After years and years of working in licensing, Diania Merriam opened up her credit report and saw that she was (collectively) $30,000 in debt. This forced her to ask the question, “what am I working for?” It made sense at the moment: you get your paycheck, you can go out to a fancy dinner, you get another paycheck, you can buy yourself something nice. But Diania wasn’t happy, or at least as happy as she thought she’d be.
She realized that she didn’t want to be stuck in a job she had to go to every day. She wanted autonomy, freedom, and financial independence that would allow her to rule over her schedule and pursue her passions and interests. So, she went to work and started saving whatever she could. She stopped eating out, started cooking all her meals, moved to a more inexpensive city, bought a house and house hacked, heavily invested in retirement, and did everything right.
Now, she’s self-employed, hosting the Optimal Finance Daily podcast and the EconoMe Conference in Cincinnati. She was able to create her dream roles because she came from a position of financial strength, she also had a plan in mind and knew what her “worst-case scenario” looked like.
In This Episode We Cover
Getting out of consumer and student debt as quickly as possible
Minimizing expenses and maximizing income to increase savings rates
Building a strong financial runway so you can start your own business
Buying a house and house hacking by renting per room
Understanding your “worst-case scenario” before you take the leap into entrepreneurialism
Finding your passions and cementing what you want to do when you reach FI
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Get Tickets to BPCon 2021
The Shockingly Simple Math Behind Early Retirement
Get Tickets to the EconoMe Conference and USE CODE BIGGERPOCKETS for a Discount
BiggerPockets Money Podcast 01 with Mr. Money Mustache
BiggerPockets Money Podcast 120 with Michael Kitces
BiggerPockets Money Podcast 153 with Bill Bengen
Grab the House Hacking Strategy
Check the full show notes here: https://www.biggerpockets.com/moneyshow215

      
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215: FI: More Than Retirement, a Chance to Take Risks w/ Diania Merriam

For those who have money… or want more of it!
Join Mindy Jensen and Scott Trench (from BiggerPockets.com) weekly for the BiggerPockets Money Podcast. Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow wealth.

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The best side hustles can put some extra cash in your pocket, help you leave your W2 job, or even launch you toward FIRE. If you’re looking to make money in ways other than real estate investing, you don’t want to miss this side hustle special!
Nick Loper, founder of Side Hustle Nation and host of The Side Hustle Show, has been building businesses since he was a teenager. From lucrative digital assets to service-based ventures, Nick has done it all, and today, he’s bringing some fresh ideas for you to try. As you’re about to learn, these fledgling businesses come in all shapes and sizes. Some take years to nurture before you reap any reward for effort, while others allow you to start earning immediately. In any case, you need to choose one you’re interested in and stick with it if you want to see results!
In this episode of the BiggerPockets Money podcast, Nick dives into some of his favorite side hustles—many of which you can start TODAY with little to no money and minimal time. You’ll learn whether it’s still possible to build amoney-making blog in 2024, as well as how to make extra income by renting out assets like inflatables, hot tubs, and vending machines!

In This Episode We Cover
Nick’s favorite low-money side hustle ideas (not named real estate!)
How to turn your own side business into a money-making machine
Creative ways to earn royalties from YOUR original works or ideas
How to build a digital asset that generates income for years to come
Why you MUST follow the “rule of one hundred” with every new side hustle
The non-digital assets you can rent out for a HUGE profit
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 Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper
Finance Friday: Pay Off Debt, Invest in Real Estate, or…Buy Vending Machines?
Make an Extra $100/Day with These Work-From-Home Side Hustles
Hear Nick on “The Side Hustle Show”

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-520
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520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!)

Want to know how to avoid capital gains on your next home sale? If you tune in, you may dodge a quarter-of-a-million-dollar bullet (or more!). What about investing in one of the most tax-advantaged accounts that almost EVERYONE should have but most people don’t? What do you do when a family member asks to borrow money from you but has a bad track record with keeping their personal finances together? We’re getting into it all and more on this finance FAQ with Amanda and Scott!
We get a ton of personal finance questions through the BiggerPockets Forums and our Facebook Page, so we decided to round up some of the most common ones and answer them for you. First, we’re talking about how to dodge capital gains tax when selling your home. Then, a concerned listener asks whether they should take out a loan on a family member’s behalf. A high-income earner wants to know whether renting or buying is their best bet, and we share whether paying off your mortgage early is a mistake!
Got a medical expense coming up, or just want to boost your retirement investing? We’ll answer whether an HSA (health savings account) beats an FSA (flexible spending account)—but make sure you get this one right. If you invest in one of these accounts the wrong way, you’ll be throwing money away. Finally, a debt-free chaser asks whether they should use their emergency reserves to pay off debt or keep slowly slogging away with the snowball method.

