Biggerpockets Money Podcast

He’s back! Today we’re joined by a friend of the BiggerPockets podcast network, Brandon “The Mad Fientist”. Brandon walks us through advanced retirement account strategies you may have heard of, such as the Backdoor Roth, Roth Conversion Ladder, and the coveted Mega Backdoor Roth. While these strategies may sound intense at first, they’re quite simple in practice, as Brandon shows us! Many FI (financial independence) followers constantly ask the question “What’s the best retirement account to contribute to that will help me optimize my early retirement?”. While this can be answered a handful of ways, it often overlooks something very important: regular retirement. While chasing FI, it’s still possible to grow your traditional retirement accounts so you’re even wealthier later on in life! Brandon doesn’t just give various examples of each strategy, he’s tested them and has even ran experiments on his site, such as the Guinea Pig Experiment, which pits various early retirement strategies against each other. We

Many listeners of the BiggerPockets Podcast network are resourceful when saving and earning money, but maybe not quite as resourceful as Cort Johnson. Not only does he have a full-time engineering job, which he uses to support his family, he also has 5 other streams of income on the side! From contract welding projects, to dropshipping, renting out his trailer, and even raising rabbits (seriously!), Cort has done almost everything under the sun to build up his assets. The main problem: some income streams are taking up too much time, while providing too little in return. This is a constant problem that entrepreneurs and FIRE members face, too many options! Mindy and Scott go through Cort Johnson's income, budget, expenses, and general finances to see where he should allocate his time for maximum return. This episode goes deep on the importance of scalable income and following your passions to develop side income streams that you enjoy. Cort dreams big about starting his own business, investing in multifamily

What happens when you get married and find out your partner has debt? A lot of debt...That’s a question many young couples have, shortly after finding out their significant other’s full financial picture. While it may seem scary at first, working together to solve financial problems and gravitating towards financial freedom can bring you closer together. That’s exactly what happened to Talaat and Tai McNeely from His and Her Money. Both were raised in frugal houses, but like many frugally-raised people, they split in financial directions. Tai was busy putting herself through college, debt free! On the other hand, Talaat went into the military and started spending his pay on consumer goods. The cars, the clothes, and everything in between. Tai later learned that Talaat had around $30,000 in consumer debt! So what did she do, walk away from him? Of course not! She worked with Talaat and put together a plan where they both could work hard to get out of debt. Shortly after, Talaat was debt free, so what did they

Happy New Year! With the first 2021 episode of Finance Fridays, we take a look at Wayne Loux’s investments, income streams, and overall finances.  Wayne is like many of our listeners: working a W2 job, but also supporting himself and his family by having 1099 income from being a real estate agent. On top of that, Wayne has over 10 rental units, spread throughout different multifamily properties. He also has solid retirement savings and cash on hand. With all this income, Wayne wanted answers on whether or not he should lessen his time at his W2 job, take more cash out from equity in the multifamily properties he owns, and other common real estate investment questions. Scott and Mindy go through different strategies that can help Wayne grow his portfolio. From 1031 exchanges, to setting up self-directed IRAs, and cash-out refinancing to build an out of state portfolio.  These are questions we hear from many investors on the BiggerPockets forums, so stay tuned because Scott and Mindy just might answer a questio

Calling all couples! You and your partner may be on the same page financially, or off in two different directions, regardless of where you’re at, it’s a great time to start having money dates! In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well! If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves.  If you have a partner who may be a bit averse to the concept of a money date, have no fear, Mindy and Scott have perfected their plan for setting up a successful money date, and how to make it enjoyab

Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you! Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level! Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible. W

Robert from Stop Ironing Shirts has had quite a lucrative career path. Starting out as a bank teller in college, he learnt that he really enjoyed math that had dollar signs attached to the numbers. From there, he launched his career forward, first as a commercial banker, and later becoming a well-paid top executive. While he had a great job and a partner who was also bringing in a solid paycheck every month, he slowly started to get tired of the corporate bureaucracy, politics, location dependency, and long hours. Robert has made some mistakes on his path to early retirement. He lost money on a few real` estate deals and he even bought a brand new car (gasp!). None of this stopped him from still living below his means, siphoning off a large portion of his income for investments, and capitalizing on special programs such as the 409a plan. Robert now lives life on his schedule. Whether that be spending copious amounts of time shopping at Costco or surfing at the beach, Robert has a life where he decides what he

