saved way too much of it, and thought that his path to financial freedom was through getting solar panels on his house, NOT buying houses.

When a local business owner set him straight, he consumed as much real estate investing content as he could. He listened to the BiggerPockets Real Estate Podcast religiously and after 386 episodes, decided he should invest in real estate. So Hugh went and bought a nice single-family home, right? Nope. He did something much different—and he’s financially free because of it.

In This Episode We Cover

How to NOT practice the “pay yourself first” principle of investing and saving 

Lifestyle creep and how it can eat away at your wealth, even as a high-earner 

ESPP programs and the benefits of getting discounted company stock

The BRRRR strategy and using it to force equity on your rental properties

Commercial and portfolio loans, plus how they differ from residential mortgages 

How to leverage cash-flowing real estate to hit financial freedom (fast!) 

And So Much More!

Links from the Show

Follow Along with Mindy’s 2022 Budget

Make Your Own Free Mobile Expense Tracking App in 30 Minutes

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Scott's Instagram

Mindy's Twitter

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Check the full show notes here: https://www.biggerpockets.com/blog/money-289

Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move.

Brandy has multiple streams of income—her contract work, her eBay business, her rental portfolio, and her husband's job. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion!

Brandy is wondering what will make the most sense for her life abroad—keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible. 

In This Episode We Cover

Building wealth after bankruptcy, failed businesses, and financial mistakes 

Quitting corporate and coming back in a more flexible, entrepreneurial role

Short-term rental investing and the big profits (and costs) that come with it

What to do if you have too much home equity as part of your net worth?

Backdoor Roth IRAs and retirement investing for self-employed individuals 

Calculating rental property profits and pitting them against other investments 

And So Much More!

Links from the Show:

BiggerPockets Money Facebook Group

BiggerPockets Forums

How I Used Real Estate to Pay for My Newborn Daughter’s College Education

Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders

Equity Rich and Cash Poor?

Calculate Potential Airbnb Earnings on Your Short-Term Rental

How I Live Overseas & Still Manage My U.S. Rentals

Check the full show notes here: https://www.biggerpockets.com/blog/money-288

Do you know how to ask for a raise? If you’re like most people, you probably think that we’re asking a rhetorical question. If you think it’s as easy as simply walking up to your boss, asking for more money, and leaving, you probably haven’t ever asked for a raise before. Behind every pay raise request is a clammy-handed employee, hoping that they’ve done well enough to justify that salary bump. Maybe you’re nervous to talk to your boss, maybe you feel unprepared, or maybe you just find it hard to talk about money.

On today’s show, Kassandra Dasent, program manager and wealth advocate, touches on how every employee can prepare to get the raise they deserve. Despite what most people think, you should NOT prepare for your salary review days before it happens. Kassandra has a simple timeline that allows employees to maximize their raise potential throughout the year. So, when it finally comes time to talk numbers, most of the discussion is already done.

This type of strategy has not only helped Kassandra but numerous listeners of the BiggerPockets Money Podcast. But, what if you can’t get a raise? What if your boss says no? What if there’s no budget left for you at the end of the day? Don’t fret, Kassandra lays out the exit strategies you should plan for when career hiccups happen (which they inevitably will). 

In This Episode We Cover

Building your “success folder” and using it as your greatest tool in a salary negotiation 

Taking initiative on pay raises and not letting your boss control your career

Mitigating the fear of talking about money and using your goals to ask for a raise with confidence 

How job-hopping really looks to employers and how it will dictate your career path

Strategizing your raise and negotiating for more than just money 

How often you should update your resume (even if you’ve been at the same company)

And So Much More!

Check the full show notes here: https://www.biggerpockets.com/blog/money-287

It's not uncommon to have irregular income as a business owner or self-employed individual. But with different amounts of money coming in every month, how can you budget, invest, or plan? Some months you’ll make a killing, while other months may have huge burn rates. How do you gain financial clarity when running multiple businesses with multiple income streams? What about becoming debt-free? Is it possible with such inconsistent income? 

This is how Eric Dunn has been feeling lately. After paying off a significant sum of debt, Eric has seen his income slowly rise and needs help ironing out his finances before he can invest in real estate. Eric has numerous businesses that haven’t been given the accounting love they deserve. Not only that, Eric has been trying to get his safety reserve up to hold himself over during the lean months of self-employment.

Mindy and Scott work with Eric to build a financial framework that allows him to scale simply and with minimal effort. They also talk through self-employment tax, financial planning, safety reserves, renting vs. buying real estate, and more. If you’re a regular listener, you probably have more than one stream of income (or will in the future) making this advice worth its weight in gold so you don’t make some of the mistakes Eric is trying to avoid! 

In This Episode We Cover

Paying off consumer debt and using it to propel forward your financial position

Separating business and personal expenses so tax time is headache-free 

Financial planning and analysis, plus using it to model and predict future income

Self-employment taxes and quarterly tax penalties that you can avoid as an entrepreneur 

Whether to rent or buy a home in today’s hot housing market (and strategies for both)

Why your emergency fund is meant to be spent on the right things 

And So Much More!

Check the full show notes here: https://www.biggerpockets.com/blog/money-286