Most people are told the same thing growing up, “go to college and take out a loan, get a car and take out a loan, live in a nice apartment even if it’s expensive”. This is exactly what Josh and Ali, AKA “The FI Couple”, did in their 20s. They racked up over $100,000 in student loans, had two car payments, and lived in an apartment outside of their means. Josh grew up without much money, causing him to not have much of a financial foundation when he reached adulthood. Ali grew up middle class, b...
Feb 01, 2021•2 hr 45 min•Ep. 167
Having too much money in investment accounts seems like a good problem to have, but it’s a problem nonetheless. Today we talk to firefighter Nathan and teacher Kristen about their income, expenditures, and investments. Nathan and Kristen own their home and multiple rental properties as well. Collectively they bring in a respectable income, but are being stretched thin due to time restraints. From 24 hour shifts as a firefighter, making cornhole game pieces as a side hustle, and taking overtime, ...
Jan 29, 2021•1 hr 18 min•Ep. 166
While living abroad, it can be very difficult to invest in assets in your home country, especially if you’re an American. Daniel J. Mills found this out early in his professional career. As a English teacher living in Japan, he had to jump through a sizable amount of hoops to find a way to invest in American stocks, index funds, and later real estate all while overseas. Growing up in southern California, Daniel knew that there was money to be made through entrepreneurialism. He saw his father gr...
Jan 25, 2021•1 hr 25 min•Ep. 165
Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing. A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Som...
Jan 22, 2021•1 hr 27 min•Ep. 164
Have tax questions for your upcoming 2020 taxes? Stick around then! We have a mind-blowing episode with enrolled agent Steven Hamilton from Hamilton Tax and Accounting. Mindy and Scott throw a lot of high-level, hard-hitting questions at Steven, so seriously, bring a pen and paper to this episode because you’re going to get some amazing tax strategies for 2020! How do you lower your income on your taxes if you have a W2? How do you add to your roth if you’re over the contribution income limit, a...
Jan 18, 2021•2 hr 33 min•Ep. 163
As you go further along in your career, you should (hopefully) make more and more money, but does that justify spending more money? Most times, it doesn’t. We’re joined by Tracy, experienced engineer and retirement super saver to go through her budget, expenses, and investment portfolio. Tracy has had a bit of a struggle with spending and expense tracking. A purchase here, some grocery shopping there, and by the time she added up her payments, she was consistently overspending by close to a thou...
Jan 15, 2021•2 hr 31 min•Ep. 162
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 co...
Jan 11, 2021•2 hr 37 min•Ep. 161
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 inco...
Jan 08, 2021•1 hr 1 min•Ep. 160
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...
Jan 04, 2021•1 hr 24 min•Ep. 159
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 w...
Jan 01, 2021•1 hr 1 min•Ep. 158
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, ...
Dec 28, 2020•1 hr 1 min•Ep. 157
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 creat...
Dec 21, 2020•1 hr 26 min•Ep. 156
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 dependen...
Dec 14, 2020•1 hr 8 min•Ep. 155
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,...
Dec 07, 2020•1 hr 18 min•Ep. 154
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 acc...
Nov 30, 2020•1 hr 8 min•Ep. 153
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 m...
Nov 23, 2020•1 hr 12 min•Ep. 152
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! Af...
Nov 16, 2020•1 hr 14 min•Ep. 151
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 ...
Nov 09, 2020•1 hr 4 min•Ep. 150
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, Scot...
Nov 02, 2020•1 hr 1 min•Ep. 149
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 ...
Oct 26, 2020•1 hr 5 min•Ep. 148
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...
Oct 19, 2020•1 hr 29 min•Ep. 147
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?) Bu...
Oct 12, 2020•1 hr 25 min•Ep. 146
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 bac...
Oct 05, 2020•1 hr 20 min•Ep. 145
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 ...
Sep 28, 2020•1 hr 17 min•Ep. 144
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 ...
Sep 21, 2020•1 hr 15 min•Ep. 143
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...
Sep 14, 2020•1 hr 2 min•Ep. 142
Blake Nielson is a college professor whose wife stays home to raise their four children. Despite having only one income - and six mouths to feed - they have paid off their home and are on the path to early financial freedom. Blake currently loves his job and has no plans to stop working - but still wants the freedom that financial independence gives. So how did he do it? He started off debt free from college, a HUGE leg up in life in general. Blake details just how he accomplished this feat, fro...
Sep 07, 2020•1 hr 18 min•Ep. 141
Belinda Rosenblum is a CPA, a certified coach and her clients include Harvard Business School, Harvard University and the SEC. She’s worked for Arthur Andersen and L3 Enterprises. She’s got money all figured out, right? Well, she does now… On today’s episode, Belinda shares her biggest money mistake - ignoring a giant pile of mail as she cared for her recovering father. Once she cleared that up, she focused on her own finances, growing her net worth to more than $1 million by the time she was 33...
Aug 31, 2020•2 hr 34 min•Ep. 140
Life Insurance is the most exciting topic on the planet! Just kidding. But just because it isn’t a super exciting topic doesn’t mean you don’t need to know about it. Today, Joe Saul-Sehy, host of the Stacking Benjamins podcast, joins Scott and Mindy to talk about Life Insurance. Joe comes from a background as a financial planner and was licensed to sell every type of insurance product available. Joe is here today because he understands how life insurance works - how it's priced, how you can use ...
Aug 24, 2020•1 hr 20 min•Ep. 139
Farnoosh Torabi grew up talking about money. Her parents are from the Middle East, and in her culture, they “never miss a moment to talk about money.” As the go-to girl for finance advice among her friends, imagine her surprise when she sat down and looked at her financial situation to discover tens of thousands of dollars in credit card debt! Farnoosh realized that paying for everything with a card, then paying the minimum balances didn’t lead to debt free life. Not wanting to continue a life o...
Aug 17, 2020•1 hr 21 min•Ep. 138