Ever had a card declined when trying to buy the basics? That was the start of Allison Baggerly’s journey into budgeting and saving. As a big spender in college, Allison didn’t see a real reason to save instead of spend. She would take herself on frequent trips to the mall to treat herself when she aced a test, or make herself feel better if she flunked one. It wasn’t until her first son was born that her and her husband realized they wouldn’t have enough in the budget to pay for childcare costs, and thus, the Inspired Budget was born! After a few years of limited spending and frequent budget analyzing, Allison and her Husband paid off over $110,000+ in debt and are now on their way to financial abundance. Allison talks about the importance of giving yourself spending, investing, and saving allowances and how you don’t need to sacrifice everything to become financially safe! In This Episode We Cover The importance of setting budgets early on in life (and keeping up with them) Changing the “how much do I have

He really is the man who needs no introduction (but here’s one anyways). Bill Bengen, the inventor of the 4% rule (and personal finance hero of Mindy & Scott) stops by the Money Podcast to talk about how he calculated his famed 4%, how he managed his client’s portfolios, and how the 4% has aged throughout the past three decades. In his Original Article from the Journal Of Financial Planning, October 1994, Bengen outlined a groundbreaking calculation: a 4% withdrawal rate from your retirement accounts is all you need to comfortably retire (if enough is saved up). Bengen was hit with praise and criticism, but is still applauded to this day for having such a simple yet crucial metric for knowing how & when you can retire. Using over 200+ retirement account portfolios spanning decades of time as research, Bengen still says with confidence, the 4% rule is a winner! He has the proof and we couldn’t agree more. Whether you’re a few years or a few decades away from retirement, this episode features life-changing advi

To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level? Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts. Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog. Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey. In This Episode We Cover How to reach your retirement goals even if you star

You may know Tony J Robinson as the co-host of the Real Estate Rookie podcast, but you probably don’t know his backstory. As a single dad working his way through college and student debt, Tony knew that he needed to have a plan in place to pursue his goals and find financial freedom. He also knew he didn’t want to repeat the same real estate mistakes as his parents. He went from an engineering student, to owning a small tutoring business, to marketing, and finally landed a sweet gig at Tesla! After paying off debt, creating a healthy reserve fund, and divvying his money into over 20 different checking accounts (yes, 20+), he was able to reap the rewards of smart financial management and chase down freedom through real estate. If you’re trying to consolidate debt, find ways to make more money at a job, or leverage creative funding to finance your next deal, Tony has a solution to your problem. In This Episode We Cover How job jumping can accelerate your raises and income growth Why EVERY investor (and person

Cristina Livadary immigrated to the US when she was 6, and less than a year later, her father left, leaving her stranded with her mother and sister. She didn't speak the language, had no money, and lived in hotels until her mother was able to find steady work as a chef. She grew up without much in the way of financial education, but did secure a water polo scholarship to Bucknell. Until a rotator cuff injury lost her the funding at the beginning of her third year. She left college with $100,000 in student loans and a burning desire to find a high paying job to live out her Carrie Bradshaw dreams of living in NYC. She spent two years in New York, working hard and spending harder. She moved to LA to run a division covering California and Hawaii, and decided she needed to make a big change. Cristina stopped spending lavishly on things that didn't matter, started focusing on what made her happy, and now helps others manage their finances to get money out of the way and live their best lives. Links from the Show

Nick Groover is 25, with a young daughter and a fiance, looking to make changes to his finances so he can start married life off on the right foot. He has some debts he'd like to knock out so he can start investing in real estate, and potentially start a business. He just got a promotion and a raise, and on paper is doing pretty good. But Nick needs to start budgeting, because a dollar here and five dollars there is eating up his overage, so there is very little to save. In today's episode, Scott and Mindy sit down with Nick to go over his current financial situation and use their life experiences to suggest easy wins to help pay down his debt, start saving for future real estate purchases, and start investing for retirement. Nick's in a good place right now, but following Scott & Mindy's suggestions should help him get money out of the way so he can go on to lead his best life! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Dave Ramsey Mobile Expense Tracking App - Waffles On

Chris Hogan joins Scott and Mindy today to chat about becoming an everyday millionaire. Chris and his team interviewed more than 10,000 millionaires to hear how they did it. Hard work, determination, spending less than you make, investing wisely, and eliminating debt. Chris shares how to discuss your finances with your spouse - and how to bring them on board when you have differing views about money. He talks about the emotional journey that debt paydown can take you on - and how to handle that so you come out on top! Chris also reveals his feelings about FIRE - and how there is too much focus on the RE and not enough on the FI. He wants you to become Financially Independent but also wants you to enjoy your journey. Chris firmly believes that anyone can become debt free and start to build wealth to become an Everyday Millionaire. Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Dave Ramsey's 7 Baby Steps BiggerPockets Money Podcast 50 with Patrice Washington The Retire Inspired

