Biggerpockets Money Podcast

Retirement planning is something best started early on. The more time you give yourself to invest, the faster your accounts can grow, giving you early financial independence well before the age of sixty-five. But what are the two best ways to do this? On one hand, you’ve got cash-flowing rentals that appreciate while giving you freedom-enabling income with long-term wealth growth. On the other hand, you’ve got passive retirement accounts, many of which can save you boatloads on taxes and grow discreetly in the background while you work away. It’s hard to say which is a better bet, so why not do both? Today’s guest Benjamin is feeling a little under-diversified after heavily investing in real estate, but without much in his retirement accounts. Benjamin is well versed in the pros and cons of pre and post-tax retirement investing, but with a high income, he’s worried that he may have already reached the income cap for his Roth IRA. Thankfully, he’s unlocked the “holy grail” of retirement accounts, one that will

If you talk about how to avoid taxes, most people will think you’re doing something fishy in the eyes of the IRS. Very few know you can use the tax code to massively lower your year-end burden, all while making an ordinary income. Real estate investors have been doing this for years, using so-called “tax cheat codes” like depreciation and cost segregation studies to write off massive paper losses on their taxes. But how do they do it, and if you’re an investor, can you do the same? Natalie Kolodij, IRS Enrolled Agent, works exclusively with real estate investors to lower their taxes as much as legally possible. She knows the tricks of the trade that allow investors to not only pay less at the end of the year but grow their businesses more efficiently so financial freedom comes even faster! Natalie is also an active real estate investor and part of the FIRE movement, so if there’s one person who knows the right tax moves to make, it’s her! Natalie gives us a masterclass on how investors can lower their 2022 ta

The house hack strategy doesn’t always run smoothly. Turning an old home into a modern, rentable masterpiece takes money—especially if you’re doing a big renovation. One of the easiest ways to get the rehab funds you need? A home equity line of credit (HELOC). But, when used incorrectly, a HELOC’s adjustable interest rate can bury any chance you have at cash flowing, no matter how great of a mortgage rate you get. Welcome back to another Finance Friday episode! This time around, we’re tackling a rental property problem that is plaguing today’s guest, Josh. Josh has made some sound financial moves by having a stable income, a great side hustle, and his newest house hack. But, to maximize this house hack’s return on investment, Josh was forced to expand and convert many portions of his newly bought, hundred-and-fifty-year-old home. This forced his budget to shoot up higher than he was expecting. Now, he’s trying to figure out the best move as he manages his debt spread across his mortgage, a high-interest HELOC

For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time, to charities and causes that help collectively make the world a better place. Whether it’s a little or a lot, we’re encouraged to give what we can to bridge the gap between those that have so little and many of us that have so much. But how do you know a charity or organization is using your donation accordingly? How can you spot-check to see if your dollars are being used for those in dire need? We brought on Elie Hassenfeld, GiveWell co-founder and CEO, to help us navigate the tricky subject of giving to worthwhile charities. Elie knows a thing or two about validating which charities are worth donating to. At GiveWell, he spends his days researching thousands of charities for hundreds of millions of donatable dollars, helping those of us that are too busy to find a home for the donations that we are willing to give. In just six tips, Elie will give you the framework for finding a worthwhile charity or o

The cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars. But is this figure accurate? Could kids actually cost far less than this, or does a few hundred thousand barely even scratch the service? What should new parents know before they bring home their first bundle of joy, and is financial independence even worth pursuing while raising a kid, let alone a few? We brought in the Investor Mama, Jen Narciso, who is not only raising kids but also chasing financial independenceand running her own podcast. Jen speaks to mothers all around the world who not only want the best for their children's futures but their finances as well. And, as someone raising two young children, she knows how much kids truly costbetween the car seats, formula, dance classes, doctors' bills, and everything in between. And, with Scott as a new dad, he’s got some serious questions to ask about how he can best raise his own daughter