In This Episode We Cover
How to avoid capital gains tax when selling your primary residence
HSAs (health savings accounts) vs. FSAs (flexible spending accounts)
Whether or not to use your emergency fund to pay off credit card debt 
Why you may want to reconsider loaning a family member money 
Whether to buy or rent in today’s housing market (EVEN with low money down)
Pay off your mortgage early or invest the rest of your money?
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
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Money Moment
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Fidelity Investments
She Wolf of Wall Street Website
Emergency Fund: How Much Do You Really Need in 2024?
How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!)
Renting a Home Is Financially Better Than Buying—Wait, What?!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-519
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519: HSA vs. FSA and When to Drain Your Emergency Fund to Pay Off Debt

Whether you know it or not, “shrinkflation” is costing you. You’re paying more for less, as manufacturers boast record profits. Your paycheck is getting eaten away faster and faster every month, but you’re left with the same amount of stuff. How did this happen, and when is it going to stop? Phil Lempert, AKA the “SupermarketGuru,” has been analyzing consumer behavior, marketing trends, and the retail landscape for over two decades. Now, he’s sharing thetricks manufacturers use to get you to spend more while expecting less.
Shrinkflation has become such a severe problem that even the president of the United States has recently mentioned its damaging effects on the American household. Phil gives us the inside scoop on why prices are rising while sizes shrink, how retailers are actually fighting back to get customers the savings they deserve, and which products are seeing the most shrinkflation today.
Phil also shares his top tips to beat shrinkflation and save more money every month, how to show the companies that you WON’T put up with their price gouging games, easy ways to identify shrinkflation, and the supermarket chains that give you the best bang for your buck. If you’re tired of seeing your grocery bill inflate while your bank account shrinks, this is an episode you cannot miss!

In This Episode We Cover
Shrinkflation explained, and how manufacturers are taking advantage of Americans
Products that are seeing the most shrinkflation and which items to avoid
Why America’s need for “choice” is making shrinkflation even worse
The grocery stores and brands that are the best for budget-conscious shoppers
How to identify shrinkflation and the sneaky tricks manufacturers play to get you to spend more for less
How to take action against shrinkflation and tell brands to STOP ripping you off!
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
Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners
Persuasion Secrets and Predatory Practices Businesses Use on YOU
Supermarket Savings Tips: How to Avoid Shrinkflation as Some Companies Give Consumers Less

 Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-518
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518; Shrinkflation: How to Outsmart The Grocery Stores’ Rising Prices

Buying a business? Maybe you’ve thought about it before. You could own a laundromat, self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom. And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know.
Elliott Holland, an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price. Elliot’s team specializes in business due diligence, making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes.
So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued, which loans you can use to buy a business, why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom, but take a wrong turn, and you could lose millions (we’ll share that story, too!).

In This Episode We Cover
How to buy a “boring business” that will lead you to financial freedom
How businesses are valued and why you MUST understand “EBITDA”
Tricky ways that business owners inflate their numbers to sell to you for more
Who should (and definitely shouldn’t) be buying small businesses 
Three things you MUST look at before you make a bid on a business
The wrong move that lost one business owner over $2,000,000 when buying a business
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
Codie Sanchez: These “Boring Businesses” Will Make You Rich
Leila and Alex Hormozi’s Unbelievably Simple Investing Advice
Sites to Buy Businesses:
Acquire
BizBuySell
Flippa
QuietLight
Elliot’s Resources From Today’s Episode:
LOI Template
12 Public Stories of Failed Due Diligence
Success Stories

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-517
Learn more about your ad choices. Visit megaphone.fm/adchoices

517: Everything You Need to Know Before You Buy a Business

Want to know how to get rich but fear it could be too late? Perhaps you’ve got responsibilities, bills to pay, and a family to feed. How can you possibly get ahead? Jaspreet Singh’s message is clear: you can still build wealth, but you’re going to have to be intentional with your money, just like every other rich person. There are no shortcuts! 
Today, Jaspreet is a serial entrepreneur, real estate investor, licensed attorney, and host of The Minority Mindset Show. But growing up, his parents wanted him to become a doctor. Despite the immense pressure to fulfill their wishes, Jaspreet found himself gravitating toward entrepreneurship. He started several businesses throughout adolescence and young adulthood—from playing drums at weddings and planning college parties to building ecommerce stores. He lost a TON of money along the way, but taking these risks early on paid off. Eventually, he discovered his true passion, financial education, and built an enormous online business by teaching others how to master personal finance.
America’s capitalist financial system benefits those who are willing to “play the game.” In this episode, Jaspreet shares how fostering a “minority mindset” unlocks the ability to use this country’s tax code, banks, debt, and other systems to your advantage. The catch? It’s a hard, long road. Jaspreet recommends drastic lifestyle changes, such as ruthless frugality, a “decade of sacrifice,” and the 75/15/10 rule. Make no mistake—it’s not going to be easy. But years from now, you’ll be thankful you stuck to this tried-and-true wealth-building philosophy!

In This Episode We Cover
How to foster a healthy relationship with your money
The three phases of wealth (and how to handle money in each stage)
How risk tolerance varies in different stages of wealth building
Why a “decade of sacrifice” is the foundation for long-term wealth
What you MUST do to thrive in America’s financial system
How to be “intentional” with your finances using the 75/15/10 rule
Pre-tax versus post-tax investment accounts and avoiding risk in retirement
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 Get Rich Slowly and Retire Early Than Most with a Modest Portfolio
How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap
Subscribe to the Market Briefs Newsletter

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-516
 
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com

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215: FI: More Than Retirement, a Chance to Take Risks w/ Diania Merriam

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