Cathleen Hutchins grew up in Hawaii. She come over to the mainland for college, but Hawaii kept calling her name, so she moved back home. Hawaii is an expensive place to live, and Cathleen knew she'd need a plan in order to reach financial independence if she was going to live there for the rest of her life. So she saved. She invested. She made smart decisions about her money and is continuously looking for ways to generate passive income to help fund her retirement. She has also sacrificed some comforts and norms to get to where she is today. She and her husband lived apart for a while, both living where there was a job for each of them, not always in the same state! But her sacrificing and saving has allowed her to move home to Hawaii, buy a house, and continue to pursue financial independence in a high cost of living area. Cathleen is well on her way to Financial Independence and her story is just another example of how following the proven path, you can get money out of the way so you can lead your best l

Ambus Hunter grew up with a fair understanding of how money works. He received a partial scholarship to play drums in college, and graduated with a small amount of student loan debt. His first job was with the Department of Defense, making a decent salary for someone who had just graduated from college. He started saving his money, like a good FI-devotee does, but his story takes a sharp left turn. Ambus discovered gambling. At first, he was winning. (That's how it goes with gambling, right?) But then his "luck" changed. Because that's also how it goes with gambling, right? Ambus chased his losses, and ended up wiping out his entire savings account. That was when he knew he had to stop cold turkey. He then threw everything he had into building his savings back up, taking on extra jobs, living with roommates, and cutting out everything unnecessary in his life. In one short year, working nights and weekends, spending as little as possible, and throwing every dollar into his savings, he made it all back. Now Amb

Chelsea Brennan was a hedge fund manager for several years - until her second pregnancy when she ended up in the hospital with sever complications brought on by the stress and emotional toll her job took on her. She and her husband looked over their savings and investments, and decided that she'd leave her job in order to focus on her health and her kids. Her baby was born healthy, but their income went from six figures to zero figures, and she needed a way to bring some money in. She looked back on her love of teaching, and decided to start a website devoted to teaching women - and moms specifically - how to handle their money. Chelsea is truly passionate about teaching the power of financial independence and being in control of your life. Are you struggling with your finances? This episode is a cannot miss! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums BiggerPockets Money Podcast 133 with Doc G Free Money Mamas Guide to Investing Check the full show notes here: https://ww

Kirk Chisholm is a fee-only investment advisor with a secret passion - finding new and different ways to invest money. Kirk shares his Big List of 75 Alternative Investments with us today - and more importantly, how to vet the investment vehicle to see if it's right for you. Not everything is a great fit for every person, and you certainly don't have to choose everything on the list. Play to your strengths when choosing investments and don't discount passion for an idea. If you HATE the thought of learning more about that investment vehicle, you won't put forth the correct amount of effort necessary to master it. Kirk also dives into how to sell these types of alternative investments - including at significant discounts if it's an illiquid asset that you need to liquidate fast. Secondary markets exist for all asset classes, and there are ways to pick up a good deal on the secondary market as well. If you're looking to diversify your portfolio, today's show is a can't-miss episode! Links from the Show BiggerP

Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions. Shocked to discover $30,000 in unpaid debts, she quickly found herself a single mom as her husband left. She tried to pay them off as best she could, but found herself somedays deciding whether to buy a gallon of milk or a gallon of gas to get to work. Fast forward a year, and she met a new man who brought significant debt with him to the relationship - to the tune of $60,000! Each of their divorces added more debt to their pile and at the height their debt totaled $160,000. Their income trailed this debt at $65,000 and they knew they'd have to do everything in their power to knock out this debt. They moved in with his parents to pay lower rent and have someone to watch the kids while they worked. They couponed and did free things with the kids to be able to throw every single dollar they could at their debt. This approach paid off, because by the end o

Scott & Mindy sit down today to answer questions sent in by listeners. They address topics all over the board - from student loan repayment and early retirement account withdrawal under the CARES act, to the best high-yield savings accounts, and planning for the gap between early retirement and traditional retirement age when you can access your retirement accounts penalty free. Scott & Mindy also discuss different investing platforms as well as retirement planning, taxes, and even how inflation might affect your retirement future. They take a couple of calls from listeners to chat about the best current use of retirement funds.  This episode will help clear up some of the questions you may be having on your road to early financial independence. Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Robinhood Facing Multiple SEC Investigations Into Its Business Practices How to Access Retirement Funds Early What Is a Self-Directed Brokerage Account? BiggerPockets Money Podcast 119