Tech stocks were slam dunk investments for the past decade. No matter what you invested in—Google, Facebook, Amazon, or even some obscure AI toaster company—you probably made decent returns. But, after years of continuous economic growth and massive government stimulus, tech stocks are finally starting to get shaky. The problem? New investors like Zoe have huge paper losses on their dashboards. But is this worth worrying over? Zoe is an ideal investor. At just twenty-four, she already has close to six-figure wealth, with a house hack, a respectable retirement portfolio, and a solid income every month. She’s making the right moves but feels like some of her most recent choices haven’t hit the mark. She dabbled in stock picking as her income went up, investing in some of the biggest names in tech over the past few years. Her house hack, which is almost letting her live for free, was bought at the top of the market with an average interest rate. Zoe needs to know what to do next. Should she sell her tech stocks 

Travel hacks, spending hacks, medical hacks. If there’s one thing that Chris Hutchins has learned from hosting the All the Hacks podcast, it’s that everything is negotiable. You can travel to over sixty countries for (almost) free, outsource your cooking at a reasonable rate and even get free money once forgotten. Chris should know—he’s done all this and more as he works to optimize every aspect of his life, both financially and personally! Chris was hacking at a very young age. In high school, he made a fake magazine so he could score free press passes to concerts. When he was away at boarding school, he would buy whole pizzas and sell them by the slice just to afford a few slices of his own. Then, later when he quit his job to travel the world, Chris and his partner hit over sixty countries, using credit card points to globetrott from South Africa to Singapore! Now, as a father, Chris is more concerned about hacking his time. He’s got kids to take care of and doesn’t want to waste a second of his day that c

You’re one bad real estate investment away from being cash flow-poor and debt-rich. That’s right, not every investment property works out, and when leveraged the wrong way, a single property could put your financial future on the wrong track. While it’s easy to watch social media real estate investors flaunt their infinite cash flow and no money down tricks, buying profitable real estate is a little harder than it seems. Today’s guest, Shane, finds himself in this position, as an over-leveraged investment is causing him to hemorrhage cash. Welcome back to another episode of Finance Friday, where hosts Mindy and Scott bring financial suggestions, no matter how extreme, to guests in many different situations. This week, Shane walks through his numbers, and from the start, Scott picks up on a big problem. Shane and his partner bring in a solid amount of income, but it’s slowly slipping out of their accounts every month as an overleveraged short-term rental property and high consumer debt eats away at their respe

What should retirement planning look like? How can I invest if I am still paying off student loan debt? What makes a perfectly diversified portfolio? And when is the right time to pay off my rental properties? We went to the BiggerPockets Money Facebook Group to ask what you would like to know from a money expert. And thankfully, we found a couple of them who are friends of the show. Amanda Wolfe and Kyle Mast are here to answer some of your most-asked money questions! Amanda Wolfe was recently a guest on the BiggerPockets Money Podcast, sharing her story of reaching financial freedom after going through serious financial struggles and childhood poverty. Kyle Mast, Certified Financial Planner, has recently “retired” after helping his clients reach their financial goals with minimal stress and maximum freedom. They’re helping Mindy on today’s show to take questions directly from listeners about everything ranging from real estate to retirement planning and never feeling like you have enough. If you’ve struggle

With so much going on—a recession, rampant inflation, rising interest rates—overcoming your money fears can be more challenging than ever before. The world is changing, and many of us feel like we’re being swept along with it. Our dollars are worth less, our retirement accounts have fallen sharply, and our cash is wasting away. What should we do when it feels like every financial move has a benefit and drawback attached to it? Should we even be making moves right now? Don’t get overwhelmed with financial anxiety because today we’re bringing you an episode full of financial fixes for the everyday investor! We posted on the BiggerPockets Money Facebook Group a few months back, asking you which money fears keep you up at night. Now, we’ve got answers! Back on the show are J Scott and Kyle Mast! They join Mindy in giving solutions to your greatest financial fears. J and Kyle give suggestions on topics ranging from rising home prices and the inability to become a homeowner to being nervous about how inflation is e

Stock market crashes aren't good news for anyone. For retirees though, this dip in prices can feel like a death wish, as active income is no longer an option. Have the hopes and dreams of financial flexibility gone out the window? Or is a market crash like we're experiencing today just a small blip on a retiree's radar? Pairing this with inflation, how will someone who has just retired make it? We’ve got Michael Kitces, retirement planning expert and financial genius with enough acronyms coming after his name to spell out the alphabet, on the show to answer whether or not retirees are in trouble. Michael has advised his clients for decades on the right way to save and invest for retirement. He’s been a proponent of the 4% rule and was bold enough to hold his claim even during the flash crash of 2020. But, with such high inflation and stark drops in equity values, does he still agree with his past predictions? Michael takes us on a trip down memory lane, visiting some of the worst financial crises in American

Margin loans, medium-term rentals, and potential mortgage rate mistakes summarize what Carl and Mindy have been up to over the past couple of months. It’s been a minute since we’ve checked in on the ever-frugal Jensen family. But they’ve been gone for a good reason. Back at the start of the summer, Carl and Mindy decided that they were finished with rehabbing and big fixer-upper projects. Then they found the perfect opportunity, waiting just a few doors down from them. So, they jumped at the chance to make another deal work. But Carl and Mindy did this type of deal in a peculiar way. Not only did they find it off-market, but they also funded it without a mortgage. Don’t get too excited—Carl and Mindy didn’t drop hundreds of thousands in cash just to buy one house. But, they did use another form of financing that most real estate investors aren’t aware of—margin loans. These types of stock portfolio-leveraged loans can come with unbelievably low interest rates. But, when equity values start to drop, so too can

The new vs. used car debate has been going on for as long as automobiles have existed. For almost the entirety of time when cars were being bought and sold, it seemed like a responsible, frugal decision to buy used, save up some money, and take the repairs with the deal. But inflation has changed this debate in 2022 (and beyond). Used car prices are high—sometimes even higher than new cars—prompting shoppers to reconsider what makes the most financial sense. In the first half of this show, we talk to Liz Frugalwoods, financial blogger and borderline professional at buying and selling cars. She recently made the bold decision to buy new—a shock to many of her readers. How could Liz, a financial independence expert, do something as careless as buying a brand-new car? Had she given up on the path to frugality? Not exactly. Liz shares some good reasons why buying new instead of used makes more sense, especially today. To close out the episode, we bring on local mechanic Jesse Johnson, who gives a brief masterclas

Unless you’re a money nerd, knowing how to start investing from scratch isn’t as easy as it seems. With so many options out there and the economy faltering, how do beginners avoid getting burnt? Is something like real estate investing out of reach for new investors in times like today? These questions become even more complicated if you’re like today’s guest, Steven. Steven recently became debt-free (woohoo!) after paying off six figures worth of combined student, auto, and credit card debt. But because he’s been so focused on paying off debt, investing isn’t coming easy to him. With a baby on the way, he wants to be sure he’s making the smartest moves possible to put himself, his wife, and his child in a position to succeed. But real estate investing, stocks, and other assets aren’t his only worry. With two job offers on the table, both with separate benefits and drawbacks, Steven is suffering from analysis paralysis, unsure how to move forward. Should he take the job with higher pay and remote flexibility o

Dollar-cost averaging—you may have heard the term before, but maybe not its implications. According to Nick Maggiulli, it’s probably the easiest way to get rich with stocks, real estate, or really anything else. But what about buying the dip? Wouldn’t investing at historic lows be the wisest move to make when the markets take a tumble? Surprisingly, no! Don’t believe us? Listen on! Nick’s investing theory is simple. But, the math backs it up. Doing less will make you more money—much more money. In his book, Just Keep Buying, Nick lays down the time-tested, proven ways to build wealth without being an expert day trader, cryptocurrency coder, or stressed-out landlord. This simple system of investing will allow you to build an almost unspendable nest egg without being glued to the market charts and graphs all day long. But maybe stocks aren’t your thing. Maybe you're chasing hundred-millionaire status? Don’t worry, Nick also gives his take on achieving monumental money goals without following the same path as ev

Taking a sabbatical from work requires a few things: time, money, and the willpower to do some soul-searching. Most people think that they can’t take any more than two weeks of the year off work. They rack up excuses, blaming timing, too many projects, and everything in between. But what if taking a sabbatical, gap year, or any other type of long-ish break was the key to building wealth faster and being a happier, healthier you? Today’s guest Cindy, left a high-paid, stable job to take some much-needed time off. And after doing so, she’s urging you to do the same. Cindy, like most Americans, hasn’t taken time off since starting her working career. Besides the regular vacations and holidays, there never seemed like a good time for Cindy to take a break, recollect, and ask herself what she truly wanted. After taking a mini-sabbatical, she built up the courage to leave her job and hop off the grid for a bit. Surprisingly, Cindy’s net worth didn’t dwindle during her time off—it grew! This positive push from the m

We know financial freedom is possible for those in their 20s and 30s, just starting their careers, without children and serious financial obligations. But what about those getting started on their journey in their 40s and 50s? What about the stories of those who’ve had lifelong debt, went through a financially destructive divorce, or didn’t know early retirement was an option? Monica Scudieri, author of Grab Your Slice of Financial Independence, wasn’t financially free until recently. For the past decade, she’s been working hard to pay off a quarter of a million dollars in debt, get her investments in line, and rebuild a life that was financially set back thanks to divorce. While she sounds like a veteran money expert, Monica wasn’t always this frugal. She remembers spending 90% of her paycheck as soon as she got paid, and her ex-husband did very much the same. After her divorce, Monica was left with an astonishing amount of debt, very few assets, and close to no cash. She worked hard for the next decade digg

Everything you’ve been hearing about social security is a lie. For years, mainstream media and many financial figureheads have said that social security is on a fast track to bankruptcy, with no money left over for Americans when they grow old. But what if we told you that wasn’t true? What if you knew that social security would be there for you when you retire, even if you’ve just started working? Today’s guest, national social security advisor and expert Jeremy Keil, explains the basics of social security and teaches you how to maximize your benefits. One of the biggest misconceptions about social security is that you have no control over it. The truth is, you control your social security more than the government does. How long you work, when you file, and how you educate yourself are all in your control. While these things may seem insignificant, they could all affect your social security by thousands. If you play your cards right, social security could be the biggest asset of your life. Jeremy makes a str

The 2022 housing market doesn’t make a whole lot of sense. At the start of the year, competition was fierce, with bidding wars on every home and lines out the door just to view an open house. Now, in quarter three of this year, interest rates have hit decade-long highs, buyers are more in control, and days on market are starting to creep back up. As a homeowner, investor, or renter, you need to know what's on the horizon so you can build wealth while others run for the hills. Joining us today are James Dainard, Jamil Damji, and Kathy Fettke, a gaggle of real estate veterans and the expert guests on BiggerPockets’ On the Market podcast. They’ve seen up markets, down markets, and confusing markets like today. As investors who touch almost all corners of the United States, with different areas of expertise, they bring the facts on what’s happening in today’s housing market. We talk about interest rate updates, when the “inventory crisis” will end, why demand has taken a nosedive, and whether or not it’s still a

Financial independence isn’t for everyone. That comes as a surprise for most of us within the personal finance community. Whether we like it or not, the “save, invest, and grind” until you can retire early lifestyle isn't a commonly accepted one. But what happens when your partner is the one who doesn’t agree? What steps can you take to help them see why early retirement is such a crucial piece of your life? This is just one of the topics we touch on with today’s guest, Mark. Mark is in a great position, and he’s already financially free. But, he doesn’t know what to do next, how to optimize his portfolio, and whether or not he’s making the right moves. With a blend of stocks, bonds, and real estate, Mark has a million-dollar diverse portfolio, but where can he tighten it up? And, if he’s able to do so, how does he get his wife on board? This episode serves as a reminder that even when all the hard work pays off, there is still a life to live. If you’ve spent years, or decades, grinding to finally reach a com